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The Wire June 15, 2021
Five Questions with Accelmed's Uri Geiger, TA sells Paula's Choice to Unilever
Happy Tuesday!
Today we bring you a Q&A with Uri Geiger, managing partner and founder of Accelmed, a Florida-based lower mid-market firm with a team on the ground in Israel. What's notable about Geiger's firm is that it's investing in US-based HealthTech companies that are unlikely to appeal to a traditional private equity fund. More specifically, the firm targets relatively small companies between $20 million and $50 million in revenue size and usually with a negative EBITDA, Geiger said. Most buyout funds will look at larger companies with larger checks, he said, but Accelmed ..Check out the full story on PE Hub.
Beauty mega-deal: TA Associates is exiting its stake in skincare brand Paula's Choice after a five-year hold. The private equity firm sold the digitally native brand to Unilever for $2 billion, as reported by WWD. PE Hub sources said the company generates EBITDA close to $100 million and confirmed that both private equity and strategics were part of the sale process. In addition, this wasn't the first time...
Read the full wire commentary on PE Hub...
That's it! As always, write to me at karishma.v@peimedia.com with any tips, comments or feedback. Have a great week ahead!
Also of note (may require subscriptions) Moving on: Lindsay Rutledge, a director of OMERS Private Equity, departed the firm this month, sources told Buyouts. Rutledge left to join Properly, a tech-enabled home-buying-and-selling services provider, sources said. Rutledge’s departure is the second this year from OMERS Private Equity's operations and strategy group. Makram Atiyah left in April, Buyouts reported. Read the full story here.
PE capital aids the underserved: Surf Broadband Solutions, a high-speed broadband provider announced majority investment from Bain Capital Credit to accelerate its rollout of fiber-to-the-premises (FTTP) services to underserved areas across the Great Lakes region. Post Road Group, Surf’s current majority shareholder, will remain an investor alongside Bain Capital Credit and further capitalize the company’s growth plans. Read PE Hub's brief.
Organization vs individuals: Buyouts' Chris Witkowsky writes a column on what LPs think of co-heads of funds leaving mid-way. Based off his conversation, it seems that some LPs believe, when backing an ancillary product which is part of a much larger firm, that individual heads of those funds are not as important as the broader organization. Read the column on Buyouts.
PE Deals
They said it “For the longest time, we were the only Latinx-founded firm on the East Coast and now we’re starting to see a few more Latinx-founded firms in New York or Miami, starting to get to their first close.” Adrian Mendoza, founder of Mendoza Ventures, an early and growth stage venture fund, told Venture Capital Journal.
Today's letter was prepared by Karishma Vanjani Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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