Lazard has agreed to buy placement agent and secondaries advisor Campbell Lutyens in a deal which could be worth up to $660m. The combined businesses will form a new unit, Lazard CL, focused on fundraising, secondary advisory, and GP capital advisory businesses in infrastructure, private credit, private equity, and real estate across the US, Europe, the Middle East and Asia Pacific. The combined businesses represent about $500m in estimated 2027 revenue, have advised on more than $190bn of capital raises over the past two years, and on over $100bn in GP and LP secondary transaction volume in that time. Peter Orszag, CEO and chairman of Lazard, said, “Private capital advisory has been expanding rapidly, and the future will belong to those who can combine global insight and deep expertise with the scale to deliver innovative solutions across the full private markets spectrum.”
KKR is reportedly exploring a sale of spreads business Flora Food Group with eyes on a $10bn valuation. The private equity firm carved Flora out from Unilever in 2017, when it was known as Upfield. It rebranded in 2024. The Amsterdam-based group generated €3bn of net sales last year, according to Reuters, citing the company’s annual report. The Financial Times was first to report the possible exit, saying KKR is currently working with bankers on a potential sale.
Arlington Capital Partners has acquired nuclear engineering specialist Enercon from Oaktree Capital Management. The company will merge with Arlington portfolio business Pond & Company, a design and engineering firm providing regulatory-driven, highly technical services to the federal government and customers across the energy industry. The combined company will operate under the Enercon name. Arlington managing partner Michael Lustbader said, “We have begun a once-in-a-generation structural shift in power demand driven by AI, the onshoring of manufacturing, and changing national security priorities. Meeting this demand will require rapid retooling of alternative energy resources and infrastructure, which, together, Enercon and Pond are uniquely positioned to support.”
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