2025 isn’t the M&A party dealmakers expected, says Orlando Bravo at NEX US; Investcorp said to be selling R esa Power; Companies for sale update

View this email online

2025 isn’t the M&A party dealmakers expected, says Orlando Bravo at NEXUS; Investcorp said to be selling Resa Power; Companies for sale update

Good morning, Hubsters. Senior reporter Michael Schoeck here with the US edition of the Wire from the New York newsroom.

PEI Group’s NEXUS 2025 summit just wrapped up yesterday in Orlando. This morning we have a day-three video clip with Thoma Bravo co-founder Orlando Bravo, who spoke with PE Hub editor-in-chief MK Flynn about current market dislocation in the PE deal market.

Next up we have a scoop on Investcorp in the advanced stages of selling a power engineering company in an auction process.

And we’ll wrap up with a companies for sale weekly update.

Moments of dislocation

“It’s like everybody had a party right after the election thinking that there would be no regulations and there’s going to be deals all over the place,” Orlando Bravo, co-founder and managing partner of Thoma Bravo, told PE Hub about expectations coming into 2025. Today, the mood is quite different, he said, citing the recent dramatic stock market drops.

Consider upgrading to the premium version of the Wire for more quick takes from Bravo’s 2025 market outlook.

For more of Bravo’s insights, see our previous interview here.

Power play

Investcorp has held advanced discussions over the past month for the potential sale of power transmission services company Resa Power, three sources briefed on the matter told PE Hub.

Subscribers to the premium version of the Wire can access valuation details and comparable transactions in the power services market. Sign up today for the premium version.

Companies for sale

So far this year I’ve been briefed on 65 companies said to be in the market or coming to the market within the next quarter.

As of this morning, 15 deal announcements have been made in 2025 involving those companies.

The latest deal from March 4 was Honeywell’s announced acquisition of industrial compressor manufacturer Sundyne from Warburg Pincus for $2.16 billion. The deal caps off a sale process PE Hub reported on in August when the PE firm was interviewing investment banks.

That’s a wrap for me. Keep an eye out for the Europe edition of the Wire tomorrow from Irien Joseph and the US edition from John R Fischer.

Cheers,

Michael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

GP-leds poised for further growth after clearing fundraising milestone. GP-led secondaries had a strong 2024, setting new records in some areas. With ample dry powder and rising demand, 2025 looks promising. But will fundraising challenges and regulatory uncertainties dampen growth? (Secondaries Investor)

Oxford Properties’ green new deal. Tina Pristovsek and Hala El Akl of Oxford Properties explain why borrowers’ energy emissions data should be mission critical for lenders. (New Private Markets)

UK fund the People’s Pension adds duo in core-plus infra push. CIO Dan Mikulskis outlines why infra will be key to the £31bn fund’s move into private markets, and why US assets may be largely off the table for now. (Infrastructure Investor)

Ex-Brookfield chair Mark Carney poised to become Canada’s next PM. Carney’s rapid transition to politics from private markets comes as President Donald Trump threatens to impose punishing tariffs on Canadian goods. (Buyouts)

VIDEO: Mendoza Ventures founder shares tips for emerging managers. LPs are just as happy with a successful exit as a founder as they are with a successful investment history when it comes to fundraising, advises Senofer Mendoza of Mendoza Ventures. (Venture Capital Journal)

Deals

They said it

“It’s like everybody had a party right after the election thinking that there would be no regulations and there’s going to be deals all over the place.”

— Orlando Bravo, co-founder and managing partner of Thoma Bravo, on expectations coming into 2025

Today's letter was prepared by Michael Schoeck

Did someone forward you this email? Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article.

Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.

London | New York | Hong Kong | Tokyo | Sydney

PEI Group Ltd is registered in England no.6135779

Registered office: 5th Floor, 100 Wood Street, EC2V 7AN

To update your PE Hub email preferences, or to unsubscribe, click here.