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The Wire June 14, 2021
Francisco Partners explores sale of Vendavo, Kinderhook invests in Puerto Rico's 2nd largest Medicare Advantage plan in largest purchase ever
Happy Monday!
Francisco Partners has put another tech business on the block. Vendavo, a provider of business-to-business price management technology, is working with Lazard on a sale process, which is in its early stages, sources familiar with the matter told PE Hub. Elsewhere, Francisco, alongside minority investor Elliott Management, is preparing to put cybersecurity provider SonicWall up for sale, PE Hub reported earlier this month.
Biggest-ever: In other news, Kinderhook Industries’ MHH Healthcare has agreed to buy Medical Card System, Puerto Rico’s second-largest Medicare Advantage plan, with enrollment in such plan offerings on the rise. The acquisition, which joins MHH subsidiary GlobalHealth, will mark Kinderhook’s largest transaction in history in terms of purchase price, a source familiar with the deal told PE Hub. Puerto Rico is a unique market, with approximately 80 percent of US territory’s senior population now enrolled in Medicare Advantage, compared with about 40 percent broadly in the US, one source noted: “There’s a lot of creativity in the Puerto Rico market. It has moved quickly to provider-aligned healthcare.” It’s also a concentrated market. The island territory’s...
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That's it! As always, write to me at springle@buyoutsinsider.com with any tips, comments or feedback. Have a great week ahead!
Also of note (may require subscriptions) Single-asset: After shelving a process to extend its hold over talent agency CAA in the pandemic last year, TPG’s single-asset deal for the company is heading for an imminent close, sources told Buyouts. TPG revived the process earlier this year, which would move CAA out of its sixth fund and into a continuation pool. The deal is through the election period, which is when existing LPs decide whether to cash out of their interest in the company or reinvest in the asset through the continuation fund. Read it here.
Longer holds: Funds are, on average, getting significantly older than the traditional 10-year private equity structure – a boon for the rapidly growing secondaries market, panelists noted at affiliate title Private Equity International CFOs & COOs Forum on Thursday. PE Funds of the 2004-08 vintages on average retain unrealised value of 9.2 percent; this leaves between $175 billion-$180 billion of potential dealflow for the secondaries market, according to one panelist. Read it on Secondaries Investor.
Potential take-private: Bloomberg writes that customer survey software provider Medallia Inc. is exploring options including a potential sale, citing people familiar with the matter. Private equity firms have expressed interest in buying the company, the report said. Read it on Bloomberg.
PE Deals
They said it “With structural shifts in the fossil fuel industry underway, as well as dwindling exit options, it is clearly time for the private equity industry to consider repositioning portfolios away from such investments and deploy capital in companies that hedge toward climate solutions.” Dazzle Bhujwala, director of investor networks at the sustainability group Ceres, told New Private Markets
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