Bid-ask spread still too wide for public market M&A, but PE-backed mid-market M&A is doing well, say dealmakers

View this email online

Bid-ask spread still too wide for public market M&A, but PE-backed mid-market M&A is doing well, say dealmakers

Good morning, Hubsters. MK Flynn here with the Wire.

I’ve spent much of the week moderating panels at PEI Group’s Women in Private Markets Summit North America 2023, and I’ve got highlights to share from the summit, below.

But first, let’s take a quick look at some deals announced this morning.

News in brief

Here are a few deals covered by Iris Dorbian today:

Great Point Partners has divested its investment in Valenz, a Phoenix-based medical billing firm, to Kelso & Company.

XDimensional Technologies, which is backed by Serent Capital, has acquired Shelton, Connecticut-based insurance software firm I-Engineering.

GAI Consultants, which is backed by Comvest Partners, has acquired Fort Lauderdale, Florida-based Eland Engineering, a provider of engineering consulting and field maintenance services for intelligent transportation systems and traffic signal systems.

For ongoing up-to-date coverage on the latest deals, check out PE Hub’s news in brief section.

Who run the world? Girls

As I mentioned, I’ve spent the last couple of days at PEI Group’s Women in Private Markets Summit North America 2023. (Note: PEI Group is the owner of PE Hub.)

The event was based on a very popular summit we’ve produced in London for many years, but this was the first time we’ve hosted this event in the US. It took place in midtown Manhattan, near Bryant Park and our US headquarters.

We had more than 400 registered attendees, and the energy and engagement was palpable.

We covered a wide range of topics, which PE Hub subscribers can read about in the premium version of the Wire.

In the driver’s seat

Laurie Mahon, former vice chair, global investment banking, CIBC Capital Markets, who chaired the summit, shared some reflections on the conference, including several things she learned. And she delivered a call to action for women in private equity.

Subscribers to the Wire may read Mahon’s closing thoughts about the themes of the conference and the lessons learned.

And if you missed the summit, click here to register for the 10th annual Women in Private Markets Summit 2023, which will be held in London November 28-29.

Let me also take this opportunity to recommend reading PE Hub and Buyouts’ recent Women in private equity: Class of 2023, highlighting 10 women dealmakers in private equity. Click here.

I’ll be back with more tomorrow, as Obey Martin Manayiti, who usually writes the Friday Wire, will be taking a well-deserved day off.

Cheers,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Tiger Global has been working on a structured process to offload commitment obligations to unfunded LP stakes in newer, early-stage venture funds made through partner capital, three sources told Buyouts.
A newly enacted law will allow Florida State Board Administration to invest up to 30 percent of the state’s pension in alternative investments. (Buyouts)
Sorting through the AI hype: Despite the excitement being generated by AI tools such as ChatGPT, some degree of skepticism will serve investors well. (Infrastructure Investor)
Avoiding tokenism: How LPs spot an authentic DE&I strategy. Employing and promoting women and minorities is not enough to prove a firm’s commitment to diversity, said investors at PEI Group’s Women In Private Markets Forum: North America this week. (New Private Markets)
An informal survey conducted by law firm Proskauer shows the terms some of the big NAV lenders are offering, providing some insight into the obscure, but increasingly popular, asset class. (Private Debt Investor)
Impact and sustainability strategies should continue to experience fundraising tailwinds, according to survey data by placement and advisory firm Rede Partners. (New Private Markets)
The search for signs of stress in private debt: Rising rates are putting companies under pressure, but predicting widespread distressed activity continues to be a brave bet. (Private Debt Investor)