Cureton Midstream, backed by Tailwater and Ares, in late-stage sale process; PAI bets you likes pets

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Cureton Midstream, backed by Tailwater and Ares, in late-stage sale process; PAI bets you likes pets

Good morning, Hubsters. MK Flynn here with today’s Wire.

My inbox is full of deal announcements this morning, and we’ve got a jam-packed newsletter for you!

Before we get to the announced deals, we’ve got an exclusive to share about an upcoming deal.

Michael Schoeck, who joined PE Hubearlier this month, spoke with sources who shared insights on the sale process for Cureton Midstream, backed by Tailwater and Ares.

Also,Rafael Canton has a Deep Dive into PAI Partners’ purchase of pet food maker Alphia. Last month, Rafael covered Apollo’s taking a minority stake in PetSmart, backed by BC Partners.

And finally, I’ll share some insights from Deloitte & Toucheon the due diligence process in today’s market.

Let’s start with the scoop.

Sale process

Cureton Midstream, a Rocky Mountains-focused operator of a 260-mile natural gas pipeline system, is in a late-stage sale process that could see it sold by co-sponsors Tailwater Capital and Ares Management to a strategic company or an infrastructure fund, said sources familiar with the matter told PE Hub’s Michael Schoeck.

To read all about the sale process, upgrade to the premium version of the Wire.

Next up, a quick look at new deals.

PE Hub Europe’s Irien Joseph, filling in for Iris Dorbian who’s on vacation this week and next, covered a slew of deals in PE Hub’s News in Brief section earlier this morning.

Upgrade to the premium version of the Wire for deal details.

Pet power deep dive

Back in August, PAI Partners announced that it acquired Alphia, a Denver-based pet food manufacturer. The PE firm, based in Paris, acquired Alphia from JH Whitney Capital Partners in a deal expected to close later this fall.

To learn more about the acquisition, PE Hub’s Rafael Canton spoke with Maud Brown, partner and head of PAI’s US team, and Winston Song, and partner and consumer lead in the US.

Upgrade to read the story.

And for more on the sector, see Rafael’s previous story on PetSmart, backed by BC Partners and Apollo.

Due diligence

For insights on the due diligence process in dealmaking today, I turned to Jason Langan of Deloitte & Touche. The firm recently polled more than 200 private equity investors and in-house, corporate M&A professionals.

Premium subscribers may read my interview with Langan.

While due diligence may be slowing down, my morning seems to be flying by!

I’d love to hear your thoughts on these stories, upcoming deals and ongoing trends.

As always, please email me at mk.flynn@pei.group.

Obey Martin Manayiti will wrap up the week for you tomorrow, and I’ll be back with more on Monday.

Cheers,

MK

Read the full Wire commentary on PE Hub ...

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