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 | PitchBook Newsletter | | Private Equity Edition |
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| Powered by the PitchBook Platform. Learn more» | | 568,613 Deals | 35,094 Funds | 22,705 Limited Partners | 29,141 Advisors | |
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MONDAY, JULY 11, 2016  | |
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Oak Hill Capital Partners | Oak Hill Capital Partners recently agreed to acquire Oxford Networks, a provider of fiber-optic bandwidth infrastructure services. We've chosen the firm as today's free PitchBook Profile to give you a look at its past deals, closed funds and more. | |
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The decline in U.S. private equity activity deepens  | |
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U.S. private equity activity continues to fall. Even if 2Q numbers are revised upward as time goes on, with additional data points back-filled, a quarter-over-quarter decline will still have occurred in the first half of 2016. As of early July, completed deal count for 2Q is more in line with the comparable period in 2013, signaling...
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Apax expands reach in European pharma market It was a busy Friday for Apax Partners. The firm announced an agreement to acquire the operating subsidiaries of Invent Farma, a Spanish manufacturer of generic drugs, and a separate deal to purchase neuraxpharm Arzneimittel, a German producer of treatments for central-nervous-system disorders. Both deals are expected to close in the coming months. Icelandic PE firm Framtakssjóður Íslands was a previous backer of Invent Farma, while Apax will acquire neuraxpharm from ATAX and Neuraxpharm Holding.
The flurry of activity from Apax Partners is hardly a surprise. Even discounting the two agreed-upon acquisitions, Apax has already sealed 19 deals in 2016, according to the PitchBook Platform, well on its way to exceeding last year’s total of 28. That also makes Apax the third most active European-based PE investor so far this year, trailing Ardian and Business Growth Fund. Interestingly, healthcare hasn’t been a key focus for Apax; the sector accounts for less than 8% of activity so far this year after a mere 7% in 2015.
PitchBook Platform users can check out the full list of Europe's most active PE investors. Not a subscriber but interested in getting access? Contact us today. |
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A former CalPERS board member says the private equity industry is trying to fool the California state legislature with its latest amendments to a bill that would increase public disclosure requirements. [Los Angeles Times]
For Malaysian businessman Arun Pudur, the key to building a purported $4 billion fortune was a very active imagination. [Forbes]
Danone’s acquisition of WhiteWave Foods is the latest sign that traditional food-industry giants are turning to M&A as a way to tap into consumers’ desire for healthier, simpler foods. [WSJ]
Arul Mehra of Baring Private Equity Partners explores why PE firms have traditionally stayed away from startups, particularly in India. [Economic Times] |
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2007 Vintage U.S. Venture Funds | $100 million - $250 million | | | Median IRR: | 12.80% | | Top Quartile IRR Hurdle Rate: | 31.53% | | Median TVPI: | 1.6x | | Median DPI: | 0.6x |
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Siris Capital outbids Mitel to pick up Polycom | Siris Capital has announced the take-private acquisition of Polycom (NASDAQ: PLCM), a collaboration and communication platform, for $12.50 per share, valuing the company at about $2 billion including debt. The deal means Polycom will forgo its earlier agreement to be acquired by Mitel Networks for about $1.96 billion; Polycom will pay the Canadian telecommunications company a $60 million termination fee. | Communications Pleasanton, CA | |
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CVC makes Nirvana Asia offer official | CVC Capital Partners has announced a $1.1 billion privatization offer for Nirvana Asia (HKG: 1438), confirming earlier reports on the firm’s pursuit of the funeral-care provider. CVC has proposed to pay HK$3 (about $0.39) per share in cash, a 37.6% premium to the 30-day average closing price of Nirvana shares prior to the offer. | Consumer Services Kuala Lumpur, Malaysia | |
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Oak Hill set to acquire Oxford Networks Ridgemont re-ups with fiber network provider | Ridgemont Equity Partners, Cox Communications and current company management have agreed to make a strategic investment in Unite Private Networks, the operator of a fiber network in the central U.S. that connects 3,750 buildings—including schools, hospitals and government buildings—across 20 states. Ridgemont has owned a majority stake in the company since 2010. | Internet Service Providers Kansas City, MO | | |
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The Jordan Company sponsors purchase of Global Transportation Services Ardian buys majority stake in Dedalus EQT sells Granngården to Felleskjøpet | EQT Partners has sold Granngården, a retail chain with a network of 108 stores and an online platform targeting both B2C and B2B customers in Sweden, to Felleskjøpet, a Norwegian supplier to the agricultural sector. EQT acquired Granngården in 2008. | General Merchandise Stores Malmö, Sweden | |
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Renovus raises $132M for Fund II | Renovus Capital Partners invests primarily in small and mid-sized education companies ranging from traditional education to professional certification, corporate training, edtech and human capital services. | |
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Goldman Sachs hires former head of EU Commission | Jose Manuel Barroso will join Goldman Sachs as an advisor and non-executive chairman of its international unit. From 2004 to 2014, Barroso served as president of the European Commission; he was prime minister of Portugal from 2002 to 2004. | Investment Bank New York, NY |
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