Thoma Bravo finalizes $2.8B Deltek exit; KKR eyes $1.3B Hitachi deal; ACON nears $1B mark for fourth fund; Mill City buys Behrens in secondary buyout
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The Daily Pitch: PE
December 29, 2016
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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Today's Top Stories
CD&R off to $6B start for Fund X
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Clayton, Dubilier & Rice has raised roughly $6 billion for its latest private equity fund in barely more than two months, already drawing near the vehicle’s $8.5 billion target, according to Reuters. CD&R reportedly expects to reach a $9.4 billion hard cap on the fund next quarter.

Nearing the $10 billion mark would be a significant increase for a firm that’s spent the past decade...
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2016 Year in Review: 6 M&A stories that captured our attention
Making the case to buy Twitter. An upswing in AI acqui-hires. Salesforce's shopping spree.

We’ve steadily ramped up our production of corporate M&A content this year in response to reader appetite. There's much more to come from us next year from an M&A perspective, but until then...

Take a look at some of our top posts
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2016 Year in Review: 5 cool features added to the PitchBook Platform
We're always looking for better ways to serve our customers. In 2016, we continued to hone our obsessive focus on data by investing in new workflow and discovery tools to provide a more enjoyable PitchBook Platform experience.

Check out five of our favorite new features
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Recommended Reads
Grading the biggest deals of 2016. [The New York Times]

How Founders Advantage Capital is trying to create a new approach to private equity. [Calgary Herald]

Another can’t-stop-reading story from The New Yorker on an imminent, deadly wave. [The New Yorker]

Under the Donald Trump administration, the next four years could be much friendlier to mega-mergers in tech. [VentureBeat]
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Today's Headlines
  The Daily Benchmark  
  2008 Vintage US Buyout Funds with Commercial Products Investments  
  Deals in Play & Announcements  
  KKR eyes $1.3B Hitachi deal  
  Completed PE Deals  
  Mill City buys Behrens in SBO  
  Europe  
  First Reserve shells out £52M for G4S unit  
  Exit & Liquidity News  
  Thoma Bravo finalizes $2.8B Deltek exit  
  Blue Wolf unloads Snappy  
  Fundraising News  
  ACON nearing $1B mark for fourth fund  
  Peak Rock raising follow-up fund  
 
 
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PitchBook in the News
Want to check out the fast risers in the venture world? Business Insider recently used our data to curate a list of 15 US-based startups that didn't exist five years ago but are now worth at least $1 billion.

Over the long weekend, The New York Times published a feature on how desperate towns have turned to private equity firms to manage their waterworks, citing our data on active financial infrastructure funds.
The Daily Benchmark
2008 Vintage US Buyout Funds with Commercial Products Investments
Median IRR
12.05%  
Top Quartile IRR Hurdle Rate
18.06%  
1.44x
Median TVPI
$2.06B
Average Amount Distributed
Fund name IRR
The Azalea Fund III 55.70%
Sentinel Capital Partners IV-A 35.30%
Altaris Health Partners II 27.90%
Apollo Investment Fund VII 26.00%
*IRR: net of fees
148 Funds in Benchmark »
Benchmark, Peer Group & Returns Data on 20K Funds
 
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Deals in Play & Announcements
KKR eyes $1.3B Hitachi deal
Electrical Equipment | Tokyo, Japan | Public-to-Private Buyout
KKR is in talks to acquire Hitachi Koki (TKO: 6581), the power tools unit of Hitachi (TKO: 6501), in a deal that could be worth more than 150 billion yen (about $1.3 billion), according to a Reuters report. Hitachi is currently the majority shareholder in the publicly traded business, which would be delisted from the Tokyo Stock Exchange in the result of a sale, per Nikkei.
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View 3024 comparables »
 
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Completed PE Deals
Mill City buys Behrens in SBO
Metal Containers & Packaging | Winona, MN | Secondary Buyout
Mill City Capital has acquired Behrens Manufacturing from Gladstone Capital, which exits an investment from 2013 with the sale. Behrens is a manufacturer of metal containers for various consumer and professional applications.
Investor:
Mill City Capital
Seller:
Gladstone Capital
Financial Advisor:
Stifel
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Europe
First Reserve shells out £52M for G4S unit
Commercial Services | Newcastle upon Tyne, UK | Buyout
First Reserve has completed the purchase of G4S Utility Services, a provider of multi-utility metering services in the UK, from G4S for £52 million in cash (about $64.2 million). The business generated £8 million in pre-tax profits in 2015.
Investor:
First Reserve
Seller:
G4S
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Exit & Liquidity News
Thoma Bravo finalizes $2.8B Deltek exit
Productivity Software | Herndon, VA | Corporate Acquisition
Thoma Bravo has completed its previously announced sale of enterprise software provider Deltek to Roper Technologies (NYSE: ROP) for $2.8 billion. Thoma Bravo had acquired the company through a $1.1 billion take-private buyout in 2012. Deltek supplies software and other information services to government contractors, professional services companies and other project-based businesses.
Seller:
Thoma Bravo
Buyer:
Roper Technologies
Financial Advisor:
JP Morgan Chase
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Blue Wolf unloads Snappy
Industrial Supplies and Parts | Marietta, GA | Acquisition
Blue Wolf Capital Partners has sold Snappy Co. to M&M Manufacturing, a subsidiary of MiTek Industries, which is in turn owned by Berkshire Hathaway (NYSE: BRK.A). Blue Wolf had backed the manufacturer and supplier of pipe, duct and fittings for the HVAC market since 2012.
Seller:
Blue Wolf Capital
Buyer:
M&M Manufacturing
Financial Advisor:
Brown Gibbons Lang & Company
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View 249 comparables »
 
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Fundraising News
ACON nearing $1B mark for fourth fund
Washington, DC | Buyout
ACON has raised about $965 million toward a $1.1 billion target for its fourth flagship buyout fund, according to an SEC filing. The firm closed its ACON Equity Partners III on about $750 million in 2013. ACON is a middle-market investor with offices throughout North and South America.
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View 86 investments »
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Peak Rock raising follow-up fund
Austin, TX | Buyout
Peak Rock Capital has set a $720 million target for its second fund, according to an SEC filing. The firm closed its debut vehicle on $700 million in 2013. Peak Rock is a middle-market investor that targets deals between $20 million and $150 million.
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View 18 investments »
 
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