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Sports-focused PE firm Arctos Partners was acquired by New York-based KKR for $1.4 billion. Arctos is an institutional investor in sports franchise stakes and asset management solutions. Its portfolio includes the Golden State Warriors and Utah Jazz of the NBA, the Los Angeles Dodgers and Houston Astros of MLB, and the Los Angeles Chargers and New Jersey Devils of the NFL and NHL, respectively.
“KKR is a preeminent global investment firm and ideally positioned to help us achieve the vision we have for Arctos,” said Arctos managing partners Ian Charles and Doc O’Connor. “We see tremendous opportunity to better serve the sports industry and the sponsor community, but the key to that unlock is a partnership that will provide access to strategic, financial and operational resources to accelerate our existing businesses. At the same time, we will be able to leverage KKR’s broad range of products and capabilities to extend and enhance our relationships with leagues, teams, GPs and sponsors. Through this transaction, we will become an even stronger partner to the markets and investors that we serve, which has been our goal from the very beginning.”
The deal also includes up to $550 million in additional future equity tied to performance and KKR share price targets. Arctos manages approximately $15 billion in assets and is the largest institutional investor in professional sports franchises. Following the close, Arctos’ managing partners will join KKR as partners, and the firm will operate within a newly formed KKR Solutions business.
“Arctos has created a distinctive and scaled platform across sports investing and capital solutions for asset managers, and the team has extensive experience in secondaries—three areas where we see significant long-term opportunity,” said Joe Bae and Scott Nuttall, co-CEOs of KKR. “The team has complementary strengths, strong cultural alignment, and an entrepreneurial approach that fits well with KKR. We look forward to working together to build a platform that expands opportunities across the entire KKR ecosystem.”
LiquidStack Acquired by Ireland-based Trane Technologies
LiqiudStack, a provider of liquid cooling for information technology hardware, telecommunications, and blockchain systems, has been acquired by Trane Technologies as the Ireland-based company looks to increase its data center thermal management solutions. Trane made a minority investment in LiquidStack in 2023. Financial terms of the deal—which is expected to close in Q1 2026—were not disclosed.
“LiquidStack has been on a mission to innovate and deliver the most advanced, powerful and sustainable liquid cooling solutions,” LiquidStack Co-founder and CEO Joe Capes said. “Joining Trane Technologies enables us to accelerate that mission with the resources, scale and global reach needed to power next‑generation AI workloads in the most demanding compute environments. We are very excited to expand our impact and continue our growth as part of Trane Technologies.”
Capes will stay on following the acquisition with Trane and continue to lead the LiquidStack business. The acquisition will also include the Carrollton-based company’s global team, as well as its manufacturing, engineering, and research and development operations in Texas and Hong Kong. Looking ahead, LiquidStack will operate globally within the commercial HVAC unit of the Trane Technologies Americas segment.
Flowserve Acquires Trillium Flow Technologies’ Valves Division for $490 Million
Flowserve, a global manufacturer of flow control products, has acquired the Valves Division of Trillium Flow Technologies for $490 million in cash. Trillium Flow Technologies specializes in engineered flow solutions. The acquisition strengthens Flowserve’s position in the nuclear, traditional power generation, and industrial markets.
“TVD’s products and capabilities are highly complementary to our portfolio and will enhance our ability to meet future demand in nuclear, traditional power, and more broadly across the industrial landscape,” Flowserve President and CEO Scott Rowe said. “We see strong aftermarket potential from their global installed base that is expected to drive profitable growth. The acquisition underscores our commitment to building a more cycle-resilient business and will enhance value for shareholders, customers, and associates.”
The acquisition is expected to close mid-2026 and be accretive to adjusted operating income in 2026. Trillium’s valves division generates about $200 million in annual revenue. It maintains a large installed base of more than 200,000 units, including assets in 115 operating nuclear reactors.
European Wax Center to go Private in $330M Deal With General Atlantic
Plano-based European Wax Center, an operator and franchisor of waxing salons, has agreed to be taken private by General Atlantic, a global growth equity firm, in an all-cash transaction valued at approximately $330 million.
Under the agreement, stockholders will receive $5.80 per share in cash, representing a 45 percent premium to the company’s closing price. General Atlantic, which already owns about 42 percent of European Wax Center’s outstanding shares, will acquire the remaining shares it does not own.
The transaction is expected to close in mid-2026, after which European Wax Center will no longer be publicly listed.
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Layten Praytor
Layten Praytor
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Layten Praytor is an associate editor for D CEO, the business title for D Magazine. After five years in sports journalism, including with the Dallas Cowboys, Layten joined D CEO in 2024. He's written about and local execs who immigrated to the U.S., such as His first cover story was on When not telling stories, he's likely watching the Los Angeles Dodgers.