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The Wire June 11, 2021
Clearlake's healthcare-focused GRC platform Symplr launches process, CD&R considers options for glass repair company Belron Happy Friday!
In case you haven’t noticed, software businesses operating in GRC, or governance, risk & compliance, have continued to see heightened interest from the PE community and a steady pace of consolidation. Add healthcare to the mix, you’ve got a winning formula. Clearlake Capital Group is exploring strategic alternatives for Symplr, a healthcare-specific GRC software company that has scaled immensely under the Santa Monica firm’s backing, according to people familiar with the process. This time around, a deal could value Symplr at more than $4 billion, sources told PE Hub -- which is not too shabby considering Clearlake less than three years ago took a majority stake at an ~$550 million value alongside SkyKnight Capital.
Notably, Symplr isn’t Clearlake’s only wager in GRC. Diligent – backed by Clearlake, Insight Partners and Blackstone Group – became the country’s largest SaaS GRC provider in February, when it bought Galvanize to reach a combined $7 billion valuation, my colleague Milana Vinn wrote. In other activity, Clearlake in March invested in RSA Security, a provider of cybersecurity software and GRC management software solutions to enterprises.
If we’re talking healthcare GRC, other leading companies to watch include...
Read the full wire commentary on PE Hub...
Write to me at springle@buyoutsinsider.com with your thoughts or tips on GRC or anything else going on in private equity. Have a great weekend!
Also of note (may require subscriptions) Single-asset: Clayton Dubilier & Rice is exploring options for its portfolio company Belron, which operates various glass repair brands globally, including a potential process that would give the firm more time to manage and grow the company, sources told Buyouts. A secondary for Belron would not happen until after a minority stake sale, which is another potential option for the company, one of the sources said. Read more on Buyouts.
Gimme more: In what appears to be a common theme in this year’s robust fundraising market, Sageview Capital upped the target for its third growth-equity offering to $700 million. Sageview was founded in 2006 by managing partners Ned Gilhuly and Scott Stuart, both ex-KKR partners. Read more here.
PE carveout wave: Bloomberg writes that JPMorgan Chase & Co.'s top banker advising private equity firms in Europe says the region is primed for one of its busiest-ever periods of corporate carveouts, as companies seek to bolster capital and cut non-core businesses while valuations remain high. Read it here.
PE Deals
They said it “Who’s sponsoring the SPAC—the firm or the fund—is probably the most important question.” Brendon Parry, a managing director who oversees private investments at TIFF Investment Management, told WSJ .
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