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Post-election policies will fuel M&A, say dealmakers; GHO  and Ampersand buy Avid Bioservices for $1.1bn

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom, filling in for Michael Schoeck.

We’re starting with election reaction from dealmakers, who say they’re looking forward to PE-friendly tax and regulatory policies from the GOP-led administration.

Next, we have the news this morning that GHO Capital Partners and Ampersand Capital Partners have agreed to acquire Avid Bioservices, in an all-cash transaction valued at around $1.1 billion.

Also this morning, NMS Capital has exited its investment in Flourish Research, a US-based clinical trial organization. Stay tuned for more details, including the buyer.

Finally, I have a follow-up interview with Alec Ellison, the global head of Houlihan Lokey's FinTech Group, about the investment bank’s latest report.

Election reaction

Private equity dealmakers expect a tax and regulatory environment more conducive to investments and deals under the new GOP-led administration, several sources told PE Hub editor-in-chief Mary Kathleen (MK) Flynn.

Not all the reaction was positive. One source pointed out that tariffs would lead to higher costs for PE portfolio companies with operations and supply chains in China and have a negative impact on valuations.

Premium subscribers may read more insights on the impact of the election on PE deals.

PE Hub is seeking private equity dealmakers’ reactions to the election. To share your thoughts, reach out to MK at mk.flynn@pei.group

Biotechnology and pharma

GHO Capital Partners and Ampersand Capital Partners have agreed to acquire Avid Bioservices, a biologics contract development and manufacturing organization, in an all-cash transaction valued at around $1.1 billion.

Premium subscribers will learn more about the deal.

Clinical trials

NMS Capital has exited its investment in Flourish Research, a US-based clinical trial organization, through a sale to Genstar Capital.

Upgrade to the premium version to learn more.

Motivated dealmakers

Earlier this week, Houlihan Lokey released its FinTech Market Update for Q3 2024. The report looks at M&A transactions across several subsectors, such as InsurTech, Banking and Lending Tech, and Payments.

I reached out to Alec Ellison, a managing director and the global head of Houlihan Lokey's FinTech Group to get further insights.

Upgrade to the premium Wire to learn more.

That’s it for me today. As always, I’d love to hear from you at obey.m@pei.group

Irien Joseph will bring you tomorrow’s Europe Wire, while Rafael Canton will bring you the US edition.

Cheers,

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

TPG expects to launch next secondaries fund in mid-2025. TPG believes its GP solutions platform will scale similarly to the firm's other PE strategies, says CEO Jon Winkelried. (Buyouts)

A tale of two pensions lays bare infra’s challenges. New York City’s Bureau of Asset Management’s ban on fossil fuel-related infra contrasts with regret on green investments by Denmark’s ATP. (Infrastructure Investor)

Australia’s PE wealth push begins to pick up steam. A number of product launches over the past couple of years underscore domestic and international conviction in the Australian wealth opportunity. (Private Equity International)

Brazil’s Patria could exceed target on first post-Abrdn secondaries fund. Patria Investments Secondary Opportunities Fund V launched in July and held a first close in September. (Secondaries Investor)

Pymwymic collects €71.5m for second fund focused on healthy food systems. Investors include AGCO, ASR, Invest International, Invest-NL, Klaverblad Verzekeringen, Oost NL and Van Lanschot Kempen. (Venture Capital Journal)

They said it

“Given the election outcome, we expect to see significant tailwinds favoring private equity and M&A dealmaking, adding a substantial sense of momentum to the dealmaking industry.”

— Jeremy Swan, managing principal of CohnReznick’s financial sponsors and financial services industry practice, on how the GOP-led administration will impact PE dealmaking