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Platinum Equity to acquire door distributor; Halifax Group bets on home care; 7 deals target road maintenance

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

We have some rain in the Northeast this weekend, and the wet weather wreaks havoc on the flow of traffic on the road. Today, we are highlighting seven PE backed deals focusing on fixing roads that have been pummeled by wear and tear over the years.   

We also have a few deals announced this morning.

Technical Safety Services, a portfolio company of Levine Leichtman Capital Partners, has acquired Controlled Environment Management, a provider of controlled environment testing, validation, certification, and calibration services in pharmaceutical, biotechnology, and healthcare settings.

Also, The Halifax Group has agreed to acquire the Worldwide Home Care division of Sodexo, including home care subsidiaries in the US, UK, Ireland, France, Denmark, Norway, Sweden and Brazil.

But we will start with Platinum Equity agreeing to acquire a majority interest in The Cook & Boardman Group, a specialty distributor of commercial door and security integration,from Littlejohn & Co.

Upgraded security

Beverly Hills-based Platinum Equity is acquiring a majority stake in the commercial door specialty distributor The Cook & Boardman Group from Littlejohn & Co., for an undisclosed amount.

Littlejohn is retaining a minority stake in C&B.

Subscribers to the premium version of the Wire can learn more on this deal.

Testing, validation and certification

Technical Safety Services (TSS), backed by Levine Leichtman Capital Partners (LLCP), has acquired Controlled Environment Management (CEM).

CEM provides controlled environment testing, validation, certification, and calibration services required in pharmaceutical, biotechnology, and healthcare settings. It is based in Gilbert, Arizona.

Upgrade to the premium version of the Wire to learn more about LLCP’s strategies on scaling this investment.

Homecare

The Halifax Group has agreed to acquire the Worldwide Home Care division of Sodexo, including their home care subsidiaries in the US, UK, Ireland, France, Denmark, Norway, Sweden and Brazil.

The Worldwide Home Care division, based in Irvine, California, provides in-home care services. It operates as a franchisor in the US in the non-medical personal care sector.

Paving the way

Private equity firms are investing in Intelligent Transportation Systems (ITS) and other engineering and consulting services aimed at improving roads and traffic in North America.

Wear and tear has left over 40 percent of America’s road network in poor or mediocre condition, according to the report card for America’s infrastructure.

The Infrastructure Investment and Jobs Act is committing billions of dollars towards revamping road infrastructure.

PE firms are playing an important role, cranking out deals that are targeting different aspects of road infrastructure, working with municipalities, state governments and other clients.

Upgrade to the premium version of the Wire to read the seven deals announced over the last six months.

That’s it for this week.

MK Flynn will be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

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In a drab fundraising market, GPs are finding it tough to keep to fundraising timelines and hit their targets. Some will have to limit their ambitions as they confront the reality of liquidity-constrained limited partners. Atlantic Street Capital appears to be an example. (Buyouts)

Should you use a placement agent on your next fund? The pros and cons of in-house versus outsourced capital raising was debated at Private Equity International’s Investor Relations forum this week.

Pollen Streel deal is latest example of buy-and-build continuation funds: Are you a GP lacking follow-on capital for an add-on? A continuation fund could be right for you – so long as it's done right. (Secondaries Investor)

As the world heats up at an alarming pace, today’s private real estate investors must now factor an array of climate-related risks into their decision making, from asset obsolescence in the face of mounting sustainability priorities, to the rise of natural disasters and extreme weather. (Private Equity Real Estate)

Investors have largely slowed down or cut back on their commitments to primary VC and PE funds this year, but their appetite for secondaries remains strong. (Venture Capital Journal)

Adding Ardian and Just Climate to the mix of managers investing in nature-based solutions helps break down barriers. (New Private Markets)

Pacific Investment Management Co has garnered $1.28 billion of new commitments for two of its strategies, according to SEC filings and Private Debt Investor research.

A place at the larger deal table may be permanent: Assisted by volatile market conditions, private debt firms have carved out a place for themselves in the mega-financing arena once solidly occupied by the banks. (Private Debt Investor)

After distributing a “meaningful amount” back to the investors in its debut fund, Canadian fintech investor Luge Capital is racing toward a final close on C$100 million ($74.3 million) for its sophomore vehicle. (Venture Capital Journal)

Socium Fund Services is expanding its private credit offerings to GPs with loan agency features. The services firm already provides loan administration for its private credit clients, Jason Meklinsky, chief revenue and strategy officer, told Private Funds CFO, and it will offer the agency and admin services both a la carte and in a bundle options.