L Catterton buys Len the Plumber; Gridiron tops new ranking of mid-market PE firms

View this email online

The Wire

Mar. 22, 2022

L Catterton buys Len the Plumber; Gridiron tops new ranking of mid-market PE firms

Good morning, dealmakers. MK Flynn here with today’s Wire.

After yesterday’s Mega-deal Monday, things are a bit quiet on the private equity front this Tuesday morning.

Here’s one PE deal that caught my eye.

Len the Plumber. Consumer-focused PE firm L Catterton is buying LTP Home Services Group, a residential plumbing and HVAC services provider, from Thompson Street Capital Partners. TSCP will retain a board seat and minority stake in the company. LTP provides service under a number of brands, including Len the Plumber.

While plumbing may sound low-tech and perhaps mundane, the deal intrigues me for two reasons: first, it demonstrates that technology matters in everything today; and second, it shows the power of the mid-market PE model.

Bragging rights. Speaking of the power of the mid-market PE model, a new ranking of mid-market private equity firms lists Gridiron Capital, Novacap and Parthenon Capital as the top performers. The HEC Paris – DowJones Private Equity Ranking of MidMarket Buyouts is a follow-up to the HEC - DowJones Large Buyout Private Equity Performance Ranking, which lists the world’s large firms in terms of aggregate performance.

Women’s History Month. In the Wire throughout March, we’re highlighting the dealmakers PE Hub and Buyouts named Women in private equity: The class of 2022.

Today, we’re focusing on Emily Pollack, partner, Cornell Capital, profiled by Kirk.

Pollack recently transitioned to private equity but very quickly made her mark, writes Kirk. For more, read the whole report, in which we profile 10 stellar dealmakers.

And see the companion piece, Women in PE: Covid’s unintended consequences at home and in the office.

That’s all for now. Chris writes the Wire on Wednesdays, so I’ll “see” you on Thursday.

All the best,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

VWH Capital Management, a woman- and minority-owned private debt firm, is seeking $1.5 billion for a third fund to invest in residential non-performing loans. (Buyouts)

Warburg Pincus, one of the world’s top-10 biggest firms, according to the PEI 300, has closed on at least half of its latest flagship vehicle’s target as it seeks to raise its largest fund yet. (Private Equity International)

Sarah Barber, CEO of Jenson Funding Partners, writes that "it is beyond time that investors stopped shrugging their shoulders and making excuses around diversity and inclusion. The start-ups are out there. The VCs that meet them at the early stage and make an effort to connect with them will reap the benefits of a more diverse portfolio." (Venture Capital Journal)