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The Wire

Private equity deal news and insights from the New York newsroom

Mar 20, 2025

 

Audax said to acquire Lanter; ECP-ADQ form $25bn power partnership for data centers

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

 

As regular readers of the Wire know, I spend a lot of time talking to confidential sources about companies coming to market. This week, those conversations led to a scoop. Last night, I was the first to report that Audax Private Equity is buying Lanter Delivery Systems from Equity Group Investments.

 

Next on the Wire today we have a weekly rundown of companies for sale activity.

 

And we’ll wrap up with a new partnership formed between Energy Capital Partners and ADQ to invest in power generation for data centers. 

 

Last mile

Audax Private Equity is buying Lanter Delivery Systems, a last-mile delivery and logistics provider to automotive, industrial and agricultural customers, from Equity Group Investments, sources familiar with the matter told PE Hub.

 

Audax and EGI declined to comment. Lanter did not respond to requests for comment.


Readers of the premium version of the Wire have access to this and more companies for sale scoops.

 

Companies for sale

So far this year I’ve been briefed on more than 70 companies said to be in the market or coming to the market within the next quarter.

 

Readers of the premium version of the Wire can access additional companies for sale content.

 

Got tips on companies for sale? Shoot me a note at Michael.S@pei.group.

 

Powering up data centers

Energy Capital Partners and ADQ on Wednesday announced a 50-50 partnership with $25 billion of capital focused on developing 25 GW of new power generation that will serve the needs of data centers and industrial centers.

 

Upgrade to the premium version of the Wire for more insight on deal drivers in the power generation market, including three recent articles.

 

For more on natural gas power fueling the data center rollout, check out these recent PE Hub stories:

  • ECP’s $26.6bn sale of Calpine to Constellation underscores comeback of natural gas
  • OEP’s Ante Kusurin: Natural gas ‘an ideal step toward integrating renewable energy sources’
  • Tailwater’s Jason Downie: Immense power resources needed for new data center rollout

 

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 ...

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In the latest episode of The Infrastructure Investor Podcast, editor-in-chief Bruno Alves sits down with Blackstone global head of infrastructure Sean Klimczak to discuss the firm's blockbuster AirTrunk deal, transportation’s enduring appeal, portfolio construction and the advantages of being open-ended.

 

Lincoln Financial, an insurance company and annuity provider based in Radnor, Pennsylvania, announced it has formed separate partnerships with Bain Capital and Partners Group to launch two private markets funds. (Private Debt Investor)

 

During a Secondaries Investor-led panel at PEI Group’s NEXUS 2025 event in Orlando, Florida last week, Martha Heitmann, a partner at LGT Capital Partners, and Wilfred Small, a senior managing director at Ardian, both predicted $10 billion-plus CVs by 2030. David Fox, a partner at Leonard Green & Partners, took his prediction a step further, predicting a $20 billion-plus CV.

 

Nvidia and Elon Musk’s xAI have joined the $30 billion AI Infrastructure Partnership, alongside founding members BlackRock, Global Infrastructure Partners, a part of BlackRock, Microsoft and MGX. The partnership aims to revolutionize AI infrastructure through cutting-edge data centers and energy solutions. (Infrastructure Investor)

 

At its 12 March board meeting, the Los Angeles Water & Power Employees Retirement Plan was presented with a five-year strategic plan by investment consultant RVK to bring its 2.1 percent allocation to private debt to its target of five percent by 2029. (Private Debt Investor)

 

Santander and alternative asset manager Atitlan Group have held a €300 million close on their joint farmland fund. (Agri Investor)

 

Too much of a focus on DPI will “drive GPs to do very unnatural things,” Allen Waldrop, deputy CIO – private markets, at Alaska Permanent Fund has warned. His comments came at PEI Group’s NEXUS conference held in Orlando, Florida last week. (Private Equity International)

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They said it

“AI will be a major driver of US economic and job growth over the coming decade, but not unless ample new electricity supplies are developed.”

— Doug Kimmelman, founder and executive chairman, Energy Capital Partners, on the need for new power generation resources to fuel the data center boom.

Today's letter was prepared by Michael Schoeck

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