Good morning, PE Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom. First, we’ll start off with a look at GTCR’s recent agreement to sell AssuredPartners to Arthur J Gallagher & Co, for $13.45 billion in an all-cash transaction. PE Hub received insights on the deal from Aaron Cohen, a managing director and head of financial services and technology at GTCR. Next, we’ll recap the year in data centers. Private equity firms like Blackstone and KKR made deals in the category and we featured some past transactions from this year and explained what attracted PE firms. Then, we have a deal from this morning. Gryphon Investors has sold Kano Laboratories, a Nashville-based maker of industrial penetrants and synthetic greases to L Squared Capital Partners. Finally, we have some thoughts from law firm King & Spalding’s antitrust team on what we can expect from the incoming administration on private equity and M&A. Data center demand Let’s shift the conversation over to technology. One of the trends to watch in the sector has been the growth in private equity interest in data centers. This morning, I highlighted the year in dealmaking in the data center category. Subscribe to the premium version of the Wire to learn what PE firms made deals in data centers and why PE firms were interested in the category. Building a platform GTCR is making the largest exit in the firm’s 44-year history. Earlier in December, the Chicago-based firm agreed to sell AssuredPartners, an Orlando-based insurance broker, to Arthur J Gallagher & Co, for $13.45 billion in an all-cash transaction. GTCR previously sold the company to Apax Fund VIII in 2015, and GTCR later reacquired a majority stake in partnership with Apax Fund IX in 2019. (Apax is selling its minority stake in the company to Gallagher.) PE Hub reporter Obey Martin Manayiti got insights from Aaron Cohen, a managing director and head of financial services and technology at GTCR about the deal. Premium subscribers can read GTCR’s insights on the exit. Industrial strength We have a manufacturing deal from this morning to share. Gryphon Investors has sold Kano Laboratories, a Nashville-based maker of industrial penetrants and synthetic greases to L Squared Capital Partners. Premium subscribers can learn more about the deal from this morning. Anti-trust outlook As we head into 2025, law firm King & Spalding’s antitrust team has thoughts on what we can expect with a new administration. Subscribe to the premium version of the Wire so you can read what to expect from the incoming administration’s antitrust division. That’s it from me today. If you have any questions, thoughts, or want to chat, please email me at rafael.c@pei.group. Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire and Obey Martin Manayiti will bring you the US edition. Cheers, Rafael Read the full Wire commentary on PE Hub ... | 