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The Wire Aug. 6, 2021
PAI Partners aims to bring 'newness' to $4.5bn PepsiCo carveout, Peak Rock ink first Fund 3 deal Happy Friday, hubsters!
Plunging into the US: PAI Partners inked its first US deal this Monday, and it wasn’t a small one. The European shop bought a majority stake in PepsiCo’s heritage beverage brands business -- assigning it an EV of $4.5 billion -- with a vision of building out a broader offering in the increasingly popular natural, organic category. While there are no intentions of walking away from its core segment – juices, lemonades, chocolate smoothies and the like – there is an opportunity to bring some “newness within the legacy,” Maud Brown, partner at PAI, told PE Hub’s Karishma Vanjani. That’s the firm’s game plan with household favorite brands like Tropicana and Naked Juice, she said. A couple of factors helped PAI seal the deal, according to Brown: PAI’s track record with Nestlé and the fact that PepsiCo was looking for a buyer with transatlantic operations and expertise. Read it here.
First: Peak Rock Capital struck its first deal from newly raised Fund III in buying Fort Washington, Pa.-based Amtech LLC and New Futura Services LLC, collectively known as Amtech Software, writes the Wall Street Journal. The investment is the first from Fund III, which closed on $2 billion, according to WSJ. The Austin-based mid-market firm’s target for the vehicle was $1.8 billion, having previously bumped that from $1.6 billion due to the strength of LP demand, Buyouts wrote in February.
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Also of note (may require subscriptions) People move: Crosspoint Capital, which earlier this year closed one of the largest-ever first-time funds, hired ex-Searchlight Capital executive Emily Melchior to run investor relations. Read it on Buyouts.
Guilty: A Russian court found American private-equity investor Michael Calvey guilty of embezzlement more than two years after he was arrested in a case that shook the foreign business community and exacerbated U.S.-Russia tensions, writes the Wall Street Journal. Calvey was a founder and senior partner at Baring Vostok Capital Partners.Read it here.
Secondaries: Clayton, Dubilier & Rice has embarked on what could be the largest GP-led process yet. Limited partners in Clayton, Dubilier & Rice X are to decide whether to roll into a new vehicle with glass repair business Belron or to sell their holdings to secondaries buyers, three source familiar with the matter told Secondaries Investor. Read it here.
PE Deals
They said it “It’s inevitable that many of the best assets that have historically transacted through the sponsor-to-sponsor channel will be transacted through the secondary market going forward." Evercore senior managing director Nigel Dawn told Secondaries Investor on the growth of single-asset secondaries.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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