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Markets Edge

Issued Wednesday, September 2, 2026 · 15:00 UTC Edition 8/day editions · 6 papers From the chopped neck Latest Issue Archive Corporate AccountsArt Forgotten
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Ranked by the pour ISABELLA'S ISLAY HENRI IV MACALLAN 1926 LOUIS XIII PAPPY 23 JOHNNIE BLUE WELL POUR
Also crossing the wire
ISABELLA'S ISLAYAon paid $17B for USI. Insurance consolidation enters the endgameHENRI IVSLB acquired Kelvion for $4.1B to own the data center cooling stackMACALLAN 1926Ferguson closed $1.6B FloWorks acquisition. Valve distribution consolidatesLOUIS XIIINestlé divested Vitamins & Minerals business for $1B. Portfolio lighteningPAPPY 23Bernhard Capital bucking PE trend with $6.5B AUM and new fund launchJOHNNIE BLUENew PE group chasing sports ownership with $1B+ deployment targetWELL POURYatra board rejected Magna Holdings $1.10 bid. Founder holding firmISABELLA'S ISLAYAon paid $17B for USI. Insurance consolidation enters the endgameHENRI IVSLB acquired Kelvion for $4.1B to own the data center cooling stackMACALLAN 1926Ferguson closed $1.6B FloWorks acquisition. Valve distribution consolidatesLOUIS XIIINestlé divested Vitamins & Minerals business for $1B. Portfolio lighteningPAPPY 23Bernhard Capital bucking PE trend with $6.5B AUM and new fund launchJOHNNIE BLUENew PE group chasing sports ownership with $1B+ deployment targetWELL POURYatra board rejected Magna Holdings $1.10 bid. Founder holding firm
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ISABELLA'S ISLAY M&A Intelligence Sep 2, 11:02 AM EDT
Aon
Reuters ↗

Aon paid $17B for USI. Insurance consolidation enters the endgame

Aon said Monday it will buy rival USI Insurance Services in a $17 billion deal from private equity, marking a major consolidation move in the insurance brokerage sector.

ReadingEvery regional insurance broker under $500M in AUM is now being valued against an exit multiple that assumes they get rolled into a larger platform or disappear.
WatchWhich private equity firm that owns a competing broker signals a secondary sale in the next 90 days.
Read full analysis → Original ↗
m&ainsuranceconsolidationbrokers
HENRI IV Technology Intelligence Sep 2, 11:02 AM EDT
SLB
Yahoo Finance ↗

SLB acquired Kelvion for $4.1B to own the data center cooling stack

SLB agreed to acquire thermal management company Kelvion from Apollo Global Management for $4.1 billion, including debt, as it expands its growing data center business.

ReadingSLB's data center revenue target of $5B is not a projection. It is a commitment. Competitors in thermal management now compete against a $4.1B buyer with oil services distribution.
WatchSLB announces three software or services bolt-ons to the Kelvion platform within 18 months.
Read full analysis → Original ↗
m&adata centersthermal managementenergy
MACALLAN 1926 Procurement Intelligence Sep 2, 11:02 AM EDT
Ferguson Enterprises
Virginia Business ↗

Ferguson closed $1.6B FloWorks acquisition. Valve distribution consolidates

Ferguson Enterprises announced Tuesday that it has completed its $1.6 billion acquisition of Houston-based FloWorks, expanding its valve and flow control distribution footprint.

ReadingDistribution in industrial flow control is now a three-player game. Smaller operators pricing themselves as independents are pricing into a market that no longer exists.
WatchFerguson announces a second acquisition in valve or piping distribution within 12 months.
Read full analysis → Original ↗
m&adistributionindustrialconsolidation
LOUIS XIII M&A Intelligence Sep 2, 11:02 AM EDT
Nestlé
Yahoo Finance ↗

Nestlé divested Vitamins & Minerals business for $1B. Portfolio lightening

Nestlé announced Tuesday it has agreed to divest its mainstream Vitamins, Minerals and Supplements (VMS) business, the Holistic Health portfolio, to a private equity firm.

ReadingMainstream VMS is now a PE category. Growth is indexed to distribution, not innovation. Expect margin compression and a secondary sale within four years.
WatchWhich PE firm owns the Holistic Health portfolio by month-end.
Read full analysis → Original ↗
m&aconsumerhealthdivestiture
PAPPY 23 M&A Intelligence Sep 2, 11:02 AM EDT
Bernhard Capital
NOLA.com ↗

Bernhard Capital bucking PE trend with $6.5B AUM and new fund launch

The Baton Rouge-based private equity firm, with nearly $6.5 billion in assets under management, is defying market trends by continuing acquisitions, orchestrating exits, and launching a new fund.

ReadingMid-market PE that kept deployment discipline now has the capital and deal flow to move faster than larger competitors hamstrung by fund size.
WatchBernhard Capital announces the new fund's close size and target within 120 days.
Read full analysis → Original ↗
private equityfund launchacquisitionsexits
JOHNNIE BLUE M&A Intelligence Sep 2, 11:02 AM EDT
Sports Investment Infrastructure
MSN ↗

New PE group chasing sports ownership with $1B+ deployment target

A new private equity group says sports ownership needs a new operational framework and is looking to deploy billions to acquire a piece of the sector.

ReadingSports asset valuations are no longer set by ownership sentiment. They are now set by PE return requirements and IRR targets.
WatchWhich existing PE-owned sports asset gets refinanced or sold within the next fiscal year.
Read full analysis → Original ↗
private equitysportsconsolidationownership
WELL POUR Capital Markets Sep 2, 11:02 AM EDT
Yatra Online
Business Insider ↗

Yatra board rejected Magna Holdings $1.10 bid. Founder holding firm

Yatra Online Inc.'s board of directors unanimously rejected Magna Holdings' unsolicited partial tender offer of $1.10 per share, stating it substantially undervalues the company.

ReadingYatra founder still controls the cap table and believes a better price is achievable. Magna's next move arrives within 60 days.
WatchMagna Holdings amends the offer or a competing bidder emerges.
Read full analysis → Original ↗
tender offerm&avaluationtravel
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