PE Weekly: Office Depot Owner Goes Private in $1 Billion Deal

Platform Investments

Atlas Takes Office Depot Owner Private. Atlas Holdings has reached an agreement to acquire the owner of Office Depot and OfficeMax, The ODP Corporation, according to an announcement this week. The transaction takes The ODP Corporation private, delisting the business from the NASDAQ, and is valued at about $1 billion.

Thoma Bravo Takes PROS Holdings Private. Thoma Bravo, a software-focused investment firm, has reached an agreement to acquire PROS Holdings for approximately $1.4 billion. The transaction takes the AI-powered SaaS pricing and selling solution provider private, delisting the company from the New York Stock Exchange.

Keensight Capital Acquires Decision Focus. Keensight Capital, a private equity manager operating in Europe, has acquired Decision Focus. The company is a governance, risk, and compliance software developer and operates in Denmark, the U.K., Sweden, and Romania.

HCAP Invests in Real Diagnostics. HCAP Partners has announced its investment in Real Diagnostics, a clinical laboratory specializing in testing across UTIs, toxicology, respiratory conditions, and women’s health. The investment supports Salt Creek Capital’s acquisition of the business.

Haveli Investments Acquires Couchbase. Austin-based private equity firm, which focuses on the technology sector, announced its acquisition of Couchbase this week. Couchbase is a data platform for AI application developers. The all-cash transaction is valued at about $1.5 billion.

Add-Ons

Lion Equity Acquires Custom Tube Products to Boost ETI. Lion Equity Partners, a private equity firm specializing in corporate carve-out transactions, has acquired Custom Tube Products. The company manufactures precision metal tubing assemblies and components, servicing the aerospace, medical, and industrial industries. Lion Equity said the company will partner with its existing portfolio company, ETI, to expand its production footprint.

DelCam Adss Gaston Electronics to Platform. DelCam Capital, a private equity firm focused on the manufacturing sector, has acquired Gaston Electronics. The company is a UL 508A industrial control panel shop and electronics manufacturer. DelCam will integrate the company into Space Age Electronics, the firm’s fire and life safety platform.

Godspeed’s BNP Associates Acquires Studdiford Technical Solutions. BNP Associates, a portfolio company of Godspeed Capital Management, has acquired Studdiford Technical Solutions (STS). BNP Associates is a transportation, supply chain, and logistics design and engineering firm. STS is a consulting firm specializing in airport system development and transportation security.

Strategics

Sagard, Unigestion Merge Middle-Market PE Investment Solutions. Global alternative asset manager Sagard and European middle-market private equity firm Unigestion have combined, according to a press release. The merger enhances their middle-market private equity investment solutions with $23 billion in private equity assets under management. Unigestion’s non-private equity businesses are not a part of the transaction.

Exits

Blue Point Exits Stax to Grant Thornton. Blue Point Capital Partners announced the successful sale of Stax, a global strategy consulting firm. Blue Point first acquired the business in 2021 and has sold it to tax and advisory service provider Gant Thornton Advisors.

Fundraising

Grays Peak Raises $500 Million for Defense Lending. Grays Peak Capital announced this week the launch of Grays Peak Private Credit II, its second private credit fund. The firm raised $500 million in capital commitments. The fund will provide strategic capital to businesses in the government and defense sector.

Insights

Kroll, StepStone Launch Private Credit Benchmarks. Kroll and StepStone Group have announced a new partnership and the launch of Kroll StepStone Private Credit Benchmarks. The collaborative platform uses loan-level data from more than 15,000 deals, updated weekly, to enable valuation and additional intelligence for dealmakers, a press release said.

Pelorus Capital Launches Cannabis Growth Equity Strategy. Pelorus Capital Group, an asset management firm focused on the cannabis sector, has launched its Pelorus Growth Fund. With up to $1 billion ready to invest, the fund will focus on equity investments in cannabis operating businesses.

Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.