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The Wire May 28, 2021
MidOcean generates handsome return on The Planet Group, Riverside exits Greenphire for ~$1.1b as Thoma bets on future of clinical research Happy Friday!
Note to readers: Your daily rundown on private equity and deal news will not run on Monday, May 31st in honor of the holiday. We’ll be back with regular scheduling on the following day!
Gains: MidOcean Partners’ deep roots investing behind human capital businesses is proving to be a winning strategy. MidOcean produced an 8.5x return on investment for The Planet Group, exiting its majority stake through a sale to Odyssey Investment Partners’ ProPharma Group, according to an investor familiar with the transaction. Read PE Hub's full report.
Tech transforms pharma services: Elsewhere, Riverside Co just witnessed its biggest exit ever in terms of price. (That's a good way to go into the long weekend!) Reflecting private equity’s eagerness to participate in the technology-driven transformation of the clinical research industry, Thoma Bravo is buying Riverside’s Greenphire in a deal valued at approximately $1.1 billion, sources familiar with the deal terms told PE Hub. Much white space lies ahead for Greenphire, which can continue to capture share in a market still largely dominated by manual, paper-based workflows. Greenphire also has its hands on a treasure trove of site performance data that can ultimately...
That’s it! Have a safe and relaxing weekend, everybody! In the meantime, don't hesitate to hit me up at springle@buyoutsinsider.com with tips, comments or just to say hello!
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Healthcare spree: Frazier Healthcare Partners wrapped up a 10th flagship buyout fund at its $1.4 billion hard-cap, as limited partners pour ever-larger sums into healthcare offerings. Frazier completed marketing at a fairly rapid clip, managing partner Ben Magnano told Buyouts. Read more here.
'Buyout annex': Insight Partners is raising a buyout fund to invest alongside its twelfth growth equity flagship fund, according to pension documents, with both eyeing a first close by the end of the month. Read it on Buyouts.
Back for more: Further Global Capital Management, founded by Olivier Sarkozy, Carlyle Group’s former financial services chief, returned to the market with a second buyout offering. Further Global Capital Partners II and a parallel pool are seeking $1.25 billion, according to Form D fundraising documents published this week. Read it here.
PE Deals
They said it “This was a story about heavy innovation and product development." Joe Manning, senior partner at Riverside, speaks to PE Hub on its Greenphire exit
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