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The Wire May 4, 2021
KKR, Carlyle expect strong return on Bountiful, Apollo forks out $5b for Verizon Media, OEP carves out equipment and fleet services business Happy Tuesday!
Long-hold payoffs: After helping transform Bountiful into a brand-oriented business, Carlyle Group is poised to walk away with 2.5x its money following over a decade long hold in the vitamin-maker, PE Hub has learned. Majority investor KKR, which will retain an interest in the business, is set to make north of 3x its investment, a source said. KKR acquired a nearly two-third stake in the business from Carlyle in 2017, a source familiar with the deal said. The $5.75 billion sale to Nestlé concludes a dual-track process involving...
Apollo's media bet: Following speculations, Apollo Global Management announced the acquisiton of Verizon Media for $5 billion. The deal includes host of brands like online news sites Yahoo, AOL, Tech Crunch and others, marking a big bet on the digital media industry. In other news, One Equity Partners announced the acquisition of the North American operations of AMECO, buying the equipment and fleet services business for $73 million. The group has expertise in industrial carve-outs with recent acquisitons in..
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That's it for me! As always, feel free to hit me up with comments, questions, tips or your feedback at karishma.v@peimedia.com
Also of note (may require subscriptions) Building out: Maverix Private Equity, founded by ex-OMERS Ventures CEO John Ruffolo, added to its senior bench after raising anchor capital for a $500 million inaugural tech growth equity fund. Maverix told Buyouts it recruited two members to its investment team as well as a high-profile appointment to its advisory board.
Hunting for talent: Evercore reaped $512.1 million in advisory fees during the first quarter this year, constituting 43 percent growth over the same period of 2020. In expecting this momentum to continue, co-chairman and co-CEO Ralph Schloesstein said the firm is turning its focus toward attracting the talent to take advantage of it. This comes off the back of the March hire of Mark Mahaney away from RBC as head of internet research, according to Evercore’s website. Read more on PE Hub.
PE Deals
They said it “Whether it is co-investments, credit or secondaries, we’re going to our GPs and saying we know you have a lot of challenges and we have a lot of ways to help you.” Anthony Tutrone, Neuberger Berman’s global head of alternatives told Buyouts in an interview.
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