Deal Wrap: Peak Rock to carve out Steris unit; Fortress acquires Poundstretcher

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

– A Peak Rock Capital LLC affiliate will purchase HuFriedyGroup, the dental segment of Irish healthcare products and services company Steris PLC, in a $787.5 million carve-out transaction. An additional $12.5 million in earnout compensation for Steris is linked to the achievement of revenue targets in HuFriedyGroup's 2025 fiscal year. Guggenheim Securities is financial adviser and Jones Day is legal adviser to Steris on the deal, which is expected to close during the first quarter of fiscal year 2025.

– Fortress Investment Group LLC added UK-based discount retailer Poundstretcher Ltd. to its portfolio.

– Basic Capital Management Ltd. acquired Japanese courier service Keiyo Int'l Logistics Co. Ltd.

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.