Butterfly splits Bolthouse Farms into two companies; KKR to buy Indian medical devices firm Healthium

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Butterfly splits Bolthouse Farms into two companies; KKR to buy Indian medical devices firm Healthium

Butterfly splits Bolthouse Farms into two companies, KKR to buy Indian medical devices firm Healthium

Morning Hubs!

This is Chris, one for Wire Monday! We’re switching around the Wire writers this week …

• Butterfly Equity is splitting Bolthouse Farms into two standalone companies

• KKR to scoop up medical devices firm Healthium

• EQT to take digital consultancy Perficient private for $3bn

Here’s something interesting:

Split

Butterfly Equity is splitting one of its early investments, in Bolthouse Farms, into two separate entities to focus on different aspects of the business. Bolthouse Farms will become Bolthouse Fresh Foods and Generous Brands. Fresh Foods will focus on agriculture and supplying carrots to retailers in North America. Generous is a consumer packaged goods business operating in beverage and salad dressing for both Bolthouse Farms and its add-on, Evolution Fresh, which the company acquired in 2022. Read more here on PE Hub.

Med Devices

KKR agreed to buy Indian medical devices company Healthium Medtech from Apax. The deal is expected to close in the third quarter. A report suggested the company could go for around $850 million. Financial details were not disclosed in the announcement Monday. Read more here on PE Hub.

Take-private

EQT agreed to the take-private of Perficient Inc, a St. Louis-based digital consultancy, for around $3 billion. Perficient stockholders will receive $76 per share in cash for each share of common stock they own, a 75 percent premium to the company’s closing price on April 29. [And a 58 percent premium to the company closing price on Friday, according to the Wall Street Journal.] Read more here on PE Hub.

That’s it for me! Hit me up with tips n’ gossip, Monday grumblings or feedback at christopher.w@pei.group or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

San Jose’s police and fire pension boosted its target to private equity by 1 percent as it sees an opportunity to choose commitments strategically due to the slowed fundraising environment. (Buyouts)

Aliment Capital’s Agrovision deal aided by less crowded agtech space: Managing partner Phil Erlanger says a pivot away from ag by large investors has helped bring the remaining specialists like Aliment into a ‘more proprietary’ position. (Agri Investor)

PERE speaks with seven investors, featuring a mix of pension funds, sovereign wealth funds, insurance companies and consultants from Asia, Europe and North America, about the top-of-mind issues they are discussing with funds’ general partners and fellow LPAC members, how they are addressing conflicts and what changes they are pushing for as these committees continue to evolve.

Anyone who has raised a first fund knows it is a difficult, all-consuming process. But in today’s challenging fundraising climate, finding success a second time may be even harder. (Venture Capital Journal)

They said it

“I agree it’s hardest when the market seizes up because there’s just not as much to choose from. That’s where the ability to look elsewhere, whether it’s public-to-privates, carve-outs or dislocations, is important. That’s where we’ve differentiated ourselves. It’s one thing to say we’re committed to deploying rateably, it’s another to actually have enough relationships across enough industries and enough shared history to search somewhere else to gin up dealflow.”

— KKR co-head of global private equity Nate Taylor talks about the firm’s approach to the market.