FloWorks sold in $1.6bn deal

BY Richard Summerfield

Ferguson Enterprises has agreed to acquire FloWorks from ​private equity firm Wynnchurch Capital in an all-cash transaction worth around $1.6bn.

The deal is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals. It will see Ferguson acquire Houston, Texas-based FloWorks, an industrial distributor and service provider of “highly technical” valves and flow control solutions. FloWorks generated revenue of around $1bn in 2025, compared to Ferguson’s $31.32bn.

According to a statement announcing the deal, Ferguson expects the acquisition to generate about $45m in synergies from network optimisation, logistics and technology, and said its leverage would remain within its target range after the deal.

“FloWorks strengthens our leading position in high-growth industrial end markets, while adding meaningful capabilities and geographic coverage which we can leverage across our non-residential customer groups,” said Kevin Murphy, chief executive of Ferguson. “Their expert teams, technical capabilities and strong OEM brands will further enhance our ability to provide essential water solutions for the specialized professional. We welcome their associates to Ferguson and look forward to our next chapter of growth together.”

“Joining Ferguson ensures our 65+ year legacy continues with a partner that shares our commitment to customer service and operational excellence,” said Scott Jackson, chief executive of FloWorks. “Ferguson’s scaled platform and capabilities will empower our associates to better serve our customers. This marks an exciting next chapter in FloWorks’ history and provides a great home for our associates.”

FloWorks has operated in the US for over 65 years and is a leading flow control distributor with more than 60 locations in the US and Canada serving highly technical industries including chemicals, refining, power generation, semiconductors, pharmaceuticals and data centres. The acquisition will expand Ferguson’s specialty industrial flow control platform, adding technical depth, attractive end market and product exposure, and significant recurring maintenance, repair and operations-driven revenue.

Ferguson is North America’s largest value-added distributor of essential water and air solutions, serving specialised professionals in residential and non-residential construction markets. The company has sales of $31.3bn and approximately 35,000 associates in over 1700 locations.

Wynnchurch is currently investing out of its sixth private equity fund and has approximately $9.1bn assets under management. The firm acquired a majority stake in ​FloWorks from private equity firm Clearlake Capital in 2023 for an undisclosed sum.

News: Ferguson to buy FloWorks from Wynnchurch Capital for $1.6 billion

Continental sells ContiTech unit to Lone Star in €4bn deal

BY Fraser Tennant

Beginning a new era as a pure-play tire manufacturer, German car parts supplier Continental is to sell its plastics and rubber ‌business ContiTech to private equity firm Lone Star Funds in a transaction valued at €4bn.

As a global provider of rubber and thermoplastic products and systems, ContiTech has extensive expertise in materials and technology – its portfolio spanning conveyor and drive systems, fluid management solutions, as well as damping and surface applications.

Following completion of the sale, Continental – whose tire business has shown stable development in recent years, despite volatile markets – will become a focused tire manufacturer with a strong, globally recognised brand.

The transaction also includes performance-based components of up to €250m in subsequent years. The sale of its industrial business is the final step in DAX-listed Continental’s realignment. In February 2026, the company also sold ContiTech’s former original equipment solutions business.

Despite achieving sales of approximately €4.4bn in 2025, Continental’s ContiTech division ​has been ⁠under pressure in recent months, cutting 3000 jobs in May, including 1600 in Germany.

“With the sale of ContiTech, the Supervisory Board approved the final step in Continental’s realignment,” said Sabrina Soussan, chair of Continental’s Supervisory Board. “We are convinced that both companies will be better positioned to develop as independent businesses than as part of the same group. This strategic focus will make them both even stronger.”

Lone Star Funds, with a long track record in the industrials sector, will take over all of ContiTech’s business operations worldwide following the close of the transaction.

“ContiTech is a well-positioned industrial company with outstanding technological capabilities and extensive expertise in materials, making it one of the leading providers in its industries,” said Donald Quintin, chief executive officer of Lone Star Funds. “As a global investor with a track record in the industrials sector, we are convinced of ContiTech’s significant potential.”

The transaction – which is expected to be completed ​by the ⁠end of 2026 – is subject to regulatory approval.

Mr Quintin concluded: “We look forward to working closely with the management team and employees around the world to further develop the business – through operational improvements and targeted investments in attractive growth markets.”

News: Continental to sell ContiTech unit to Lone Star Funds for $4.6 billion

Jardines buys Australian radiology group in AU$3.4bn deal

BY Fraser Tennant

In a deal that looks beyond its conventional businesses, investment company Jardine Matheson is to acquire Australian medical imaging provider I-MED Radiology Network for AU$3.4bn.

Jardines, whose businesses span property, retail and automotive sectors, will buy a 100 percent stake in I-MED from funds advised ⁠by UK private equity firm Permira and other shareholders. The deal will be funded through a combination of Jardines’ existing cash resources and debt facilities.

The transaction also includes I-MED’s minority interest in Harrison.ai, a pioneer in developing radiology artificial intelligence (AI) solutions, including CT brain and chest scans.

The diagnostic imaging industry in Australia and New Zealand is one of the most advanced in the world, with demand underpinned by strong fundamentals including the region’s growing population, demand for non-doctor supported services, and increasing utilisation of diagnostic imaging as a tool for early diagnosis and preventative health.

The acquisition of I-MED represents a significant step for Jardines in its strategic evolution as an Asia Pacific-focused investor and control owner of high-quality businesses in the region.

“As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth,” said Lincoln Pan, chief executive of Jardines. “I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.”

Operating a large, integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, I-MED is a leader in teleradiology – the technology-enabled remote interpretation of medical images – to support diagnoses for patients receiving care where radiologists may not be available in Australia, New Zealand and the US.

“We are looking forward to working with Jardines to execute on our growth agenda,” said Dr Shrey Viranna, chief executive of I-MED. “This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities.”

The transaction is subject to customary closing conditions including regulatory approvals, and is expected to complete in late 2026.

“I-MED have a first-class management team, which have not only driven consistent earnings growth, but have stayed at the cutting edge of innovation, including bold steps into AI which will allow them to strengthen their market-leading position, while still supporting high clinical standards,” added Mr Pan.

News: Jardine Matheson to buy Australia's I-MED at $2.4 billion enterprise value in healthcare push

Indicor sold to Ametek for around $5bn

BY Richard Summerfield

Industrial technology group Ametek has agreed to acquire the instrumentation businesses of Indicor, a portfolio company of private equity firm Clayton, Dubilier & Rice (CD&R), in an all-cash deal valued at around $5bn.

According to a statement announcing the deal, Ametek plans to fund the acquisition through borrowings under its existing credit facility and new debt issuance. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026.

Indicor, which is owned by CD&R, designs and produces testing and control equipment ​used for scientific and industrial applications. ​It generates $1.1bn in annual sales, according to Ametek.

“Indicor is an exceptional fit for Ametek,” said David A. Zapico, chairman and chief executive of Ametek. “In a single transaction, we are adding a high-quality group of businesses with differentiated technologies, complementary market positions, and attractive growth prospects. We see meaningful potential to create value through integration into AMETEK’s operating model.”

Indicor itself is a 16-brand industrial-instrumentation portfolio (including Alpha, AMOT, CCC, Cornell, Dynisco, Roper Pump, Struers, Uson and others) that originated as a 2022 carve-out from Roper Technologies, with CD&R taking a 51 percent majority stake at a $3.6bn enterprise value and Roper retaining a 49 percent minority equity interest plus $2.6bn in upfront cash. The company adopted the Indicor brand name in January 2023.

Under the terms of the deal, Ametek is not buying the whole Indicor portfolio; rather, the deal is for the test-and-measurement subset specifically. The pumps-and-valves businesses, namely Roper Pump, Cornell, AMOT and Hansen, will remain inside Indicor under CD&R’s continued majority ownership.

According to Private Equity Insights’ deal analysis, the total cash consideration of $5bn is in the 12-14x earnings before interest, taxes, depreciation and amortisation (EBITDA) range, and the firm is on track for a 2.5-3.5x money multiple on its original equity once the remaining pumps-and-valves businesses exit separately. This is a strong return, particularly in the context of PE industrial exits in 2025 and the first half of 2026 where exits have been difficult to achieve, thanks to rising rates and compressed strategic-buyer multiples.

Roper, the original seller, also benefits from the Indicor deal. Per its 2022 announcement, its 49 percent minority interest entitles it to a proportional share of exit proceeds. The sale to Indicor returns material cash to Roper on top of the original $2.6bn.

News: AMETEK Announces Agreement to Acquire Indicor Instrumentation

Bullish to acquire Equiniti for $4.2bn

BY Richard Summerfield

Cryptocurrency exchange Bullish has agreed to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, from private equity firm Siris Capital in a deal worth $4.2bn.

Under the terms of the deal, which is expected to close in January 2027, subject to regulatory approvals, Bullish will acquire around $1.85bn of assumed Equiniti debt. The rest of the transaction is comprised of approximately $2.35bn in Bullish stock consideration, subject to customary purchase price adjustments.

The transaction also includes a call option for Siris to acquire non-core Equiniti business lines. The financials of those business lines were excluded from the transaction disclosures. Siris is expected to receive two board seats as part of the deal. Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development over the last five years.

“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” said Tom Farley, chief executive of Bullish. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure,” said Dan Kramer, chief executive of Equiniti. “When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way. This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth,” said Frank Baker, co-founder and managing partner of Siris. “This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”

Equiniti is a global transfer agent serving nearly 3000 issuer clients, around 15,000 corporate clients and more than 20 million shareholders. The company processes about $500bn in annual payments.

After deal completion, Equiniti will operate under Bullish alongside Bullish Exchange and CoinDesk. Mr Kramer and the existing leadership team will continue to oversee day-to-day operations, regulatory obligations and client relationships.

News: Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push