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 | PitchBook Newsletter | | Private Equity Edition |
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| Powered by the PitchBook Platform. Learn more» | | 514,623 Deals | 33,930 Funds | 22,440 Limited Partners | 26,136 Advisors | |
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WEDNESDAY, MARCH 9, 2016  | |
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| Quad-C Management recently closed an investment in Inmark Packaging, a transaction that falls within three of the firm's core investing sectors: packaging, specialty distribution and healthcare. Click here to view Quad-C's investment history, closed funds and more in today's free PitchBook Profile. | |
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Blackstone-backed Vivint Solar pulls plug on $2.2B sale to SunEdison Vivint Solar (NYSE: VSLR), a Blackstone-backed provider of distributed solar energy systems, has terminated a $2.2 billion merger agreement with SunEdison (NYSE: SUNE) citing a breach of contract by the troubled acquirer. Lenders Barclays, Goldman Sachs, Citigroup and UBS reportedly became wary of SunEdison’s deteriorating financial position and inability to provide clarity into its finances. This wariness comes in spite of Blackstone’s commitment in December to provide a $250 million credit facility.
Mega-buyouts have recently faced increased challenges given regulatory hurdles and wide spreads in high-yield credit. KKR was reportedly forced to self-underwrite the $1.2 billion acquisition of home and farm retailer Mills Fleet Farm earlier this year. Additionally, The Carlyle Group renegotiated down the cash portion of a $7.4 billion acquisition of Symantec’s Veritas information management business.
Given SunEdison’s industry, the renewable energy development company’s would-be deal for Vivint Solar may have been especially troubled. SunEdison had made a spate of acquisitions since January 2014, greatly increasing overall leverage just as energy markets declined precipitously. According to the PitchBook Annual M&A Report, energy deals in 2015 saw a YoY decline of 21% in deal value and near 29% in volume. In the same period, energy deals with PE involvement fell even more precipitously, according to the PitchBook Annual U.S. PE Breakdown, with deal value tumbling 52% amid 37% fewer deals. |
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 2007 Vintage U.S. Venture Funds | $250 million - $500 million | | | Median IRR: | 10.82% | | Top Quartile IRR Hurdle Rate: | 19.88% | | Median TVPI: | 1.6x | | Median DPI: | 0.7x |
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Nordic Capital to acquire ERT from Genstar | Nordic Capital has entered into an agreement to acquire ERT from Genstar Capital. The company is a provider of patient data collection solutions for use in clinical drug development. Genstar had acquired ERT in a 2012 take-private transaction worth roughly $400 million. | Database Software Philadelphia, PA | |
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Sageview funnels $20M to social insights business | Sageview Capital has led a $20 million growth equity investment in Crimson Hexagon, a provider of social data analysis. The company will use the funding to expand its infrastructure and global sales & marketing team. | Vertical Market Software Boston, MA | |
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OpenGate builds out portfolio with B&M buy | OpenGate Capital has acquired building materials distributor Bois & Matériaux. In addition to the purchase, OpenGate has invested €25 million into the company. | Building Products Pace, France | |
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Yomp acquired by Reward Gateway | Yomp, an employee health-and-wellness platform designed to increase productivity, improve attendance and boost engagement in the workplace, has been acquired by Great Hill Partners-backed Reward Gateway. | Medical Records Systems London, United Kingdom | |
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FTV Capital to exit CardConnect in FNTC deal | FTV Capital-backed CardConnect, a provider of payment processing and technology solutions, has entered into a definitive merger agreement with FinTech Acquisition (NASDAQ: FNTC). FinTech will acquire CardConnect for an aggregate consideration of about $180 million in cash and $170 million in common stock. The merged company will apply to continue the listing of its common stock on the NASDAQ under the ticker symbol CCN. | Financial Services King of Prussia, PA | |
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Main Post closes $400M growth vehicle | Main Post Partners has raised $400 million for its debut growth equity fund, far exceeding its initial target of $250 million. The firm invests in companies in the consumer value chain, services and manufacturing sectors. | San Francisco, CA PE Growth |
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Ropes & Gray represents Immucor in Sirona acquisition Jack Nadal promoted to VP at Insight Equity | Insight Equity has promoted Jack Nadal to senior vice president. The firm makes controlling investments in middle-market, asset-intensive companies across a range of industries. | |
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CVC hires Chris Colpitts to head TMT team | CVC Capital has announced the addition of Chris Colpitts as a senior managing director and the firm’s new U.S. head of Telecommunications, Media and Technology. Colpitts was previously the global head of Investment Banking at Deutsche Bank. |  Chris Colpitts, Senior Managing Director & Head, Telecommunications, Media and Technology PE/Buyout London, United Kingdom |
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