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The Wire April 14, 2021
Carlyle readies Newport Academy sale amid Beautycounter investment, KKR wins Ensono auction, Hellman & Friedman bets on energy-tech Morning, everybody!
In today's news, Carlyle Group has engaged Jefferies to explore the sale of Newport Academy, whose teen rehab centers treat everything from mental health issues to substance abuse, sources familiar with the firm's plan said. The upcoming process comes as Carlyle strikes a majority investment in Beautycounter, valuing the Santa Monica clean skincare and cosmetics brand at $1 billion.
On the heels of KKR’s $1.2 billion-plus bet for Lightyear’s Therapy Brands – whose various technology offerings are tailored to the growing behavioral healthcare market - the firm this morning revealed yet another tech investment. KKR struck a deal to acquire Ensono from Charlesbank Capital Partners and M/C Partners. PE Hub wrote in February that IT services provider was being shopped via UBS, with value expectations in the $1.5 billion to $2 billion range. Elsewhere, Hellman & Friedman is buying a majority stake in Genstar's Enervus, a data analytics and SaaS technology company focused on the worlds largest market - energy.
Read the full wire commentary on PE Hub...
That's all for me! Have a great rest of the week ahead, and as always, hit me up with your questions, comments or tips at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Customized: Kohlberg Kravis Roberts is giving itself a bit more time to deploy capital from its latest flagship fund, which is in market targeting at least $12.5 billion, according to public pension documents and a person with knowledge of the offering, Buyouts writes. Consistent with its prior funds, the firm set a six-year investment period on the flagship pool, and an 11 year fund term. Read more here.
Stake sale: Francisco Partners is looking to sell its minority stake in Availity, a health-care information technology company backed by some of the country’s biggest health plans, people familiar with the matter told Bloomberg. Availity as a whole is worth $2 billion, including debt, the report said.
Heads up: The US Securities and Exchange Commission has started to address the SPAC craze, as regulators have issued statements detailing requirements and restrictions for participants in the booming industry, Venture Capital Journal writes. Read it here.
PE Deals
They said it “The SEC never liked blank-cheque companies.” Rick Frimmer, shareholder at law firm Stradling Yocca Carlson & Rauth, told Venture Capital Journal
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