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The Wire April 19, 2021
American Securities buys SimonMed, Crestview backs AutoLenders, H&F, Carlyle make billions off of PPD
Happy Monday!
You heard it here first: American Securities is taking a piece of the radiology market, buying SimonMed in a deal valuing the founder-run radiology and imaging company at around $600 million, according to people familiar with the pending transaction. Read more here. Elsewhere, Crestview Partners has acquired a majority stake in AutoLenders, an omni-channel buyer and seller of used vehicles it first sought to bought in 2018.
Billions: There’s a long history behind a nearly $21 billion deal that took place last week, readers. Of course, I’m talking about Thermo Fisher’s acquisition of PPD, the contract research organization helping pharma and biotech firms worldwide bring a massive number of innovative drugs to market. According to sources, Hellman & Friedman will produce a 5.5x blended multiple of its full investment of $1.7 billion, generating a nearly $8 billion profit on PPD, whereas Carlyle will score a more than...
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That’s all for today! As always, don’t hesitate to hit me up with feedback, tips or anything else at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Co-investing: Washington State Investment Board re-upped its longstanding co-investment relationship with Fisher Lynch Capital, committing $2 billion to Evergreen Park Investment Fund, LP. This latest commitment nearly doubles the amount the firm is managing for Washington, Buyouts writes. Read it here.
Under the radar: Family offices and firms linked to them have launched — or sponsored — at least a dozen SPACs that have raised about $4.5 billion in the past year with a further $1 billion in pending offerings, according to data compiled by Bloomberg. Participating in the frenzy, the Pritzker, Och, Sawiris family offices are among those seeing big returns through the SPAC vehicle. Read it on Bloomberg.
Tech investing: Thoma Bravo is pitching a fresh strategy to investors just months after collecting $22.8 billion for three new funds, Wall Street Journal writes. The tech specialist is raising its debut growth fund, which will acquire minority positions in private and publicly traded companies, and has set a $3 billion target for the vehicle, people familiar with the fundraising told WSJ. Check it out.
Focus: Blackrock will zero in on its credit, secondaries and renewables strategies over the next 12 to 18 months, the asset manager's president Rob Kapito said. The firm recently collected north of $3 billion for its first-ever Secondaries & Liquidity Solutions Fund. Read more on Secondaries Investor.
PE Deals
They said it “What we are trying to do is really have a very careful eye on where we think the next value chain is, and that can be described both in a liquid form and an alternatives fund.”
Blackrock president Rob Kapito said on a recent call with investors
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