Newsletter Edition 81
Aug 22, 2025
Ames Watson to Acquire Claire’s North American Operations in $104M Deal
Ames Watson has agreed to acquire the North American operations of Claire’s for $104 million in cash, according to Reuters citing recent court filings. The deal comes as the fashion jewelry and accessories retailer navigates Chapter 11 bankruptcy with more than $690 million in debt.
The transaction, pending court approval, covers the Claire’s brand and up to 950 retail locations in the U.S. and Canada. Ames Watson plans to keep at least 795 stores open, halting previously announced liquidation sales at those locations.
Under the deal structure, Ames Watson will assume select liabilities tied to vendors and landlords, extend $36 million in credit to address outstanding obligations, and retain Claire’s existing retail workforce. Additional non-cash consideration will support operational continuity during restructuring.
Claire’s, which targets the teen and tween market, operates more than 2,300 stores in 17 countries. The sale aims to stabilize its North American footprint and reposition the business amid macroeconomic pressures and sector-specific challenges.
Ames Watson, owner of Lids and Champion Teamwear, said the acquisition aligns with its strategy of investing in iconic consumer brands. The transaction is expected to be reviewed for approval at an upcoming court hearing in Wilmington, Delaware.
TPG Closes $4.8B Growth Fund, Surpassing Target
TPG has closed its latest growth equity vehicle, TPG Growth VI, at $4.8 billion, exceeding its original $4 billion target, amid strong demand from both existing limited partners and new investors across the Middle East, Asia, and Latin America, according to Bloomberg.
The raise, completed in under two years, extends TPG’s growth equity strategy launched in 2007, which focuses on high-growth companies in sectors including software, enterprise technology, internet and digital media, healthcare, and business services.
Despite a challenging exit environment for private equity, around 40% of the fund has already been committed across 10 deals, including Schott Pharma, Cliffwater, and K2 Medical Research. As of June 30, TPG Growth managed $20.2 billion in AUM and recorded $2.3 billion in exits this year—maintaining a 2:1 ratio of realizations to new investments.
Co-managing partners David Trujillo and Matt Hobart said the fund targets businesses capable of 20–30% growth, securing governance influence through control positions or significant minority stakes of at least 20%. Trujillo noted TPG avoided overexposure to unprofitable tech during the 2020–21 boom, while Hobart emphasized sector selection and thematic focus over macroeconomic timing.
Select deals from the fund will also be syndicated to TPG Private Equity Opportunities, the firm’s co-investment platform for high-net-worth investors. TPG, which oversaw $261 billion in AUM at the end of June, reported a 30% year-on-year increase in Q2 after-tax distributable earnings to $268.3 million.
Thoma Bravo in Advanced Talks to Acquire Dayforce for $11.2 Billion
Thoma Bravo is in advanced negotiations to acquire Dayforce in a deal valued at $11.18 billion, according to a statement from the human capital management (HCM) software provider cited by Reuters.
The proposed $70 per share offer represents a 32.4% premium to Dayforce’s share price prior to reports of the talks on 15 August. Shares rose about 3% in early trading following the announcement.
If completed, the transaction would mark the latest in a string of private equity buyouts of enterprise software firms, reflecting sustained sponsor appetite for recurring revenue businesses with AI and automation growth potential.
The HCM sector has seen a wave of M&A activity in recent years, including Paychex’s $4.1 billion acquisition of Paycor earlier in 2025 and ADP’s $1.2 billion takeover of WorkForce Software in 2024. These deals highlight intensifying competition as providers race to expand platform capabilities and market share.
Dayforce shares are down more than 9% year-to-date, underperforming peers amid labour market uncertainty and macroeconomic headwinds. The company stressed there is no guarantee that a final agreement will be reached.
https://pe-insights.com/11-2bn-buyout-talks-put-thoma-bravo-in-pole-position-for-dayforce/