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Hello {{first_name|friends}}, while you’re getting ready for the weekend, we have more deals to cover.
A $1.2 billion debut fund closed for sports-focused PE, Nuveen backed a water treatment spinout, and TPG acquired a majority stake in a critical infrastructure provider from Blackstone as grid modernization accelerates.
Flowserve announced a $490 million acquisition to expand its nuclear power footprint, while Gauge Capital invested in an insurance network platform. Flexpoint Ford's portfolio company Clearstead continued its RIA consolidation strategy with another acquisition.
Let's dive in.
TPG
Grid Infrastructure Provider Acquisition from Blackstone
TPG Rise Climate signed definitive agreements to acquire a majority stake in Sabre Industries from Blackstone Energy Transition Partners. Blackstone, which first invested in the Alvarado, Texas-based company in 2021, will retain a significant minority stake. Sabre is a leading provider of highly-engineered critical infrastructure solutions for power utilities, telecom, and data centers. The company designs, engineers, and manufactures advanced electrical transmission and distribution structures, wireless towers, integrated electrical enclosures, and related structures. With approximately 2,800 employees and over 2.3 million square feet of domestic manufacturing space, Sabre supports the modernization and reliability of America's electrical grid. The transaction is expected to close by Q2 2026.
Flowserve
$490 Million Acquisition of Trillium Flow Technologies' Valves Division
Flowserve Corporation signed a definitive agreement to acquire Trillium Flow Technologies' Valves Division for $490 million in cash. The acquisition will expand Flowserve's reach in both conventional and emerging markets by integrating TVD's highly specialized valve and actuation product portfolio, differentiated power and nuclear technology, and scalable service offerings.
TVD's large installed base of over 200,000 units, including assets in 115 operating nuclear reactors, generates recurring, high-margin demand for aftermarket services, replacements, and spare parts. The purchase price represents a multiple of approximately 12.3x TVD's 2025 adjusted EBITDA. TVD is expected to have annualized revenues of approximately $200 million with adjusted EBITDA margins in the high teens. The transaction is expected to close mid-year 2026.
Nuveen
TurnClear Spinout from Upwell Water
Upwell Water announced the spinout of its decentralized water and wastewater treatment-as-a-service business into TurnClear, a standalone entity serving the commercial and industrial market. The transaction coincides with a significant infusion of institutional capital from Nuveen, a global investment manager with $1.4 trillion in assets under management.
TurnClear provides water and wastewater treatment solutions through a utility-style, service-based model that allows customers to pay a monthly fee rather than making large upfront capital investments. The company builds, owns, and operates a growing portfolio of decentralized treatment assets serving data centers, the power sector, chemicals, mining, food and beverage, and other end markets.
Dr. Hu Fleming, formerly President of Upwell Water's treatment division, will continue to lead TurnClear as Chief Executive Officer.
Otro Capital
$1.2 Billion Debut Fund Close
Sports-focused private equity firm Otro Capital closed its debut fund late last week, securing commitments for a total $1.2 billion. The firm had targeted a $500 million raise. Co-founder and partner Alec Scheiner attributed the overwhelming investor interest to Otro's "operational experience, network and team."
Otro, launched in 2023, is targeting stakes in cashflow-positive businesses throughout sports. The firm aims to be an active investor, with loose expectations for around half of its deals to be control acquisitions and the remainder to be minority stakes with some form of governance and exit rights.
Otro has already deployed around one-third of its capital to date, including leading the acquisition of a 24% stake in F1 team Alpine Racing in 2023 at a roughly $900 million valuation, acquiring a minority stake in marketing agency Two Circles in July 2024, and a control position in youth sports events manager FlexWork Sports in August 2025. The firm's investors are believed to be a mix of pension funds, endowments and family offices.
Gauge Capital
Strategic Growth Investment in Affordable American Insurance
Affordable American Insurance announced a strategic growth investment from Gauge Capital. AAI has established itself as a leader among insurance networks through its tech-forward platform and reputation for full-service support of its partner agencies.
The investment will enable AAI to accelerate and scale growth across the country, both as a platform for strategic acquisitions and through accelerating the organic expansion of its agency network. Chris Fernandez, President & CEO, retains significant ownership in AAI following its recapitalization and will continue to direct the company's operations.
The investment follows eight years under Fernandez's leadership, transitioning AAI from a small family business to a professionally managed entity. In 2023, AAI acquired Affordable Insurance, Arkansas's leading personal lines insurance agency.
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Flexpoint Ford / Clearstead Advisors acquired The Clarius Group, a Seattle-based Multi-Family Office RIA serving ultra-high-net-worth individuals and families. Clarius oversees approximately $5.1 billion in assets under management.
White Cap signed an agreement to acquire Colony Hardware, a regional U.S. distributor of tools, equipment, supplies, safety products, and tool repairs and rentals serving residential, commercial and industrial contractors.
Remsoft acquired INFLOR, specialists in forest management systems with over 20 years of experience and trusted by forestry organizations, landowners, and investors in South America, North America, and Europe.
The Light Park, backed by Guideboat Capital, announced the acquisition of Holiday Supply Shop, a walk-thru holiday light park operator founded by industry veteran Matt Thompson.
ECB and Bank of England Hold Rates Steady This Week
The European Central Bank kept its key interest rate unchanged at 2% on Wednesday, marking the fifth consecutive meeting without a move. The ECB cited inflation stabilizing at its 2% target and economic resilience despite "ongoing global trade policy uncertainty and geopolitical tensions." Meanwhile, the Bank of England held Bank Rate at 3.75% on Thursday in a 5-4 vote, with four members preferring a cut. The BoE noted that while inflation remains above target at 3.4%, it's expected to fall to around 2% from April due to energy price developments.Private Equity Secondaries Market Surges
Recent reports indicate private equity secondaries fundraising has been boosted by a surge in deal activity, with retail wealth becoming a "goldmine" for the $240 billion secondaries boom. The secondaries market continues to expand as LPs seek liquidity solutions amid the ongoing distribution drought affecting the broader PE industry.
Battery Ventures announced promotions for six team members: Barry Patterson to Vice President, Platform Development; Hannah Wipper to Vice President, Tax; Erika Klein to Director, Investor Relations; Damon Reynolds to Senior Tax Associate; Keivian Guillaume to Senior IT Associate; and Mary Kate Murphy to Senior HR Associate.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team