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The Wire June 18, 2021
Aldevron shows growth in value under PE, TA's CCRM goes to Altas, Ares-backed Unified, Apax bets on growth of philanthropy-tech Happy Friday!
Big one: Life science tools behemoth Danaher said yesterday it would buy Aldevron in a deal valued at $9.6 billion, marking what is undoubtedly a tremendous outcome for existing shareholders - EQT and TA Associates. Aldevron is a leading manufacturer of DNA for use in gene therapy. Both firms declined to comment on the deal, but when EQT joined TA as an investor less than two years ago, the enterprise value of the company was slightly north of $3 billion, sources said -- implying growth in value by more than three-fold. The original plan was to take the Fargo, North Dakota-headquartered business public, sources said, but the company continuously garnered inbound interest following...
In other news... Apax,after evaluating a number of software businesses involved in corporate social responsibility and philanthropy, believes it has found the best M&A platform in the market with CyberGrants, Jason Wright, partner at Apax, told PE Hub. According to Wright, this past year has seen a boost in grants as the global pandemic and social justice issues increased the need for donations in the society.... Finally, Unified Women’s Healthcare, backed by Altas Partners and Ares Management, is expanding into fertility services with a deal of scale. Unified, a provider of practice management services to OB/GYNs, is acquiring CCRM from TA Associates in a transaction, which, according to Moody’s, totals $775 million including about $430 million of equity. PE Hub sources said CCRM marketed...
Read the full wire commentary on PE Hub...
That’s it! Have a great weekend, everybody, and as always, write to me at springle@buyoutsinsider with any tips, comments or feedback!
HOUSEKEEPING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we'll make sure you get a complimentary copy of the "Emerging Manager Report 2021," based on these surveys (once it's published this fall). All responses are kept confidential. The survey deadline is July 2.
Also of note (may require subscriptions) New-timer: Guidepost Growth Equity, which this week agreed to sell portfolio company Spoonflower to Apollo-backed Shutterfly, raised just over $300 million for its debut fund, a person with knowledge of the firm told Buyouts. Guidepost rebranded in 2017 from North Bridge Growth Equity. Read more here.
Better: Public Sector Pension Investment Board’s private equity strategy outperformed last year, lending further validation to a recent shift toward direct investing. An explanation lies in PSP’s efforts over the past six years to revamp its PE organization. Read it on Buyouts.
Secondaries: Astorg Partners is close to completing one of Europe’s largest single-asset secondaries deals, Secondaries Investor has learned. The deal involves portfolio company IQ-EQ. Read it on Secondaries Investor.
PE Deals
They said it “A value of $100 billion or more in secondaries transactions for 2021 is a reasonable estimate based on what we’ve seen to date,” he said. “In three years’ time, I wouldn’t be surprised if that had doubled.”
Petra Bukovec, partner in Pantheon’s global secondaries team, tells Buyouts
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