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. The strategic rationale for the move centers on creating a global benchmark for technically-driven solutions by combining the target’s innovation-led advisory with the group’s massive global delivery platform and client base. The partnership aims to accelerate the target’s growth trajectory through geographic expansion, specifically targeting the US market, and enhanced inorganic growth via future bolt-on acquisitions. Furthermore, the integration allows the group to significantly bolster its capabilities in design, digital transformation, and cybersecurity. This move represents a major step in the group’s transition toward higher-value consulting services, positioning the combined entity as a leader in end-to-end innovation capability across the public and private sectors.

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. The merger will also enable enhanced investment in technology for the benefit of clients, and will provide clients with continuity in their relationships with their investment managers, financial planners, or professional services teams. The combined group will be led by a strong management team, with Chris Woodhouse as Group Chief Executive and Will Samuel as Chairman. The merger is expected to deliver long-term benefits for clients, employees, and investors, and will create a scaled-up group with an unrivalled service proposition that can support clients with the management of both their personal wealth and business interests.

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. Under WPP's prior ownership, the company successfully scaled its core client roster and analytical frameworks; the post-acquisition growth agenda will prioritize aggressive deployment of capital into the target's machine-learning technology stack and the expansion of its data infrastructure into untapped geographic markets. Executive leadership remains intact under co-founder and chief executive Gareth Balch, ensuring absolute operational continuity as the business shifts its strategic focus toward comprehensive monetization of every core commercial unit within institutional sports organizations.

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. These operations have allowed the group to consolidate its leadership in the professional events sector and broaden its international footprint. The transition to an institutional partner reflects the group’s maturity and the resilience of its business model in a consolidating global market. This partnership is designed to ensure the group remains a cornerstone of the global event industry, providing the necessary resources for further tactical build-ups and the continuous modernization of its flagship exhibitions. The deal also reinforces the stability of the group's governance, ensuring its long-term alignment with the interests of the French professional communities it serves.

In a significant strategic shift, the management team of DIAM Group successfully regained majority control from Ardian. This transaction is a management-sponsored leveraged buyout, structured as a "sponsorless" operation. The broad base of internal executives successfully negotiated exclusive terms to orchestrate the complete exit of the incumbent private equity firm, Ardian, which had held the majority stake for a brief but highly successful holding period. By leveraging a bespoke financial package provided by the specialized minority investment partners, the management team successfully transitioned from minority stakeholders to absolute majority owners. This strategic reorganization perfectly aligns the company's capital structure with the operational leaders directly responsible for executing its ongoing global expansion roadmap.

Blackstone acquired a majority stake in Clarion Events from Providence Equity Partners in a competitive auction process involving five other private equity firms. The transaction was valued at �600 million (approximately $800 million). The strategic rationale for Blackstone was to acquire a market-leading platform with highly "sticky" recurring revenues and a proven management team. Following the acquisition, the group was merged with the Asia-based operator Global Sources to further solidify its presence in the APAC region.