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| | | Are PE growth rounds on the decline in the US? Yes, and no |
| | Is there any growth in the pace of US growth investments? No.
But compared to private equity investments of all types, minority transactions are proving more resilient to 2016’s overall decline in deal flow than PE investments as a whole... |
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| | | | | | | | | American Securities continues high-volume 2016 |
| | American Securities completed one deal and announced another during the first week of October, adding even more activity to a 2016 that has already been its most acquisitive year of the past decade.
First, the firm polished off its acquisition of Henry Company, a manufacturer and supplier of roofing and building products that had been backed by Graham Partners since 2012. American Securities also struck a pact with Arsenal Capital Partners and Nordic Capital to acquire Chromaflo Technologies, a provider of colorants and chemical dispersions.
With the completion of the Henry purchase, American Securities has now sealed 13 acquisitions in 2016, more than in any year since at least 2007, according to the PitchBook Platform. Many of the firmâs targets (including Chromaflo) are in the materials & resources sectorâ19%, compared to about 5% of all PE deals over the same span. |
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| | | | | | | | | | | From the bureau of insanity: On the American Egg Board’s attempts to destroy eggless mayonnaise, and the board member who asked, of a rival CEO, “Can we pool our money and put a hit on him?” [Los Angeles Times]
For an example of how the free market can fight poverty, an examination of food banks. [The New York Times]
A Twitter board member who works at Salesforce? Seems relevant. [Recode]
The chief investment officer at CalPERS says the pension fund is expecting the end of a gusher when it comes to private equity. [Bloomberg] |
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| Since yesterday the PitchBook Platform added... | | 182 Deals | 1013 People | 412 Companies | 9 Funds |
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| | | 2008 Vintage US Buyout Funds with IT Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.46x Median TVPI | $2.23B Average Amount Distributed |
| | | | *IRR: net of fees | | 70 Funds in Benchmark » |
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| | | Morgan Stanley PE backs 24 Seven |
| | | Human Capital Services | New York, NY | PE Growth |
| Morgan Stanley Global Private Equity has completed an investment in 24 Seven, a provider of freelance and full-time employment services for workers and companies in the creative, marketing and digital spaces. MSGPE partnered on the deal with the company founder Celeste Gudas, who will retain a significant equity stake, and current management. |
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| | | Carlyle to acquire Atotech for $3.2B |
| | | Specialty Chemicals | Berlin, Germany | Buyout |
| The Carlyle Group has agreed to acquire Atotech, a manufacturer of metal and surface finishing technologies, from Total (EPA: TOTF) for $3.2 billion, a figure representing 11.9x Atotech’s 2015 adjusted EBITDA. The firm will use equity from both its €3.75 billion Carlyle Europe Partners IV fund and its $13 billion Carlyle Partners VI vehicle to finance the deal. |
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| | | | | | | | | KKR, TowerBrook to take OVH stake |
| | | Systems Management | Roubaix, France | PE Growth |
| KKR and TowerBrook Capital Partners have agreed to pay €250 million for a minority stake in OVH, a provider of cloud infrastructure, telecommunications and web hosting services. Founded in 1999, the company operates 250,000 servers across 17 data centers in France and Canada and claims €320 million in revenue for fiscal year 2016. |
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| | | | | | | | | Electra-backed AXIO inks â¬100M exit |
| | | Information Services | Issy-les-Moulineaux, France | Corporate Acquisition |
| AXIO, a portfolio company of Electra Partners since 2013, has agreed to sell Vidal to M3 (TKO: 2413) for €100 million. The company is a provider of healthcare informatics and other information systems to hospitals, physicians, pharmacists and patients in Europe. Electra is set to receive proceeds of £55 million (€61 million) on the sale. |
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| | | | | | | | | C5âs Annual Premier CEE Private Equity Conference â London |
| | This outstanding conference provides an unparalleled platform for discussing opportunities and challenges that this asset class is facing in the region, whilst showcasing the latest, most successful investment and exit strategies.
An advanced conference tailored to address the needs and challenges of investors, fund managers and advisors enabling you to deliver compelling returns at a time of enhanced regulatory scrutiny and understand which sectors and markets offer better value in the current environment.
We hope to see you in London! Please contact a.arthur@c5-online.com for further details. |
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| | | Bain exits Blackhawk Specialty Tools for $321M |
| | | Oil and Gas Equipment | Houston, TX | Corporate Acquisition |
| Bain Capital has agreed to sell the parent company of Blackhawk Specialty Tools to Frank’s International (NYSE: FI). The deal comprises $150 million in cash and 12.8 million shares of Frank's common stock. Blackhawk is a provider of services and products used for constructing wells. Bain had backed the business since 2013. |
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| | | | | | | | | Crestview-backed Camping World raises $251M in IPO |
| | | Specialty Retail | Lincolnshire, IL | IPO |
| Camping World (NYSE: CWH) has priced its IPO at a midpoint of $22 per share, selling 11.4 million shares to raise a total of $251 million. The company's stock closed at $22.50 on Friday, its first day of trading. Camping World sells recreational vehicles and related products from a network of 120 retail locations in 36 US states; the company has been backed by Crestview Partners since 2011. |
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| | | Highview debuts $500M evergreen fund |
| | | Highview Capital has launched its inaugural evergreen fund, which seeks to invest in and provide strategic and operational resources to middle-market businesses across various industries. The firm is backed by Karlin Asset Management, an investment company founded in 2005 that manages over $1.5 billion. |
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| | | | | | | | | DC Capital Partners halfway to Fund II target |
| | | DC Capital Partners has raised $176 million for its latest flagship buyout fund, according to SEC filings. The firm makes investments in middle-market companies in the government contracting, engineering and construction services sectors, among others. |
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