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Articles by Tom Cane
Continuation vehicles move beyond trophy assets as GP-led market enters new phase
The “trophy asset” label traditionally assigned to businesses being moved into continuation vehicles (CVs) is fading as deal volumes reach record levels. Where once sponsors sought to extend ownership only of top-performing companies, while offering LPs a liquidity route, massive CV uptake means incoming investors must be more discerning of what they choose to back.
Bluestone eyes lower mid-market sports “picks and shovels” opportunities
Bluestone Equity Partners is nearing full deployment of its inaugural fund and continues to see ample opportunities in “picks and shovels” businesses supporting sports, media and entertainment, according to Walker Brumskine, a partner at the firm. The fund, which closed in 2023 on USD 300m and was topped up to USD 350m in early 2026, has made 10 investments to date. It has capacity for one more deal, which Brumskine expects to announce shortly.
GenNx360 turns to Churchill-led CV to back Whitsons’ next growth chapter
When GenNx360 Capital Partners invested in Whitsons Culinary Group in 2021, the Hauppauge, New York-based company was a regional K-12 foodservice provider concentrated in New York, New Jersey and Connecticut. Five years on, through a carefully executed buy-and-build strategy, Whitsons has roughly tripled in size, with a footprint that stretches well beyond its traditional tri-state stronghold.
Specialization grows in GP-led secondaries as buyers seek an edge
Emphasis on differentiation a consequence of increased competition New entrants converging on mid-market, seeking information edge Some predict convergence of GP-led secondaries, leveraged buyouts GP-led secondaries are one of the standout private markets growth stories of the past five years. But as more capital floods into the space, intensifying competition for deals, managers are looking for more nuanced narratives. Differentiation has become a key selling point.
GenNx360 | Private Equity | Middle-Market | Industrial Business Services | October 14 2026
GenNx360 closes Churchill-led continuation vehicle for Whitsons Culinary Group GenNx360 closes Churchill-led continuation vehicle for Whitsons Culinary Group 14 Oct 2026 I 07:05 CDT I United States I Professional Services-Miscellaneous I Proprietary by Tom Cane Deal includes USD 285m in total equity commitments GenNx360 making additional investment from latest fund New capital to support ongoing buy-and-build strategy GenNx360 Capital Partners has closed a single-asset continuation vehicle...
GenNx360 | Private Equity | Middle-Market | Industrial Business Services | October 14 2026
GenNx360’s Aero 3 exit showcases buy-and-build playbook GenNx360’s Aero 3 exit showcases buy-and-build playbook 05 Feb 2026|14:27 CST|United States|Aerospace-Aircraft|Mergermarket|Proprietary by Tom Cane Sponsor acquired Aero 3 just before COVID-19 Completed four add-on acquisitions; grew earnings nearly 4x Exited business to strategic VSE for USD 350m EV GenNx360 Capital Partners’ sale of Aero 3 to VSE Corporation followed a disciplined buy-and-build strategy that nearly quadrupled earnings...
GenNx360 | Private Equity | Middle-Market | Industrial Business Services | October 14 2026
GenNx360’s PAG exit follows global aviation MRO buy and build GenNx360’s PAG exit follows global aviation MRO buy-and-build 09 Jul 2026|09:37 CDT|United States|Aerospace-Aircraft|Mergermarket|Proprietary by Tom Cane PAG was moved into CV in 2023, providing fresh capital for M&A EBITDA doubled during CV period, has grown roughly 10x since 2018 GenNx360 oversaw technical capabilities upgrade, global expansion Continuation vehicles (CVs) are inextricably linked to so-called trophy assets –...
Thoma Bravo’s Explore targets category leaders, emphasizes founder face time
The technology landscape could hardly look more different from when Thoma Bravo launched Explore, its lower middle-market software-focused strategy, in 2019. Lifestyles have been transformed and business models disrupted, first by COVID-19 and then by artificial intelligence (AI). Yet amid these states of flux – and despite an intensifying battle for assets – Explore’s mission has remained deliberately consistent: backing niche and emerging category leaders before they reach significant scale.
Warburg Pincus on its GP-led strategy, primaries-secondaries convergence in private equity
Andrew DiGeronimo is a managing director and co-head of partnership solutions at Warburg Pincus, joining the firm in 2025. Andrew is among the speakers joining the Private Equity Forum US in Austin this October. Q: What does your decision to move to Warburg Pincus say about the maturation of GP-led secondaries? A: Ten years ago, GP-leds were an immaterial component of private equity exits, housed within the broader secondaries complex.
H.I.G. Capital on building out its middle market GP-led secondaries strategy
Dan Wieder is a managing director and head of H.I.G.’s GP Solutions team, a dedicated GP-led secondaries strategy established in 2025. Dan is among the speakers joining the Private Equity Forum US in Austin this October. Q: You joined H.I.G. about a year ago to launch the GP-led secondaries strategy. Why did H.I.G. decide to enter the secondaries market?
Topspin eyes consumer opportunities as Fund III deployment gathers pace
Topspin Consumer Partners sees ample opportunity to invest across both consumer businesses and the broader ecosystem that supports them as it deploys its third flagship fund, Leigh Randall, managing partner, told Mergermarket. The Mamaroneck, New York-based sponsor closed its Fund III in March on USD 328m, exceeding its initial hard cap. Five months later, the fund is around one-third deployed, having made three investments.
Energy Capital Partners eyes generational opportunity as it deploys largest fund yet
Energy Capital Partners has spent over two decades investing in areas of energy that benefit from long-term demand growth but remain relatively under-capitalized. Now, after raising its largest fund to date, the Summit, New Jersey-headquartered manager sees a generational opportunity for this approach.
Oaktree explores continuation vehicle for WHP Global
Oaktree Capital Management is exploring a single asset continuation vehicle (CV) for its stake in WHP Global, a brand management business it has backed since 2019, according to three sources familiar with the situation. Evercore is advising Oaktree on the CV, which is expected to raise over USD 1bn in equity, the sources said. Oaktree made an initial investment of USD 200m via its special situation strategy to help launch New York-based WHP.
Butterfly Equity working on continuation vehicle for whey protein processor Actus Nutrition
Butterfly Equity is pursuing a continuation vehicle (CV) for Actus Nutrition, a portfolio company it has held since 2022, according to three sources familiar with the situation. The Los Angeles-based manager wants to raise around USD 1bn in equity, two of the sources said, adding that commitments have been secured from a lead investor for up to about half that amount. The rest of the equity is now being syndicated to other investors, these sources said.
Sponsor selectivity grows as private equity’s AI reset plays out
Buyout volume falls 21% year-on year; exit volume declines 32% Utility & energy surpasses tech as leading sector for buyout volume CVs rise in popularity; value creation focus grows as valuation gaps persist Following strong momentum at the end of last year, private equity dealmakers entered 2026 hoping for a broader recovery that would enable sponsors to clear their exit backlog. Yet, for the second year in a row, hopes of a deal rush ran into an early obstacle.
Two-speed VC secondaries market emerges as capital crowds top names
The venture capital secondaries market is becoming increasingly bifurcated as investors compete aggressively for access to a handful of late-stage technology names while much of the wider asset class continues to trade through negotiated processes, often at discounted valuations. For all the talk of rich deal flow, it is one-sided.
GenNx360’s PAG exit follows global aviation MRO buy-and-build
Continuation vehicles (CVs) are inextricably linked to so-called trophy assets – high-performing businesses where the GP can make a case for significant further growth. Precision Aviation Group (PAG), an aviation maintenance, repair and overhaul (MRO) specialist, fit this profile when GenNx360 Capital Partners was considering its options in 2023.
NFL legend Eli Manning backs RCX buyout as BVG targets youth sports growth
Private equity’s approach to sports investing is broadening beyond franchise ownership. After an initial wave of capital focused on major league teams, investors are now targeting adjacent businesses, from emerging leagues to technology platforms and service providers. This more diversified opportunity set helped propel North American sports M&A volume to a record USD 20.6bn in 2025, according to Mergermarket data.
Oil and gas CV activity accelerates as LP acceptance grows
Growing limited partner (LP) acceptance of extended holding periods for energy assets is driving a surge in oil and gas continuation vehicles (CVs), with 10-15 transactions currently in market. “You have a market that is more robust on both the supply and the demand side, and that leads to pricing being fuller,” said Mark Boyagi, a New York-based parter at Kirkland & Ellis’ investment funds practice group.
Sports M&A looks to score big from World Cup frenzy – Dealspeak North America
The stage is set. Three and a half years since the last soccer World Cup, the greatest sporting show on earth is back. Kicking off Thursday in Mexico City, the expanded tournament features 48 nations, 104 games and 16 host cities across North America, culminating at the MetLife Stadium in East Rutherford, New Jersey on 19 July, where immortality awaits. The World Cup will draw the eyes of the world to North America at a time of unprecedented investment across the sporting ecosystem.
Sagard builds PE solutions menu in push for global mid-market scale
Firm’s private equity solutions unit assembled via M&A VC secondaries, co-investment, emerging managers seen as key opportunities Private wealth also key priority, with US evergreen product eyed The global private markets landscape is being reshaped by a convergence of forces, including heightened GP consolidation, the rise of private wealth channels and the rapid growth of artificial intelligence (AI).
SQ Capital leverages buyout, AI expertise to compile ‘greatest hits’ of mid-market secondaries
Global private markets secondaries volume has grown more than sixfold over the past 10 years, reaching a record USD 226bn in 2025, according to Evercore. GP-led transactions account for roughly half the total, but SQ Capital believes certain segments of the market remain underpenetrated.
LongRange Capital eyes carve-outs, advocates customer value-centric approach
LongRange Capital is eyeing various carve-out opportunities as it moves to finish deployment of its 2020-vintage debut fund, according to Bob Berlin, the firm’s founder and managing partner. He told Mergermarket that LongRange is seeing deal flow across consumer, industrials, technology and basic materials. Carve-outs feature prominently in the pipeline, with varying degrees of complexity.
One Equity Partners stays the course with mid-market playbook
OEP invests alongside mid-market owners, leverages M&A to transform companies Sponsor sees opportunities across all three core sectors Achieved six full exits since start of 2024, including first full exit from Fund VIII One Equity Partners (OEP) spun out of JPMorgan in 2015.
Audax Private Equity nears deal to acquire EGI’s Lanter Deliver Systems
Deal could be announced by end of March Lanter’s 2024 EBITDA was north of USD 100m Audax Private Equity is closing in on a deal to acquire Lanter Delivery Systems, an Equity Group Investments(EGI)-backed overnight delivery services provider, said three sources familiar with the situation. A deal could be announced by the end of March, one of the sources said. Lanter’s 2024 EBITDA was north of USD 100m, according to the same source. EGI invested in Lanter in 2019.
Presidio Investors eyes local, global growth after scoring Hellas Verona buyout - Deal Focus
News (Intelligence) Presidio invested in the Italian football club via its third fund Sponsor first expressed interest in summer 2023, talks resumed last year Long-term vision includes new stadium, expansion of global fan base Presidio Investors’ acquisition of the Italian football club Hellas Verona was the culmination of a multi-year hunt for a sports asset.
Permira builds services track record on pattern recognition, digitization - GP Profile
News (Intelligence) Fund VIII is just over 60% deployed, sponsor sees ample opportunities across services Value creation strategy draws on technology transformation, scale through M&A Realizations continue apace, but Octus exit unlikely this year Private equity sponsors are competing aggressively to acquire professional services firms, in a race to digitize the industry and build platforms of scale.
Riverwood sees opportunity in fast-evolving enterprise software landscape as it deploys fourth fund - GP Profile
News (Intelligence) Fund IV is 30%-40% deployed Firm invests USD 25m-USD 250m in companies with USD 10m-USD 100m ARR A pull-back in capital availability since the market peak of 2021 is creating opportunities for sponsors focused on fast-growing technology companies that need support to get to the next level. “It’s more challenging to secure incremental growth than it was three or four years ago,” said Jeff Parks, co-founder and managing partner of growth investor Riverwood Capital.
OceanSound leverages conveyor belt approach on government tech opportunity - GP Profile
News (Intelligence) Fund II 65% deployed; Fund III expected to launch in 2026 Typical targets are tech or tech-enabled companies with EV of USD 100m-USD 750 Two realizations from Fund I to date through a recapitalization, continuation vehicle In a world in geopolitical flux, marked by escalating tensions with China, the US government is spending heavily on hardware and software that can shield the country from potential threats.
Oaktree sees historic opportunity for special situations strategy - GP Profile
News (Intelligence) In the second half of 2020, as COVID-19 lockdowns eased, pent-up demand for M&A and a flood of cheap debt fueled a surge of private equity buyouts. The quantum of capital put to work surpassed even the deal rush preceding the 2008 global financial crisis. In 2021, North America buyout volume reached a record USD 521bn, a 116% year-on-year rise. It was one-fifth more than the previous all-time high notched in 2007, according to Mergermarket data.
Deal Focus: GSI exit showcases KKR’s middle market playbook
The process that ultimately saw KKR [NYSE:KKR] exit industrial services business Geostablization International (GSI) to Leonard Green & Partners (LGP) last month was never likely to be a broad auction. The sponsor knew the asset would resonate with its peer group, and it had received inbound inquiries from strategic suitors before it started to contemplate a sale.
Fund Focus: KKR nears 30% deployment on middle market fund, targets mission-critical businesses
KKR [NYSE:KKR] has been investing in North America’s middle market for over a decade via its flagship buyout funds. The sponsor’s Ascendant fund, which closed on USD 4.6bn last month, signals an evolution of this strategy as its first vehicle to focus exclusively on mid-market opportunities. Successful middle market deals, such as Geostablization International (GSI), which KKR exited last month with a 5x return following a nearly six-year hold, helped forge a path for a dedicated strategy.
GP Profile: Manulife rides GP-led 2.0 wave, seeks trophy assets for continuation vehicles
Strategy focuses on GP-led deals for buyout, growth funds in North America, Europe Concentration is a key principle, with preference for underwriting single-asset CVs Manulife expects to return to market in early 2025 Secondaries market veterans Paul Sanabria and Jeff Hammer moved to Manulife in late 2019 with a clear vision: to build a team that would focus exclusively on GP-led secondaries.
Westminster Pet in advanced stages of sale, sources say
Westminster Pet Products, a developer and marketer of pet treats and products, is in the later stages of a sale process via William Blair, according to three sources familiar with the matter. Cumberland, Rhode Island-based Westminster is owned by AUA Private Equity Partners and has an EBITDA of around USD 12m, the sources said. Second-round bids were collected in early May, according to one of the sources.
GP Profile: Ronin Equity Partners leverages operational team background to build mid-market value
In advanced discussions with several targets as it eyes next platform buy Considering raising fresh capital in next 12-18 months Engenuity Outdoor Equipment, Due North and Komline seeking add-ons Mid- and lower mid-market investor Ronin Equity Partners plans to make at least two new platform acquisitions in the next six to eight months, as it continues to implement its operational, primarily North America-focused consumer and industrials strategy, Managing Partner David Feierstein told...
Gryphon-backed Wind River Environmental exploring sale, sources say
News (Intelligence) Wind River Environmental, a provider of liquid waste management services, is exploring a sale process, four sources familiar with the situation said. The Gryphon Investors-backed company is working with investment banks William Blair and Baird on the process, said two of the sources. The process has not yet launched, all four sources said.
GP Profile: CF Private Equity around 50% deployed on fourth secondaries fund with US, European buyout focus
LP stakes-focused fund backs portfolio deals from USD 100,000-USD 100m Executes less than 10% of the deals it sees amid significant market opportunities Opportunistically takes part in syndicated GP-leds for single and multi-assets including Aquiline’s USD 1.1bn continuation fund Private markets investor CF Private Equity has deployed around half of the capital raised for its fourth secondaries fund, with a strong current focus on US and European buyout opportunities, Cari Lodge, managing...
Campbell explores Pop Secret sale
News (Intelligence) Campbell Soup Company [NYSE:CPB] is exploring the sale of its Pop Secret microwave popcorn business, three sources familiar with the situation said. The Camden, New Jersey-based convenience food maker is working with Bank of America on the sale process, two of the sources said. Campbell acquired Pop Secret as part of its purchase of Snyder’s-Lance in 2017, in a deal that valued the Charlotte-based food company at USD 6.1bn, including debt.
Proprietary Aterian-owned Backyard Discovery kicks off sale process
News (Intelligence) Aterian Investment Partners has launched a sale process for portfolio company Backyard Discovery, two sources familiar with the situation said. Harris Williams and Guggenheim have been mandated to sell the Pittsburg, Kansas-based playsets and outdoor leisure products company, the sources said. Teasers were recently circulated to prospective buyers, one of the sources said Aterian acquired Backyard Discovery in 2015.
PE continuation funds: GP appetite for secondaries faces supply-demand imbalance
Transaction volumes expected to remain robust, regardless of M&A market health New entrants could help alleviate ongoing capital constraint Signs of convergence with traditional M&A deal structures emerging as market evolves Continuation funds are expected to become increasingly prominent as a liquidity option for GPs in the coming years, even as the outlook for private equity exits slowly improves.
Direct listings attract interest as market awaits primary pioneer
It will likely take a bold company willing to invest the time and effort to go through a lengthy consultation with securities regulators before the market sees the debut of a primary direct listing, advisors said. Advocates tout direct listings as more efficient and less expensive than traditional IPOs since shares are sold at a price set by the market instead of a book building process led by investment banks.
Canada looks for clarity on buyers’ ability to terminate deals - Analysis
Judge to weigh more evidence in Rifco/CanCap dispute Court expected to consider Delaware precedent Bought deal ‘disaster out’ clause also unresolved Canadian dealmakers are closely watching a court case over a disputed tie-up between two auto financing companies that could provide a precedent in the country on how to interpret material adverse effect clauses in merger agreements.
Launch Party: U.S. Exchanges Expect IPO Flurry To Start Year
Presidential election could trigger market volatility in second half of 2020 By Troy Hooper and Tom Cane With U.S. indices at all-time highs and icy trade relations with China beginning to thaw, market experts say a batch of initial public offerings are preparing to launch in the first half of 2020.
“SPAC” No Longer A Four-Letter Word On Wall Street
Special purpose acquisition companies are an easy way to deploy capital By Heather West, Troy Hooper and Tom Cane Sometimes called a ‘buyer of last resort,’ SPACs, or special purpose acquisition companies, are revamping their image and enjoying a resurgence after a 25% uptick last year. These entities, also called blank check companies, raise capital through an initial public offering and use the proceeds to acquire an existing company, usually within two years.
North American M&A on pace for record year
North American M&A in 2018 is living up to expectations for robust activity, with first-half deal value on track to surpass the highs of 2015.As of 30 June, there had been USD 849.05bn worth of deals in the region, putting 2018 on course to beat 2015’s record full year value of USD 1,565.29bn.While dealmakers question how long the cycle will last, corporate bidders’ increasing firepower, especially after the Trump administration’s tax reform, appetite for riskier combinations and desire to...
ACG Middle Market Growth 2018 Capital Connection Debt Market Update
Nearly nine years after the global financial crisis, there are no signs yet that debt markets are set to slow down this year amid continued voracious demand for credit.
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