Deal Wrap: Velocity buys Parella Motorsports; Bain Capital invests in MaintainX

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

– Multistrategy alternative asset manager Sagard SAS agreed to acquire a stake in private equity and venture capital firm Performance Equity Management LLC. The deal is expected to close during the first quarter of 2024, subject to regulatory approvals. Finn Dixon & Herling LLP was legal adviser to Sagard. Berkshire Global Advisors was financial adviser and Goodwin Procter LLP was legal adviser to Performance Equity Management.

– Private equity firm Velocity Capital Management acquired Parella Motorsports Holdings, which owns and operates grassroots motorsports live events racing classifications across the US and Canada.

– Private equity firm Trive Capital Management LLC agreed to acquire Ten Entertainment Group PLC, an operator of tenpin bowling centers in the United Kingdom. Cavendish Capital Markets Ltd. was financial adviser to Trive. Lazard & Co. Ltd. was financial adviser to Ten Entertainment, according to S&P Global Market Intelligence data.

– Fidelity Management & Research Co. LLC led a $118 million series E round of funding for data storage solutions provider VAST Data Inc.

– Bain Capital Ventures LP led a $50 million series C round of funding for MaintainX Inc., a maintenance and frontline work execution platform.

– Fireside Investment Advisory LLP and PremjiInvest participated in a series C round of funding for sleeping solutions provider The Sleep Company Comfort Grid Technologies Pvt. Ltd., 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.