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Platinum Equity and KV Capital build on wheelchair demand; Red Iron Group adds an extra coat of paint

Good morning, PE Hubsters! Rafael Canton here filling in for John R Fischer this Friday with the US edition of the Wire from the New York newsroom. I will be subbing in for John next Friday as well.

First, as we kick off November, we’ve noted a handful of private equity deals in wheelchairs and mobility equipment. We have a look at five deals from this year that involve companies that make and service wheelchairs.

Then, we have a fresh deal announcement. Red Iron Group has made an investment in EverLine Coatings and Services.

Next, there’s a new tech M&A forecast from Morrison & Foerster that has a promising outlook on private equity dealmaking in the tech sector.

We’ll end with a look at ACG NY’s Middle Market Week event that is taking place throughout New York City next week.

Wheelchairs in increased demand

Wheelchairs are improving rapidly, thanks to innovations including lightweight materials, writes PE Hub reporter John Fischer. Mobility equipment is also seeing increased demand as the population ages and the prevalence of chronic conditions rises. This has piqued the interest of private equity investors.

Premium subscribers can see what deals have been made in wheelchairs.

Painting on the line

Red Iron Group announced that it has made an investment in EverLine Coatings and Services. Founded in 2012, EverLine is a US and Canada-based line painting, pavement maintenance, and other essential facility services provider.

Subscribe to the premium version of the Wire to learn more about the deal.

Bullish outlook

A report by law firm Morrison Foerster, which surveyed more than 300 tech dealmakers from around the globe, says that a confluence of improved buyer sentiment and a steep rally in key tech stocks supported by the promise of artificial intelligence (AI) is propelling the resurgence of tech M&A.

PE Hub has seen a healthy number of deals in cybersecurity. In July, we highlighted seven cybersecurity deals in the private equity space from firms such as Thoma Bravo, TPG and Silver Lake. PE Hub editor in chief MK Flynn recently interviewed Thoma Bravo co-founder and managing partner Orlando Bravo. Part of the conversation circled around cybersecurity including the firm’s acquisition of Darktrace, a cybersecurity artificial intelligence business.

Premium subscribers can learn more about what tech dealmakers are saying.

Mid-market meet-up
Finally, let’s finish up with some event news. Next week, ACG NY is hosting Middle Market Week throughout New York City. The events offer mid-market dealmaking professionals networking activities and opportunities to develop dealmaking skills.

Check out the premium version of the Wire to learn more about the event.

That’s it from me today. If you have any questions or want to chat about the technology sector or anything else, please email me at rafael.c@pei.group.

Have a nice weekend. Craig McGlashan will be with you for the Europe edition of the Wire, and MK Flynn will bring you the US edition.

Cheers,

Rafael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Buyouts editor Chris Witkowsky discusses the rise of the DIY CV in his latest LP Weekly: "All players, GPs and LPs, are getting more sophisticated in the CV world and the processes around these deals will continue to evolve."

A look at 14 packaging deals PE Hub has reported in Europe and the US since the start of the year.

Buyouts’ new healthcare special report explores the state of the US healthcare sector and the need for a specialist approach. Articles include:

• Critical conditions for healthcare sector

• Regulatory scrutiny over US healthcare ramps up

• Fundraising for healthcare is alive and well

KKR and ECP announced this week a $50 billion partnership with an eye towards investing that money in data centres and the attendant infrastructure, as the pair look towards keeping the US a dominant force in the development and deployment of AI technology. (Infrastructure Investor)

StepStone Group has emerged as the lead in a continuation fund run by Gemspring Capital Management, a Connecticut-based PE firm focused on the mid-market. (Secondaries Investor)

Private Equity International’s special report on technology delves into the evolving opportunities available to LPs and GPs across the increasingly nuanced technology sector. Articles include:

• Three key trends in tech investment

• Regulation tightens its grip on tech deals

• The Future 40 on the tech landscape (in which dealmakers featured in PEI’s Future Leaders of Private Equity lists share their insights on tech)

They said it

“As a founder-led company well-positioned for significant future growth and market leadership in a highly fragmented industry, EverLine is an ideal partner for Red Iron Group to support.”

— Jason Klein, co-CEO at Red Iron Group on EverLine Coatings and Services deal