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Leonard Green, Altas line up Pye-Barker for sale, sources say; Carlyle’s Popov talks women’s soccer

Good morning, Hubsters. Michael Schoeck here back with you for the Thursday Wire. It’s hot and sticky in the Big Apple this week and PE Hub has a few sizzling scoops and stories coming your way.

First up today is a scoop by yours truly on Pye-Barker Fire & Safety, a fire safety, inspections and testing service company backed by Leonard Green and Altas Partners said to be coming to the market later this year.

Next up is a new interview by my colleague Rafael Canton with Carlyle Group’s Alex Popov on the PE firm’s investment in the Seattle Reign, women’s soccer franchise. 

In deal news, HCI Equity Partners launched a new company platform, LawnPro Partners, focused on landscaping and lawn care, earlier this morning.

Wrapping up today, we’ll take a peek at Boston Consulting Group’s M&A Sentiment Index, which highlights deal activity for the first half of 2024 and explores how dealmakers are feeling about the rest of the year.

But first up today: a large fire safety company about to test the buyout market.

For sale

Leonard Green and Altas Partners are expected to launch a marketing process later this year to gauge buyout interest in Pye-Barker Fire & Safety, a service provider for businesses and multi-family residences, three sources familiar with the matter told me.

Upgrade to the premium version of the Wire for access to the story.

For ongoing coverage of companies coming up for sale, upgrade your PE Hub subscription to access the On the block series stories, like my latest on environmental service providers. If you’ve got tips on companies for sale, reach out to me at Michael.S@pei.group.

Goals

Carlyle Group’s belief in growth and increased focus on women’s professional sports led it to team up with Major League Soccer’s Seattle Sounders to acquire National Women’s Soccer League franchise the Seattle Reign FC earlier this year.

For more on the interview with Carlyle’s head of private credit Alex Popov, who touches on growth for the Reign and other sports opportunities, upgrade to the premium version of the Wire.

Next we’ll shift from the soccer green over to the backyard lawn for a moment.

Greener grass

HCI Equity Partners today launched a new business services platform LawnPro Partners, focused on lawn care treatment, tree services and pest control to residential customers.

Upgrade to the premium version of the Wire for more on the story, and check out PE Hub’s January listicle on lawncare deals.

Mixed outlook

Management consulting firm Boston Consulting Group released its first half of 2024 M&A Sentiment Index this week pointing to a slight uplift in deal activity.

Premium subscribers have details on the report.

That’s a wrap for me today. Stay cool and hydrated and keep an eye out for the Friday Wire tomorrow with Obey Martin Manayiti.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

After exploring a few different configurations, growth shop Declaration Partners sold a portfolio of minority stakes in 11 assets in a secondary designed to deliver liquidity to its anchor investor, David Rubenstein, the firm is expected to announce today. (Buyouts)

Brookfield Asset Management selected two private equity veterans to lead its strategy of bespoke investing outside of a control framework, Buyouts has learned.

Consolidation may be in, but spin-outs aren’t out: The year kicked off with the industry-shattering news of the BlackRock-GIP tie-up, and while other mergers soon followed, there are indications that consolidation is not the only game in town. (Infrastructure Investor)

In yet another partnership between a private credit manager and a bank, Marathon Asset Management and Webster Bank have formed a private credit venture to deliver direct lending services to sponsor-owned companies in the core mid-market. (Private Debt Investor)

Eiffel Investment Group has reached a first close for its impact credit fund on €200 million, the firm said on Thursday. (New Private Markets)

BC Partners has delivered about €9 billion in exits over the last 18 months, according to Nikos Stathopoulos, chairman, Europe and member of the management committee. (Private Equity International)

Astorg has confirmed the close of its latest continuation fund two months after Secondaries Investor reported details of the secondaries buyers backing the transaction. The Luxembourg-headquartered buyout firm raised €1.4 billion for Normec Continuation Fund with Lexington Partners and Eurazeo joining CVC Secondary Partners and Pantheon as leads investors. (Secondaries Investor)

Venture secondaries steps into the spotlight: New and existing VC secondaries players have raised billions in fresh capital as liquidity needs show no signs of slowing. (Secondaries Investor)

Private debt’s question of alignment: Whether managers in the asset class are sufficiently incentivized has become a point of contention. (Private Debt Investor)

Index Ventures has raised a total of $2.3 billion across two new funds: $800 million for its 12th venture fund and $1.5 billion for its seventh growth fund. (Venture Captial Journal)

Hollyport Capital seeks up to $4bn for flagship and launches separate GP-led fund. (Secondaries Investor)

They said it

“There has been this fundamental demand for women’s soccer and women’s sports. With more access, the fan experience both in-person and on TV more exciting, you’re starting to see the numbers really accelerate.”

— Alex Popov, Carlyle’s head of private credit, on the PE firm’s investment in the Seattle Reign