Deal Wrap: GI Partners to buy DQE Communications; First Reserve acquires AP4

Deal Wrap is updated as of 4 p.m. ET.

– Private equity firm GI Partners agreed to acquire DQE Communications LLC, a subsidiary of Duquesne Light Holdings Inc. that provides high-speed data networking. The deal is expected to close in the first half of 2024. J.P. Morgan served as financial adviser to Duquesne Light Holdings, and Taft Stettinius & Hollister LLP acted as legal counsel. TD Securities served as financial adviser to GI Partners, and Simpson Thacher & Bartlett LLP was legal counsel.

– Private equity firm Sentinel Capital Partners LLC recapitalized Online Labels Group LLC, a provider of pressure-sensitive labels, shrink sleeves and flexible packaging solutions.

– Real estate private equity firm TriPost Capital Partners LLC made a strategic investment in value-add life science real estate investor South Duvall.

– Private equity firm First Reserve Management LP acquired AP4 Group LLC, a provider of power plant and turbomachinery maintenance services.

– Lux Capital Management LLC, Nextech Invest Ltd. and The Column Group Management LP participated in a $40 million round of funding for biotechnology company Atavistik Bio Inc.

– Healthcare services business Employer Direct Healthcare LLC announced a $92 million secondary investment from Insight Venture Management LLC.

– Investment firm L2 Point led a $45 million equity round of funding for SimSpace Corp., a developer of government-grade cyber ranges.

– Lightspeed Ventures LLC led a $15 million series A round of funding for ScaleOps Labs Ltd., a startup specializing in cloud resource management, according to S&P Global Market Intelligence data.

– GV Management Co. LLC and Viking Global Investors LP co-led a $155 million round of series C-2 funding for photonic supercomputer company Lightmatter Inc.

– Frazier Management LLC and Longitude Capital Management Co. LLC co-led an $85 million series B round of funding for biotechnology company Lassen Therapeutics 1 Inc.

– The Column Group Management LP and Dimension Management LP led a $55 million series A round of funding for biotechnology company Kimia Therapeutics.

– InvAscent Capital Partners II Ltd participated in an approximately $13.2 million round of funding for Fleming Laboratories Ltd., a supplier of generic active pharmaceutical ingredients, according to S&P Global Market Intelligence data.

For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.