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Cinven hires banks for National Seating sale; Mason Wells launches sales process for RJW Logistics; are billion-plus deals back in style?

Morning Hubsters, Craig McGlashan here on Tuesday Wire duty.

We’ve got a couple of sale process scoops for you this morning, as well as a pair of confirmed deals – plus I want to get your thoughts on a theme that links all four.

First, the news. Cinven has enlisted a pair of sell-side advisers to launch a sale of a motorized wheelchair company, according to sources.

Meanwhile, sources tell us that Mason Wells has launched a sale process for a last-mile logistics company.

Switching to the confirmed deals, Veritas Capital has agreed to acquire NCR Voyix’s digital banking business.

Finally, Bernhard Capital Partners has agreed to acquire New Mexico Gas Company (NMGC) from Emera.

So, what’s the link? Although they’re all in different sectors, they all have a value – or expected value – of over $1 billion.

I’d love to get your thoughts on whether we can expect a return of more billion-plus deals – send them over to me at craig.m@pei.group

Labor Day launch

Cinven recently enlisted a pair of sell-side advisers to launch a sale of a distributor of motorized wheelchairs and rehabilitative equipment, three sources familiar with the matter told PE Hub’s Michael Schoeck.

Read the subscriber version of the Wire to find out the company, advisers and expected valuation.

Bids due

Mason Wells, the Milwaukee-based mid-market private equity firm, recently launched a sale process for a last-mile logistics company, three sources familiar with the matter told Michael.

Full details, including expected valuation, in the subscriber version of the Wire.

Got a tip about an upcoming sale of a private equity-backed company and/or a company that might appeal to a PE buyer? Email PE Hub senior reporter Michael Schoeck

Digital first

Veritas Capital has agreed to acquire Atlanta-based NCR Voyix’s digital banking business in a take-private deal.

In the pipe

Bernhard Capital Partners has agreed to acquire New Mexico Gas Company (NMGC) from Emera.

OK that’s it from me today – Rafael Canton will be on duty tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

ICG’s Strategic Equity unit has surpassed the target of its latest secondaries vehicle to collect what is the market’s largest fund focusing on concentrated GP-led deals. SEC filings show the London-listed firm has raised $6.35 billion for ICG Strategic Equity Fund V. It is unclear if the fund has held its final close. (Secondaries Investor)

Three Hills Capital Partners expects to reach the target for its debut impact fundraise within six to nine months, according to a source with knowledge of the fundraise. The firm has more than half its target, the source said. (New Private Markets)

In the latest Private Debt Investor Podcast, Raymond Wright of London CIV tells of his wariness around loans passing from regulated bank balance sheets to an unregulated market. But he has high hopes for the asset class in areas such as asset-based finance and secondaries.

Ardian, the world’s second-largest secondaries investor according to the latest SI 50 ranking, bumped up its secondaries investment activity last year as macro conditions helped improve conditions for buyers. (Secondaries Investor)

Africa-focused private equity firm Helios Investment Partners has raised approximately $200 million in anchor commitments from eight institutions to reach a first close for its Climate, Energy Access, and Resilience (CLEAR) Fund. (Agri Investor)

They said it

“The digital-first banking platform is a pioneer in mobile and online banking with a superior value proposition and significant runway for growth. We believe the platform represents a compelling opportunity to invest in a set of mission-critical solutions that will empower both community and enterprise financial institutions and provide new and innovative banking tools to millions of users.”

— Ramzi Musallam, CEO and managing partner, Veritas