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The Wire Oct.5, 2021
Apax, Oak HC/FT jointly buy growing eating disorder treatment platform, PAI bets on Europe's camping community with ECG
Good morning!
In today’s headlines, Apax and Oak HC/FT have joined hands to acquire Eating Recovery Center in a deal valued at approximately $1.4 billion, sources familiar with the deal terms told me. ERC largely provides eating disorder treatment across various settings, with about 15 percent of revenue stemming from its more recently established mood and anxiety business.
The deal is yet another data point speaking to investors' appetite for high-growth scale assets in healthcare, and particularly those that bring a technology lever. Although the timeline is not entirely clear, two sources told me the buyer group preempted or accelerated a full sale process from getting underway.
Apax partner Andy Cavanna brings an edge through his prior involvement in the space. Cavanna, while at Vestar Capital, helped lead the firm’s 2015 investment in Veritas Collaborative, a specialty hospital system for the treatment of eating disorders. Oak HC/FT, whose Andrew Adams led the deal for the firm, complements that knowledge with its deep roots at the nexus of behavioral healthcare and virtual care and technology -- with current and former portfolio companies including US Healthvest, Quartet Health, Brightline and Therapy Brands. Check out my full report on PE Hub.
Across the pond: PAI Partners has completed the acquisition of European Camping Group, which operates a fleet of over 22,000 units (mostly mobile homes) across more than 310 premium campsites. PAI’s investment provides an exit for Carlyle, Ontario Teachers’ and Montefiore Investment. Besides growing its market presence in certain regions and entering new ones, ECG under its previous backers developed “CampingVision”, an online booking platform for campsites in Europe... Wait a second, was that camping deal actually a tech deal?!
That's it for me! As always, hit me up at springle@buyoutsinsider.com with your comments, tips or anything else!
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Exceeding expectations: Vista Equity raised $2.3 billion for its third credit fund that invests in the firm’s own deals as well as external sponsored and non-sponsored transactions, a person with knowledge of the firm told Buyouts. Fund III closed earlier this month, the person said. Read it on Buyouts.
Special sitch: Clearlake Capital Group, which is marketing its latest flagship buyout vehicle, unveiled a third non-control special situations offering targeted to bring in $1.5 billion. The offering is one of several Clearlake fund initiatives of late, among them the private equity firm’s seventh flagship. Read more on Buyouts.
Enforcement: Amid an exploration of potential stricter private equity disclosure rules, the Securities and Exchange Commission named Matthew Harris as co-head of its private funds unit, which performs regulatory examinations of private equity firms. Chicago-based Harris is moving into the role vacated earlier this year by Igor Rozenblit, who left to start his own consultancy called Iron Road Partners. Read it on Buyouts
PE Deals
They said it “Ultimately, every pension fund investing in these private funds would benefit if there were greater transparency and competition in the space.” SEC commission chairman Gary Gensler said last month in testimony before the Senate Committee on Banking, Housing and Urban Affairs.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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