Blackstone Tactical Opportunities is exiting US skincare business ZO Skin Health through its $1.5bn enterprise value sale to Swiss dermatology group Galderma. The all-cash transaction will see Galderma acquire the business from shareholders including Blackstone-managed funds and the Obagi family. ZO generated $330m of sales in the 12 months to June 2026, implying a transaction value of about 4.5 times revenue. Completion is expected in the fourth quarter of 2026 or early 2027.
Ares Management has made a structured capital investment in a 1.9GW portfolio of UK flexible energy projects developed by Statera Energy, according to renewable energy transaction database Renewables.digital. The portfolio comprises battery storage, wind and solar projects at different development stages. The investment adds to institutional financing activity across UK power infrastructure as developers seek capital for storage and generation assets. A transaction value was not identified in the available reporting.
Blackford Capital has acquired Virginia-based electrical contractor EG Middleton through its mechanical, electrical and plumbing services platform Habco Partnership, expanding the business into the Mid-Atlantic region. Founded in 1920, E.G. Middleton employs about 120 people and specialises in electrical infrastructure for military, industrial and commercial customers, including the US Navy and Newport News Shipbuilding. The acquisition adds expertise in high-voltage power distribution, substations and shipyard infrastructure to Habco’s operations.
Ara Partners has acquired a majority stake in Pacific Ag, a US agricultural residue harvesting and logistics business, through its infrastructure investment strategy. Founded in 1998, Pacific Ag operates across more than 30 US states, collecting crop residues including corn stover and wheat straw from farms and supplying them to customers in the animal feed, dairy and mushroom-growing industries. The acquisition expands Ara’s waste-to-value investment portfolio, with the firm planning to support Pacific Ag’s expansion across the US agricultural supply chain. Ara Partners managed $10.6bn in assets at the end of June.
Franklin Templeton’s Benefit Street Partners has expanded its asset-backed finance platform through a transaction with Encina Lender Finance involving a seed portfolio of about $480m of originated commitments. A Franklin Templeton and BSP-backed fund acquired the portfolio, while 14 Encina investment professionals joined the $97bn alternative credit manager. BSP said the enlarged platform now has about 100 investment professionals and the capacity to originate more than $3bn annually. The $480m figure represents portfolio commitments, not the acquisition price.
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