Vestar’s $1.2B Continuation Deal Fuels Circana’s Global Expansion

The continuation vehicle structure used in this deal reflects a now‐common GP-led secondary/private equity method, where investors are given options to redeem or rollover into a new vehicle. For Circana, Vestar’s arrangement provides existing LPs with partial or full liquidity, while bringing in fresh capital earmarked for growth initiatives. [1] This allows the firm to extend its runway without the pressure of a full exit or IPO, which may be difficult in a slower exit environment.

Circana’s ownership and pedigree are key to understanding its strategic positioning. The company was formed in August 2022 by merging Information Resources, Inc. (IRI), supported by Vestar and New Mountain Capital, with The NPD Group, owned by Hellman & Friedman. [1][4] As of March 2023, the unified brand name “Circana” was adopted. [4] Its data assets are extensive: tracking over 2,000 categories, in over 500,000 stores, and advising nearly 7,000 brands globally. [4] This high coverage and cross-industry breadth give it both scale and defensibility.

The involvement of secondary‐market heavyweights such as Blackstone Strategic Partners and HarbourVest suggests strong institutional conviction in the underlying market research/data analytics sector and suggests that anticipated return profiles, even post-rollover, are attractive enough to justify entry by such firms. [1] Circana’s capability to deepen across existing clients and expand geographically or into adjacent media measurement is highlighted as uses for the committed capital. [1]

A recent related development: in June 2025, Circana acquired NCSolutions (a Nielsen-Catalina media effectiveness JV) to expand its media measurement and advertising optimisation capabilities. [7] This indicates a clear inorganic growth path and signals how the fresh capital from the continuation vehicle may be deployed to integrate and scale such capabilities, potentially driving multiple expansion but also execution complexity.

Open questions remain around valuation‐based metrics, governance around decisions to roll versus redeem, the terms for investors rolling over interests (e.g. fees, carry, covenants), and whether Circana’s growth path—both organic and via M&A—can deliver sufficient margin improvement and return in a competitive landscape marked by rising data privacy regulation, macroeconomic volatility, and competition from both traditional firms and AI/data platform entrants.