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Blackstone Growth bets on coffee culture, Patient Square talks to LPs about second fund

Morning Hubs!

This is Chris, on for Wire Wednesday. A big thank you to everyone who sent in your best exits of 2023. We have a strong selection of deals to sift through across our various categories.

 - Blackstone Growth’s bet on coffee chain drive-through

 - KKR to sell majority stake in music catalog business

 - Patient Square is talking to LPs about its second fund

Coffee

What is behind Blackstone Growth’s recent investment in 7 Brew, a fast-paced drive-through coffee chain? The deal, for a minority stake in the company, is expected to close soon, writes Rafael Canton on PE Hub.

Upgrade to the premium version of the Wire to find out more.

Exit

KKR agreed to sell its majority stake in Chord Music Partners, a catalog that includes works from The Weekend, Lorde, Diplo, ZZ Top and John Legend. The deal puts Chord’s valuation at $1.85 billion.

Read more here on PE Hub.

Quick

Emerging manager Patient Square Capital, a healthcare specialist, is talking to limited partners about its second fund, a quick turnaround from its closing of its debut fund last year.

Read more here on Buyouts.

That’s it for me! Don’t forget to use our anonymous tip box on the front page of Buyouts. Reach out with interesting stuff at christopher.w@pei.group or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Bridgepoint readies RoC Skincare for expansion in US, European markets. Bridgepoint announced its acquisition of majority stake in Paris-based skincare brand RoC in January. (PE Hub Europe)

Coller plans Zurich hub as it targets private wealth growth: Coller launched a platform targeting high-net-worth investors last year, led by UBS veteran Jake Elmhirst. (Secondaries)

Gresham House eyes ‘different set of investors’ for biodiversity and other niche strategies: The biodiversity strategy is the first of three sector-specific funds the firm is introducing alongside its diversified sustainable infrastructure strategy, according to sustainable infrastructure managing director Peter Bachmann. (New Private Markets)

Desperate not to be ‘left behind’, Canada enters renewables subsidy race : The US’s northern neighbour is introducing investment tax credits for clean energy, hoping replicability can be the answer to attracting investment. (Infrastructure Investor)

Forestry’s role in the energy transition is all about byproduct: An agreement between UK-based Drax and Molpus Woodlands Group shows how plans to build bioenergy with carbon capture projects could create new pulpwood demand in the years ahead. (Agri Investor)

They said it

“The customer service in terms of fast speed is really powerful. And when you combine it with a great product suite of great coffee, it creates a differentiated experience.”

— Todd Hirsch, senior managing director at Blackstone, talked to PE Hub about its 7 Brew investment