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The Wire April 5, 2021
Bain, J.H. Whitney-backed Aveanna files for IPO, Altaris-backed Senior Helpers commands around $180m in sale
Morning and hope you enjoyed the holiday weekend!
Stayin' in: In healthcare, it seems anything touching the home remains in high demand. This one I’ve heard speculation about for months, so while not surprising, it provides yet another example of this accelerating trend: Aveanna, a diversified home care platform owned by Bain Capital and J.H. Whitney, filed to raise $100 million an initial public offering on Friday. Read the S-1 filing here.
Aveanna - which believes it has built the largest pediatric home health business in the US - recently expanded into adult home health and hospice for Medicare populations. Meanwhile, not-for-profit health system Advocate Aurora Health last week also got into the business of senior home care, buying non-medical home care franchisor Senior Helpers from Altaris Capital Partners in a deal valued around $180 million, or approximately 14x 2020 EBITDA, PE Hub has learned.
Read the full wire commentary on PE Hub...
That’s it for me! Enjoy the week ahead, and as always, write to me at springle@buyoutsinsider.com with any tips, feedback or just to say hello!
Also of note (may require subscriptions) M&A roars: Dealmaking had its best start of the year since at least 1998, according to data compiled by Bloomberg. Optimism about vaccine programs and economic growth are driving the 2021 boom, the report said. Read it here.
Secondaries: Glendower Capital is gearing up for the expected deal rush, promoting staff internally and raising its second multi-billion-dollar vehicle in the last three years, Buyouts writes. The Deutsche Bank spin-out is targeting $3.5 billion, with no hard-cap, for its latest secondaries offering. Read it here.
Big one: The Wall Street Journal writes that Providence Strategic Growth Capital Partners is pitching investors on a new $4 billion fund, which would make it the investment firm’s largest fund should it reach that target.
PE Deals
They said it “Confidence is what drives M&A deals even when the markets may be overvalued.” Scott Barshay, chair of the corporate department at law firm Paul, Weiss, Rifkind, Wharton & Garrison, told Bloomberg.
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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