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| | | PE activity heating up in commercial services |
| | The first half of the week brought a flurry of private equity activity in the commercial services sector, including a pair of SBOs.
On the whole, the investments are part of a year when interest in the commercial services space has... |
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| | | | | | | | | Busy Blackstone targets Team Health, nears Pactera exit |
| | Blackstone’s days are busier than most: The firm has been one of the 10 busiest private equity investors in the world so far in 2016, according to the PitchBook Platform. And this week has been no different, with Blackstone emerging as a bidder for a healthcare services company and agreeing to a major exit of an outsourcing business.
First, per The Wall Street Journal, Blackstone and Bain Capital have each held talks to acquire Team Health (NYSE: TMH), a provider of healthcare services with a market cap of about $2.8 billion as of Wednesday. The company’s stock soared in the wake of the news, jumping from $32.35 per share Tuesday afternoon to $39.90 by end of day Wednesday. Team Health carries $2.4 billion in debt, resulting in an enterprise value of roughly $5 billion. A Bloomberg report added that Bain Capital's talks ended without an agreement and that Blackstone's discussions are still in the early stages.
Blackstone has also agreed to sell Pactera Technology to a unit of HNA Group (SZ: 000616) for about $675 million in cash (again according to the WSJ), earning a more than 1.5x from a 2014 investment. The sale reportedly values Pactera at around $930 million. The company provides IT outsourcing and consulting services, working mainly with companies in China. |
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| | | | | | | | | | | For private equity investors in Asia, writes Nisha Gopalan, boring is suddenly hot. [Bloomberg]
Why the best leaders often encourage their superstar employees to leave. [The Wall Street Journal]
A testament to the power of looking like you belong in a place where you don’t. [Deadspin]
Does being a free-trade proponent carry over to your appetizers? On the economics of dining as a couple. [Bloomberg] |
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| Since yesterday the PitchBook Platform added... | | 134 Deals | 1344 People | 404 Companies | 7 Funds |
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| | | 2011 Vintage US Venture Funds with Financial Services Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.35x Median TVPI | 1.25x Median RVPI |
| | | | *IRR: net of fees | | 43 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | Permira to purchase Tricor for $835M |
| | | Accounting, Audit and Tax Services | Hong Kong | Corporate Divestiture |
| Permira has agreed to acquire the Tricor unit from the Bank of East Asia (HKG: 0023) and NWS Holdings for HK$6.47 billion ($835 million). Tricor is a provider of business, corporate and investor services in the Asia Pacific region specializing in accounting, auditing and tax. Permira's bid values the company at 15x last year's earnings, according to Reuters. |
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| | | | | | | | | One Rock to pick up Weyerhaeuserâs printing papers business |
| | | Paper Products | Longview, WA | Buyout |
| One Rock Capital Partners has agreed to acquire North Pacific Paper Company, the printing papers business of Weyerhaeuser Company (NYSE: WY), in a deal expected to close later this year. Weyerhaeuser plans to use a substantial portion of the after-tax proceeds from the transaction for the repayment of debt. The company also recently announced the sales of its pulp mills and liquid packaging board business. |
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| | | LLCP puts icing on Nothing Bundt Cakes deal |
| | | Food Products | Addison, TX | Buyout |
| Levine Leichtman Capital Partners has acquired Nothing Bundt Cakes, a franchisor of gourmet bakeries with more than 175 locations in the US and Canada. The deal represents the 10th investment from Levine Leichtman Capital Partners Fund V, which closed on $1.65 billion in 2014. |
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| | | | | | | | | Grey Mountain conducts Kronos Foods SBO |
| | | Food Products | Glendale Heights, IL | Secondary Buyout |
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| | | Goldman, CPPIB eye deal for SVG investment portfolio |
| | | Goldman Sachs and the Canadian Pension Plan Investment Board have made an offer to acquire the investment portfolio of SVG Capital, one day after SVG announced plans to sell half of its investment portfolio for £379 million and cease operations by the end of 2017. SVG is “urgently” evaluating the offer, according to a release, as a sale process that began with a hostile takeover bid from HarbourVest Partners last month continues to unfold. |
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| | | | | | | | | Ufenau reaches â¬227M hard cap for Fund V |
| | | Schwyz, Switzerland | Buyout |
| Ufenau Capital Partners has held a final close on €227 million for its Ufenau V German Asset Light fund. Ufenau V will pursue the same investment strategy as its predecessors, backing entrepreneur-led companies with sales of €15 million to €150 million in sectors including business & financial services, education, lifestyle and healthcare. The firm's previous fund, Ufenau IV, closed on €120 million in 2014. |
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| | | 3i exits decade-long investment in ACR |
| | | Re-Insurance | Suntec City, Singapore | Secondary Buyout |
| 3i Group has agreed to sell its stake in ACR Capital to Shenzhen Qianhai Financial and Shenzhen Investment, earning proceeds of £182 million in the process. That represents a 42% valuation increase in the company since the end of 2Q and comes after 3i had invested $200 million in ACR during 2006. ACR is a reinsurer focused on non-life business lines in the pan-Asian region; the two Chinese buyers will reportedly pay a total of $1 billion to acquire the company from all current shareholders. |
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| | | | | | Chicago, IL | Accounting/Auditor |
| RSM has promoted Jason Fennessy, Marc Logan and Scott Walti to partner in its transaction advisory services unit, where they will provide buy-side and sell-side due diligence and other M&A consulting services. Fennessy is based in RSM's Atlanta office, Logan in New York and Walti in Chicago. |
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