Deal Wrap: Avathon acquires Magical Beginnings; GIC leads funding round for Zum

Deal Wrap is updated as of 3 p.m. ET.

– Funds managed by Clayton Dubilier & Rice LLC acquired a stake in specialty building products distributor Foundation Building Materials Inc. from affiliates of American Securities LLC, which will continue to own a majority stake in the business. Debevoise & Plimpton LLP acted as legal counsel to Clayton Dubilier & Rice, and Weil Gotshal & Manges LLP served as legal counsel to American Securities. RBC Capital Markets LLC was financial adviser to Foundation Building Materials.

– Thompson Street Capital Manager LLC and Cequel III LLC acquired a controlling interest in DDC Cabinet Technology, a company that designs and manufactures data center cabinet and cooling solutions. Hogan Lovells US LLP was legal adviser to Cequel III, while Kirkland & Ellis LLP was legal adviser to Thompson Street. VLP Law Group LLP acted as legal adviser and DH Capital served as financial adviser to DDC.

– Avathon Capital, a part of Sterling Partners, acquired Magical Beginnings Learning Centers, a network of early childhood education centers.

– GIC Pte. Ltd. led a $140 million series E funding round for student transportation company Zum Services Inc.

– YL Ventures GP Ltd. led a $10 million seed funding round for cybersecurity business Aim Security.

– Benepass Inc., a benefits platform, raised $20 million in additional funding led by Clocktower Technology Ventures and Portage Ventures LP.

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