nVent thermal business carveout; Neuberger Berman joins Audax to recap FDH Aero; EnCap closes second energy transition LP

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nVent thermal business carveout; Neuberger Berman joins Audax to recap FDH Aero; EnCap closes second energy transition LP

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

Several private equity firms have invested in casinos over the years. We are starting this morning with news that Brightstar Capital Partners has agreed to acquire AGS, a Las Vegas-based global gaming supplier, in a $1.1 billion take-private deal.

We also have news that ArcLight Capital Partners has agreed to purchase a 16 percent stake in Gulf Coast Expressfor $540 million.

And for the trend of the week, we have a listicle featuring six PE-backed deals focusing on the mining sector.

Casino

Brightstar Capital Partners has agreed to acquire AGS, a Las Vegas-based global gaming supplier, in a $1.1 billion take-private deal. The transaction is expected to close in the second half of 2025.

Upgrade to the premium version of the Wire to get more on this deal.

In case you missed it

In this story last year, PE Hub spoke with Apollo Global Management, a large cap investor, and Clairvest Group, which focuses on the mid-size market, about their approaches to the casino sector.

Premium subscribers to the Wire have access to more on this item.

Natural gas

As PE Hub previously reported in a scoop late last year, ArcLight Capital Partners has agreed to purchase 16 percent equity interest in Gulf Coast Express pipeline from Kinetik Holdings for $540 million in cash.

Premium subscribers to the Wire get more on this deal.

Chasing the glitter

From gold to copper and talc, private equity firms are chasing opportunities in the mining sector. PE investors described some of the mining investments as “high-quality assets” that will grow with additional capital.

Premium subscribers to the Wire have more on this trend, including the six deal referenced in the story.

That’s it for today. You can always reach me at [email protected] for news tips.

Craig McGlashan will be back with the newsletter on Monday, while MK Flynn enjoys another well-deserved week off.

Have a nice weekend,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Brookfield Asset Management is marketing its debut pool for investments in financial infrastructure assets as part of its efforts to invest in the “backbone of the economy,” sources told Buyouts. The firm is targeting around $3 billion for the fund, with a $500 million contribution from Brookfield’s balance sheet, one source said.

Global Infrastructure Partners and Canadian pension CPP Investments are planning to help drive the decarbonization efforts of US utility group Allete after the pair agreed a take-private of the company worth about $6.2 billion. (Infrastructure Investor)

Clearlake Capital raised $7.5 billion toward a $15 billion target for its eighth flagship buyout offering, as the firm eyes a final close later this year. (Buyouts)

Why GP stakes is the strategy of the moment: Newcomers are flocking to the market, drawn by a growing base of targets and the promise of increased fund sizes. (Private Equity International)

California State Teachers’ Retirement System will introduce a new “collaborative strategies portfolio” that will give staff more flexibility to invest in opportunities outside the parameters of a specific asset class. (Buyouts)

John D Rockefeller once said, “I always tried to turn every disaster into an opportunity.” It would be an overstatement to describe the current fundraising environment as a catastrophe, but the downturn is certainly causing a lot of pain. And that presents a rare opportunity for well-positioned LPs to take advantage of the pullback by many of their peers. (Venture Capital Journal)

Investors face a Catch-22 with fund extensions: An increasingly common decision for limited partners has potentially painful consequences for both themselves and the overall market. (Private Equity Real Estate)

Starshot Capital has closed on $35 million for its inaugural fund, making it the 12th climate-focused venture fund raised this year. The new fund brings the total amount raised by climate-focused venture funds this year to about $3.5 billion, according to Venture Capital Journal research.

They said it

“We have been impressed by AGS’ award-winning products, differentiated culture, and outstanding reputation in this expanding industry. We trust that partnering with AGS and executing on our shared vision can accelerate the company’s ability to create even greater value for its customers and players around the world.”

— Roger Bulloch, partner at Brightstar, regarding the AGS take private deal.