Key Takeaways
- • TPG acquires 61.2% controlling stake in Lotte Rental, South Korea's largest car rental company, for $925 million (KRW 1.31 trillion) at KRW 59,000 per share, leveraging mobility sector expertise from Uber investment to drive growth.
- • Lindsay Goldberg secures majority stake in Alro Steel, a US metals and plastics distributor with 80+ locations across 16 states and 50,000+ customers, while founding Glick family retains significant ownership and operational control.
- • Cerberus Capital Management completes exit of Resonant Sciences to Joby Aviation after three-year ownership, with the Ohio-based defense technology company nearly doubling its technical workforce and advancing radar, navigation, and communications systems into production.
- • All three transactions underscore continued PE investor appetite for operational platforms in mobility, industrials, and aerospace-defense sectors, with emphasis on management retention and organic expansion capital.
- • Lotte Rental deal remains subject to South Korean antitrust approval, representing a strategic bet on Asian mobility consolidation.
Summary
Three significant private equity transactions closed or advanced in mid-August 2026, signaling continued institutional investor confidence across mobility, industrial distribution, and advanced defense technology sectors.
TPG's $925 million acquisition of a controlling 61.2% stake in Lotte Rental represents the firm's latest mobility sector investment, building on its established track record with Uber. The South Korean car rental operator was acquired at KRW 59,000 per share from Hotel Lotte and Busan Lotte Hotel following a competitive bidding process that replaced an earlier agreement with Affinity Equity Partners terminated in May. As the nation's largest car rental company, Lotte Rental presents TPG with a platform for operational scaling in a mature Asian mobility market. The transaction requires approval from South Korean antitrust authorities, introducing a regulatory timeline consideration for investors tracking the deal.
Lindsay Goldberg's acquisition of a majority stake in Alro Steel reinforces PE appetite for fragmented industrial distribution assets. The 78-year-old metals and plastics distributor operates 80+ locations across 16 US states and serves more than 50,000 customers across North America. Notably, the founding Glick family will retain "significant ownership interest" and continue leading operations, a structure increasingly common in large-cap acquisitions seeking to preserve institutional knowledge and customer relationships. The investment targets organic expansion across both metals and plastics divisions while maintaining existing brand, management, and operating model—signaling Lindsay Goldberg's preference for platform stability over aggressive transformation.
Cerberus Capital Management's exit of Resonant Sciences to Joby Aviation caps a three-year ownership period that substantially expanded the Ohio-based defense contractor's capabilities. During Cerberus's tenure, Resonant doubled its technical workforce, expanded manufacturing capacity, and advanced multiple radar, navigation, and communications technologies from research into production for US national security programs. The sale reflects both Cerberus's investment thesis completion and broader consolidation among aerospace-defense suppliers serving government customers.
TPG's $925 million acquisition of a controlling 61.2% stake in Lotte Rental represents the firm's latest mobility sector investment, building on its established track record with Uber. The South Korean car rental operator was acquired at KRW 59,000 per share from Hotel Lotte and Busan Lotte Hotel following a competitive bidding process that replaced an earlier agreement with Affinity Equity Partners terminated in May. As the nation's largest car rental company, Lotte Rental presents TPG with a platform for operational scaling in a mature Asian mobility market. The transaction requires approval from South Korean antitrust authorities, introducing a regulatory timeline consideration for investors tracking the deal.
Lindsay Goldberg's acquisition of a majority stake in Alro Steel reinforces PE appetite for fragmented industrial distribution assets. The 78-year-old metals and plastics distributor operates 80+ locations across 16 US states and serves more than 50,000 customers across North America. Notably, the founding Glick family will retain "significant ownership interest" and continue leading operations, a structure increasingly common in large-cap acquisitions seeking to preserve institutional knowledge and customer relationships. The investment targets organic expansion across both metals and plastics divisions while maintaining existing brand, management, and operating model—signaling Lindsay Goldberg's preference for platform stability over aggressive transformation.
Cerberus Capital Management's exit of Resonant Sciences to Joby Aviation caps a three-year ownership period that substantially expanded the Ohio-based defense contractor's capabilities. During Cerberus's tenure, Resonant doubled its technical workforce, expanded manufacturing capacity, and advanced multiple radar, navigation, and communications technologies from research into production for US national security programs. The sale reflects both Cerberus's investment thesis completion and broader consolidation among aerospace-defense suppliers serving government customers.
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