GTCR shares details of Worldpay strategy; Accel-KKR to exit KCS in reported $1bn deal

View this email online

GTCR shares details of Worldpay strategy; Accel-KKR to exit KCS in reported $1bn deal

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

We’ve been digging deeper into one of the biggest deals announced this week: GTCR’s acquisition of Worldpay. The Chicago PE firm’s Aaron Cohen gave us more details on the carveout from FIS and compared it with a successful investment from GTCR’s past.

We’ve also been looking at a recent transaction from Rainier Partners. One of the firm’s co-founders shared some thoughts.

And earlier this morning, Accel-KKR announced an exit reportedly worth $1 billion.

Carveout replay

With its recently announced acquisition of Worldpay from FIS, GTCR is running from a familiar playbook – and one it used previously to score with Paya, writes PE Hub’s Rafael Canton.

Upgrade to the premium version of the Wire to read all about GTCR’s strategy.

Tenant turnover

A much smaller deal that’s captured my attention this week is Rainier Partners’ majority investment in SCI Flooring.

Rainier closed its inaugural fund in February at a $300 million hard cap, beating its $250 million target.

To learn more about the Seattle PE firm, which backs lower middle-market services businesses, I turned to Alex Rolfe, co-founder and managing partner.

Subscribers to the premium version of the Wire may read my Q&A with Rolfe.

Software sale

Earlier this morning, Accel-KKR announced it has agreed to sell Kerridge Commercial Systems (KCS), a Berkshire, England-based ERP and business management software provider for distributors and wholesalers, to London’s CapVest Partners, reports PE Hub Europe’s Irien Joseph.

That’s a wrap for today.

As per usual on Fridays, PE Hub’s Obey Martin Manayiti will write tomorrow’s Wire. Obey will also be with you on Monday, as I’m taking a long weekend to visit friends in the Berkshires and hear some Mozart at Tanglewood. See you next week.

Happy dealmaking,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Unlike institutional investors, wealthy individuals may have little or no prior experience of what exactly private markets investing entails. Education is therefore key to unlocking this lucrative investor base’s full potential. (Private Equity International)
Employees’ Retirement System of Hawaii will bump up its private equity target to 19 percent. (Buyouts)
RCP Advisors has raised almost 60 percent more than its target with the final close of its fourth secondaries vehicle. (Private Equity International)
The infrastructure asset class needs to modernize and confront the tension between assets’ long lives and different investors’ liquidity needs. (Infrastructure Investor)
Fundraising by UK private equity and venture funds was at its highest over the last three years, at £70.2bn, with almost one-third contributed by North American LPs. (Private Equity International)
Medalist Partners, a New York-based private credit firm, closed its Asset-Based Private Credit Fund III on approximately $600 million. (Private Debt Investor)
Using Michael Sonnenfeldt's TIGER 21 network, New York-based VC firm MUUS Climate Partners is introducing start-ups to additional investors and strategic industry contacts who can support their go-to-market efforts. (Venture Capital Journal)
Sienna Investment Managers has appointed Philippe Renauld as its first permanent group CFO. (Private Funds CFO)