M&A Deal Summary |
|
|---|---|
| Date | 2025-07-28 |
| Target | NEOGOV |
| Sector | Software |
| Buyer(s) |
EQT
CPP Investments |
| Sellers(s) |
Warburg Pincus
The Carlyle Group |
| Deal Type | Secondary Buyout |
| Advisor(s) | Moelis & Co. (Financial) Willkie Farr & Gallagher (Legal) |
SEARCH BY
| Category | Private Equity Firm |
|---|---|
| Founded | 1994 |
| PE ASSETS | 242.0B EUR |
| Size | Mega |
| Type | Sector Agnostic |
EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.
| DEAL STATS | # |
|---|---|
| Overall | 315 of 318 |
| Sector: Software M&A | 14 of 15 |
| Type: Secondary Buyout M&A Deals | 100 of 101 |
| State: California M&A | 10 of 11 |
| Country: United States M&A | 59 of 60 |
| Year: 2025 M&A | 8 of 11 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-07-21 |
Adevinta - Spanish Online Classifieds Businesses
Madrid, Spain Adevinta's Spanish Online Classifieds Businesses comprise a portfolio of digital marketplaces that operate across key verticals, including automotive, employment, real estate, and general classifieds. Adevinta's Spanish online classifieds businesses are based in Madrid, Spain. |
Buy | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-08-19 |
Nexon
Sydney, Australia Nexon is an end-to-end managed IT services provider in Australia. The Company delivers innovative, integrated, tailored, and scalable solutions to support the IT functions of clients. The offering includes six interconnected solutions: Secure Networks, Unified Communications, Cloud Services, Managed Security, Business Solutions, and Digital Workspace, wrapped with Nexon managed IT services. Nexon was founded in 2000 and is based in Sydney, Australia. |
Sell | - |
CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.
| DEAL STATS | # |
|---|---|
| Overall | 55 of 56 |
| Sector: Software M&A | 1 of 1 |
| Type: Secondary Buyout M&A Deals | 13 of 13 |
| State: California M&A | 8 of 8 |
| Country: United States M&A | 28 of 29 |
| Year: 2025 M&A | 2 of 3 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-05-30 |
Encino Energy
Houston, Texas, United States Encino Energy is an oil and gas acquisition and development company. Encino acquires operated and non-operated working interests, minerals and equity interests in exploration and production and related businesses located primarily onshore in the United States. Encino Energy was founded in 2011 and is based in Houston, Texas. |
Sell | $5.6B |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-09-19 |
OneDigital
Atlanta, Georgia, United States OneDigital is a pure-play employee-benefits broker in the United States. OneDigital delivers benefits solutions for employers of all sizes through a sophisticated combination of strategic advisory services, proprietary technology, advanced analytics, compliance support, technical innovations and HR capital management tools. OneDigital was founded in 2000 and is based in Atlanta, Georgia. |
Buy | - |
| Category | Private Equity Firm |
|---|---|
| Founded | 1966 |
| PE ASSETS | 83.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.
| DEAL STATS | # |
|---|---|
| Overall | 260 of 263 |
| Sector: Software M&A | 23 of 23 |
| Type: Secondary Buyout M&A Deals | 47 of 47 |
| State: California M&A | 26 of 26 |
| Country: United States M&A | 145 of 148 |
| Year: 2025 M&A | 9 of 12 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-07-28 |
FlavorSum
Kalamazoo, Michigan, United States FlavorSum is a provider of natural flavor solutions for food & beverage companies. FlavorSum was founded in 1941 and is based in Kalamazoo, Michigan. |
Buy | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-07-29 |
Eco Material Technologies
South Jordan, Utah, United States Eco Material Technologies is a marketer and distributor of fly ash, with an approximately 50% volume share in the U.S. and a national footprint of logistics networks and distribution channels. Eco Material Technologies is based in South Jordan, Utah. |
Sell | $2.1B |
| Category | Private Equity Firm |
|---|---|
| Founded | 1987 |
| PE ASSETS | 435.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.
| DEAL STATS | # |
|---|---|
| Overall | 487 of 488 |
| Sector: Software M&A | 35 of 35 |
| Type: Secondary Buyout M&A Deals | 118 of 119 |
| State: California M&A | 37 of 37 |
| Country: United States M&A | 261 of 261 |
| Year: 2025 M&A | 4 of 5 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-07-22 |
Adastra
Frankfurt am Main, Germany Adastra is an international consulting company that transforms the Data & Analytics space by providing smart Artificial Intelligence, Big Data, Cloud, Digital, and Governance services and solutions. Adastra is based in Frankfurt am Main, Germany. |
Buy | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-08-13 |
HSO
Amsterdam, Netherlands HSO is a technology and professional services company, delivering successful business transformation using Microsoft cloud business applications, data, and analytics to improve the results of our customers. HSO is based in Amsterdam, Netherlands. |
Sell | - |
