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| To protect and to surf: Oracle, Symantec acquire IT firms |
| Oracle (NYSE: ORCL) has agreed to acquire Dyn, reportedly for over $600 million, while Symantec (NASDAQ: SYMC) is set to buy LifeLock (NYSE: LOCK) for $2.3 billion.
Both deals follow other significant acquisitions for Oracle and Symantec this year in the rapidly evolving and increasingly overlapping cybersecurity and cloud-computing spaces. And they may result in returns for... |
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| | | | | | | Add-ons retain commanding share of US buyout activity |
|  | | click to read our analysis |
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Representing 64% of all US buyout activity through the end of September, add-ons have never constituted such a lofty proportion of private equity investing.
It’s difficult to gauge how much longer this trend may persist. For one, economic growth could finally bump upward significantly if there's a sizable shift in fiscal policy, which may very well occur in the wake of the US presidential election. That could embolden PE investors to make riskier plays predicated on at least a short period of stronger growth.
But at the same time... |
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| | | | | | | The top 8 PE investors in the Rust Belt |
| Pritzker Group Private Capital has completed its previously announced purchase of packaging provider ProAmpac from Wellspring Capital Management, which had backed the company for a little over a year. ProAmpac owns a variety of packaging brands and operates nearly 20 manufacturing locations in North America, Europe and Asia.
The company, though, is based in Cincinnati, which locates it squarely in the group of states in the Great Lakes region that helped turn the US presidential election toward the Republican side of the ledger—the so-called Rust Belt. The electoral votes from Wisconsin, Michigan, Ohio and Pennsylvania all went to Barack Obama during the 2012 election, and all four states flipped to Donald Trump earlier this month. |
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| | | | | | | | “In every job that must be done there is an element of fun.” Examining the promise of gamification. [How We Get To Next]
Inside the world’s most profitable investment fund. [Bloomberg]
Should casinos be held responsible for exploiting addicts? [The Atlantic]
An ethnographic history of feasts. [Quartz] |
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| Since yesterday, the PitchBook Platform added: | | 174 Deals | 1202 People | 490 Companies | 5 Funds |
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| 2007 Vintage US Buyout Funds with Retail Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.42x Median TVPI | $2.15B Average Amount Distributed |
| | | | *IRR: net of fees | | 33 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| Comvest, JWLMP to acquire Lasko |
| | Distributor | West Chester, PA | Buyout |
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| PE-backed Drake buys Fender Gripper |
| | Automotive | Tyler, TX | Add-on |
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| Idinvest Growth Fund II holds €250M first close |
| | Paris, France | PE Growth |
| Idinvest Partners has secured €250 million toward an anticipated final close somewhere between €350 million and €400 million for its latest growth fund. The vehicle will invest in small and medium-sized European companies in the digital, health and energy sectors. |
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| Blackstone-backed Optiv files for IPO |
| | Systems and Information Management | Denver, CO | IPO |
| Cybersecurity provider Optiv Security has filed to go public on the NYSE under the symbol OPTV. Formed in 2015 through the merger of Accuvant and FishNet Security, Optiv is backed by Blackstone (58.5% pre-IPO stake), Investcorp (24.6%) and Sverica (7.3%). |
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| Gryphon IV hits $1.1B hard cap |
| | San Francisco, CA | Buyout |
| Gryphon Investors has closed its Gryphon Partners IV fund on a $1.1 billion hard cap, surpassing its original $600 million target. The vehicle is the firm's first since it closed Gryphon Partners III on $415 million in 2006. Founded in 1995, Gryphon invests in the business services, industrial, consumer products and healthcare industries. Kirkland & Ellis advised the firm on the fundraising process. |
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| | | | | | | Pamlico's Fund IV closes on $910M |
| | Pamlico Capital has held the first and final close of its fourth flagship buyout fund on a hard cap of $910 million, exceeding an original $750 million target. The firm will use the fund to make equity investments of between $20 million and $100 million in North American companies operating in the communications, healthcare and business & technology services sectors. Pamlico closed its previous buyout fund on $650 million in 2013. |
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| KKR to acquire auto parts stake for ~$3.6B |
| | KKR has agreed to purchase a 41% interest in Calsonic Kansei (TKO: 7248) from Nissan Motor (TKO: 7201) in a deal that will be announced Tuesday, according to the Nikkei Asian Review. KKR will pay about JPY400 billion (around $3.6 billion) to acquire all outstanding shares in the manufacturer of auto parts, per the report, with Nissan set to reel in about JPY200 billion in profits from the sale. Bain Capital and MBK Partners were believed to be among the other PE firms bidding to buy the stake. |
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| Siris nabs AT&T Labs executive |
| | Siris Capital has hired Krish Prabhu, most recently the CTO and president of AT&T Labs, as an executive partner. Prabhu will seek new investments at Siris and oversee the firm’s current portfolio companies, with an emphasis on facilitating technological advancements. A longtime telecommunications industry veteran, Prabhu was also previously the CEO of Tellabs and COO of Alcatel. |
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