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EQT and PSP complete $3bn take private of Radius Global Infrastructure; plus PE market insights from Capstone

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter. We are capping off the week today with a look at a report from Capstone Partners that forecasts that the PE sector is ready to overcome its slow dealmaking pace, with growing momentum expected in Q1 2024.

I will also look at Aria Growth Partners’ investment in LesserEvil, an organic popcorn and salty snacks maker based in Danbury, Connecticut.

But let’s start with some infrastructure news first from EQT and PSP Investments, which completed the $3bn take-private of Radius Global Infrastructure yesterday.

Wireless telecommunication

EQT and PSP Investments announced yesterday the completion of their take-private of Radius Global Infrastructure, a Pennsylvania-based aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets.

The deal is valued at $3 billion.

Subscribe to PE Hub to read more about the deal.

State of the market

Capstone Partners, a Boston-headquartered investment bank, released a report yesterday that showed the extent to which the current macroeconomic situation has dampened the M&A market. But there is optimism in the near future.

Highlights include:

• M&A volume is likely approaching or has reached its trough, with deal volume declining 15.9 percent YOY in Q2.

• Middle market dealmaking (under $500 million in enterprise value) has remained more resilient than broader M&A markets, as total transaction volume across all deal sizes declined 24.8 percent YOY in Q2.

Looking further ahead, there could be more positives to come.

To learn more about insights from this report, upgrade to the premium version of the Wire.

More popcorn please

I love popcorn and I'm guessing you do too!

Earlier in the week, Aria Growth Partners made an investment in LesserEvil, a Danbury, Connecticut-based maker of organic popcorn and salty snacks.

Valor Equity, Invest Eco and Touch Capital also participated in the investment.

Reach out to me at obey.m@pei.group.

That’s it for this week.

MK Flynn will be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Energy Capital Partners, in a deal to combine with Bridgepoint, recently hit the $4 billion target for a fifth flagship offering, sources told Buyouts.

As money flows into private markets, how small will the GP universe get? Industry heavyweights anticipate a wave of capital to come into private markets asset classes in the coming years – a dynamic that seems inescapable. (Private Equity International)

New York City’s two biggest public pension plans are considering increasing their target allocations to private equity. (Buyouts)

Goldman Sachs's $1 billion haul for its first dedicated commingled vehicle for infrastructure secondaries this week couldn't come at a more opportune time. (Secondaries Investor)

The Nordic nations have long enjoyed powerful advantages from its natural resources, traditions of stability and highly skilled workforces. Now, as the energy transition gathers pace, the region increasingly finds itself at the heart of Europe’s push to net zero. (Infrastructure Investor)

Secondaries is an area of opportunity amid rising inflation and interest rates, Blackstone chief executive Stephen Schwarzman told the IPEM conference in Paris this week. (Secondaries Investor)