Newsletter Edition 76
Jul 10, 2025
Thoma Bravo to Take Restaurant Software Firm Olo Private in $2B All-Cash Deal
Private equity giant Thoma Bravo has agreed to acquire Olo, a New York-based restaurant software provider, in a $2 billion all-cash transaction that will see the company taken private, according to Bloomberg. The deal values Olo at $10.25 per share, representing a 65% premium to its stock price prior to reports of a potential sale.
Founded in 2005, Olo provides digital ordering and delivery software to more than 750 restaurant brands, including household names like PF Chang’s and Denny’s. The company is backed by high-profile investors such as Danny Meyer and The Raine Group.
Olo’s board of directors has unanimously approved the acquisition, citing the attractive premium and strategic advantages of the deal. The transaction is expected to close by the end of 2025, pending customary closing conditions and shareholder approval.
This acquisition marks a significant addition to Thoma Bravo’s portfolio of vertical SaaS and mission-critical software companies, and signals renewed momentum in private equity-led M&A. So far this year, global PE deal value has reached approximately £580 billion, reflecting a 12% increase over the same period last year.
The deal underscores continued investor appetite for high-growth, tech-enabled service businesses and highlights Olo’s strategic value in the digitizing restaurant industry.
Coller Capital Closes Record $6.8B Private Credit Secondaries Fund
Coller Capital has announced the final close of Coller Credit Opportunities II (CCO II) with $6.8 billion in capital commitments, marking the largest-ever private credit secondaries fund raised to date. The milestone solidifies Coller's position as a market leader in the fast-growing private credit secondaries space.
The new fund brings Coller's total committed capital in private credit secondaries to $10.1 billion, more than quintupling the size of its inaugural $1.4 billion CCO I fund, which had also set a record at the time of its launch.
CCO II will focus on senior direct lending and high-quality performing credit, targeting both LP-led and GP-led secondary transactions. These strategies provide investors with exposure to performing credit assets, portfolio diversification, and a defensive posture in an increasingly complex and volatile market environment.
Michael Schad, Head of Coller Credit Secondaries, added: “Our credit-focused, disciplined investment approach and ability to execute large, complex deals continues to resonate with institutional investors globally. We expect sustained activity in LP-led and GP-led opportunities through 2025 and beyond.”
Investor interest in CCO II came from a diverse global base, including pensions, sovereign wealth funds, insurance companies, and other institutions seeking resilient, yield-generating alternatives to traditional fixed income.
The fund’s closing comes amid soaring private credit secondaries deal flow, with Coller assessing over $53 billion in opportunities since January 2024. Much of the demand is driven by limited partners seeking liquidity and general partners restructuring funds or extending hold periods.
Recent headline transactions led by Coller include the $1.6 billion acquisition of a senior direct lending portfolio from American National and the creation of a $1.6 billion credit continuation vehicle with Abry Partners—both landmark deals that highlight Coller’s scale and structuring expertise.
Founded in 1990, Coller Capital manages more than $30 billion in assets across private equity, credit, and infrastructure strategies, and remains one of the pioneers of the global secondaries market.
https://pe-insights.com/coller-capital-secures-record-6-8bn-for-private-credit-secondaries-fund/
Permira, CVC, EQT Among Bidders for PAG’s $1.6B Nuvama Stake
Global private equity heavyweights Permira, CVC Capital Partners, and EQT are leading the race to acquire a controlling stake in Nuvama Wealth Management, in a potential $1.6 billion deal, according to a report by the Economic Times.
PAG, the Asia-focused investment firm, currently holds 54.78% of Nuvama (formerly Edelweiss Wealth Management) and has formally launched a sale process after the stock more than doubled in value since its September 2023 listing. The firm had acquired control of Nuvama in 2021 for $325 million.
Despite recent volatility linked to regulatory actions involving a major client, Jane Street, Nuvama delivered strong financial results, including a 58% year-on-year profit increase in FY25 and a 31% return on equity, reinforcing its appeal among potential suitors.
Sources indicate that Permira, EQT, and CVC have moved into the due diligence phase, having submitted non-binding offers last month. Binding bids are expected later in July. Although HSBC was initially in the running, it has reportedly withdrawn. Warburg Pincus and ChrysCapital remain involved, with the latter potentially joining a consortium bid due to the size of the deal.
If completed, the transaction would trigger a mandatory open offer for an additional 26% of Nuvama’s equity, as per Indian takeover regulations.
While regulatory scrutiny and client concentration are seen as deal risks, private equity firms view Nuvama as a high-growth entry point into India’s underpenetrated wealth management sector, where just 15% of wealth is professionally managed, compared to about 75% in developed markets.
The deal reflects rising investor appetite for exposure to India’s growing affluence and evolving financial services landscape.