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Good Springs, founded by ex-Alleghany dealmakers, discusses strategy; plus insights on a JC Flowers exit

Happy Tuesday, Hubsters! Rafael Canton here with the Wire, swapping days with Craig McGlashan.

Today, we’re featuring a couple of stories from PE Hub reporter Obey Martin Manayiti.

Obey joined PE Hub in March 2022, and he focuses on dealmaking in financial services, business services, infrastructure, industrial and manufacturing. Obey writes the Wire on Fridays, often featuring sector-focused deal roundups.

First up this morning, Obey has a Deep Dive on the inaugural deal from Good Springs Capitalinvolving home services provider Kimbel Mechanical Systems. Good Springs was founded by former dealmakers from Alleghany Capital.

Next, he covers an exit from JC Flowers. The firm sold insurance company Vericity to iA American Holdings for $170 million.

It’s been a busy morning for deal announcements. We’ll take a quick look at Vista’s investment in enterprise data platform Nasuni, valuing the company at $1.2 billion. Also, we have Advent International-backed Ultra Maritime’s Signature & Power business, which was sold to ESCO for $550 million.

Debut deal

In July, Good Springs Capital made its first deal, acquiring Kimbel Mechanical Systems. Based in Fayetteville, Arkansas, Kimbel is a provider of plumbing, HVAC and electrical installation services. Obey spoke with Good Springs co-founders and managing partners David Van Geyzel and Udi Toledano.

Founded in 2023, Good Springs was established in 2023 by a team of executives that founded and built Alleghany Capital, the private investment arm of Alleghany Corporation, which was acquired by Berkshire Hathaway in 2022.

Subscribe to the premium version of the Wire to read more about Obey’s story.

Exit plan

In another deal covered by Obey, JC Flowers sold Chicago-based life insurance company Vericity to iA American Holdings for $170 million.

Upgrade to the full version of the Wire to read about the exit.

Enterprise play

We have a big tech deal this morning. Vista made a growth investment in Nasuni, a Boston-based enterprise software company. The investment, which sees TCV and KKR are also participate as investors, puts Nasuni at a valuation of about $1.2 billion.

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

In the Navy

In another deal, Advent International-backed Ultra Maritime’s New York-based Signature Management & Power business was sold to ESCO Technologies Inc for $550 million.

Upgrade to the full Wire to learn more about the deal.

That’s it from me today. I’d love to hear from you, especially if you’re doing any deals in the technology, consumer and retail sectors. Please email me at rafael.c@pei.group.

And look for me on Wednesdays, my usual day to write the Wire. I’ll be on assignment tomorrow, so Craig will write the Wednesday Wire this week.

Cheers,

Rafael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

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Goldman Sachs Asset Management has brought Horizon Environment and Climate Solutions Fund 2 to market, SEC filings show. (New Private Markets)

They said it

“It’s an essential market, and it’s not subject to foreign competition and it is not subject to technology risk. We believe this is an industry where a company can have more opportunities to grow as it gains scale.”

— David Van Geyzel, co-founder and managing partner of Good Springs, on the firm’s debut deal in mechanical home services