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The Wire Mar. 8, 2022
Clearlake buys IPG for $2.6bn; break the bias on International Women's Day Good morning, Hubsters. MK Flynn here with the Wire on International Women’s Day.
Take private. In deal news this morning, Clearlake Capital announced it is buying Intertape Polymer Group in a $2.6 billion take-private deal. Headquartered in Montreal, Quebec and Sarasota, Florida, IPG develops packaging materials and machinery for industrial and retail use. Demand for packaging materials has soared along with e-commerce during the pandemic.
#BreakTheBias. The theme of this year’s International Women’s Day is Break the Bias. At PEI Media, we’re conducting a workshop on bias later this morning, and I’m looking forward to participating as a moderator.
More than 120 stock market exchanges throughout the world, including the New York Stock Exchange and the Nasdaq in New York, are participating in the annual “Ring the Bell for Gender Equality” today. Now in its eighth year, the initiative is designed to “promote gender equality, highlight the benefits of a diverse and inclusive workplace, and recognize the contribution of women in building a better future for all,” according to the World Federation of Exchanges.
Earlier this morning, the American Investment Council released a video featuring women in private equity, including Pam Hendrickson, chairman of AIC and the vice chairman of the Riverside Company; Suzanne Yoon, founder and managing partner, Kinzie Capital Partners; and Jeri Harman, founder and chairman, Avante Capital Partners.
At PE Hub and Buyouts, we recently published Women in private equity: The class of 2022.In the special report, we profiled 10 women who stand out for their prowess in dealmaking, and we’re featuring them here on the Wire throughout March.
Today, we’re featuring Amy Christensen, partner and co-head of healthcare at The Vistria Group, which she joined as a founding member in 2013. Christensen serves on the boards of Alacura, Chiro One, St Croix Hospice, Supplemental Healthcare and Behavioral Health Group.
Ukraine invasion impact on PE. Many of you have taken me up on my invitation to share your thoughts on how Russia’s invasion of Ukraine may affect the private equity industry. I’d love to hear from more of you — email me at mk.flynn@peimedia.com
That’s all for now. Chris writes the Wire on Wednesdays, so I’ll see you on Thursday.
Happy International Women’s Day, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Teachers Retirement System of Illinois, a prolific investor in private equity, is running a sale on a portfolio of private equity fund stakes, even as pricing such secondaries deals becomes uncertain amid market volatility. (Buyouts)
The US Securities and Exchange Commission’s proposals to improve the regulation of private funds will impact the industry in five major ways, according to the former co-head of the SEC’s private funds unit. (Private Equity International)
Rede Partners has appointed a former Atlantic-Pacific Capital partner to lead its expansion into Asia-Pacific. (Private Equity International)
"Six years ago, Griff Aldrich left his job as chief financial officer of a private equity firm for an entry-level, administrative position on the men’s basketball staff at the University of Maryland, Baltimore County." Now he's head coach of Virginia's Longwood University, and on Sunday he helped lead his team to a Big South Conference tournament title and the small school's first berth in the NCAA tournament.
"Greenlight Networks announced Monday an investment of up to $300 million [from Oak Hill Capital], which the [fiber internet provider] says will accelerate expansion plans and add dozens of local jobs." (Rochester First)
Bardstown Bourbon Company, an eight-year-old Kentucky distillery, has been bought by Pritzker Private Capital of Chicago. (Lane Report)
PE Deals
They said it “LPs are telling the GPs, you need to be more diverse, not for diversity’s sake, but we believe it leads to better returns.” — Amy Christensen, partner and co-head of healthcare, The Vistria Group
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