TPG has agreed to acquire a 61.2% controlling stake in South Korea’s largest car rental company, Lotte Rental, from Hotel Lotte and Busan Lotte Hotel in a transaction valued at KRW1.31tn ($925m). The stake will be acquired at KRW59,000 per share following negotiations with multiple bidders after an earlier agreement with Affinity Equity Partners was terminated in May. TPG said it plans to build on its experience investing in mobility businesses, including Uber, to support Lotte Rental’s growth. The transaction remains subject to South Korean antitrust approval.
Lindsay Goldberg has agreed to acquire a majority stake in US metals and plastics distributor Alro Steel, with the founding Glick family retaining a significant ownership interest and continuing to lead the business. Founded in 1948, Alro Steel operates more than 80 locations across 16 US states, supplying cut-to-size metals and performance plastics to more than 50,000 customers throughout North America. The investment is intended to provide additional capital to support expansion across the company’s metals and plastics operations while maintaining its existing management team, brand and operating model.
Cerberus Capital Management has agreed to sell defense technology company Resonant Sciences to Joby Aviation, completing the firm’s investment following three years of ownership through its Supply Chain platform. Cerberus invested in the Ohio-based company in 2023 and partnered with management to expand manufacturing capacity, nearly double its technical workforce and broaden capabilities across advanced radar, navigation and communications systems. During the investment period, Resonant also advanced several technologies from research into production and expanded its customer base across US national security programmes.
ApartmentIQ has raised a $25m follow-on investment from existing backer Susquehanna Growth Equity to accelerate expansion of its AI-powered software platform for the multifamily housing sector. SGE previously led the company’s $22.5m Series B round in 2021, when the business operated as apartment marketplace Rentable. Since then, ApartmentIQ has repositioned itself as a real-time market intelligence, revenue management and AI platform serving more than 1,500 multifamily portfolios representing 8m units, including 70% of the NMHC Top 50. The new capital will fund product development, including expansion of its MavenAI marketing platform and additional AI capabilities, while supporting hiring across engineering, data, product and commercial teams as the business continues to scale.
Generation Partners has sold its majority stake in digital out-of-home media company Captivate to National CineMedia, ending a 13-year investment during which the business was transformed into the leading operator of digital elevator and lobby advertising across North America. Generation acquired Captivate in 2013 and backed a long-term strategy that included recruiting a new leadership team, modernising the platform’s technology, enabling programmatic advertising and expanding into premium office and residential properties. Today, Captivate operates more than 26,000 digital screens across 170 US and Canadian markets.
Quad-C Management has invested in Paradigm HSE, a provider of health and safety services to industrial customers across North America, in a transaction that will support the platform’s next phase of expansion. Paradigm was created through the combination of Code Red Safety, Concept Controls and HazTek, building a technology-enabled platform spanning safety staffing, technical safety services, consulting and equipment distribution. The company employs around 700 people across the US and Canada.
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