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Events biz is back, as Blackstone buys Cvent from Vista; plus impact of SVB fallout on PE dealmaking

Good morning, dealmakers. MK Flynn here with the Wire.

In the spirit of Tech Tuesday, Blackstone is buying event management technology provider Cvent from Vista. More below.

We’ve got lots of deal-focused coverage coming from the fallout of Silicon Valley Bank.

We’ll also take a look at Sun Capital’s new platform in its business services portfolio.

And we’re continuing to celebrate Women’s History Month.

Recovery

In a sign that the events industry is back, Blackstone is buying Cvent from Vista Equity Partners for $4.6 billion in a take-private deal.

“The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes,” said David Schwartz, a senior managing director at Blackstone. “Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business.”

Exploring options

Venture capital firms, including General Catalyst, Andreessen Horowitz and Khosla Ventures, are still trying “to preserve parts of Silicon Valley Bank so it can keep serving clients in the technology sector, according to people briefed on the effort,” reports the Financial Times.

One proposal reportedly being discussed is forming a consortium with Apollo that could bid for portions of SVB.

The firms declined to comment to the FT.

I sent email to the PR folks at Apollo earlier this morning but haven’t heard anything back yet. I’ll keep you posted if there’s any news.  

Meanwhile …

SVB Financial Group, the holding company of Silicon Valley Bank, is exploring strategic options for its various business lines, including a sale of its $9.5 billion funds-of-funds business that includes limited partner positions in funds, reports Buyouts’ Chris Witkowsky.

Reevaluating

Private equity pros are already facing a challenging dealmaking environment, what with rising interest rates and gaps in the expectations of buyers and sellers. Now the demise of Silicon Valley Bank is revealing another area of vulnerability.

“Regional banks play a role in a significant number of middle-market private equity transactions, and the collapse of SVB has exposed a systemic risk in the regional bank infrastructure,” Bryan Henderson, co-head of the private equity group at Houston-based law firm Baker Botts, told me. 

In the wake of the SVB collapse, Henderson expects that private equity sponsors and their portfolio companies will begin reevaluating their relationships with regional banks. 

If you have any thoughts to share on how the SVB fallout is affecting PE-backed deals and portfolio companies, please send them my way at mk.flynn@peimedia.com.

More deals

Earlier this morning, Sun Capital announced a majority investment in Anderson Business Advisors, adding another platform investment to the Boca Raton PE firm’s growing business services portfolio.

“The corporate services sector is highly fragmented, creating strong potential for Anderson to grow through strategic acquisitions that will increase market share and diversify its customers,” said Alexander Wyndham, principal at Sun European Partners, who sourced the deal.

Rapidly converging

Throughout the month of March, we’re highlighting women dealmakers.

Today, we’re featuring Jaroslava Korpanec, partner and head of Central and Eastern Europe, energy infrastructure, at Actis Partners, which is headquartered in London.

Korpanec was born in the Czech Republic in the mid-70s when the country, then part of Czechoslovakia, was behind the Iron Curtain. After the Berlin Wall fell, she took the chance to study abroad, where her school achievements won her a spot studying law at the University of Cambridge.

Today, Korpanec sees enormous opportunity for investments in Central and Eastern European markets.

“These markets are rapidly converging with other European markets in terms of regulatory frameworks as well as macroeconomic policies, making it a stable and attractive environment for foreign investors,” she said.

Women of influence

Nominations have opened up for PEI Group’s third annual Women of Influence in Private Markets list, which recognizes trailblazing women in alternative assets.

The deadline for nominations is Wednesday, March 22.

The list – which will include women from private equity, infrastructure, private debt, real estate and venture capital - will be published in July by Private Equity International, Private Debt Investor, Infrastructure Investor, Venture Capital Journal and PERE.

Click here to learn more.

That’s it for today. Chris will write Wednesday’s Wire, and I’ll be back with more on Thursday.

Happy dealmaking until then,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

California Public Employees’ Retirement System could take advantage of the collapse of Silicon Valley Bank as it looks to increase its focus on direct investing and lending. (Buyouts)

Private Equity International sat down with Edwin Conway, global head of BlackRock Alternatives, to discuss his near-term outlook for private equity, how individual investor access will determine the future of the asset class, and why education is important in making sure private investors are well suited to alternatives.

The Washington State Investment Board has added $400 million to its agricultural investment portfolio through re-investments with existing farmland managers UBS Farmland Investors and Homestead Capital. (Agri Investor)

It’s clear the Biden administration is pushing EV ownership. Less clear is who will assume the risk that comes with building out the necessary charging network. (Infrastructure Investor)

New Forests has become one of the world’s largest timberland asset managers in less than 20 years under founder David Brand, who discusses the development of forestry, agri and the firm’s future alongside new CEO Mark Rogers. (Agri Investor)

Manna Tree Partners has closed its second food-focused fund on $390 million including co-investment capital. (New Private Markets)

"Apollo Global Management Inc. has agreed to acquire chemical company Univar Solutions Inc. for $8.1 billion including debt, according to people familiar with the matter, in one of the biggest recent leveraged buyouts." (Wall Street Journal)

"SurveyMonkey owner Momentive Global on Monday said it would be acquired by a consortium led by private equity firm Symphony Technology Group in an all-cash deal that values the company at about $1.5 billion." (Reuters)