Category Archives: News

Carlyle Builds a Diversified Global Auto Components Platform by Combining Highway and Roop

Carlyle

The deal underscores Carlyle’s commitment to invest in world-class advanced manufacturing enterprises in India and globally

Mumbai and New Delhi, India, February 13, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced it has completed the acquisition of a controlling stake in Highway Industries Limited (“Highway”) and Roop Automotives Limited (“Roop”) (together “the Platform” or “Platform Entity”) through a proprietary and exclusive transaction. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners (CAP).

Highway and Roop are among the leading players in manufacturing forged and precision-machined components, steering system assemblies, transmissions and other powertrain applications for electric, hybrid and internal combustion engine (ICE) powered vehicles. Over the last 30 years, the Platform has built a comprehensive product range of over 1,500 products, an extensive global clientele of 55 customers across 17 countries, and an expansive manufacturing footprint of 12 plants and 14 international warehouses. Carlyle intends to deepen its investments in the auto components space and will seek to add synergistic assets to the Platform.

The founders of Highway and Roop will continue to hold stakes in the Platform, underscoring their commitment to the long-term success of the companies. Carlyle will work with Highway and Roop to help them leverage operating synergies and create capabilities and capacities, to deliver enhanced value for their customers.

Amit Jain, Managing Director and Head of Carlyle India Advisors, said: “We believe India offers a tremendous opportunity in the advanced manufacturing sector, particularly in the auto components supply chain for both domestic and export markets. In our view, this provides a large-scale opportunity for the Platform. We believe creating scale with consolidation will enable investments in technology, talent and systems, which will allow the Platform to deliver an enhanced value proposition for its customers. We are excited to partner with Highway and Roop to build this Platform. Carlyle is well-placed to accelerate the growth of the Platform by leveraging our worldwide network and investments in the automotive sector globally.”

Mohit Oswal, Managing Director of Roop, said: “Roop has been an industry pioneer in the manufacturing of steering components and assemblies. For over 30 years, we have built strong expertise in our target applications and established deep relationships with our customers globally. Our partnership with Carlyle and Highway makes us even stronger and allows us to provide holistic solutions to our customers and value-add to all stakeholders.”

“At Highway, we have been at the forefront of driving technology-led growth for our customers globally and in India. With Carlyle’s investment and the partnership with Roop, I am confident that we will deliver on our collective commitment to drive innovation and broaden offerings for our clients,” said Umesh Munjal, Managing Director of Highway.

Mr. Oswal will serve as Non-Executive Chairperson of the Board for the Platform Entity. Additionally, Mark Blaufuss, Operating Executive at Carlyle with over 30 years of leadership experience in the automotive and manufacturing sectors; and Kishore Saletore, former Executive Director and Group CFO at Bharat Forge Limited, with over three decades of diverse industry experience, will join the Platform Entity’s Board of Directors.

KPMG, Trilegal, Kotak and Deloitte acted as advisors to Carlyle for the transaction. Singhi Advisors and KPMG acted as the financial advisors to Highway and Roop shareholders, respectively.

Carlyle’s buyout funds, including Carlyle Asia Partners, have deep experience investing in the Advanced Manufacturing or Industrial sector, and have invested over US$32 billion of equity in over 125 deals globally as of December 31, 2024, with approximately US$1.1 billion of this in Asia.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With US$441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Highway

Founded in 1971, Highway is one of India’s fastest growing manufacturers of mission critical powertrain sub-systems and components for global automotive customers across North America, Europe, and Asia. Highway’s focus on engineering excellence, innovation and customer service for more than 50 years has enabled it to establish multi-decade relationships with global automotive clients that are based on quality and trust. Highway has more than 3,000 skilled employees.

 

About Roop

Founded in 1992 and headquartered in Haryana, Roop is an industry leader in the manufacturing of steering sub-systems and assemblies, and the largest manufacturer of steering yokes globally. Roop has developed unique engineering strengths and expertise in manufacturing critical automotive parts through decades of R&D and a team of more than 400 engineers. Roop prides itself as a leading solutions provider for steering system manufacturers globally for over 30 years. Roop exports largely to North America and Europe.

 

Media Contacts:

Carlyle

Lonna Leong

Tel: +852 9023 1157

E-mail: lonna.leong@carlyle.com

 

Adfactors PR 

Manibalan Manoharan

Tel: +91 9833949919

E-mail: manibalan.manoharan@adfactorspr.com

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Molten leads £5 million round in Renew Risk

Molten

Molten is delighted to welcome Renew Risk to its portfolio. Renew Risk is domain leader in risk modelling and analytics for renewable energy assets. It has successfully raised £5 million in a funding round led by Molten Ventures with participation from Lloyd’s, existing investors Insurtech Gateway and angel investors. 

The funding underscores a growing recognition of Renew Risk’s unique ability to bridge the gap between the renewable energy sector and financial markets. By pairing advanced analytics with deep industry expertise, Renew Risk provides unparalleled insights to (re)insurers, insurance brokers, bankers, developers and asset managers into physical risks like hurricanes, earthquakes and severe connective storms affecting renewable energy assets like offshore wind farms and solar farms. These models enable all participants in financial markets to make data-driven decisions, ensuring more resilient and sustainable coverage and investments.

The £5 million investment will be deployed to enhance Renew Risk’s proprietary risk models suite, expanding its team of risk modellers and climate experts, and extend its market reach globally. 

Renew Risk has already established itself as a trusted partner within the insurance industry where number of its clients are currently using the product. With this new funding, the company is poised to scale its impact, delivering innovative solutions at the intersection of renewable energy and risk management.

George Chalmers, Head of Climate at Molten Ventures, commented: “Renewable assets coming online need to be financed and insured. The pace of deployment is being impaired by the lack of appropriate risk modelling for these new assets—leading to risk that isn’t properly quantified and priced. We are delighted to partner with the Renew Risk team as they built out their world leading risk analytics for the renewable energy sector.“

Ashima Gupta, CEO and Co-Founder of Renew Risk, commented on the funding: “We are thrilled to have the support of Molten Ventures and Lloyd’s, two powerhouses in innovation and insurance, respectively. This investment will accelerate our ability to build sophisticated risk models for the renewable energy sector, empowering stakeholders to navigate the complex challenges of disaster risk with confidence.”

Warren Clegg, Head of Private Assets at Lloyd’s added: We are pleased to continue supporting Renew Risk who came through the Lloyd’s Lab, and whose sustainability goals align with ours, as we help our customers to face the challenges of transitioning to lower carbon models. Their solution will help our market and the insurance industry to have greater confidence in underwriting renewable energy projects around the world.

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EQT portfolio company HBX Group, a leading independent B2B travel technology marketplace, goes public on the Spanish Stock Exchange

eqt

EQT is pleased to announce that EQT VII (“EQT Private Equity”) portfolio company HBX Group International plc (“HBX Group” or the “Company”) has successfully completed its initial public offering (“IPO”) and began trading today on the Spanish stock exchange. At an IPO price of EUR 11.50 per share, the listing follows the initial offering of the Company’s shares, comprising an offering of EUR 748 million, including a secondary offering of existing ordinary shares of the Company. Together with the additional overallotment option of up to 15% of the size of the base offering, the total offer size is up to EUR 860 million. The share price closed at EUR 11.00 per share at the end of the first trading day, implying a market capitalization of EUR 2.7 billion.

HBX Group is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors, totaling more than 635,000 direct connections in the travel ecosystem. Its best-in-class cloud-native and scalable technology platform allows the Group to process up to 6.2 billion searches per day, which provide unique insights for business partners and predict travel trends. HBX Group is also leveraging AI and developing a wide range of TravelTech solutions, including bespoke Fintech and Insurance solutions for the travel industry. HBX Group is present in 170 countries and employs more than 3,600 people around the globe.

EQT Private Equity’s association with HBX Group began with the merger of its previous portfolio company GTA and HBX Group in 2017, which resulted in EQT Private Equity acquiring a minority stake in HBX Group. Previously, GTA was one of the three core businesses of Kuoni Group, which EQT Private Equity acquired in May 2016. The other two core businesses, GTS and VFS Global, were divested by EQT in 2017 and 2022 respectively.

The IPO marks a significant milestone in HBX Group’s journey, providing it with a diversified shareholder base and access to public capital markets to support the Company’s future growth. Dominik Stein, Partner and Head of EQT Growth Advisory Team, commented: “EQT extends its congratulations to HBX Group’s management team and fellow shareholders, including Cinven and the Canada Pension Plan Investment Board, on reaching this milestone.”

Contact

EQT Press Office, press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About HBX Group

HBX Group is a leading global B2B TravelTech company that owns and operates Hotelbeds, Bedsonline and Roiback, among other brands. The company offers a network of interconnected travel tech products and services to partners such as Online Marketplaces, Tour Operators, Travel Advisers, Airlines and Loyalty Programmes, destinations and travel suppliers. HBX Group’s vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries, employs more than 3,600 people around the globe and is committed to making travel a force for good, creating a positive social and environmental impact. More info: www.hbxgroup.com

This press release does not constitute an offering circular or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017 and nothing herein shall be construed as an offering of securities. No one should purchase any securities in the Company except on the basis of information in the prospectus published by the Company in connection with the offering and admission of such securities to trading on the Spanish stock exchanges. Copies of the prospectus are available at the Company’s registered office and, subject to certain exceptions, through the website of the Company.

This press release is not an offer to sell or a solicitation of any offer to buy any securities issued by the Company in any jurisdiction where such offer or sale would be unlawful and this announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

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Platinum Equity Completes Acquisition of Héroux-Devtek

Platinum

LOS ANGELES (February 12, 2025) – Platinum Equity announced today that the acquisition of Héroux-Devtek Inc. (TSX: HRX), a leading international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer, has been completed.

 

“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well. We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach. ”

Louis Samson, Co-President, Platinum Equity

“We have tremendous respect for Héroux-Devtek and are excited to work with Gilles, Martin, Stéphane, and the rest of the company’s talented team,” said Louis Samson, Co-President of Platinum Equity. “We are particularly inspired by the company’s entrepreneurial spirit and its ‘can do’ culture.”

Samson reaffirmed a commitment to maintaining Héroux-Devtek’s headquarters in Longueuil and investing in its R&D center in Saint-Hubert. He also said he was grateful and excited for long-term local investors Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ (FTQ) to have invested in the debt financing for the transaction.

“Montréal has a rich heritage in aerospace and Héroux-Devtek will remain a cornerstone of the regional economy,” said Samson. “We are also proud to have meaningful investments from CDPQ and FTQ in the company. They will be important strategic partners in the company’s future.”

“We are positive on the sector and very excited to be part of Héroux’s new chapter as a private company,” said Platinum Equity Managing Director Delara Zarrabi. “We like many of the company’s attributes, including its diversified portfolio of long-life programs, attractive mix of defense and commercial aerospace exposure, and meaningful earnings from aftermarket and proprietary designs.”

Zarrabi said Platinum Equity will look to grow Héroux organically and through prospective acquisitions.

“We have already developed and will continue to expand a pipeline of M&A opportunities for Héroux to pursue,” she said. “We will deploy the full range of our financial and operational toolkit to support the company’s continued success.”

Samson said Platinum Equity continues seeking opportunities to expand its portfolio of Canadian investments.

“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well,” explained Samson, who grew up in Québec City. “We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach.”

Platinum Equity’s current portfolio also includes Husky Technologies, a provider of injection molding equipment and services headquartered in Bolton, Ontario. Platinum Equity recently sold Toronto-based Livingston International, an international trade services firm specializing in customs brokerage, freight forwarding and trade consulting, to Purolator, Inc.

Stikeman Elliott LLP and Latham & Watkins LLP served as legal advisors to Platinum Equity on the acquisition. BMO Capital Markets served as financial advisor to Platinum Equity and as the lead arranger for the financing.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of more than 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

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Eurazeo participates in GERMITEC’S EUR 29 million series B fundraising

Eurazeo

The Nov Santé Actions Non Cotées Fund, managed by Eurazeo1, dedicated to the development of the healthcare sector in Europe and which was launched at the initiative of France Assureurs and the Caisse des Dépôts, is announcing the finalization of its third Growth Equity investment in Germitec. Nov Santé Actions Non Cotées is acting as lead investor in this €29 million Series B fundraising alongside historic shareholders including Kurma Partners (Eurazeo’s Health Venture subsidiary), Financière Arbevel, Turenne Capital and the founding family.

Germitec: an innovative French MedTech specializing in High-Level Disinfection solutions for ultrasound probes

Germitec, whose headquarters are based in Bordeaux, is a leader in the field of ultrasound probe disinfection. Using patented technology, the company designs automatic UV-C High Level Disinfection solutions for external, long and short endocavitary and transesophageal ultrasound probes as well as ENT endoscopes without working channel which are all notably used in gynecology and IVF treatments, cardiology, urology and ENT. Using cycles ranging from 90 seconds to approximately 3 minutes, these chemical-free and single-button automatic devices considerably reduce the risk of cross-contamination. Moreover, the intuitive workflow interface enables data storage, visualization and downloading to guarantee complete traceability of the disinfection process.

Its environmentally friendly technology provides an alternative to existing offers on the market (automated or manual chemical solutions such as wipes or chemical baths) whilst meeting the demands of health professionals.

The demand in the global disinfection market is booming, driven by growing needs in the prevention of healthcare-associated infections (in 2023, 72,000 people in the USA and 4,000 in France died because of an infection caught in a medical environment) and the growth dynamic in the use of ultrasound as a reference-tool in medical imagery. By offering solutions adapted to the needs of healthcare professionals, Germitec is positioning itself as a major player in a key public health sector.

With a presence in over 40 countries, Germitec already benefits from international recognition and is today aiming to establish itself in new markets such as the United States, where the company recently obtained the FDA De Novo certification2 for its flagship Chronos3 product. To meet its goals, the company is raising €29 million with the support of Nov Santé Actions Non Cotées acting as lead investor alongside existing investors who are again participating in this second round.

A symbol of the Eurazeo group’s healthcare expertise

This co-investment between Nov Santé Actions Non Cotées and Kurma Partners, its Health Venture subsidiary, Eurazeo reaffirms its commitment to build its leadership in the strategic healthcare sector. Following on from PanTera in September 2024, this new joint participation illustrates the complementarity of skills within the Group which aims to support innovation and the emergence of industrial European leaders in the healthcare sector.

Following on from Kinvent in December 2023 and PanTera in September 2024, Germitec is the third Growth Equity investment by Nov Santé Actions Non Cotées.

Vincent Gardès, CEO of Germitec, declared:

“The Nov Santé and Kurma Partners teams’ expertise is a major asset that will support Germitec in our new development phase. With the obtention of the FDA accreditation, we have accomplished a decisive move that provides us with an exceptional perspective in the United States where there is a market opportunity of 60,000 units. We are confident in our capacity to capture this market thanks to the quality and distinction of our products, as well as the commitment and expertise of our teams.”

Arnaud Vincent, Managing Director – Healthcare at Eurazeo, added:

“We are very proud that Germitec and its historic shareholders have chosen Eurazeo as lead investor. We have been convinced by the company’s expertise, its innovative position, as demonstrated by its FDA accreditation, and the quality of its management. We are delighted to participate in this new phase for Germitec: the roll-out of its solution in the United States. By supporting Germitec, we are contributing to the advancement of healthcare solutions that respond to major challenges in public healthcare with the prevention of nosocomial infections and are supporting French healthcare sovereignty with products that are fabricated on home soil.”

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1 As part of the Eurazeo Global Investor company.
2 The FDA’s De Novo classification process creates, when the technology is not matched by any other, a new classification validating marketing and distribution of medical devices in the US.
3 September 5th, 2024, Germitec’s press release: Germitec’s Chronos® Achieves First-Ever FDA De Novo: A Breakthrough in Infection Prevention.

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Candid Health Raises $52.5 Million Series C to Enhance GenAI Features, Expand Revenue Cycle Automation Platform to More Providers

Oak HC FT

Candid Health, the autonomous revenue cycle automation platform for healthcare providers, today announced it has raised $52.5 million in Series C funding led by Oak HC/FT with participation from existing investors. This brings the company’s total amount raised to $99.5 million.

Providers spend more than $100 billion annually on revenue cycle management, yet today’s billing requirements outpace available tooling. According to research by McKinsey, streamlining the claims submission process could save up to 18% of administrative costs as submission error rates have continued to increase.

Candid’s platform addresses the root cause of RCM inefficiency through modern data engineering and automation. Unlike traditional RCM companies which aim to make manual clean up work more efficient, Candid improves touchless claim rate, which is the percentage of claims submitted, processed and adjudicated correctly the first time with no manual intervention. Candid’s platform significantly increases the number of claims submitted correctly the first time, thereby eliminating avoidable, manual work for billing teams.

With touchless claim rates and payor net collection rates greater than 95%, the Candid platform drives industry-leading results. Candid clients experience increased overall net collections and faster reimbursement times while reducing costs with a scalable technical infrastructure.

“At Candid, we are reimagining the level of automation that an RCM platform can drive, and with AI, we are positioned to further improve billing performance,” said Nick Perry, CEO & Co-Founder of Candid Health. “We are excited to continue to grow and scale alongside our customers, fully supporting them along their journey, while forging relationships with more providers.”

The company grew revenue nearly 250% YoY in 2024. With this Series C investment, Candid will look to expand its customer relationships with multi-site provider groups nationally.

“The Candid leadership team has an exceptional blend of technical and product expertise, and they have rigorously built a platform with their customers’ needs top of mind,” said Billy Deitch, Partner at Oak HC/FT. “Our team has been investing in the RCM space for more than 25 years, and we think Candid is uniquely positioned to make a meaningful impact in this market. We are humbled at the opportunity to partner with the company as it expands its footprint with healthcare providers nationwide.”

About Candid Health 

Candid was founded by Nick Perry (CEO), Doug Proctor (COO) and Adam Reis. The team is on a mission to simplify medical billing, allowing providers to focus on delivering quality care. Trusted by more than 200 leading healthcare organizations, Candid’s revenue cycle platform leverages advanced automation to decrease the cost to collect and increase net collection rates. The company is backed by Oak HC/FT, 8VC, First Round Capital, Y Combinator, and Boxgroup. Learn more at https://www.joincandidhealth.com/company.

About Oak HC/FT 

Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.

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Torrent Group to acquire majority stake in Gujarat Titans

CVC Capital Partners
  • Acquisition to mark Torrent Group’s foray into India’s rapidly growing sports sector
  • CVC Funds will continue to own a substantial minority stake in Gujarat Titans

Torrent Group (“Torrent”), a diversified conglomerate having interests in Healthcare and Energy sectors, through its holding company Torrent Investments Private Limited (TIPL), has entered into a definitive agreement to acquire majority stake of 67% in the renowned Indian Premier League (IPL) franchise, Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (“Irelia”) – currently fully owned by funds managed or advised by CVC. The transaction is subject to customary closing conditions and approvals (including from BCCI).

As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise. This strategic partnership between one of India’s leading Business Groups and a globally renowned Private Equity firm, is the first of its kind in India’s sports sector and will unlock exciting opportunities for growth and collaboration.

Speaking on the occasion, Jinal Mehta, Director, Torrent Group, said, “It is a matter of great pride for us to welcome Gujarat Titans and millions of its passionate fans into the Torrent Group. As Sports continues to gain prominence in India, Torrent sees great potential in this rapidly growing sector. With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come. We are committed to nurturing the Gujarat Titans team and creating a lasting legacy for everyone involved – our fanbase, the players and our employees. With a proven track-record of delivering high quality products and services across multiple sectors, Torrent is well-positioned to set new standards of excellence in the Sports industry through the acquisition of Gujarat Titans.”

We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans

Siddharth PatelManaging Partner at CVC

Siddharth Patel, Managing Partner at CVC, commented: “We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans. Our participation in Indian Cricket started strongly, securing the Gujarat franchise, winning the IPL title in our first season and emerging as runners up in our second season. Amit Soni, Partner at CVC, added, “We are delighted to be able to partner with Torrent, one of the most respected business groups in India. We are now very pleased to welcome the Torrent Group and look forward to unlocking new avenues for growth and development for Gujarat Titans and for the IPL in the years to come.”

CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed.

Nick ClarryManaging Partner at CVC

Nick Clarry, Managing Partner at CVC, said, “CVC has a long history of investment in sports since our investments in Moto GP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed. We particularly want to thank our fans, our management team, our players and the BCCI. Because of them, Gujarat Titans has become a leading franchise on and off the pitch, and together with the support of our wonderful fans, we expect this to accelerate with our new partners, Torrent.”

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Kevel Announces Acquisition of Nexta to Strengthen Its Retail Media Solution and Drive Revenue Growth for Retail Brands

Fulcrum

News release by Kevel

Kevel, the leading provider of API-based retail media ad serving technology, has announced the acquisition of Nexta, an automated advertising self-serve platform. The acquisition illustrates Kevel’s commitment to redefining the retail media landscape with an all-encompassing solution to arm retailers with the right tools to manage multi-channel ad investment, optimize performance and unlock revenue opportunities.

Kevel empowers retailers to build state-of-the-art retail media platforms in house, enabling them to reclaim control and compete within the competitive retail space on a more level playing field. Nexta’s AI-driven ad manager simplifies the advertising experience and enhances efficiency with booking-optimized self-service for retailers, marketplaces and publishers. By integrating Nexta’s powerful technology into The Retail Media CloudTM, Kevel now offers a full-stack solution for high-performing retail media networks, optimizing operations, improving ad personalization, and enabling seamless efficiency with unmatched customization.

“This acquisition reinforces Kevel’s commitment to transforming the retail media landscape by encouraging retailers to launch custom retail media programs that drive marketplace revenue,” said James Avery, CEO, Kevel. “Nexta is an industry leader in AI-driven omni-channel advertising who share our ethos to take back the internet, make advertising accessible for everyone, and support advertisers of all shapes and sizes on a level playing field. We’re extremely excited to bring the team into the Kevel fold, as we continue to advance the industry and keep pace with demand by offering an all-encompassing retail media solution for our customers.”

Kevel specializes in on-site and API-driven ad-serving technology, delivering robust solutions tailored for seamless integration, while Nexta excels in off-site capabilities with a user interface specifically designed to streamline workflows for operations teams. The combined solution brings on-site and off-site retail media under one roof, offering retailers the choice to either use best in breed user interfaces (UIs) for their customers or teams, or to build their own version, tailored to their needs, using APIs.

As Martin Jensen, Founder and Chairman of the Board at Nexta, says, “This merger is more than just a strategic move — it’s a match made in heaven. Kevel brings global market reach, a shared culture of innovation, and a strong, complementary product offering to the table. Together, we’re not just growing, we’re building something extraordinary. By combining forces, Nexta and Kevel are uniquely positioned to create a game-changing solution in the retail media space.”

The global retail media market is growing at unprecedented pace, with investment predicted to increase to nearly $170bn in 2025, according to WARC’s latest forecast. Retailers are increasingly transitioning to media owners and publishers, seeing the potential to unlock new revenue opportunities while also realizing the unique opportunity to leverage robust first-party data and closed-loop attribution, enabling them to engage with customers in a way that hasn’t traditionally been possible.

“At Nexta, our focus has been solely on simplifying and improving the ad experience for retailers, marketplaces and publishers through intelligent self-serve automation and AI-driven insights,” said Jesper Urban, CEO at Nexta. “Our unwavering commitment to making advertising accessible, measurable, and scalable to all advertisers is synonymous with Kevel’s vision and we’re extremely excited to marry our tech with Kevel’s market-leading retail media solution to transform and drive the retail media space forward.”

Puja Rios, COO at Kevel commented, “We work with global retailers and therefore know how important it is for them to have an API-led solution that puts them in full control, with dedicated UIs for their own teams as well as their advertisers, and the ability to execute on-site, off-site and even in-store ad formats all within a single platform. We’re looking forward to extending this to our current customers, as well as retailers considering upgrading their technology.”

Under the terms of the agreement, Kevel will integrate all Nexta product offerings into its existing retail media solution to create a unified, fully customizable, data-driven, automated platform, ensuring retailers can continue to meet the growing demand for high-performing retail media networks. For more information about the acquisition, please visit Kevel.com.

 

About Kevel

Kevel is transforming the retail media space with its cutting-edge, AI-driven ad tech infrastructure APIs that power the Retail Media Cloud™. This groundbreaking solution combines the power of AI insights with API-based technology, allowing multi-brand retailers to build dynamic, customizable ad platforms while maintaining full control of their first-party data. With Kevel, retailers can deliver personalized shopper experiences, optimize ad targeting, and unlock predictive insights to stay ahead in an ever-evolving market.

 

Kevel’s mission is rooted in the belief that every digital retailer should have the tools to create their own tailored ad platform, comparable to industry leaders like Amazon. Harnessing the power of AI for data-driven decision-making, Kevel has helped leading brands such as Chewy, The Home Depot, Edmunds, Lyft, Delivery Hero, Sonae, Slickdeals, and others launch impactful retail media networks—fostering innovation and unlocking new revenue opportunities.Learn more about how Kevel is transforming retail media at www.kevel.com.

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EQT introduces EQT Nexus Infrastructure

  • With both institutional and individual investors looking to evergreen strategies for diversification and customization, EQT broadens portfolio with the introduction of EQT Nexus Infrastructure

  • EQT Nexus Infrastructure offers exposure to EQT’s infrastructure strategies, direct investments in infrastructure companies in EQT’s portfolio, and the same distinctive infrastructure investment approach EQT’s institutional clients have benefited from for over fifteen years

  • EQT is one of the world’s largest infrastructure investors – ranked no.5 on the Infrastructure Investor 100 list by capital raised in the last five years – with three dedicated strategies: Value-Add, Active Core, and Transition Infrastructure

EQT has today introduced EQT Nexus Infrastructure (or “the Strategy”), its latest evergreen strategy. EQT has been expanding in the evergreen space since the launch of its first evergreen strategy for individual and institutional investors in 2023, with this introduction reflecting investors’ growing desire to customize their private markets portfolios.

EQT Nexus Infrastructure provides individual and institutional investors access to a diversified suite of infrastructure investment strategies. With experienced, local teams and a network of more than 600 industrial advisors, EQT’s EUR 75 billion global infrastructure business deploys capital through its Value-Add Infrastructure, Active Core Infrastructure, and Transition Infrastructure strategies. The platform identifies and develops high-quality infrastructure businesses that provide essential services to society, thematically sourced within the digital, energy and environmental, transport and logistics, and social infrastructure sectors. Its investments range from transition-related scale-up companies to mature, market-leading infrastructure businesses.

“Expanding our portfolio of evergreen strategies is a key focus for our firm. As we go on this journey, two trends are emerging,” said Peter Beske Nielsen, Partner at EQT. “For one, individual investors want the flexibility to customize their portfolios, which EQT Nexus Infrastructure does by enabling access to our infrastructure strategies through a single fully-funded investment and a single layer of fees. We also believe that institutional investors increasingly desire these benefits, as part of thediversification of their portfolios.”

The EQT Nexus Infrastructure Advisory team will be led by Advisory Head of Fund Strategy William Vettorato, who commented: “We are seeing elevated demand for evergreen infrastructure strategies. EQT Nexus Infrastructure enables individuals and institutions alike to play a role in supporting businesses that offer essential services to society, while benefitting from EQT’s demonstrated approach to investing and relentless focus on performance. We’re excited to unlock this opportunity that addresses the typical barriers to entry, such as high minimum investment period and lengthy lock-ups applicable to close-ended funds.”

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

  1. https://www.infrastructureinvestor.com/infrastructure-investor-100/
  2. As of Q4 2024

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Nexus Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
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Blackstone Life Sciences and Anthos Therapeutics Announce Agreement for Anthos to be Acquired by Novartis for up to $3.1 Billion

Blackstone

Reflects the promise of the novel Factor XI inhibitor class of medicines to help prevent strokes and other conditions as well as Abelacimab’s potential to provide superior safety
 
Culminates growth journey as part of Blackstone Life Sciences

CAMBRIDGE, Mass., February 11, 2025 – Blackstone Life Sciences and Anthos Therapeutics, Inc. (“Anthos” or the “company”), a transformative, clinical-stage biopharmaceutical company developing innovative therapies for the treatment of cardiometabolic diseases, announced today that the company has entered into an agreement with Novartis to acquire Anthos for up to $3.1 billion. Anthos was founded by Blackstone Life Sciences and Novartis in 2019 with the exclusive global rights from Novartis to develop, manufacture, and commercialize abelacimab, a novel factor XI inhibitor that originated at Novartis, being developed to prevent stroke and systemic embolism in patients with atrial fibrillation as well as to prevent the recurrence of blood clots in patients with cancer.

“Abelacimab has the potential to be an important treatment option for the millions of patients globally with atrial fibrillation at high risk of stroke, and we could not have more conviction in the potential of this asset,” said Bill Meury, Chief Executive Officer at Anthos. “With its deep roots in the cardiovascular space, Novartis is especially well positioned to advance abelacimab’s clinical development and bring this innovative product to healthcare providers and patients. I am deeply grateful to the Anthos and Blackstone Life Sciences teams, the clinical investigators, the patients in our studies, the advocacy community, and many others who have played a role in Anthos’ success over the past six years.”

“We are proud to have launched and helped grow Anthos by acquiring the rights to abelacimab, assembling a world class team, designing the clinical plan and financing its development,” said Dr. Nicholas Galakatos, Chairman of Anthos’ Board of Directors and Global Head of Blackstone Life Sciences. “We believe abelacimab has the potential to be a leader in the new class of Factor XI anticoagulants and are pleased to have Novartis as a committed partner to advance the development and commercialization of abelacimab as a potential treatment option for the millions of patients at risk of strokes. This transaction is an affirmation of Blackstone Life Sciences’ ownership investment strategy, where we seek to find innovative products and build companies around them to meet unmet patient needs.”

In AZALEA-TIMI 71, abelacimab compared with rivaroxaban (Xarelto) demonstrated a 62% reduction in major bleeding or clinically relevant non-major bleeding, a 67% reduction in major bleeding, and an 89% reduction in gastrointestinal bleeding. The overall clinical benefit of abelacimab prompted the Independent Data Monitoring Committee to discontinue the study early. Results from AZALEA-TIMI 71 were recently published in the New England Journal of Medicine on January 23, 2025.

Anthos is currently conducting a phase 3 clinical study in patients with atrial fibrillation with high risk for stroke or systemic embolism (LILAC-TIMI 76) as well as two phase 3 studies in patients with cancer-associated thrombosis (ASTER and MAGNOLIA). Data from these trials are expected in the second half of 2026.

Blackstone Life Sciences’ investment in and commitment to Anthos demonstrate the power of combining its scale and deep operating expertise to build businesses that can help bring innovative products to market and substantially improve patient outcomes.

Transaction Details
Anthos shareholders will receive an upfront payment of $925 million upon closing of the transaction. In addition, Anthos shareholders are entitled to receive payments in the event certain regulatory and commercial milestones are achieved. Completion of the transaction is expected in the first half of 2025, pending the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of other customary closing conditions.
 
Advisors
Goldman Sachs & Co. LLC is acting as the lead financial advisor to Anthos. Morgan Stanley & Co. LLC is also serving as a financial advisor, and Goodwin Procter LLP is serving as legal advisor to Anthos.
 
About Anthos Therapeutics
Founded by Blackstone Life Sciences (BXLS) in 2019, Anthos Therapeutics is a transformative, clinical-stage biopharmaceutical company with the exclusive global rights from Novartis Pharma AG to develop, manufacture and commercialize abelacimab. BXLS is the majority investor in the company and is joined by other partners including Novo Holdings. For more information about Anthos, visit the Company’s website or follow us on X and LinkedIn.

About Blackstone Life Sciences
Blackstone Life Sciences is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $12 billion in assets under management.
 
About Abelacimab
Abelacimab is a novel, investigational, highly selective, fully human monoclonal antibody that binds tightly to Factor XI to block its activation and prevent the generation of the activated form (Factor XIa). This mimics natural Factor XI deficiency, which is associated with protection from thromboembolic disease.

Abelacimab received a Fast Track Designation from the FDA in July 2022 for the treatment of thrombosis associated with cancer. In September 2022, abelacimab was also granted a Fast Track Designation for the prevention of stroke and systemic embolism in patients with atrial fibrillation.


 
CONTACTS

Blackstone
Paula Chirhart: Paula.Chirhart@blackstone.com

Anthos
Media contact: media@anthostherapeutics.com
 
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding the proposed acquisition of Anthos by Novartis, the expected timetable for completing the transaction, future opportunities for the combined businesses, the expected benefits of Novartis’ acquisition of Anthos, the development and commercialization of Anthos Therapeutics’ product candidates and the potential benefits of abelacimab. All statements, other than statements of historical facts, contained in this press release, including statements regarding the company’s strategy, future operations, future financial position, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “become,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. Actual results may differ materially because of numerous risks and uncertainties including with respect to (i) the possibility that various conditions to the consummation of the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the acquisition, (ii) the risk that the expected benefits or synergies of the acquisition will not be realized, (iii) the risk that the milestones may not be achieved and resulting payments may not be realized,  and (iv) unanticipated difficulties or expenditures relating to the proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention as a result of the announcement and pendency of the proposed acquisition. The actual financial impact of this transaction may differ from the expected financial impact described in this press release. In addition, the compounds described in this press release are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these compounds will be commercially successful. No forward-looking statement can be guaranteed. In addition, the forward-looking statements included in this press release represent the company’s views as of the date hereof and should not be relied upon as representing the company’s views as of any date subsequent to the date hereof. The company anticipates that subsequent events and developments will cause the company’s views to change. However, while the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so.

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