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Charlesbank to scout buyers for MB2 Dental; WeatherTech could seek PE backing

Good morning, Hubsters. Michael Schoeck here on the Thursday Wire.

There’s a lot of news to report this morning. On the Hub, we’re featuring two exclusives about companies coming to market, plus three deals announcements.

MB2 Dental, a dental partnership organization backed by Charlesbank Capital Partners, is expected to test the buyout market this fall, according to my sources.

WeatherTech, the car mat distributor owned by billionaire Dan MacNeil, is reportedly testing the market for new investors.   

We’ve seen a wave of single-asset continuation vehicles in the challenging exit environment, and I’ve written about the trend playing out in the energy sector. Today, there’s a new CV from Kian Capital and Apogem Capital.

In other deal news, health tech, Astorg announced a take-private deal in reproductive technology. And Accel-KKR unveiled another Australian enterprise software deal.

No cavities

Charlesbank Capital Partners is expected to launch a strategic review process of MB2 Dental later this year that could result in a sale of the dental partnership organization, sources familiar with the matter told me.

Upgrade to the premium version of the Wire for access to the story.

Car talk

WeatherTech Direct, a founder-owned maker of floor mats and other accessories for cars, is in the early stages of reviewing interest from buyers, including private equity firms, sources familiar with the matter toldme.

Upgrade to the premium version of the Wire for access to the story.

Companies for sale

Since the beginning of the year, I’ve been tracking dozens of companies that sources have said are for sale or coming to the market, potentially attracting PE buyers.

If you’ve got any tips about companies for sale, feel free to shoot me a note at Michael.S@pei.group.

Another CV

PE Hub recently identified a trend in energy market continuation vehicles (CV) involving conventional oil and gas as well as power and infrastructure.

Keeping in that theme, Kian Capital Partners and Apogem Capital today announced a $230 million continuation fund for Spatco Energy Solutions, a Charlotte, North Carolina-based fuel service company.

Upgrade to the premium version of the Wire to read the recent energy CV feature.

Overcoming infertility

Astorg has agreed to acquire Hamilton Thorne, a Beverly, Massachusetts-based provider of instruments, consumables, software and services to the in vitro fertilization (IVF) health market, in a take-private deal valued at $282 million.

Upgrade to the premium version of the Wire to read about more IVF health deals.

Mitigating workforce risk

Accel-KKR has made an investment in INX Software, a Perth, West Australia-based compliance, workforce management, training and reporting software for complex and high-risk industries.

Upgrade to the premium version of the Wire for more Accel-KKR deals down under.

That’s a wrap for me today. Stay cool out there and keep an eye out for the Friday Wire tomorrow with Obey Martin Manayiti.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

VMG Partners, the branded consumer specialist, is nearing the $1 billion target on its largest fund to date for investments in the sector, sources told Buyouts.

The medical aesthetics market’s “attractive dynamics” are driving private equity investment interest and dealflow, Cédric Barthélemy, partner at Charterhouse Capital Partners, told PE Hub Europe.

Digital wealth platforms for private markets: Who’s offering what? Everything you need to know about the tech-enabled platforms meeting the needs of advisers, HNWIs and asset managers. (Private Equity International)

Airports are once again a favorite: Global passenger numbers in 2024 are set to exceed 2019 levels for the first time, bringing back with it investor interest. (Infrastructure Investor)

HarbourVest now quizzes GPs about their views on NAV financing as part of its due diligence, managing director Lydia Hao tells Private Equity International.

Houston-based manager Hines has raised over €1 billion of equity commitments for its European core-plus fund, Hines European Property Partners, PERE has learned.

Manna Tree Partners has added to its minority interest in pasture-raised beef business Verde Farms to take a majority stake in the company. (Agri Investor)

Any private markets manager hoping to receive a commitment from Wales Pension Partnership will now need to provide annual reporting on climate, according to the LGPS pool’s latest climate policy document. (New Private Markets)

They said it

“As we enter this next chapter, we plan to continue executing on the robust growth plan we have developed, including rapidly expanding Spatco's team of technicians and continuing to pursue M&A in a highly fragmented and growing fueling infrastructure market.”

— Jordan Lee, partner, Kian Capital on the CV for Spatco Energy Solutions