Blackstone explores $3 billion sale of sustainability software firm Sphera, sources say
NEW YORK, April 29 (Reuters) - Blackstone (BX.N), opens new tab is exploring a $3 billion sale of Sphera, a sustainability software and consulting services provider, according to three people familiar with the matter.
The private equity firm has hired investment bankers at William Blair and Evercore to run the sale, which is in its early stages, said the people who requested anonymity speaking about confidential matters.
Chicago, Illinois-based Sphera, provides risk management software as well as data and consulting services to corporations to help them stay compliant with environmental, health, safety and sustainability guidelines and other related matters.
The company has served more than 8,400 customers globally across 95 countries, according to Sphera's website. Some of its global customers include Danone, Siemens, Mercedes-Benz, Wrangler, and others.
Sphera generates over $300 million in annual revenue and more than $100 million in earnings before interest, taxes, depreciation, and amortization (EBITDA), the sources said. The company is expected to fetch close to $3 billion in a potential sale, the people added.
Blackstone planned to shed twice as many portfolio holdings in 2025, compared to last year. However, dealmaking has cooled since the Trump administration sparked a global trade war in early April.
Despite the slowdown in M&A, private equity firms are facing pressure to return capital to their limited partners (LPs), leading to process launches of private equity's most resilient assets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
an hour ago
- Scottish Sun
Major café chain with 473 locations in UK to shut busy branch just 3 years after it reopened with staff ‘left in tears'
Shoppers have been left stunned as the chain announced the shock closure HAS BEAN Major café chain with 473 locations in UK to shut busy branch just 3 years after it reopened with staff 'left in tears' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR café chain with 473 locations in the UK is due to shut a popular branch with staff 'left in tears'. Pret A Manger has announced its closing the store, just three years after it re-opened. Sign up for Scottish Sun newsletter Sign up 1 The closure of the branch has seen staff 'left in tears' Credit: Getty - Contributor The Gallowtree Gate branch in Leicester City Centre, initially closed in 2020 due to "the effects of the pandemic". However, it made a shock return following an announcement two years later. It re-opened on July 25, 2022 at the same location. But rumours started swirling earlier this week that the popular chain was to shut for good once again. A source told Leicestershire Live that staff were told on Thursday and that there were "lots of tears". A spokesperson for Pret A Manger confirmed that they will be leaving Leister for a second time. They did not give a specific date for the closure but it is expected to be some time in July. They said: "It has been a pleasure serving our customers at Pret's Gallowtree Gate shop in Leicester. "Closing a shop is never a decision we take lightly, and our priority now is supporting our team members." Shoppers were recently stunned when another Pret A Manager branch suddenly closed with no warning in April. The store in Gunwharf Quays, Portsmouth, caught loyal customers by surprise and had been a well-loved part of the outlet centre for years. Another chain, Starbucks, which has over 1,000 UK venues also abruptly pulled the plug on one of its stores in Oxford last month. Pret opened its first shop in London in 1986 and the chain employs 12,500 staff in more than 700 locations across 21 countries. The Sun reported previously reported that Pret's owner, Luxembourg-based Jab Holding, was planning a stock market flotation and could consider selling a stake in the business first. JAB, which also owns Krispy Kreme doughnuts and Keurig Dr Pepper, has ambitions in the insurance and asset management industry and wants to reduce its reliance on the consumer sector. The chain came under fire from customers in April following sweeping changes to its Club Pret subscription. Once offering five free barista-made drinks a day for £30 a month, members now only receive 50 per cent off five drinks a day instead.
Scottish Sun
5 hours ago
- Scottish Sun
Hobbycraft to close NINE shops today as part of huge restructuring plan – is your local going
See the full list of stores closing below CLOSING TIME Hobbycraft to close NINE shops today as part of huge restructuring plan – is your local going Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SHOPPERS are running out of time to pick up craft and art essentials from selected stores as a high street chain axes nine outlets. Hobbycraft is closing shops in towns including Bristol, Dunstable, Borehamwood and Basildon today. Sign up for Scottish Sun newsletter Sign up 1 Hobbycraft is closing nine shops in a blow to locals Credit: PA The high street favourite is also closing two sites in Essex, one in Gloucestershire, plus another in Kent. The stores closing their doors makeup at least nine Hobbycraft stores that have been earmarked for closure this year. Local customers have been disappointed by the news. Bristol residents describing it as a "shame" on social media. The local store is sure to be missed as another customer said they needed to find another "rainy day activity" referencing the store's numerous crafting goods. Talking about the closure, a Kent-based shopper said: "Oh noooooo it's the only one I go to regularly as the rest are too far away!". Another resident said they would "need therapy" following news of the closure. Closing down sales have been ongoing across the stores, with up to 70% off some items. Here is the full list of stores shutting Canterbury, Kent Basildon, Essex Borehamwood, Hertfordshire Bristol, Imperial Retail Park Dunstable, Bedfordshire Epping Forest, Essex Lakeside Shopping Centre, Essex Cirencester, Gloucestershire Bagshot, Surrey I transformed my boring, old fence using an electric stapler and bargain buys from Hobbycraft and Amazon The closures come as new owner Modella Capital is launching an overhaul of the chain after buying Hobbycraft in August last year. Modella also recently agreed to purchase WHSmith's high street business. The move is set to impact between 72 and 126 jobs. Retail woe Hobbycraft is not the only retailer scaling down operations. Up to 11 Original Factory Shops stores are to set to close this month, including sites across Worcestershire, Durham and Cumbria. And another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been put up for sale. Private equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores. You can see the full list of store closures here: Milford Haven, Pembrokeshire - June 26 Perth - June 28 Chester Le Street, County Durham - June 28 Arbroath, Angus - June 28 Kidwelly, Carmarthenshire - June 28 Pershore, Worcestershire - June 28 Normanton, West Yorkshire - June 28 Peterhead, Aberdeenshire - June 28 Shaftesbury, Dorset - June 28 Staveley, Cumbria - July 12 Middlewich - TBC The following stores are also up for sale: Nairn Market Drayton Troon Blairgowrie Castle Douglas RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Scottish Sun
5 hours ago
- Scottish Sun
Israel will keep bombing Iran's nuke sites even without Trump – we will finish the job, says Netanyahu's ex-adviser
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ISRAEL will continue blitzing Iran's nuclear sites with or without the US joining strikes, Benjamin Netanyahu's ex-adviser says. It comes as Donald Trump has revealed he has opened a two-week window for talks as he mulls whether America will intervene in the conflict. Sign up for Scottish Sun newsletter Sign up 9 Israel has already struck a number of nuclear targets in Iran Credit: AFP 9 Damage inflicted on Tel Aviv after a missile Credit: Getty 9 Netanyahu will push on with his bombing campaign with or without US help Credit: EPA 9 Iran and Israel have been trading missiles for over a week Credit: Getty The US president, through White House press secretary Karoline Leavitt, said there is "a substantial chance of Iran in the near future". Trump had previously tried to curb Tehran's sprawling nuclear scheme through diplomacy. He gave Iran's regime 60 days to thrash out a deal - a deadline that passed two days before Israel unleashed unprecedented strikes on Iran's nuke sites last Friday. Trump has this week been weighing whether to give the green light for the US to step in and deploy a 15-ton mega bunker buster bomb. America's intervention has repeatedly been touted by Trump, who warned Iran would suffer the "full strength and might" of his military. But Netanyahu's ex-adviser Nadav Shtrauchler - who told The Sun the Israeli PM was preparing to strike Iran alone days before he did - said the embattled nation is prepared to carry on without the US. He said: "Of course Israel can carry on. "I think it is going swifter here than people thought when they planned it. "So Israel can proceed and have many targets to go through." Strategic adviser Shtrauchler said he believes the conflict will end with an agreement being thrashed out - and said America's involvement could change the course of the conflict. How Trump COULD destroy Iran's prize nuclear bunker US participation would most likely involve strikes against Iran's underground Fordo uranium enrichment facility, considered to be out of reach to all but America's bunker-buster bombs. Shtrauchler added: "It's a different story with the US, both with the military and the geopolitical side. It's a big deal and will change things. "It's going to end with an agreement if the regime does not fall, but it is too soon to know that. "So if the US decides against intervening you wil see more from the Israel side and at some point it will end with an agreement. "It will make an effect and will change the end result. "But for now we can see that Israel is working very well itself and we can proceed like this - not without the US support but without the US intervening." It comes as Israel and Iran continue to trade heavy blows - with no sign of de-escalation in the weeklong battle. Israel's 'Churchill moment' by Katie Davis, Chief Foreign Reporter (Digital) BRITAIN will never be safe until Iran's nuclear scheme is wiped out, Israel's ambassador told The Sun. Tzipi Hotovely said Israel is facing its "Churchill moment" and doing the UK a "huge service" by wiping out the rogue state's efforts to create a nuke weapon. She also rebuked Sir Keir Starmer's calls for de-escalation as she insisted Tel Aviv acted at the "last minute" to save their country from "nuclear holocaust". The PM - who chaired an emergency Cobra meeting this week - has insisted that the UK wants to de-escalate the situation and resolve it through diplomacy. But Amb. Hotovely said Iran had its chance for diplomacy during Donald Trump's 60-day deadline to thrash out a deal over its nuclear programme. And she warned the UK would never be safe until Iran loses any chance of developing a nuke. The diplomat said Israel is facing its "Churchill moment" as Netanyahu finds himself in a similar position as the British wartime leader did in 1940 - drawing the US into a war with its enemy. Speaking to The Sun at its headquarters in London, she said: "When they're calling for de-escalation, you need to understand that the only way to de-escalate the situation is by removing the threat. "As long as Iran will race faster to have its ballistic missile programme that can destroy cities in Israel, if we will let them continue with that, cities in the UK won't be safe." READ THE INTERVIEW HERE European and Iranian officials met yesterday in Geneva, and Trump has said he will allow two weeks for negotiations before deciding whether to strike the rogue nation. Iran's foreign minister Abbas Araghchi made a condition for renewed talks a ceasefire, saying: "There is no room for negotiations with the U.S. until Israeli aggression stops." Talks later on Friday between Araghchi and officials from the EU ended without a breakthrough after four hours. No date was set for the next round of talks, aimed at getting Iran back to the negotiating table with the US. Missiles continued to rain down in Iran and Israel as the talks were held on Friday in a scramble to de-escalate the conflict. Netanyahu has insisted Israel's military operation in Iran would continue for as long as it takes to eliminate the "existential threat" of Iran's nuclear program and arsenal of ballistic missiles. 9 9 Trump will decide within two weeks whether to join Israel's campaign Credit: Getty 9 Smoke pours from Iran's state broadcaster building following an Israeli attack Credit: Reuters 9 Iran's supreme leader Ayatollah Ali Khamenei is refusing to back down Credit: AFP Israel's top general echoed the warning, saying the Israeli military was ready for a prolonged campaign. Iran previously agreed to limit its uranium enrichment and allow international inspectors access to its nuclear sites under a 2015 deal. But after Trump pulled the US unilaterally out of the deal during his first term, Iran began enriching uranium up to 60 per cent a short, technical step away from weapons-grade levels of 90 per cent. Access was also restricted access to its nuclear facilities. Netanyahu signed off a plot to bomb Iran's nuke facilities last week - killing several of its top generals and nuclear scientists, and striking several nuclear facilities. Iran has retaliated by firing 450 missiles and 1,000 drones at Israel, according to Israeli army estimates. Most have been shot down by Israel's multitiered air defenses, but at least 24 people in Israel have been killed and hundreds wounded.
