| GPI Capital buys stake in Hopper, pushing valuation to approximately $3.5bn; Gryphon Investors buys PPE manufacturer
Happy Tuesday!
Private equity firms have been increasingly looking downstream to invest in late-stage growth companies. I wrote a big piece about this trend just this month and today's newsletter talks about a deal within the growth space itself. GPI Capital led a $175 million Series G round in Hopper, a mobile-only travel booking application, with an aim to scale its customer service capabilities while expanding into other products and markets through acquisitions. The deal rationale for the firm was simple: The travel industry is witnessing a rebound and the company’s triple-digit growth in a challenging pandemic market was impressive, according to Khai Ha, managing partner at GPI Capital, now also a board member at Hopper. In just March this year, the company raised $170 million in Series F funding led by Capital One Financial. According to sources, this round valued the company at $3.5 billion and saw participation from investors like Glade Brook Capital, WestCap, Goldman Sachs Growth and Accomplice. Read my story on PE Hub.
Protective manufacturing platform: Gryphon Investor-backed Mechanix Wear, a designer and manufacturer of work gloves, announced today the acquisition of Chicago Protective Apparel, a 108-year-old, family-owned manufacturer of personal protective equipment company. The company manufactures flash protective clothing and PPE to keep workers safe from hazards. Gryphon made an investment in Valencia, California-based Mechanix Wear in August of last year. Mechanix specializes in automotive, construction, industrial, and tactical hand protection. Read the brief on PE Hub. Tell me what's happening on ground zero? At a summer BBQ event on Sunday, I met a PE firm recruiter. The source tells me that most firms are aggressively hunting for diverse talent - especially women. While this isn't new (something I've heard from another recruiter as well), I'm wondering about other efforts by PE firms to incorporate diversity in their firms.
Read the full wire commentary on PE Hub...
That’s it for today! Do you want to talk about deals, share news around a new hire or just say hello? Hit me up at karishma.v@peimedia.com.
Also of note (may require subscriptions) OMERS performance: OMERS Private Equity, which underperformed in last year’s virus-roiled market, returned to double-digit territory in H1 of this year, thanks in part to a high-profile exit. Read on Buyouts.
Rhône Group spin-out eyes debut fund: Px3 Partners, which stands for purpose, passion and performance, is understood to be seeking at least €750 million for its debut offering, according to two sources with knowledge of the matter. Read on PEI.
An ‘ever-changing’ market: North Sky Capital’s Scott Barrington shares his thoughts on the ongoing evolution of the sustainable investment landscape in the first of an interview series from New Private Market's Impact 20 ranking.
PE Deals 
They said it “They [Malaysian LPs] can write very large tickets and have become quite active as well.” David Tung, Carlyle Group’s former top investor relations executive in Asia-Pacific told New Private Markets.
Today's letter was prepared by Karishma Vanjani. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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