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The Wire May 12, 2021
Bain Capital Double Impact backs ConvenientMD, Berkshire's Affordable Care awaits bids, TPG, Francisco's Boomi reflects 'growth buyouts' trend
It’s hump day, hubsters.
For sale: Boston’s Berkshire Partners is exploring a sale of Affordable Care that could value the country’s largest dental support organization focused on tooth replacement at more than $2 billion, PE Hub has learned. Swiss buyout firm Partners Group is a minority investor in Affordable Care through its debt platform, with the investors having partnered in 2015 to acquire the business in an $825 million LBO, according to Pitchbook.
The so-called “integration platform as a service” (iPaaS) market is attracting substantial interest from well-known investors like TPG Capital and Francisco Partners. According to TPG's Nehal Raj, the firm's recent investment in Boomi reflects a new trend of “growth buyouts,” where traditional late-stage investors are prioritizing businesses with strong growth profiles – some of which are growing as much as 30 percent to 50 percent annually – over high margins in the near term. This is because...
Read the full wire commentary on PE Hub...
That's it! Have a great week ahead, and as always, write to me at springle@buyoutsinsider.com with your tips, comments or just to say hello!
Also of note (may require subscriptions) New pool: Mountaingate Capital launched a second lower mid-market buyout offering, five years after transitioning from predecessor firm KRG Capital Partners. Fund II is seeking roughly the same amount raised by Mountaingate’s inaugural fund. Fund I closed in 2017 at its $395 million hard-cap. Read it here.
Transparency: Perhaps the most important lesson secondaries professionals have learned over the past few years is the importance of transparency, Buyouts writes. The need for transparency, while always a vital aspect of executing a successful GP-led deal, is taking on even greater significance in deals where external M&A buyers express interest in picking off assets included in secondaries transactions. A recent situation involving New Mountain Capital is one example. Read more on Buyouts.
No dairy please: Oatly Group expects to raise as much as $1.65 billion for itself and its investors in an initial public offering, potentially giving the maker of plant-based food and drink products a total valuation of over $10 billion, writes Bloomberg. The maker of oak milk among other products is backed by investors including Blackstone Group, Oprah Winfrey and Jay-Z, plus Starbucks founder Howard Schultz.
PE Deals
They said it “We are seeing some of the highest-quality dealflow that we have ever encountered in the secondaries industry, because blue-chip GPs are laser-targeting their most preferred assets to hold on to for longer.”
Matt Jones, partner and co-head of Pantheon’s secondaries team, who is set to join TPG as a co-managing partner of its global secondaries business, speaking to Private Equity International
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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