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STG takes Pro Tools maker private; CORE Industrial adds on; healthcare M&A picks up

Happy Wire Wednesday folks.

It’s Michael Schoeck, a recent addition to the PE Hub editorial team in New York. This is my first Wire dispatch, so let’s get the ball rolling!

Technology deals are front and center today, with Gemspring acquiring technology advisory group TNS Communications and Symphony Technology Group closing the take-private acquisition of Pro Tools maker Avid Technology for $1.4 billion, which we’ll take a closer look at.

Earlier this morning, PE Hub was the first to report on middle-market PE sponsor CORE Industrial Partners’ new add-on in the packaging sector.

Energy is a sector I’ve covered extensively over many years. For your reading pleasure, I’ve compiled a mini listicle of deals involving deals involving power and utility equipment and service companies, including a $1.1 billion exit for Comvest Partners.

Wrapping up the Wire, we’ll get some look-ahead commentary on the healthcare sector from investment bank Harris Williams.  

Let’s start off with the take-private deal.

Pro Tools goes private

PE Hub has covered the audio/visual engineering space extensively for quite some time, with technology players like Ardian-backed Audiotronix’s add-on deal strategy garnering a steady amount of reads on PE Hub and PE Hub Europe. So it’s only fitting that we should look to another A/V mainstay, Pro Tools.

Yesterday, Palo Alto-based PE firm Symphony Technology Group (STG) closed the previously announced deal to take private Pro Tools owner Avid Technology for $1.4 billion.

Upgrade to the premium version of the Wire to learn more about the deal.

Packaging up add-ons

PE Hub’sRafael Cantonwas the first to report earlier this morning that Chicago-basedCORE Industrial Partners has acquired General Converting, a Bolingbrook, Illinois-based packaging specialist that counts candy brands Skittles and Trolli and microphone manufacturer Shure as customers. The deal follows CORE’s platform investment in Century Box earlier in November.

To read more about CORE’s add-on strategy and an increase of deal activity in the packaging market, upgrade to the premium version of the Wire.

Power market upgrades

Shifting gears from candy packaging to the century-old power and utility grid. Spurred by rapid energy transition goals across the US, PE Hub has seen a flurry of deal activity in recent weeks involving power transmission component companies and utility service providers alike.  In my former role as a journalist, starting in 2014, I covered the intersection of the utility market and renewable energy development. Until the August 2022 passing of the Inflation Reduction Act, the maturity of the US renewable energy market in the mainstream electric power grid had never materialized to anything more than a fad.   

Over the last two weeks alone, three power infrastructure equipment providers and utility service companies have traded hands among buyout firms, including an exit involving a public company buyer.

For a roundup of power and utility PE deals, upgrade to the premium version of the Wire.

Healthcare M&A accelerates
Healthcare M&A activity has accelerated over recent quarters, as investment bank Harris Williams revealed in its annual 2023 Consumer Healthcare Conference, held on November 1.

To learn key takeaways, sign up for the premium version of the Wire.

That’s it for me today. I’ll be back on the horn next Wednesday.

Until next time feel free to send me story ideas, tips and hoppy craft beer recommendations to Michael.S@pei.group.

PE Hub editor-in-chief MK Flynn will be back at the reins with tomorrow’s newsletter.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

California Public Employees’ Retirement System contributed $3.4 billion more to private equity funds than it received in distributions during the third quarter of 2023. (Buyouts)

The recent rise in costs and challenges in PPA agreements in the US offshore wind market “has not led to a reconsideration” of the merits and profitability of the industry by financial investors, according to Martin Neubert, chief investment officer of Copenhagen Infrastructure Partners. (Infrastructure Investor)

TPG has closed its third Rise Fund, its generalist private equity impact strategy, at $2.7 billion, narrowly missing its $3 billion target. Meanwhile, two Rise Climate private equity and infrastructure funds are slated for launch in the coming months. (New Private Markets)

TPG is also set to wrap up fundraising for its ninth flagship private equity fund and second healthcare fund by the end of the year, CFO Jack Weingart said on the firm’s third-quarter results call Tuesday. (Private Equity International)

Citco added a pair of features to its CitcoConnect platform that aims to help sponsors adapt to a tougher fundraising environment by making investor onboarding smoother and allowing GPs to focus more on wooing would-be LPs. (Private Funds CFO)

Adams Street Partners has closed its 2023 Global Fund with $820 million in committed capital, according to a statement. (Secondaries Investor)

Successful fundraiser Black Opal shares insights for other first-time funds: The health tech-focused firm, founded by Tara Bishop and Eileen Tanghal, has raised $58m from an impressive list of institutions, including Eli Lilly, Bank of America, JPMorgan Asset Management and Henry Ford Health. (Venture Capital Journal)