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Avista Healthcare Partners unveils new deal, new name; Cypress Ridge bets on insurtech

Good morning, Hubsters! Rafael Canton here with the latest edition of the Wire.

Kicking off our Wednesday coverage, we have a double dose of scoops in the healthcare sector, courtesy of PE Hub healthcare reporter John R Fischer.

First is Avista, which has acquired Trillium Health Care Products from New Water Capital. The firm has also rebranded, with a name change from Avista Capital Partners to Avista Healthcare Partners.

Second is Cypress Ridge Capital, which has launched Cresso Health.

Then, we have insights from the consumer sector. I caught up with Hadley Mullin, senior managing director at TSG Consumer Partners.

And we’ll take a quick look at a deal from KKR, which has acquired FGS Global at a $1.7 billion valuation.

Robust growth and innovation

This morning, PE Hub’s John R Fischer was the first to report that Avista has acquired Trillium Health Care Products from New Water Capital. In addition to the deal, the firm announced a new name, Avista Healthcare Partners. Avista made the healthcare sector its exclusive focus a decade ago.

Subscribe to the full version of the Wire to learn more about the deal and the firm rebrand.

Boom in Medicare plans

In John’s second exclusive healthcare deal of the morning, Cypress Ridge Capital launched Cresso Health, a national provider of tech-enabled enrollment products for Medicare Advantage (MA) and other government-sponsored health plans.

Upgrade to the premium version of the Wire to learn more about Cypress Ridge’s investment in Cresso.

Franchising going strong

Dealmaking in the consumer sector has been challenging of late, but earlier this morning a big deal was announced: Bansk Group has agreed to acquire PetIQ, a US-based pet medication, health and wellness company, in a $1.5 billion take-private deal.

To get an update on investing in the consumer sector, earlier this week, I spoke with Hadley Mullin, senior managing director of TSG Consumer Partners.

PE Hub and Buyouts have been following Mullin for years. We named her one of ten women pioneering new paths in private equity back in 2016.

Subscribe to the full Wire to get more of Mullin’s thoughts on the consumer sector.

Navigating uncertainty

KKR has announced the acquisition of WPP’s full equity position in FGS Global, a New York-based global communications and public affairs consultancy. The deal values FGS at $1.7 billion.

Subscribers can read more about the deal.

That’s it from me today. If you have any questions, thoughts, or want to chat, please email me at rafael.c@pei.group.

Michael Schoeck will have the Wire for you tomorrow.

Cheers,

Rafael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Lexington Partners has stepped up as lead investor on a deal that would move Clearlake Capital portfolio company Constant Contact into a single-asset continuation fund, sources told Buyouts.

New York City Pension Fund, which comprises New York’s five public pension systems, reported a 5.1 percent return on its private equity allocation for the fiscal year 2024, falling short of the targeted return. (Buyouts)

Court Square, a mid-market specialist, is running a secondaries process to extend its hold on an industrials asset and is working with two financial advisers on the transaction, Secondaries Investor has learned.

Taking the Pareto Principle to the energy transition: There's no reason why the 80-20 rule shouldn't apply to the energy transition, and those interesting 20% may be found far from home. (Infrastructure Investor)

New vehicles from Bill Gates’ VC firm Breakthrough Energy Ventures have pushed the year-to-date climate fundraising total to nearly $6.9 billion, up from $5.2 billion for all of 2023, according to Venture Capital Journal research.

They said it

“Franchisors are typically incredibly cash-generative businesses that can pay down debt quickly. Franchising is a category example where we're seeing multiples continue to creep up versus precedent, even in the current environment.”

— Hadley Mullin, senior managing director of TSG Consumer Partners