Divestitures in 2024

Nokia completed the sale of Alcatel Submarine Networks (ASN) to the French State (represented by the Agence des participations de l'Etat) on 31 December 2024, with Nokia retaining a 20% stake and board representation until a targeted exit. The divestment allows Nokia to focus its Network Infrastructure portfolio while positioning ASN under French State ownership to support its continued development as a strategic, vertically integrated submarine cable systems provider.

EG Acquisition LLC completed the acquisition of the outstanding common shares of Golden Vertex Corp and certain assets of Elevation Gold Mining Corporation, including the Moss Mine in Arizona. The sale was approved by Canadian and U.S. courts and closed December 31, 2024; following closing, Elevation Gold's directors and officers resigned and the company will have no operating business or material assets.

Amynta Group has acquired the Credit Division of Crum & Forster (a Fairfax Financial subsidiary). The acquired business will operate as a full-service Managing General Underwriter under Amynta Risk Solutions, led by Daniel L. Sussman, and C&F will remain a distribution/partner for the business.

Woodward (NASDAQ: WWD) signed a definitive agreement to acquire Safran Electronics & Defense’s electromechanical actuation business operating in the United States, Mexico and Canada, including IP, operations, talent and long-term customer agreements for Horizontal Stabilizer Trim Actuation (HSTA) systems. The acquisition strengthens Woodward's electromechanical actuation and flight-control product platform (notably supporting Airbus A350 programs); the transaction is expected to close in mid-2025 and financial terms were not disclosed.

General Mills completed the purchase of Whitebridge Pet Brands' North American premium cat feeding and pet treating business from NXMH for $1.45 billion. The deal includes the Tiki Pets and Cloud Star brands, generated about $325 million in trailing retail sales, and transfers two manufacturing facilities in Joplin, Missouri to General Mills; NXMH retains Whitebridge's European business.

Swanton Care & Community (backed by Apposite Capital) has acquired the Disability Support division of Alina Homecare from Alina Homecare / Bridges Fund Management. The division operates 11 branches across the South of England, delivering around 24,000 care hours per week, and will be integrated into Swanton’s national residential, supported living and domiciliary care platform.

Pacific Seafood has completed the acquisition of Trident Seafoods' Kodiak, Alaska processing operations, including the Star of Kodiak, Alkod and Kodiak Near Island plants and the Plaza bunkhouse. Trident's Kodiak team members will be retained as Pacific Seafood expands processing capacity and direct access to Alaska wild whitefish and other species to support its distribution network.

CleanCapital acquired a portfolio of 40 solar assets totaling 22.7 MW from Kendall Sustainable Infrastructure (KSI), expanding its operating distributed solar footprint across Vermont, New York and California. Manulife Investment Management and its institutional co-investors committed an additional $145 million of equity to CleanCapital to fund development, construction and future acquisitions; the sale closes out KSI’s first fund dedicated to community solar.

TotalEnergies has sold 50% of its shares in West Burton Energy to EPUKI, the UK subsidiary of Energetický a průmyslový holding (EPH). West Burton Energy owns a 1.3 GW gas-fired power plant and a 49 MW battery storage system in the United Kingdom and will be operated as a joint venture between TotalEnergies and EPUKI to adjust flexible generation capacity and support TotalEnergies' renewables growth.

Proteus Enterprises, together with Gladstone Investment Corporation, acquired Ricardo Defense, Inc., an engineering services and systems integration firm headquartered in Troy, Michigan. The transaction is a divestiture by Ricardo plc; Gladstone provided equity and senior secured debt while Proteus will operate and scale the defense-focused business. Financial terms were not disclosed.

Funds managed by Igneo Infrastructure Partners have agreed to buy Morgan Stanley Infrastructure Partners' 50% ownership stake in Larus Holding Limited, the parent company of Höegh Evi. Aequitas (the Høegh Family) will retain its 50% stake; Höegh Evi is a global owner-operator of FSRUs and LNG carriers transitioning toward hydrogen, ammonia and CCS solutions.

Wärtsilä has agreed to divest its Automation, Navigation and Control System (ANCS) business to Swedish investment company Solix Group AB. ANCS— a global provider of marine navigation, automation, sensors and dynamic positioning systems with ~€200m revenue in 2023—will transfer to Solix subject to approvals expected in Q2 2025.

Meridian, Idaho-based Jacksons Food Stores Inc. has acquired the retail, wholesale and transportation assets of Hi-Noon Petroleum Inc., a Missoula, Montana-based petroleum marketer, including three convenience stores, 46 dealer accounts and its transportation fleet. The deal transfers ownership of Hi-Noon's assets from owner Dirk Cooper (Hi-Noon Petroleum) to Jacksons, expanding Jacksons' retail and fuel distribution footprint into Montana.

SailPoint Technologies has acquired Imprivata's Identity Governance and Administration (IGA) business and entered a strategic go-to-market partnership with Imprivata, effective December 13, 2024. SailPoint will integrate Imprivata's IGA with its Identity Security Cloud, support customers who remain on Imprivata's IGA platform through 2027, and promote Imprivata as its exclusive enterprise access management partner in healthcare while Imprivata focuses on access management, mobile, and privileged access solutions.

LiveFreely Inc., a San Jose–based digital health technology company, has acquired Sompo Horizon, a caregiving benefits provider and subsidiary of Sompo Holdings. The deal adds Sompo Horizon's CareGo platform to LiveFreely's AI-driven BUDDY product, enabling capability expansion and faster entry into the Japan / Asia‑Pacific caregiving market.

Seplat Energy Plc has completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation for $672 million in cash. The deal—part of Seplat's Nigeria-focused growth strategy—boosts pro forma production and 2P reserves substantially and transfers roughly 1,000 Mobil staff to Seplat, funded from available cash and debt facilities.

Ferrovial and certain other shareholders completed the sale of 37.62% of FGP Topco (parent of Heathrow Airport Holdings Ltd) to Ardian and the Public Investment Fund (PIF) for GBP 3,259 million (approximately €4,000 million). Ferrovial sold a 19.75% stake, will retain a 5.25% holding (to be recorded as a financial investment) and expects to recognize an estimated €2,500 million profit related to the transaction.

Veritiv Operating Company has completed the acquisition of Orora Packaging Solutions (OPS), the North American packaging and distribution business of Orora. The deal brings nearly 3,000 OPS employees and expands Veritiv's specialty packaging, design-to-delivery and distribution capabilities across North America.

Gerresheimer has acquired Blitz LuxCo Sarl, the holding company of the Bormioli Pharma Group, from funds advised by Triton and co-investors. Bormioli is a leading producer of pharmaceutical primary packaging (glass and plastic), with ~1,400 employees and ~EUR 370 million sales in 2023; the acquisition expands Gerresheimer's pharma packaging capabilities and product portfolio.

Danish fintech Ageras has completed its acquisition of French business banking platform Shine from Société Générale after receiving final approval from the French regulator ACPR. The deal gives Ageras a payment institution license and expands its footprint in France, enabling plans to integrate Shine's banking capabilities into Ageras' pan‑European offering.

Schellman & Company, LLC has acquired the Third-Party Risk Management (TPRM) practice carved out from Connor Consulting. The deal transfers select personnel and TPRM capabilities to Schellman to strengthen its cybersecurity, governance, risk, and compliance offerings and expand its third-party risk management services.

Houston-based Ezee Fiber acquired Conterra Networks’ New Mexico fiber assets, adding 128 miles of installed fiber across Santa Fe, Rio Rancho and Los Lunas. Terms were not disclosed; Ezee Fiber said the deal will accelerate its FTTH deployment and broader New Mexico expansion as part of a multi-state growth plan.

EQS Group has acquired the ethics and compliance business division from OneTrust, including the Convercent platform. The acquisition adds Convercent’s ethics, whistleblowing, policy management and analytics capabilities and retains the employees supporting the solution—strengthening EQS’s compliance software footprint, particularly in the United States.

Cart.com has acquired OceanX, the wholly-owned fulfillment operations arm of Guthy‑Renker, adding approximately 200 employees and two facilities (over 600,000 sq ft) to its network. The deal deepens Cart.com’s tech-enabled logistics and fulfillment capabilities for beauty, health and wellness brands and brings Bill Guthy on as a strategic advisor.

A fund managed by Macquarie Asset Management agreed to acquire a 40% minority equity stake (with an option to increase to 49%) in select U.S. Gulf Coast infrastructure assets of Dow Inc., forming a new joint-venture platform called Diamond Infrastructure Solutions. The assets—site utilities, power and steam production, pipelines, environmental operations and storage—span five Dow sites in Texas and Louisiana; the transaction provides Dow with cash proceeds (approximately $2.4bn initially, up to ~$3.0bn if Macquarie increases to 49%) and creates a specialist infrastructure operator to serve Dow and third-party industrial customers.

Vaisala Corporation has acquired the WeatherDesk business assets from US-based Maxar Intelligence for USD 70 million to accelerate growth of its Xweather unit and expand AI-led weather forecasting capabilities. The deal, financed mainly with interest-bearing debt, transfers 34 professionals to Vaisala; WeatherDesk reported USD 13 million in recurring net sales in 2023.

A consortium of financial investors led by Mason Capital Management has completed the all-cash acquisition of CB&I, the storage facilities, tanks and terminals business formerly owned by McDermott. McDermott will receive $475 million of proceeds before taxes and transaction expenses; CB&I will operate as a standalone company with no funded debt and a mandate to pursue growth in energy and industrial storage markets.

Chattanooga-based media platform Firecrown has acquired Active Interest Media's Marine Group, including consumer titles such as Sail, Anglers Journal, Power & Motoryacht and Yachts International. Firecrown said it will retain the group's editorial, sales and publishing staff and plans to invest in the next generation of the marine brands as it expands its affluent enthusiast media portfolio.

CuraLinc Healthcare has acquired the Employee Assistance Program (EAP) business from Seattle-based nonprofit Wellspring Family Services, with support from CuraLinc’s primary investor Lightyear Capital. The transaction transfers Wellspring’s EAP clients and services to CuraLinc to expand the company’s mental health and wellbeing offerings and ensure continuity of care for employer clients in the Pacific Northwest and nationwide.

Pacific Avenue Capital Partners has completed the acquisition of H.B. Fuller’s North American Flooring Business, which will operate as TEC Specialty Products. Headquartered in Aurora, Illinois, TEC manufactures flooring repair and installation products (adhesives, grouts, mortars and moisture mitigation systems) across six manufacturing facilities and three warehouses and will be positioned for growth under Pacific Avenue’s stewardship following the carve-out.

DSD Business Systems acquired the IN-SYNCH integration platform from ROI, Inc., adding the product as a distinct division within its DSD Technology business unit. The deal brings IN-SYNCH's Sage 100 connectivity and developer tools under DSD's ownership to expand its ERP integration capabilities and ensure continuity for existing customers.

Capitolis has acquired Capitalab, BGC Group’s rates portfolio compression and margin optimization business, for $46 million. The purchase expands Capitolis’s compression and optimization capabilities and brings Capitalab founder Gavin Jackson onto the Capitolis executive team.

Ampersand Capital Partners has completed the acquisition of Nektar Therapeutics' PEGylation reagent manufacturing business and launched the new Ampersand portfolio company, Gannet BioChem, operating from a 124,000 sq. ft. FDA‑inspected facility in Huntsville, Alabama. The transaction represents a divestiture by Nektar and creates an independent specialty CDMO focused on development, scaling, and GMP production of polyethylene glycol (PEG) reagents for clinical and commercial biopharmaceutical customers.

Inseego Corp. completed the sale of its global telematics business to Ctrack Holdings, a portfolio company of Convergence Partners, for $52 million in cash. The divestiture lets Inseego focus on its core 5G business and repay debt, while Ctrack expands its telematics capabilities and geographic footprint across the UK, EU, Australia and New Zealand.

Arkema finalized the acquisition on December 2, 2024 of Dow's flexible packaging laminating adhesives business for an enterprise value of US$150 million. The business (around US$250 million in annual sales, ~280 employees, five production sites across Italy, the United States and Mexico) will be integrated into Arkema's adhesive platform (Bostik) to expand its flexible packaging product offering and capture cost and development synergies.

Addus HomeCare completed the acquisition of Gentiva's personal care operations, adding annualized revenues of approximately $280 million and expanding Addus' service footprint across seven states (Arizona, Arkansas, California, Missouri, North Carolina, Tennessee and Texas). The deal brings operations that serve over 16,000 consumers per day into Addus, establishing Addus as the largest personal care provider in Texas and expanding its scale in existing and new markets.

PDI Technologies has acquired the Comdata Merchant Solutions business from Corpay Inc., taking ownership of the POS hardware, software and site-level systems that serve truck stops and unattended commercial fueling locations. Corpay (Comdata) will retain its fuel card and merchant acceptance network, while PDI will become an approved provider of Comdata transactions and invest in expanding the POS capabilities.

Summa Equity, through its portfolio company NG Group, has completed the acquisition of Fortum Recycling & Waste from Fortum Corporation for approximately EUR 800 million on a debt- and cash-free basis. The deal combines Fortum's recycling and waste business (≈900 employees) with NG Group to create a Nordic circular-economy leader with combined revenues of about EUR 1.2 billion, ~3,500 employees and expanded hazardous-waste and recycling capabilities.

Wales-based Tŷ Nant has acquired two bottled-water brands — Fonthill Water and Decantae Mineral Water — from US-based Primo Water (now part of Primo Brands). The deal (terms undisclosed) expands Tŷ Nant’s premium product range, adds new packaging formats (including 15L coolers and small plastic cuplets) and broadens its UK and European market reach.

Atlas Tapes S.A. has acquired PPM Industries S.p.A., an Italian manufacturer of masking and specialty adhesive tapes, from private equity firm AUCTUS following a roughly three-year investment period. PPM, headquartered in Brembate di Sopra, Italy, generated over €100 million in revenue and operates production sites in Italy, the UK and India; Atlas Tapes (Athens) will integrate PPM to expand its international scale and product offering.

Achmea and Sixth Street are combining pension and life portfolios into a joint venture, Achmea Pension & Life Insurance N.V., with Achmea owning 80% and Sixth Street taking a 20% stake. Sixth Street will contribute Lifetri to the JV and pay €445 million to Achmea, creating a top-three Dutch pension and life provider serving over 2.1 million customers and targeting growth in the pension buy-out market.

Apse Capital closed a €350 million continuation fund led by J.P. Morgan Asset Management to acquire three existing portfolio companies — TerraQuest, Kallidus and Ultima Business Solutions — from the Apse Capital Bridge Fund. The vehicle will provide follow-on capital to support organic growth and strategic M&A activity across the businesses; Piper Sandler (Aviditi Advisors) and legal advisers Weil and DLA Piper served on the transaction.

Livermore winegrowers Lemmons Family Vineyards LLC and Darcie Kent Winery LLC have acquired historic Concannon Vineyard, a 230‑acre estate winery, from The Wine Group LLC. The Wine Group said the sale aligns with its portfolio strategy, while the buyers plan to restore historic varietals, return to organic farming practices, and repurpose estate facilities to expand winemaking, hospitality and custom crush capacity.

GCM Grosvenor, with co-investor Bluejay Capital Partners, has agreed to acquire Mobil Grain Ltd. and its operating subsidiaries from AGT Food and Ingredients Inc. The sale includes short-line rail operations, a port terminal in Thunder Bay and intermodal assets in Regina; financial terms were not disclosed and the transaction is expected to close in late 2024 or early 2025 subject to regulatory approvals.

KANA Private Wealth Group, a Tampa-based boutique wealth management firm, has acquired the financial planning and advisory business of The Foley Group in Fairfax, Virginia. The deal facilitates the retirement/exit of Thom J. Foley and strengthens KANA's presence in the northern Virginia/Washington, D.C. market while ensuring continuity of services for The Foley Group's clients.

S&W Seed Company has transferred 100% of the shares of its Australian subsidiary, S&W Seed Company Australia Pty Ltd, to Avior Asset Management No. 3 Pty Ltd following a creditors-approved Deed of Company Arrangement (DOCA). The transfer completes the voluntary administration process for the subsidiary; S&W entered settlement agreements, transferred certain IP and inventory, and was released from intercompany obligations and a AUD 15.0 million bank guarantee.

Regnology has acquired VERMEG's regulatory reporting division, AGILE, and will integrate the solution into the Regnology Platform to expand its regulatory reporting capabilities and international footprint. The deal transfers AGILE’s suite—used by 150+ banks globally—into Regnology’s cloud-native offering, while VERMEG refocuses on collateral management and insurance solutions.

Vitu has entered into a definitive agreement to acquire Dealertrack’s registration and titling businesses (RTS, RegUSA, Accelerated Title and CMS) from Cox Automotive. The transaction, backed by Accel-KKR, is a divestiture by Cox Automotive intended to consolidate titling and registration capabilities under Vitu; terms were not disclosed and the deal is subject to customary closing conditions.

Kingswood Capital Management has acquired Identity Theft Guard Solutions, Inc. (IDX), a Portland-based provider of data breach response and digital privacy protection services, from ZeroFox. Stellus Capital Management provided unitranche debt financing and an equity co-investment to support Kingswood's investment; IDX's existing management will remain in place as Kingswood pursues standalone growth and capability expansion.

Apax Funds, advised by Apax Partners LLP, has agreed to acquire the professional services business of Evelyn Partners. The acquired business will be rebranded S&W, operate from London as a standalone company focused on accountancy and advisory services, and will be supported by Apax to invest in technology, talent and pursue M&A to consolidate the fragmented UK mid-market.