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Hello {{first_name|friends}}, Thursday delivered a heavy lineup spanning mega infrastructure, pharma platforms, and cross-border M&A.
The headline: Blackstone Infrastructure and EQT are splitting Urbaser 50/50 for $6.6 billion, marking a massive exit for Platinum Equity after a value-creation blitz that grew EBITDA 70% since 2020. Ampersand Capital Partners is building a trans-Atlantic pharma CDMO platform by pairing Purna Pharmaceuticals with portfolio company MedPharm. H.I.G. Realty pushed its Central London Living Platform past £1 billion GDV. Morrison launched Polaris, an APAC cold chain platform, with SuperFreeze Singapore.
On the fundraising front, Union Capital Associates closed an oversubscribed $450 million Fund IV in just four months, and Neurent Medical raised €62.5 million in Series C. Platform add-ons stayed busy across automotive, VMS, building products, and fertilizer.
Let’s get into it.
Blackstone Infrastructure, EQT
Urbaser
Blackstone Infrastructure and EQT are splitting Urbaser 50/50 for $6.6 billion. The Madrid-based waste management giant serves 60 million people across the globe with 50,000+ employees.
Platinum Equity bought it in 2021 for $4.2 billion, then went to work. They executed 20 add-ons, divested 13 non-core assets, pumped in €1.6 billion, and grew EBITDA 70% since 2020. Revenue's up 60%+. Backlog swelled by €3 billion to over €15 billion. The transformation playbook paid off—big time. Platinum's keeping the Argentina operations (€80M EBITDA). Blackstone and EQT see runway in the circular economy buildout, especially industrial waste treatment.
Ampersand Capital Partners
Purna Pharmaceuticals
Ampersand Capital Partners acquired Purna Pharmaceuticals, a Belgian CDMO specializing in liquid and semi-solid dosage forms. Founded in 1986, Purna's a trusted partner to top 10 pharma multinationals and nimble enough to serve startups.
The play here? Ampersand's pairing Purna with portfolio company MedPharm to create a trans-Atlantic platform. MedPharm does topical and transdermal development and manufacturing. Purna brings complementary European capabilities. Together, they're positioning as the go-to provider for formulation, development, and manufacturing on both sides of the pond. Creafund, Purna's investor for over a decade, handed off to Ampersand after building the company into a higher-value player.
H.I.G. Realty
Central London Living Platform
H.I.G. Realty pushed its Central London Living Platform past £1 billion GDV with a third acquisition.
The joint venture with HUB now spans ~1,700 units across three schemes: the new City of London site (St Clare House + Writers House), Finsgate House in Old Street, and a 1.2-acre site in Elephant and Castle. All three are strategically located near major transport nodes and employment centers. H.I.G.'s betting on undersupply in high-quality, institutional-grade residential with modern amenities.
Morrison
SuperFreeze Singapore (Polaris Platform)
Morrison launched Polaris, an APAC cold chain platform, by acquiring SuperFreeze Singapore.
The deal includes SuperFreeze Tuas (SFT), a fully automated cold storage facility serving food & beverage and pharma sectors. Singapore imports most of its food, creating sustained demand for refrigerated storage. Land constraints mean modern facilities are in short supply. Morrison sees expansion opportunities across Asia-Pacific. Troy Shortell's running the platform as CEO.
Union Capital Associates
Fund IV
Union Capital Associates closed Fund IV at its $450 million hard cap after just four months in market. The fund was significantly oversubscribed. Union Capital's been executing the same strategy for 20+ years: first institutional capital into U.S. founder-owned businesses in food manufacturing, niche manufacturing, and business services. The team's managing partners (Jay Landauer, Reis Alfond, Bill Ogden) have worked together for over two decades. Monument Group placed the fund. Strong support from existing LPs plus select new institutional investors.
MVM Partners, Sofinnova Partners
Neurent Medical
Neurent Medical closed an oversubscribed €62.5 million ($74M) Series C led by MVM Partners and Sofinnova Partners. EQT Life Sciences, Atlantic Bridge, Fountain Healthcare, and Enterprise Ireland all came back for more. Neurent's NEUROMARK device treats chronic rhinitis with impedance-controlled radiofrequency tech that targets overactive posterior nasal nerves. The capital's funding commercial expansion and clinical evidence generation. Kyle Dempsey from MVM and Cedric Moreau from Sofinnova joined the board.
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Parthenon Capital, Pavilion - Parthenon-backed Pavilion is acquiring DiTronics, a casino gaming payments solutions provider. Pavilion's a Las Vegas-based payment solutions platform serving the casino gaming industry. This tucks in nicely to expand their product suite.
Left Lane Auto (Bertram Capital) - Left Lane Auto acquired Don Foshay's Discount Tire & Alignment, a six-location full-service automotive chain in Portland, Maine. Founded in 1982, Don Foshay's has 75+ employees and offers tire sales, alignments, state inspections, and mechanical repairs. This is Left Lane's first entry into Maine and brings the Bertram Capital-backed platform to 80+ stores across 19 states. Don Foshay Jr. said they had multiple buyers but Left Lane was the best cultural fit.
The Riverside Company - The Riverside Company invested in Western Botanicals, a Utah-based vitamins, minerals, and supplements (VMS) CDMO. Western Botanicals serves 75+ VMS brands with end-to-end formulation, manufacturing, and packaging across capsule, powder, and liquid formats. The company operates 140,000+ sq ft of FDA-registered, cGMP-compliant facilities with organic and NSF certifications. Riverside's leaning into its health, longevity, and flavor investment thesis. Management's retaining meaningful ownership.
KV Capital - KV Capital's building products platform (BP Holdings) added Fancy Windows and Fancy Doors and Mouldings. Fancy Windows makes windows and exterior doors. Fancy Doors and Mouldings produces interior doors and finishing materials. Founded by Monty Grewal and Upinder Matharu in 2004 and 2016, the businesses have ~200 employees across Alberta, Saskatchewan, Manitoba, Ontario, and BC. They're joining Nelson Lumber, Nelson Homes, and Benson Cabinetry in the BP Holdings portfolio. The platform's targeting supply chain efficiency for Western Canadian residential developers.
Platte River Equity - Turf Care Supply sold its blending and packaging assets to Spring Valley USA (an Interoceanic Corporation affiliate). Turf Care's renaming to Allied Nutrients and focusing on enhanced efficiency fertilizers (EEF) from its Martins Ferry, OH facility. The combined Spring Valley/Turf Care blending business creates one of the largest independent lawn and garden fertilizer platforms in North America—~250 employees, eight facilities across seven states, coast-to-coast coverage. Platte River Equity backs Allied Nutrients.
Investcorp (BCTS) - Best in Class Technology Services (BCTS) is acquiring Modern Niagara Building Services (MNBS), a leading Canadian HVAC maintenance and mechanical services provider. MNBS operates in Toronto, Ottawa, Calgary, Edmonton, and Vancouver with 75+ employees. After close (expected Q1 2026), MNBS will operate as a BCTS division, creating a comprehensive North American platform. Modern Niagara, the parent company, becomes one of BCTS's largest shareholders. BCTS is backed by Investcorp.
CPP Investments, I Squared Capital - CPP Investments is investing in Inkia alongside I Squared Capital. Details are limited, but this marks another infrastructure play for Canada's largest pension fund.
OrbiMed (Upstream Bio) - Upstream Bio reported positive Phase 2 VALIANT trial results for verekitug in severe asthma. The drug hit its primary endpoint with a 56% reduction in annualized asthma exacerbation rate at 100mg q12w dosing (p<0.0003) and 39% at 400mg q24w (p<0.02). Lung function improved 122mL and 139mL respectively at week 60. Over 90% of eligible patients rolled into the Phase 2 VALOUR long-term extension study. Upstream's moving toward Phase 3 trials in severe asthma and CRSwNP after regulatory discussions.
Moelis & Company - Moelis & Company appointed Kyle Reidy as Managing Director to lead Private Credit Secondaries. He's joining the GP Advisory team in New York with 17+ years of experience delivering solutions to direct lending platforms, credit opportunity funds, and PE firms.
Advent International - Advent International hired Rohan Dabas as Associate in Mumbai, advising on consumer sector investments. He previously worked at Bain & Company.
Flexpoint Ford - Flexpoint Ford announced promotions for Shane Skibitsky, CFA, Will Reich, Francesco Maulini, and Kevin M.
MiddleGround Capital - MiddleGround Capital promoted Dinesh Vasandani to Managing Director on the Operations Team. Dinesh spent years in manufacturing leadership at Toyota Motor Corporation and Boeing before joining MiddleGround in 2023. He's known for his hands-on, shop-floor approach—asking practical questions and understanding how work actually gets done.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team