Aptiv to buy Wind River from TPG Capital for $4.3bn; why VSS is backing Globo; and 'We Buy Ugly Houses' marks seventh exit for LLCP

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The Wire

Jan. 11, 2022

Aptiv to buy Wind River from TPG Capital for $4.3bn; why VSS is backing Globo; and 'We Buy Ugly Houses' marks seventh exit for LLCP

Good morning, Hubsters. MK Flynn here with a look at what’s going on in private equity deals, including a big exit for TPG Capital, an interview with VSS on the firm’s latest investment and New Year’s resolutions and career highs and lows for Blackstone‘s Joe Baratta and others.

On the edge. Aptiv PLC has agreed to buy Wind River from TPG Capital for $4.3 billion in cash. Wind River develops “intelligent edge” software for the continually expanding sets of connected systems and devices in the aerospace and defense, telecommunications, industrial and automotive markets.

VSS Capital Partners shared with PE Hub the strategy behind the firm’s investment in Globo Language Solutions LLC, a provider of on-demand language interpretation services, announced today.

In the eye of the beholder. Bayview Asset Management LLC, a global investment management firm that invests in finance, mortgage and consumer credit, has bought HomeVestors of America Inc., the real estate investment franchisor known for “We Buy Ugly Houses.”

Pam Hendrickson, vice chairman of The Riverside Company, has been elected chairman of The American Investment Council’s board. Check out PE Hub’s recent interview with Hendrickson about her outlook for dealmaking in 2022.

Off-duty. As part of its January cover story package, Buyouts is featuring some interviews that get a little up close and personal with a few private equity leaders. Check out the New Year's resolutions, hobbies, reading tastes and career highs and lows of Blackstone‘s Joe Baratta, Ontario Teacher’s Pension Plan’s Karen Frank and Carlyle Group‘s Brian Bernasek.

Nominations. We’re looking for your recommendations for rock star women in private equity, mostly on the deal side (which has been historically male-dominated). Deadline to get in your recs is January 17, for publication in March. Our annual Women in Private Equity project comprises 10 mini-profiles of highly regarded women in the industry and a feature story about some burning topic around the status of women in the industry. Check out our past coverage of Women in PE here. Reach Buyouts editor Chris Witkowsky with questions and recommendations at cwitkowsky@buyoutsinsider.com.

Deal of the Year: Get your nominations in now for your best exits (either full or majority) that closed in 2021. Awards are given in seven categories: overall deal of the year, large-cap, middle-market, small-cap, international, turnaround and secondaries. Deadline is Friday, Feb. 11. Send to Chris Witkowsky, private equity editor, at cwitkowsky@buyoutsinsider.com. Go here for all the rules and regs!

Happy dealmaking,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

"Hedge fund billionaire Ken Griffin has sold a $1.15bn stake in his trading firm Citadel Securities to prominent venture capitalists Sequoia and Fred Ehrsam’s digital assets group Paradigm." (Financial Times)

"US private equity group Cerberus is cutting its stakes in Deutsche Bank and Commerzbank by more than a third, as the group scales back a five-year, ill-fated bet on Germany’s two biggest lenders." (Financial Times)

"Go big or go niche: private equity at a crossroads" (Financial Times)