Thoma Bravo acquires Accelerant in $4bn-plus deal

BY Fraser Tennant

In an all-cash transaction that takes it back into private ownership, insurance marketplace Accelerant is to be acquired by US private equity and growth capital firm Thoma Bravo for more than $4bn.

Under the terms of the definitive agreement, shareholders of Atlanta-based Accelerant will receive $20.25 per share in cash, representing a 49 percent premium to Accelerant’s closing share price on 12 August 2026.

Upon completion, and just over a year since its first listing, Accelerant will once again become a private company, and its common shares will no longer be listed nor traded on the New York Stock Exchange.

Altamont Capital Partners, Accelerant’s largest investor, and the company’s founders, intend to retain equity ownership alongside Thoma Bravo, the terms of which will be finalised prior to closing.

Founded in 2018, Accelerant is a data-driven platform that connects specialty insurance underwriters with risk capital providers through advanced analytics, real-time data and transparent underwriting insights. Its platform supports diversified, low-volatility premium performance and scalable capital deployment across cycles.

“Accelerant has been building the preeminent specialty insurance marketplace,” said Jeff Radke, chairman and chief executive of Accelerant. “Returning to private ownership with Thoma Bravo’s technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data fueled platform to be the rails on which specialty insurance runs.”

The world’s largest software-focused investment firm, Thoma Bravo partners with some of the world’s most sophisticated investors. Over the past 20-plus years, it has acquired or invested in approximately 590 companies, representing more than $320bn of aggregate value.

“As the managing general agent market continues to grow, underwriters are looking for a committed technology-forward partner who can unlock rapid program growth and underwriting innovation,” said A.J. Rohde, senior partner at Thoma Bravo. “We have invested in insurance technology and data businesses for years, and we are excited to work alongside the entire Accelerant team.”

The transaction, which is currently expected to close in the first half of 2027, is subject to customary closing conditions, including approval by Accelerant shareholders and satisfaction of required regulatory approvals.

“Accelerant has built something rare in specialty insurance,” added Matt LoSardo, a principal at Thoma Bravo. “We look forward to partnering with the team to invest behind the technology, data and capital capacity to support Accelerant’s next phase of growth.”

News: Thoma Bravo to take Accelerant private in more than $4 billion deal

GO acquires H&R portfolio in C$6.7bn breakup deal

BY Fraser Tennant

In a deal that creates Canada’s second-largest publicly traded residential real estate investment trust (REIT) by enterprise value, GO Residential REIT and a consortium of buyers – including private equity firm Blackstone – is to acquire Toronto-based H&R REIT for C$6.7bn.

Under the terms of the agreement, H&R unitholders will receive C$4.28 per unit in cash, plus 0.5688 GO REIT unit per H&R unit, representing in total a value of C$12.01 per H&R unit and a 14.5 percent premium to its unaffected closing price on 10 June 2026.

The agreement also includes the assumption of approximately C$550m in H&R debentures and approximately $1.1bn in property-level debt.

Alongside Blackstone Real Estate, the consortium of co-purchasers includes Crestpoint Real Estate Investments, the Public Sector Pension Investment Board and a company controlled by family members of Tom Hofstedter, chief executive of H&R.

“We have built one of the highest-quality luxury residential portfolios in New York City, and this transaction takes that foundation and adds Sunbelt scale, balance sheet strength and earnings growth – transforming GO into one of Canada's largest publicly-traded residential REITs,” said Joshua Gotlib, chief executive of GO Residential REIT. “It will be a platform with a greater opportunity set, and competing for a different category of investor.”

Once complete, the deal will see GO acquire a portfolio of 27 properties and nearly 10,300 suites across seven Sunbelt markets and New York – adding to GO REIT’s 10 properties comprising 3000-plus suites in the New York City area.

“The board has unanimously concluded that this transaction is in the best interests of GO,” said Meyer Orbach, chairman of GO Residential REIT. “It addresses, in a single step, the issues that have limited GO’s valuation – concentration, leverage and scale – while preserving the quality and integrity of the portfolio our team has assembled.”

The transaction is expected to close in Q4 2026, subject to customary closing conditions.

Mr Gotlib concluded: “We are acquiring best-in-class assets at an attractive basis, and we are doing it in a way that makes GO financially stronger and more diverse, consistent with our long-term strategy.”

News: CCanada's H&R REIT agrees to $4.81 billion breakup deal with GO Residential, Blackstone consortium

DCC Energy taken private in $7.7bn deal

BY Richard Summerfield

Energy distributor DCC Energy, which supplies liquid gas and fuels in Europe and the US, has agreed to be acquired by US private equity firms KKR and Energy Capital Partners in a deal worth $7.7bn or £5.75bn.

The deal values DCC at £65.25 a share in cash and will see the London Stock Exchange lose another of its largest companies amid continuing takeover activity, US market defections and a lack of IPOs. The offer includes an additional £1.25 a share if the sale of DCC’s technology arm, Nexora, secures at least £800m.

The board-backed cash offer valued DCC at a 36 percent premium to its average share price in the three months before takeover discussions became public. However, the proposal has met with resistance from investors, with several of the company’s largest shareholders voicing strong opposition. Despite that criticism, DCC’s directors have endorsed the bid from the private equity consortium, arguing that it “represents a compelling and certain opportunity for DCC Energy shareholders to realise value in cash today”.

“Since setting out its new strategy in 2022, DCC Energy has successfully repositioned to become a simpler, leaner, and more focused business,” said Mark Breuer, chair of DCC. “This strategic clarity has laid the foundations for sustainable long-term value creation as a leading multi-energy solutions provider.

“Whilst the DCC Energy Board remains confident in the energy strategy and associated 2030 Ambition announced in 2022, the Board believes the Consortium’s offer represents a compelling opportunity for shareholders to crystallise value in cash at an attractive premium to DCC Energy’s historical trading price. We are confident that the Consortium will be strong stewards of DCC Energy’s 50-year heritage and support the business during its next phase of growth,” he added.

“ECP is excited to begin this long-term partnership with DCC Energy and its exceptional employees,” said Francesco Ciabatti, a partner at ECP. “We look forward to working with the DCC Energy team to build on its long history of providing high quality and dependable service to its millions of customers. ECP has spent two decades investing in complex global energy infrastructure businesses and looks forward to bringing that experience to bear for DCC Energy, working alongside our consortium partners and the DCC Energy team to support its strategic initiatives, development, growth and industry leadership.”

“DCC Energy has built a leading position in energy distribution, and its transition to a pure-play energy business further sharpens its strategy,” said Ryan Miller, managing director, infrastructure, at KKR. “The company is at an important moment, and delivering the next phase of this transition across a complex asset base will require significant operational transformation against the backdrop of a changing and volatile energy market. KKR has a long track record as an active owner in energy infrastructure and services, and we intend to draw on our global platform, operational expertise and sector experience to support DCC Energy’s ambition to become a leading global energy business.”

News: Ireland's DCC Energy to go private in $7.7 billion deal with KKR, Energy Capital

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