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The Wire Feb. 5, 2021
Riverside's ARCOS explores sale, KKR files for $1bn IPO, Blue Ox Healthcare Partners and Blue Wolf-spinout talk strategy Happy Friday, hubsters!
Looking ahead: Riverside Company is preparing to sell ARCOS, a maker of crew management, callout and emergency response software, people familiar with the process told PE Hub. The process comes it looks to put a clinical trial payments technology business on the market this spring, sources told me recently. In other activity to watch, a consumer-focused blank check company sponsored by KKR filed Thursday with the SEC to raise as much as $1 billion in an initial public offering.
Talking strategy: Fundraising wasn’t the biggest worry for Michael Ranson, who spun out of Blue Wolf Capital in June to launch his own firm. Ranson told PE Hub that its initial platform Garlock and a new deal on the horizon have proven that execution is among the most crucial factors to success as a new manager. Another deal-by-deal investor, Charles Kennedy, CEO and managing partner at Blue Ox Healthcare Partners, told PE Hub that Sera Prognostics’ partnership with Anthem is the poster child of his firm’s investment strategy – underscoring a new way...
Read the full wire commentary on PE Hub.
That’s it for today. Have a great weekend, and in the meantime, hit me up with feedback, gossip and tips or whatever at springle@buyoutsinsider.com or find me on LinkedIn.
Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards. Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year. Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian. If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.
Also of note (may require subscriptions) Domination: Evercore's secondaries advisory group has been on a run, with recent data suggesting that it advised on half the market’s transaction volume last year, writes Secondaries Investor. Check it out.
Full coffers: Monomoy Capital Partners, launched by former KPS Capital Partners executives, raised most of the $1 billion target set for a fourth mid-market turnaround offering, Buyouts reports. The firm makes control investments in businesses with values of up to $600 million. Read more here.
Drama: Shares of Clover Health – which recently debuted on the public markets through a SPAC deal - dropped some 12 percent on Thursday after short-seller Hidenburg Research published a scathing report claiming, among other things, the business failed to disclose it is under active investigation by the DOJ. Check out the report here.
PE Deals
They said it “While Chamath has seemingly taken every opportunity available to present himself as a beacon of rigorous due diligence and Wall Street know-how, our 4-month investigation led us to conclude that Clover Health’s culture is rooted in deception and has taken every opportunity to push or break the rules to mislead its customers, investors, and Medicare.”
Short-seller Hidenburg Research wrote in a Thursday report titled Clover Health: How the “King of SPACs” Lured Retail Investors Into a Broken Business Facing an Active, Undisclosed DOJ Investigation.
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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