| | | Bregal Sagemount readies sale of Steele Compliance, Advent set to join Great Hill as investor in RxBenefits, Clearlake strikes year's largest tech take-private, private equity embraces the renewables movement | | | | Tuesday, November 03, 2020 | | | | | Hello!
The day has come. Hope everyone by now has voted, or is planning on it today. I’ve got my election playlist going on Spotify to help me get through the day. How are you coping?
Nevertheless, we’ve got new hot processes and exclusive deal news to share.
On the heels of Advent International's big tech bet announced over the weekend, the PE giant is partnering with fellow Boston firm Great Hill Partners as an investor in RxBenefits, according to people familiar with the deal. The Birmingham, Alabama-based business helps self-insured employers manage pharmacy benefits and costs. Check out my full story for all the deets.
Elsewhere, Milana writes that Bregal Sagemount is preparing to sell software risk management provider Steele Compliance after a four-year hold. Sources told PE Hub the sale process is expected to launch this quarter and that UBS has been mandated as a sell-side financial adviser. Read more.
In other big tech news, Clearlake announced the largest tech take-private of the year, clinching a $3 billion deal to acquire Endurance International Group, the parent company of Constant Contact among other cloud-based platform solutions. Read PE Hub's brief on the transaction. |
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| | | Top Scoops | | | Kirk Falconer has an exclusive deep dive for Buyouts on how the transition from fossil fuels to renewables movement is reshaping private equity.
LPs have joined this debate with fervor. Many are rethinking their energy investing, often as part of newly implemented environmental, social and governance criteria. This has led to major adjustments in allocation policies.
“We’re seeing an LP interest in renewables displacing a focus on oil and gas,” Brent Burnett, co-head of real assets at Hamilton Lane, tells Buyouts. Check out Kirk's full report. |
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| | As an added benefit, PE Hub has collected analysis and perspective generated by our colleagues at Buyouts, PEI and other titles to offer some exclusive perspective around the 2020 elections.
For example, while a higher corporate tax rate and increased regulations would be headwinds, Blackstone president and chief operating officer Jonathan Gray said the firm is positioned to benefit from other parts of the Democratic platform, should the party win control of the White House and both houses of Congress. Read Kyle Campbell's full report and check out more election coverage here.
That's it for me today. As always, write to me with any tips, feedback or just to say hello!
Sarah
HOUSEKEEPING
LP Insights: We're running a survey to get insight into limited partner thinking in today's market. Take the survey here and share your thoughts with us: Take the survey. | | |
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| | | Election 2020: fears of a blue wave, search for new allies and more | | About seven in 10 Americans believe Tuesday’s election is the most important one of their lifetimes, according to a recent YouGov poll. We don’t have a similar poll for private equity pros, but there’s no doubt the outcome of this election could have a major impact on the industry. In just one example, if Democrats [] More... |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ORG backs Surestaff | | Owner Resource Group LLC has made an investment in Surestaff, a provider of temporary, temp-to-hire, direct hire and on-premise staffing solutions based in Itasca, Illinois. More... |
| | | | | | | | | | | | | | | | Clearlake to buy Endurance | | Clearlake Capital Group LP has agreed to acquire Endurance International Group Holdings Inc, a provider of cloud-based platform solutions to help small and medium-sized businesses. More... |
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| | | | | | | | | | | | | | | | | Osome rallies $3m | | Osome, a Singapore-based Fintech-as-a-service for entrepreneurs, has secured $3 million in financing. More... |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | VC-backed SQZ Biotech goes public | | Watertown, Massachusetts-based SQZ Biotechnologies Company, a cell therapy company, has debuted its IPO after pricing its over 4.4 million shares at $16 per share. More... |
| | | | | | | | | | | | Lucidum pockets $4m seed | | San Jose, California-based Lucidum, an asset discovery company that eliminates blind spots across cloud, security and IT operations, has raised $4 million in seed funding. More... |
| | | | | | | | | | | | | | | | | | | | WiTricity inks $34m | | Watertown, Massachusetts-based WiTricity, a provider of wireless power transfer solutions, has secured $34 million in funding. More... |
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