Private Equity

The second bet on less plastic

Gen II and the revenue you did not buy

Two acquisitions, two value-creation mechanisms, and a better way to underwrite the next add-on.

Recurring revenue. Recurring work.

Inside May River’s Dickson exit, and the work behind recurring revenue.

$3bn to stay on shore

Royal Caribbean wants your other vacation. Plus a $6.6bn exit and the business of gathering hospital bosses.

Buying Chelsea. Again.

Majority owned. Not fully controlled. Plus a travel business selling renewals and 76 potential buyers who didn't bid.

Deal File No. 008: What if the AI company bought the customer?

Baldwin, Sequence and the difference between saving time and earning a return.

The $11.75 billion customer

GE buys its supplier. Miro sellers buy into the buyer. Porsche puts supercar proceeds into pensions.

Deal File No. 007: KKR is back on the other side of the garage door

A1 Garage Door Service and the operating case behind a reported $2 billion deal.

Deal File No. 006: The $17 Billion Integration Paradox

The most important number in Aon's USI deal may not be $17 billion. It may be the $173 million expense that separates cost cutting from cutting growth.

Deal File No. 005: The Deal Is the Split

One buyer wants the products. Two others want the distribution. The deal works only if neither side destroys the other.

Deal File No. 004: ATG and the Business That Remembers

Providence spent thirteen years building what survives when the curtain falls. A reported $6 billion valuation now puts that system to the test.

Deal File No. 002: Airtable and the Optionality Tax

What happens when software built to preserve choice meets an owner built to impose focus.

The Weekly Multiple #001: The money is hiding in the middle

Private equity loves deleting middlemen. This week, it spent billions buying the ones it can't.