Icona Capital and Stoneweg Form SWI Group and Complete Acquisition of Cromwell's European Platform

Franklin Templeton and Clarion Partners to Acquire Majority Stake in Stoneshield Capital

September 8, 2026

Financial Services

Franklin Templeton, through its real estate subsidiary Clarion Partners, entered into a definitive agreement to acquire a majority stake in Stoneshield Capital, a European real assets investment manager with approximately $9 billion in assets under management. Stoneshield will become Clarion’s dedicated opportunistic investment platform in Europe, while co-founders Juan Pepa and Felipe Morenés will continue to lead the business and retain the remaining stake; closing is expected in Q4 2026.

SWI Group Capital Increase to Partially Fund Purchase of Stake in US Data Center Company (TargetCo)

March 20, 2026

Data & Analytics

SWI Group (via SWI Capital Holding Ltd.) secured a €260 million private placement to help finance an earlier announced acquisition of a significant stake in a US data center company (“TargetCo”). The placement is structured as ordinary share issuances to SWI’s founder/majority shareholder, Max-Hervé George, and co-investor Aliya Fund Limited (AFL), with proceeds also earmarked for general corporate purposes.

SWI Stoneweg Icona Group (SWI) Agrees to Acquire Additional Interests in US Data Center Company for $330M

February 24, 2026

Data & Analytics

Euronext Amsterdam-listed SWI Stoneweg Icona Group (via SWI Digital) entered into binding agreements to acquire additional interests in a US data center and technology-enabled businesses platform, for an aggregate purchase price of USD 330 million. The company previously exercised an option on February 1, 2026 to acquire all of the issued share capital of a private holding company with interests in the same platform for USD 170 million; the new agreement adds further interests, with completion conditional on regulatory approvals and other closing conditions.

NatWest Makes Strategic Minority Investment in Icon Solutions

March 14, 2024

Payments & Fintech

NatWest Group has made a strategic minority (growth) investment in Icon Solutions to deepen their partnership and accelerate the bank's payments modernisation using Icon's low-code Icon Payments Framework (IPF). The investment aims to speed delivery of new payments capabilities, provide customers with more choice and support future payments innovation across NatWest's payments estate.

BCI, Neuberger Berman, StepStone and Skandia Acquire Minority Stake in Waterlogic

April 28, 2020

Manufacturing

British Columbia Investment Management Corporation (BCI), joined by Neuberger Berman, StepStone and Skandia, has closed the acquisition of a significant minority stake in Waterlogic from funds managed by Castik Capital and the Waterlogic management team. The institutional investors provide growth capital to support Waterlogic's global expansion and M&A activity; Waterlogic reports ~ $400M in annualised revenues, c.3,000 employees and ~550k dispensers on rental/service contracts across 17 direct markets.

StellaGroup (PAI-backed) Acquires CRH's Shutters & Awnings Platform

April 24, 2019

Building Products

StellaGroup, backed by private equity firm PAI Partners, has agreed to acquire CRH's Shutters & Awnings (CRH S&A) platform. The acquisition — subject to customary regulatory approvals and expected to complete in the summer — will nearly double StellaGroup's revenue and expand its footprint across key Western European markets; CRH S&A reported 2018 sales in excess of €200 million and owns brands including Alulux, AVZ, Erhardt Markisen and SWS.