Newsletter Edition 86
09.10.2025
Hellman & Friedman-Backed Verisure Hits $16bn Valuation in Stockholm IPO
Private equity firm Hellman & Friedman has achieved one of Europe’s biggest liquidity events of the year after portfolio company Verisure, the Swiss-based monitored alarm systems provider, debuted on the Stockholm Stock Exchange with a €13.7 billion ($15.9 billion) valuation.
The IPO was priced at €13.25 per share, near the top of its indicated range, and was multiple times oversubscribed, attracting strong interest from Nordic and global institutional investors, according to the company.
Verisure raised €3.1 billion in gross proceeds through the offering, which could rise to €3.6 billion if the overallotment option is exercised. The deal ranks among Europe’s largest listings in recent years, marking a significant reopening of the region’s equity capital markets following an extended period of subdued issuance.
Originally part of Sweden’s Securitas, Verisure was spun off in 2006 as Securitas Direct before being acquired by Hellman & Friedman in 2011. Under private equity ownership, the company expanded rapidly across Europe and Latin America, benefiting from strong demand for connected home and business security solutions.
The IPO provides Hellman & Friedman with a partial liquidity event while allowing the US buyout firm to retain a strategic stake in Verisure as it continues to scale globally.
Bain Capital Closes $14bn Fourteenth Flagship Private Equity Fund
Bain Capital has closed its latest flagship private equity vehicle, Bain Capital Fund XIV, securing $14 billion in total commitments, including approximately $11.8 billion from external investors, surpassing its initial $10 billion target.
Bain Capital-related entities contributed the remaining capital, making the firm and its affiliates the fund’s largest single investor, in line with its longstanding practice of co-investing alongside LPs.
The closing of Fund XIV follows the firm’s successful fundraising for its Europe VI and Asia V private equity funds in 2023, bringing Bain Capital’s combined private equity commitments over the past two years to more than $27 billion. The platform now manages approximately $68 billion in total private equity assets globally.
Launched as the latest vintage of Bain Capital’s global private equity strategy, Fund XIV continues the firm’s 40-year approach of partnering with management teams to drive operational transformation, sustainable growth, and strategic repositioning. The fund will target investments across five core sectors: Consumer, Healthcare, Industrials, Services, and Technology.
Bain Capital’s private equity platform comprises over 330 investment and portfolio professionals worldwide, including a dedicated 90-member Portfolio Group specialising in areas such as digital transformation, supply chain optimisation, and talent strategy. The team works closely with portfolio companies from due diligence through post-investment value creation.
Largest Dayforce shareholder to oppose $12.3bn Thoma Bravo buyout
T Rowe Price Associates, the largest shareholder in HR software provider Dayforce, plans to vote against Thoma Bravo’s proposed $12.3 billion acquisition, arguing that the private equity firm’s offer undervalues the company, Reuters reported.
The asset manager, which holds a 15.7% stake in Dayforce according to LSEG data, called the $70-per-share offer “underwhelming,” contending that recent stock weakness has been driven by misplaced market concerns rather than deteriorating fundamentals.
“These forces are temporary and do not justify selling the company at an underwhelming valuation at this time,” T Rowe Price said in a statement, adding that Dayforce remains on track to generate $1 billion in annual free cash flow within the next few years.
Thoma Bravo agreed in August to acquire the Minneapolis-based software group as part of its strategy to deepen its exposure to recurring-revenue business models. The firm has been among the most active investors in enterprise software, backing scalable platforms resilient across market cycles.
Despite T Rowe’s opposition, Dayforce shares have risen more than 30% since the deal’s announcement, closing just below the offer price this week. Thoma Bravo and Dayforce have not yet commented on T Rowe Price’s statement.
https://www.financierworldwide.com/dayforce-sold-to-thoma-bravo-for-123bn