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The Wire

June 23, 2021

JAB Investors' NVA buys SAGE Veterinary for ~$1.25b, AKKR scores 12x on Seequent, CVC buys ExamWorks for $4b-plus

It’s Wednesday, and lots of deals are gettin’ done, people. 

CVC Capital Partners said yesterday it had agreed to acquire a majority stake in LGP's ExamWorks -- a provider of independent medical examinations that PE Hub wrote was evaluating a sale last month. In line with expectations at that time, the deal is valued between $4 billion and $4.5 billion, PE Hub sources confirmed. That’s off of EBITDA in the $300 million to $340 million range. Existing investors Leonard, Green & Partners and GIC will retain minority stakes. Of note: CVC is doing the deal on its own. The firm was previously exploring partnering with... 

In other news, Accel-KKR has generated a 12x return on Seequent less than three years after backing the developer of 3D geological modeling and visual data software, a source familiar with deal’s terms told PE Hub.  The firm on Monday announced the completion of Seequent’s sale to Bentley Systems for $900 million in cash and 3.1 million shares of BSY, valued at approximately $200 million. Finally... Chicago Pacific Founders is selling SAGE Veterinary Centers at a valuation of at least $1.25 billion -- or at least 25x -- according to sources familiar with the transaction. The buyer of the specialty vet hospital network is National Veterinary Associates. Another similar, slightly bigger player in the late stages of its process...

That's it! Have a great week ahead, everybody, and as always, write to me at springle@buyoutsinsider.com with any tips, comments or just to say hello!

Read the fully wire commentary on PE Hub...

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)

On hold: Catalyst Capital, a Canadian firm embroiled in court activity that closed its most recent flagship pool six years ago, is, for the time being, solely focused on monetizing investments out of its past funds, sources told Buyouts. Part of what has prevented Catalyst from moving forward with a new fund likely has to do with ongoing litigation that has enveloped the firm over the past few years. Read more on Buyouts.