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Advent, BCI complete Maxar take-private deal; 3 deals in event management

Good morning dealmakers, thank goodness it’s Friday!

It’s Obey Martin Manayiti here with the newsletter.

To cap off the week, I am looking at three recent private equity deals in the events management sector from Blackstone, General Atlantic and EagleTree.

I will also look at Clairvest Group’s investment in the casino business and other gaming facilities in New Hampshire.

But first, let’s look at a big take-private deal led by Advent International that closed earlier this week and a deal from Palladium announced earlier this morning.

Satellite products

Boston based, Advent International and British Columbia Investment Management Corporation have closed their previously announced take-private buyout of Maxar Technologies, a geospatial intelligence company, for $6.4 billion.

Pre-erected buildings

Trachte, an Oregon, Wisconsin-based portfolio company of Palladium Equity Partners, a New York-based PE firm, has acquired Parkline Inc, an Eleanor, West Virginia-based manufacturer of highly engineered metal buildings for industrial and commercial applications.

Events management

The events business is growing rapidly, fueled by technology and a resurgence in the hospitality industry after the pandemic-induced hiatus.

Private equity investments in providers of event technology and services are picking up, and I’ve rounded up three recently announced deals in the sector.

Cashing in chips

Toronto-based Clairvest Group has partnered with ECL Entertainment to acquire licensed gaming assets that will enable them to build a gaming operation in Southern New Hampshire.

Note: Subscribers to PE Hub can find details and analysis of all these deals in the premium version of the Wire.

See you in Las Vegas!

And speaking of games, casinos and business, I will be in Las Vegas for the DealMAX conference early next week where hundreds of dealmakers will be gathering.

If you are attending, I would love to meet you and say hello. You can reach out to me at obey.m@peimedia.com.

That’s it for me today. PE Hub editor-in-chief Mary Kathleen (MK) Flynn will be back with the Wire on Monday.

Have a great weekend.

Cheers,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

The SEC's vote this week to require greater disclosure from private fund sponsors is the tip of the upcoming regulatory iceberg. (Private Equity International)

LPs have grown increasingly worried about distributions as the slow exit market reduces the amount of cash flowing back into their coffers. One pension that doesn’t seem to be impacted is Los Angeles Water and Power Employees’ Retirement Plan, an under-the-radar retirement system that paid $1 billion more in contributions than it received in distributions since the system began allocating to private equity in 2006. (Buyouts)

Carlyle revises forecast to include "lower buyout fundraising outlook." CFO Curt Buser said that while Carlyle believes they'll "attract a significant amount of capital for our next vintage of buyout funds, we no longer expect these funds in the aggregate to be the same size as their predecessors.” (Buyouts)

Prospective deals in the lower mid-market agriculture and food infrastructure segment are suffering from the retreat of private credit providers, Midwest Growth Partners managing partner and co-founder John Mickelson told Agri Investor.

Private credit has been the beneficiary of the capital flight from banks, with more transactions coming into non-bank sectors, says Ted Koenig, chairman and CEO of Monroe Capital. “A lot of people in our industry learned a lot from the last big credit crisis in 2008,” Koenig says. “It’s coming in handy now.” (Private Debt Investor)

TPG has emerged as one of the lead buyers for pan-European mid-market investor Oakley Capital’s €1.2 billion continuation fund, three sources familiar with the matter told Secondaries Investor.