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There’s No Business Like Show Business: Truelink Acquires GES
- Viad Corp. has agreed to sell its GES business, a provider of exhibition and event services, to Truelink Capital for $535 million in cash.
- GES is a provider of exhibition and event services, serving customers in various industries such as healthcare, aerospace, technology, and retail.
- The transaction is expected to close before the end of 2024, with GES being led by its current president, Derek Linde.
- Truelink Capital, a private equity firm, plans to invest in GES to expand its service offerings and pursue organic and strategic growth.
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Peprofessional
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New Managing Director and Head of Investor Relations at Percheron
- Percheron Capital has appointed Megan Lundy as managing director and head of investor relations.
- Ms. Lundy brings more than 15 years of experience in investor relations, capital formation, and investment.
- Percheron recently closed its second fund, Percheron Capital Fund II LP, with $1.55 billion in commitments.
- The firm focuses on middle-market essential services businesses in various sectors.
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Guardian
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Image Credit: Guardian
New Water Commission must create an environmental enforcer that is feared
- An independent commission has been created to rectify the grossly inadequate regulation of water companies and their oversight.
- This new commission led by Sir Jon Cunliffe will focus on strengthening regulation, boosting investment and informing reform of the water sector.
- An enforcement body that is feared needs to be created to regulate the environmental aspect of the industry.
- The division of responsibilities between different industry regulators has not worked and a better whole-system regulator needs to be established.
- Water companies perform better on environmental reasons when listed on the stock exchange due to greater accountability and transparency.
- The settlement in 2004 was generous to water companies and led to an elevation of debt with limited enforcement of misconducts by Environment Agency.
- The new commission needs to prioritize the creation of an environmental enforcement body.
- Not-for-profit companies aren't the answer either, since Welsh Water has shown that environmental performance would not improve under such a company.
- The water industry needs to be prodded back to the stock market to improve financial performance, accountability, and transparency.
- The idea of nationalization of water companies has been ruled out as it doesn't offer a simple solution to the sector's problems.
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Hitconsultant
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Image Credit: Hitconsultant
Zombie Investments: The State of Private Equity in Healthcare
- Private equity (PE) firms are facing challenges in the healthcare services sector due to a confluence of factors including challenges recruiting and retaining physicians, reimbursement headwinds, accelerating labor costs and restrictive antitrust policies.
- Over the past decade, institutional capital poured into healthcare services and physician practice management companies.
- PE-backed physician platforms have found the variability in clinical practices and patient preferences across markets has limited the ability to achieve back-office efficiencies while accelerating labor costs and a challenging reimbursement environment have squeezed margins.
- Acquisition-driven growth strategies for PPMs have proven very risky, requiring high levels of leverage and added integration.
- As a result of several high-profile bankruptcies and a growing level of layoffs, clinic closures and service reductions caused by cash-strapped PE platforms, Lawmakers are increasingly wary of PE’s involvement in healthcare with its focus on profit maximization.
- Finding buyers has become increasingly difficult, leaving PE firms holding onto healthcare assets longer than intended.
- Amidst the turmoil, there are opportunities for innovation and collaboration.
- Opportunities exist within many sectors to “disaggregate” platforms, creating local or regional platforms that can operate more efficiently and responsively.
- By learning from the mistakes of the past and embracing a more sustainable approach, PE can still play a role in shaping the future of healthcare.
- PE firms will need to adapt their strategies by focusing on smaller deals, partnerships with payors and existing health systems, and reducing leverage.
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Guardian
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Image Credit: Guardian
France to take stake in Sanofi unit to quell backlash over sale to US firm
- The French government is to take a stake in Sanofi's consumer healthcare division to quell backlash over the sale to US firm CD&R.
- Sanofi is spinning off Opella, which produces popular brands such as Doliprane and Dulcolax.
- France's state-owned investment bank, Bpifrance, will take a 2% stake in Opella if the deal goes through.
- The move aims to ensure French jobs and maintain control over Opella's operations.
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Peprofessional
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Corbel Closes New Lower Middle Market Fund
- Corbel Capital Partners has closed Corbel Equity Partners SBIC LP (CEP III) with over $200 million in capital commitments.
- CEP III is one of the first licensees approved by the Small Business Administration (SBA) under its new accrual program.
- CEP III will make growth and buyout investments of $10 million to $25 million in companies that have less than $100 million of revenue and less than $20 million in EBITDA.
- With the closing of CEP III, Corbel has now raised more than $1 billion in capital and has invested in over 50 platform investments.
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Peprofessional
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Achieve Buys Ascend with Abacus Backing
- Achieve Partners has invested in Ascend Partners, a provider of consulting and software services for financial process management.
- Ascend specializes in implementing and managing OneStream software for financial consolidation, reporting, budgeting, planning, and forecasting.
- Ascend aims to modernize the financial planning and analysis (FP&A) sector, which is still heavily reliant on Excel.
- Abacus Finance Group provided the senior secured credit facilities and made an equity co-investment in Ascend, backing the acquisition.
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Siliconangle
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Image Credit: Siliconangle
Permira completes its $7.2B acquisition of Squarespace
- London-based investment firm Permira has completed its acquisition of Squarespace Inc. in a $7.2 billion deal.
- Squarespace operates a cloud platform for website hosting and design without coding.
- The deal faced opposition but was eventually accepted by investors.
- Squarespace founder Anthony Casalena will continue to lead the company.
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TechCrunch
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Image Credit: TechCrunch
The 14 biggest take-private PE acquisitions so far this year in tech
- Private equity has been a powerful source of liquidity for technology startups and scale-ups in search of an exit.
- According to PitchBook, by the midway point of 2024, there had been 97 take-private deals, which is similar to last year's figure.
- Of the 46 take-private deals in the tech sector, some were acquisitions of product-centric companies valued at $1 billion or over.
- The list of companies includes Adevinta, which was acquired by private equity firms Permira and Blackstone for $13 billion.
- Smartsheet, which was acquired by Vista Equity Partners and Blackstone for $8.4 billion.
- Squarespace, acquired by UK-based private equity firm Permira in a $7.2 billion all-cash deal.
- Canadian fintech Nuvei entered a $6.3 billion agreement in April to be taken private by Advent International.
- K-12 education software provider PowerSchool was taken private by Bain Capital, valuing the company at $5.6 billion.
- UK cybersecurity giant Darktrace is set to go private in a $5.3 billion deal spearheaded by Thoma Bravo.
- Pet-sitting marketplace Rover was acquired by Blackstone for $2.3 billion.
- Model N was acquired by Vista Equity Partners for $1.25 billion.
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TechCrunch
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Image Credit: TechCrunch
Subscription management firm Zuora agrees to be acquired for $1.7B
- Subscription management firm Zuora has agreed to be acquired by private equity firms GIC and Silver Lake for $1.7 billion.
- The all-cash deal is expected to close in Q1 2025, subject to approvals and customary closing conditions.
- Tien Tzuo, Zuora's CEO and chairman, will continue to lead the company.
- Zuora offers tools to help companies keep track of subscription payments, pricing, and accounting.
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Funded
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Image Credit: Funded
Tako Funded $5.75M to Boost AI Research Platform for Factual Information
- San Francisco-based startup Tako has received $5.75 million in funding to enhance its AI-driven research platform.
- The funding round was led by Kevin Hartz at A* and Ramtin Naimi at Abstract Ventures.
- Tako's platform aims to combat misinformation by providing users with accurate, factual information.
- The company plans to expand into new markets and sectors, including government agencies and non-profits.
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Guardian
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Image Credit: Guardian
Cutting red tape will give private equity a free pass | Letters
- The growth mantra of Keir Starmer and Rachel Reeves, including slashing regulation and red tape, is concerning.
- Regulation is created to address serious problems, and cutting red tape may have unintended consequences.
- The government's focus on attracting private equity investors raises concerns about their tactics, such as 'buy, strip, and flip.'
- Previous transgressions by companies like DP World and governments like the UAE and Saudi Arabia are overlooked for financial gain.
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Peprofessional
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Acquisitive Precinmac Purchased by Centerbridge
- Centerbridge Partners has agreed to acquire Precinmac, a manufacturer of high-complexity precision parts.
- Precinmac's capabilities include precision milling and turning, multi-axis machining, molding and grinding, and close tolerance fabrication.
- Centerbridge is acquiring Precinmac from Pine Island Capital Partners, Bain Capital's Private Credit Group, and Compass Partners Capital.
- The transaction is expected to close in the fourth quarter of 2024.
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Peprofessional
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STS Aviation Group Switches Sponsors
- H.I.G. Capital has acquired STS Aviation Group from Greenbriar Equity Group.
- STS Aviation Group provides maintenance, repair, and overhaul (MRO) services for aircraft.
- Greenbriar acquired STS in 2019 and helped in its growth strategy.
- H.I.G. Capital specializes in providing capital to small and medium-sized companies.
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Guardian
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Image Credit: Guardian
US group Advent International ‘preparing bid for Tate & Lyle’
- US private equity firm Advent International is reportedly preparing a bid for UK company Tate & Lyle.
- Shares in Tate & Lyle surged by 13% following reports of Advent's interest.
- If a bid comes, it would value Tate & Lyle above its current market value of £2.8bn.
- Advent has previously made UK acquisitions, including the purchase of Cobham in 2020.
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