TRM PARTNERS acquired by TWO CIRCLES

H.I.G. Europe acquired KPMG's UK restructuring business in a complex corporate carve-out transaction. The deal created "Interpath Advisory," an independent entity led by senior partners who became significant shareholders. The strategic rationale was to liberate the practice from Big 4 audit conflicts, allowing it to service a wider range of clients and navigate the post-COVID economic recovery landscape with greater agility.

Jacobs Engineering Group has finalized a strategic investment to acquire a 65% majority stake in PA Consulting from The Carlyle Group, which exits its position after a successful five-year partnership. This transaction is uniquely structured as a "private equity style" deal to ensure the consultancy retains its independence, brand identity, and distinct corporate culture. The remaining 35% stake is retained by the target's employees, reinforcing the firm’s long-standing partnership model and aligning interests between the management team and the new industrial sponsor

Argon & Co, a leading independent management consulting firm specializing in operations strategy and transformation, has partnered with Ardian to accelerate its global expansion. Through this transaction, Ardian Growth has taken a minority stake in the firm, providing the financial resources necessary to fuel a proactive external growth strategy.

The merger between Tilney and Smith & Williamson creates the UK's leading integrated wealth management and professional services group, with over £45 billion of assets under management. The combined business will offer an unrivalled breadth of value-added services, focusing on private clients, businesses, and charities. The strategic rationale for the merger is to create a unique and differentiated client proposition, covering professional services, financial planning, and investment management. The combined group will benefit from an expanded office network across 36 towns and cities in the UK, Ireland, and the Channel Islands, and will deliver investment services that can cater to the full range of clients' investment needs

Duff & Phelps has been acquired by a global investor consortium led by Stone Point Capital and Further Global. The transaction was announced in January 2020 and follows a series of equity transactions that have reshaped the firm’s ownership since its 2018 investment by Permira. The consortium includes the existing Permira funds, which retain a significant minority stake, and senior members of Duff & Phelps’ management team, who continue to hold equity. The deal involves the purchase of all outstanding equity, resulting in full ownership by the consortium

This transaction represents a strategic ownership transition wherein Bruin Sports Capital acquires a majority stake in Two Circles from global advertising group WPP, which will retain a minority equity interest to ensure continued network access and strategic client continuity between its global corporate brands and the agency. The acquisition materializes a proven operational partnership initiated in 2017 through the joint expansion of the NFL Game Pass platform across 181 countries, leveraging the target's predictive analytics engine to scale the acquirer's existing direct-to-consumer media investments

Axiom is being invested in by a vehicle backed by the Permira funds, marking the first external capital infusion for the legal talent platform. The agreement was signed in the fourth quarter of 2019 after a period of negotiations involving both parties' financial and legal advisors. The transaction follows Axiom’s multi‑year expansion into Europe and Asia and reflects the firm’s need for additional resources to accelerate product development and market penetration. The strategic rationale for the investment centers on Permira’s expertise in scaling technology‑enabled service businesses and its existing portfolio of professional‑services firms

Raise Investissement entered into exclusive negotiations to acquire a 25% minority stake in Avisa Partners. The operation is structured as an Owner Buy-Out (OBO), allowing the management team—comprising around 15 partners—to retain control with a 75% stake. The transaction facilitated the entry of two new partners into the capital. The funds raised are intended to finance international expansion (Berlin, Washington) and acquisitions to challenge Anglo-Saxon market leaders.

Parquest Capital entered into exclusive negotiations to acquire a majority stake in ADIT from Weinberg Capital Partners. Parquest prevailed over competitors Abenex, LFPI, and a consortium of Raise and Amundi PEF. Historical shareholder Bpifrance, which held 34% prior to the deal, reinvested to maintain a ~20% stake in the new structure. The financing was secured through a unitranche facility provided by Idinvest Partners and CM-CIC Private Debt. Notably, foreign lenders were excluded from the process due to the sensitive and strategic nature of ADIT's activities

The acquisition of Comexposium by Crédit Agricole Assurances marks the exit of the private equity firm Charterhouse Capital Partners, which originally acquired its majority stake in 2015. This transaction involves the transfer of control to a major institutional investor while the Paris Ile-de-France Chamber of Commerce and Industry (CCIP) maintains its historical involvement and significant shareholding. The strategic rationale for the deal is rooted in the substantial value creation achieved during the previous ownership cycle, characterized by an aggressive external growth policy involving numerous strategic acquisitions