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Blackstone sees pick-up in realizations; Bain Capital says it’s an interesting time to invest in edtech

Good morning, Hubsters. Senior reporter Michael Schoeck here with the US edition of the Wire from the New York newsroom.

As regular readers know, since the beginning of the year, I’ve been talking with confidential sources about companies coming to market. The list of companies I’ve been tracking has now grown. As I confirm sale process plans with sources, I share the information with you.

Today, I’m sharing a scoop about a potential carveout of a business unit from Stanley Black & Decker, as the power tools makers continues its pruning process to focus on core assets.

I’ve also got an update on the list of companies I’m tracking, including one carveout sale by a KKR portfolio company announced yesterday. Back in May, I reported that KKR was sending out deal books on the unit.

In other news, Blackstone yesterday announced a big deal that underscores its ambitions in the data center market, a hotbed of dealmaking these days.

And last up today, I touch base with energy data provider Enverus, which came out with a new report on deal activity this week.

Let’s start with the scoop.

Fasten your dealbooks

Within the last few weeks I was briefed by confidential sources on Stanley Black & Decker bringing its engineered fastening product group up for sale in 2025.

Upgrade to the premium version of the Wire for the full story.

Going big on data centers

Blackstone and Canada Pension Plan Investment Board have agreed to acquire AirTrunk, an Asia Pacific-based data center platform, from Macquarie Asset Management and the Public Sector Pension Investment Board. The deal values the target at over A$24 billion ($16.1 billion).

Upgrade to the premium version of the Wire to read up on seven recent data center deals.

Heavy-duty valves

In other industrial news, SCF Partners announced the acquisition of DeltaValve and Tapco Enpro, two oil and gas market valve distributors, from KKR-backed Circor International for undisclosed terms.

Upgrade to the premium version of the Wire to read my original scoop on DeltaValve from May.

Momentum building

Including DeltaValve, I’ve been tracking more than 150 companies that sources have told me are on the market, or coming to the market in a matter of months, potentially attracting PE buyers.

Here's to seeing more deal announcements involving companies for sale this year. If you’ve got any tips about companies for sale, shoot me a note at [email protected].

Renewables PE deals shine bright

Enverus, an energy data and analytics firm, has released its H1 renewable energy M&A report, which shows a year-over-year increase in total deal value, including deals involving private equity or infrastructure funds.

I touched base with Ian Nieboer, managing director and head of energy transition research at Enverus, to learn more about deal drivers and the impact of the upcoming presidential election.

Upgrade to the premium version of the Wire for more highlights from Enverus.

That’s a wrap for me today. Stay tuned for the Friday’s Wires, with Irien Joseph bringing you the Europe edition and Obey Martin Manayiti back from vacation and delivering the US edition.

Cheers,

Michael

Exciting news

PE Hub and PE Hub Europe have merged into a single, unified PE Hub platform, as part of our commitment to providing you with a richer, more comprehensive view of the private equity deals landscape. It’s a win-win for our whole audience: PE Hub readers gain access to our in-depth coverage of European PE dealmaking, and PE Hub Europe readers gain access to our in-depth coverage of North American PE dealmaking. simply log in to the PE Hub platform, using your PE Hub or PE Hub Europe account email address, to access the latest dealmaking insights, key transactions, and expert analysis from across both regions.

Whether you’re looking to stay on top of the market or find your next big opportunity, our richer, more comprehensive deals coverage will keep you ahead of the curve.

Reach out to [email protected] to book a no-obligation tour of PE Hub’s newly expanded deals coverage.

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Also of note (may require subscriptions)

American Securities, a firm that traces its roots back to the 1940s, is narrowing its strategy down to a few core sectors as it works through a tough fundraising process that will likely leave it with a smaller fund than its prior pool, sources told Buyouts.

Goldman Sachs Asset Management is expected to seek at least $1 billion for its latest vehicle targeting emerging private equity managers. (Private Equity International)

CVC Secondary Partners is seeking $7 billion for its latest flagship fund as it eyes the launch of a secondaries semi-liquid fund nest year. (Secondaries Investor)

Texas recently executed an early termination of the SH-288 toll road concession, leveraging the contract’s atypical termination for convenience clauses to snatch the asset back from the private sector. As a result, the wildly successful (and lucrative) asset’s 52-year concession, currently owned by Abertis and ACS Group, will now end roughly 44 years earlier than expected this October. (Infrastructure Investor)

New anti-money laundering rules challenge private funds: "The private equity industry has been subject to a public discourse that makes the industry a convenient target, but not a valid one," Simpson & Thacher partner Abram Ellis says. (Private funds CFO)

New Private Markets offers a list of private markets investors – both allocators and general partners – who have committed to report on their nature-related risks, impacts and opportunities.

Another senior Ardian exec is set to join former colleagues to lead AI-driven secondaries firm Clipway. Benoît Verbrugghe, a former senior managing director at Ardian, will join Vincent Gombault and Ingmar Vallano as a managing partner at Clipway, according to a statement. (Secondaries Investor)

CVC Capital Partners believes the UK’s planned carried interest tax hike could cause some private equity staff to relocate – though it doesn’t believe the move will heavily impact its own business. (Private Equity International)

Obtaining quality data remains the main barrier for ADM Capital as it seeks to understand nature and climate risks in its portfolio, according to managing director, sustainable finance Lisa Genasci. (New Private Markets)

They said it

“International investment by firms like KKR highlight the global nature of energy transition combined with differing policy priorities and incentives between regions that allow firms to reduce risk by diversifying geographic exposure.”

— Ian Nieboer, managing director and head of energy transition research, Enverus, on swelling interest in renewable energy investments