Private Equity

CVC Capital Partners' US$4.3 billion acquisition of IFF's food ingredients business
White & Case advised CVC Capital Partners on CVC Funds' pending acquisition of IFF's food ingredients business, a globally recognized leader in texturants, emulsifiers, plant-based solutions and other specialty ingredients. As part of this complex, cross-border carveout, IFF chose to retain an approximately 10% minority equity interest in the business, enabling ongoing collaboration between IFF and Food Ingredients and ensuring that IFF and its shareholders can share in future value created under its new ownership. White & Case has previously advised CVC on a range of transactions, including their acquisitions of Epicor, Veritext, Examworks and MedRisk.

Brookfield Renewable's US$7 billion acquisition of Aypa Power
White & Case advised Brookfield Renewable on Brookfield's US$7 billion acquisition of Aypa Power from funds managed by Blackstone Energy Transition Partners. The transaction gives Brookfield a scaled entry into the North American battery energy storage market through Aypa's diversified portfolio of operating, under-construction and contracted projects, alongside its development platform and approximately 200-person team. Aypa has 6.5 GW of operating and contracted battery capacity and more than 20 GW in development across the United States and Canada. The mandate underscores White & Case's leading role in complex private capital investments in energy and energy-transition infrastructure.

EQT's investment in Karo Healthcare accelerates European consumer health growth
EQT entered into a significant investment in Karo Healthcare, a leading European over-the-counter and consumer health platform. The transaction supports Karo's buy-and-build strategy across key therapeutic categories and core European markets, with a focus on expanding its portfolio of well-known consumer brands and strengthening its omnichannel distribution capabilities. By partnering with EQT, Karo is positioned to accelerate growth, drive operational excellence and further consolidate its role as a scale player in the European consumer health sector. White & Case advised EQT on the transaction, which highlights our experience in complex private equity deals and our ability to support clients in executing strategic growth investments.

Triton Partners' sale of Ramudden Global to I Squared Capital
Triton Partners sold Ramudden Global, a leading international provider of traffic management and infrastructure safety solutions that support the maintenance and upgrade of essential transport and utility networks, to global infrastructure investor I Squared Capital. The transaction showcases Triton's repeatable buy-and-build strategy combined with its hands-on operational value creation capabilities. During Triton's ownership, Ramudden Global expanded its geographical reach by completing more than sixty six add-on acquisitions and rolled out market-leading digital technology across the group. Triton has an option re-invest up to twenty percent of the equity going forward as a new commitment. White & Case advised Triton on the Sale and re-invest option, as well as previously advising Ramudden Global on its add-on acquisitions of RSG International, Curtin Co LLC and Carolina Traffic Devices LLC.

CVC's strategic investment in Dream Games
White & Case advised Dream Games, the developer and publisher of globally renowned mobile games Royal Match and Royal Kingdom, on a strategic investment from CVC. The transaction initiated a strategic partnership with CVC as Dream Games' sole equity partner and provided liquidity to its initial venture capital partners, who exited after over five years. Funds managed by Blackstone and other investors provided debt financing as part of the transaction. In recognition of the team's work on this landmark deal, White & Case was named "Private Equity Team of the Year" at the Law Middle East Awards 2025. The transaction was also named "Deal of the Year for Türkiye" at the CEE Legal Matters Deal of the Year Awards.