Energy Capital Partners inks $26.6bn sale; Audax, EQT, NMS Capital pursue clinical trial deals; Last call for Deal of the Year nominations

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Energy Capital Partners inks $26.6bn sale; Audax, EQT, NMS Capital pursue clinical trial deals; Last call for Deal of the Year nominations

Morning Hubsters,

Happy Fri-yay! John R. Fischer here with the US Wire from the New York newsroom.

We’ve got a meaty Wire for you today, but before we start, a reminder that today is the final call for nominations for PE Hub’s Deal of the Year Awards.

Let’s begin with the largest deal in the US power industry in nearly two decades, as Energy Capital Partners has agreed to sell a Houston-based energy producer.

Then, we have my 7-deal listicle on a pharma subsector that has caught the eye of Audax Private Equity, EQT, NMS Capital and Renovus Capital Partners.

We’ll finish with some PE-backed healthcare deals announced in the first full week of 2025, including ones by Ascend Capital, Bregal Sagemount and Waud Capital.

Unlocking value

Earlier this morning, Energy Capital Partners (ECP) announced its agreement to sell Calpine Corp to energy company Constellation for $26.6 billion in a cash and stock transaction.

Become a premium subscriber to learn more.

Investing in testing

Switching from energy to healthcare. From technology to patient recruitment and services, private equity firms are seeing multiple opportunities to acquire clinical trial companies.

I rounded up seven deals from the past year that reflect PE’s attraction to this healthcare subsector.

Upgrade to the premium version to see all seven.

New year, new deals

Sticking with healthcare, PE Hub covered 10 deal announcements made in the sector in the first full week of 2025, with transactions announced by Branford Castle Partners, CVC Capital Partners, New Capital Partners, Primus Capital and Waud Capital, among others.

Premium subscribers can access the full list.

Final call

Before I sign off, here’s one more reminder that today is the final call for nominations to PE Hub’s Deal of the Year Awards. Make sure to get your nominations in.

As always, if you have any questions, thoughts or want to chat, please email me at [email protected].

Nina Lindholm will be on Wire duty in Europe on Monday, while MK Flynn will write to you with the US edition.

Cheers,

John

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Ares Management announced that it has raised a total of $2.3 billion of both its own capital and third-party equity commitments to support Aspida, its life insurance, reinsurance and annuity provider based in Durham, North Carolina. (Private Debt Investor)

A footnote on secondaries fundraising: While fundraising figures are down from record-breaking numbers in 2024, it would be remiss not to consider the impact of evergreen capital on the market. (Secondaries Investor)

Butterfly Equity-backed The Duckhorn Portfolio has hired Constellation Brands executive Robert Hanson as chief executive. Duckhorn, founded in 1976 and headquartered in Helena, California, offers wines between $20 and $230 per bottle. (Agri Investor)

Crestline Investors announced that it has held a final close for its Crestline Direct Lending CLO I, a new issue mid-market collateralised loan obligation, at $1 billion. (Private Debt Investor)

Deals

They said it

“Since acquiring Calpine in 2018, we have focused on unlocking value and driving future potential growth avenues for the business, which we believe have been recognized through this combination.”

— Tyler Reeder, president and managing partner of ECP, on $26.6 billion sale of Calpine to Constellation

Today's letter was prepared by John R Fischer

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