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| PitchBook Newsletter | | Private Equity Edition |
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| Powered by the PitchBook Platform. Learn more» | | 570,393 Deals | 35,167 Funds | 22,763 Limited Partners | 29,237 Advisors | |
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U.S. PE deals slide again; fundraising hits $115B in 1H 2016 The more things change, the more they remain the same?
In the U.S., private equity activity slid again between 1Q and 2Q 2016, recording a decline of 14% in volume and 18% in value. At the same time, and in the face of significant levels of dry powder, fundraising remained strong. According to our 2Q 2016 U.S. PE Breakdown, $115 billion was raised across 138 U.S. vehicles in the first half of the year. | | Taken together, these numbers indicate a complex landscape, which the full PE Breakdown covers in depth, drawing from datasets of fundraising, exit activity and more. Developed in partnership with Merrill Corporation and co-sponsored by Murray Devine, the full report is available for free by clicking here. |
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Revolutionaries at the gate: What Bastille Day can teach us about LBOs On July 14, 1789, the citizens of Paris stormed the Bastille prison to gain access to a government cache of ammunition. The French Revolution was sparked, and the history of the world would never be the same.
But why were the Parisians so mad? The answer, in part, is debt.
And leverage is still a factor in the France of today |
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Recommended Reads In Britain, deals are hanging in the balance. A thoroughly reported examination of the state of PE in the U.K., three weeks post-Brexit. [Reuters]
A closer look at Alec Gores, Apollo Global Management and the private equity ownership of the company that makes Twinkies. [The Los Angeles Times]
Procter & Gamble is helping spearhead the return of Western business to Iran after the relaxing of trade sanctions earlier this year. [The Wall Street Journal]
While U.S. lawmakers bemoan the recent spate of corporate inversions, Ireland isn’t complaining. [The New York Times] |
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The Daily Benchmark
2008 Vintage U.S. Venture Funds with Energy Investments
Deals in Play & Announcements
Thoma Bravo to privatize Imprivata
Completed PE Deals
Oaktree invests in Array Technologies
Bregal Sagemount takes minority stake in ASI
Europe
Ardian picks up Ionisos from Agilitas
Portuguese investors exit Nutricafés for €74.5M
Fundraising News
THL raises $2.5B for first fund since 2007
Arbor grows Fund IV to $765M
Investor News
Dyal buys minority stake in Silver Lake
Service Provider News
Former Deutsche Bank executive joins Star Mountain
Management News
David DeMilt embarks for Z Capital
2008 Vintage U.S. Venture Funds with Energy Investments Thoma Bravo to privatize Imprivata | Thoma Bravo has agreed to pay $19.25 per share in cash to acquire Imprivata (NYSE: IMPR), a provider of IT security for healthcare organizations. The deal has a value of about $544 million and represents a 33% premium to the company’s final closing stock price. Kirkland & Ellis acted as a legal advisor to Thoma Bravo, while Imprivata received legal advice from Goodwin Procter and financial advice from Barclays. | |
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Oaktree invests in Array Technologies | Array Technologies provides tracking solutions for utility, commercial and residential solar-generation systems. The company, which has shipped and installed more than 5 GW around the globe, will use the capital infusion from Oaktree Capital Management to expand its footprint. | |
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Bregal Sagemount takes minority stake in ASI | Advanced Solutions International provides software that helps associations and nonprofits increase operational and financial performance through the use of best practices, proven solutions and ongoing client advisement. Bregal Sagemount typically invests between $15 million to $150 million per transaction into an array of sectors. | |
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Ardian picks up Ionisos from Agilitas | Ardian has acquired a majority stake in Ionisos, a provider of cold sterilization services, from Agilitas. This is the first investment made through the Ardian Expansion IV fund, which closed in June after raising €1 billion. | |
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Portuguese investors exit Nutricafés for €74.5M THL raises $2.5B for first fund since 2007 | Thomas H. Lee Partners has raised a total of $2.48 billion for its seventh buyout fund, according to SEC filings. The firm’s previous vehicle, Thomas H. Lee Equity Partners VI, closed on $8.1 billion in 2007 and had posted an IRR of 8.1% as of the end of 1Q, according to the PitchBook Platform. | |
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Arbor grows Fund IV to $765M | Arbor Investments operates exclusively in the food and beverage industry with a focus on the middle market. The firm’s predecessor fund closed on $400 million during 2011. | |
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Dyal buys minority stake in Silver Lake | Dyal Capital Partners has acquired a passive interest of less than 10% in Silver Lake, a technology-focused private equity investor with more than $24 billion in AUM. Dyal is a unit of Neuberger Berman that purchases minority stakes in asset managers. | |
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Former Deutsche Bank executive joins Star Mountain | Star Mountain Capital, an alternative asset manager focused on the U.S. lower middle market, has hired Stephen Fromm as a strategic investor and senior advisor. Fromm is the former vice chairman of financial institutions and head of Americas insurance investment banking at Deutsche Bank. | |
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David DeMilt embarks for Z Capital |
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