Good morning, Hubsters. MK Flynn here with today’s Wire. Let’s kick things off with a look at deal pricing in the healthcare sector. Meeting of the minds. As our regular readers know, PE Hub’s Aaron Weitzman has been talking with many private equity investors in healthcare over the last several months. This week, we’re featuring Aaron’s interview with an investment banker who shared insights on valuations in the healthcare sector. “When you combine what you would consider a valuation on the frothier side for private companies that have raised private rounds over the last couple of years and you look at valuations of public comps coming down, it’s a difficult meeting of the minds between acquirer and target,” said Jonathan Norris, managing director for business development in Silicon Valley Bank’s healthcare practice. “We’ve seen significantly less M&A activity this year.” For more analysis of PE deals in the healthcare sector, check out Aaron’s recent profiles of PE firms investing in the sector. Read Aaron’s take on Court Square Capital Partners and his conversation with managing partner David Nguyen here. See Aaron’s profile of EQT Partners healthcare investing and his conversation with Eric Liu, partner, head of North American private equity and global co-head of healthcare, here. High cost of debt. How are rising interest rates the world over affecting PE-backed deals? That’s a question all of us at PE Hub are asking our sources these days. PE Hub Europe editor Craig McGlashan gleaned some insights on the topic when he spoke with Stefano Ferraresi, partner, head of the industrial sector in Europe and the Italian market, for BC Partners. The London PE firm announced last week its joint ownership, along with Bain Capital Private Equity, of Milan-based luxury goods packager Fedrigoni. With a reported value between $2.8 billion and $3 billion, the deal was an opportunity to take a stake in a defensive asset amid a worsening global economic outlook. It also showcased some of the adjustments dealmakers are having to make to get business done with rising rates, Craig points out. Read the full story here. Emerging managers. There’s still time left to participate in the sixth annual Buyouts Emerging Manager Survey, conducted in partnership with Gen II Fund Services. If you’re a GP, take the survey here. If you’re an LP, take the survey here. And for ongoing coverage of young firms, check out the emerging managers page of Buyouts’ website. That’ll do it for today. I’ll see you tomorrow - same bat time, same bat channel. All the best, MK Read the full wire commentary on PE Hub ... | 