Citation Capital shares details on debut de al for Nature’s Garden owner; EV attracts PE

View this email online

Citation Capital shares details on debut deal for Nature’s Garden owner; EV attracts PE

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

Today we are capping off the week with a look at PE investments in electric vehicle infrastructure, a multibillion-dollar market that is expected to balloon to $100 billion by 2040.

We will also look at Citation Capital’s acquisition of healthy snack maker Cibo Vita, a deal announced earlier this week.

I will close with our own news concerning the upcoming Operating Partners Forum in New York next week where the PE Hub team will be in attendance. It’s our time to meet in person if you are planning on attending.

Healthy eating

Citation Capital announced earlier this week the acquisition of healthy snack maker Cibo Vita in a deal that closed on September 1, writes my colleague Rafael Caton. The deal marks the Dallas-based PE firm’s first transaction since its founding in the first quarter of this year.

Rafael discussed the debut deal with Tiffany Hagge, founder and managing partner, and Lydie Hudson, co-founder, president and chief operating officer of Citation, which invests in companies in the services, industrials and consumer sectors.

Please upgrade to the premium version of the Wire to find more about what Citation Capital executives said.

EV charging system

Yesterday, Northleaf Capital Partners announced that it is acquiring a controlling stake in EVPassport, a commercial and industrial EV charging station installer.

To find out more about the deal, my colleague Michael Schoeck spoke with Northleaf managing director Olivier Laganière.

Northleaf’s $200 million investment in EVPassport will be used to fund organic growth under the Infrastructure-as-a-Service (IaaS) model, Laganière said, pointing to energy storage and solar generation as two offerings the company is likely to add to EV-charging operations in the future.

Please consider upgrading to the premium version of the Wire to learn more about this sector.

Value creation

As dealflow has slowed down this year, many private equity firms have turned inward, focusing on how to get the most out of their existing portfolio companies.

We’ll be exploring those trends at PEI Group’s Operating Partners Forum New York 2023 on October 17 and 18.

The PE Hub team will be there for both days. Please do get in touch if you are interested in a chat or just to say hello. Here are our contacts:

• Mary Kathleen (MK) Flynn: mk.flynn@pei.group

• Michael Schoeck: michael.s@pei.group

• Obey Martin Manayiti: obey.m@pei.group

• Rafael Canton: rafael.c@pei.group

That’s it for this week.

MKwill be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Lagging valuations, lengthy time frames keep secondaries from become routine, say GPs. Until some of the more inefficient aspects of the continuation fund process are smoothed out, these deals aren’t likely to become routine exit options alongside IPOs and strategic sales. (Buyouts)
David Fox, a long-time senior executive with Blackstone Group’s Strategic Partners team, will leave at year-end, a Blackstone spokesperson confirmed for Buyouts.
States and localities in the US are taking matters into their own hands to either implement or impede the Biden administration’s infrastructure plan. (Infrastructure Investor)
TDR Capital, the UK’s ninth-largest private equity firm according to affiliate title Private Equity International‘s PEI 300 ranking of the biggest PE fundraisers, has been considering running a strip sale on the back of having run one four years ago. (Secondaries Investor)
Private equity firms place value on ESG, even outside the political limelight, and that suggests sustainable investing will live on. (New Private Markets)
PSG held a first close on more than 50 percent of its sixth flagship growth equity fund’s $6.5 billion target, according to San Antonio Fire and Police Pension Fund. (Buyouts)
Private equity’s semi-liquid push requires careful marketing. A ‘trading mentality’ approach is risky for non-institutional investors. (Private Equity International)
Invel, the firm launched by ex-RREEF executive Chris Papachristophorou, has raised capital for its first institutionally-backed, full discretionary value-add and opportunistic fund focused on southern Europe, PERE can reveal.
With $23 billion raised by new climate funds so far in 2023, the largest increase in the number of funds has been in smaller vehicles under $50 million. (Venture Capital Journal)