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Hastings Equity scouts out Celerity add-ons; KKR to take stake in biomed investor

Good morning Hubsters, Craig McGlashan here with the Tuesday Wire.

We’ve got a couple of themes in today’s newsletter, first on private equity firms looking to boost their existing investments, then about deals in the financial sector.

First up, PE Hub’s Michael Schoecktalks to Hastings Equity Partners’ Grant Reckhow about his add-on plans for portfolio company Celerity Consulting Group.

Next, we have an operating advisor hire at Clayton, Dubilier & Rice, before a reminder that you can meet the PE Hub team at PEI Group’s Operating Partners Forum New York 2023 this week.

Switching to finance deals, and we take a look at KKR agreeing to invest in a biomedical and healthcare investorbefore we feature Mercer Advisors, which is backed by Oak Hill Capital and Genstar Capital, making an acquisition.

Utility field services

Hastings Equity Partners portfolio company Celerity Consulting Group is looking to make some add-ons from the utility field services market, Hastings managing director Grant Reckhow toldPE Hub’s Michael Schoeck.

Operating hire

Switching to people news, and Clayton, Dubilier & Rice has named a new operating advisor to CD&R funds.

Read more in the subscriber version of the Wire.

The timing of the hire is pretty apt, because the US team is attending PEI Group’s Operating Partners Forum New York 2023 on today and tomorrow.

One of the topics will be that as dealflow has slowed down this year, many private equity firms have turned inward, focusing on how to get the most out of their existing portfolio companies. 

Do get in touch if you are interested in a chat or just to say hello. Here are the team’s deets:

• Mary Kathleen (MK) Flynn: mk.flynn@pei.group

• Michael Schoeck: michael.s@pei.group

• Obey Martin Manayiti: obey.m@pei.group

• Rafael Canton: rafael.c@pei.group

Minority stake

KKR has agreed to invest in Catalio Capital Management, an investment firm focused on biomedical technology and healthcare companies.

Read more about the deal and some other KKR interest in life sciences in the full version of the Wire.

Wealth management

Tying things up nicely with a deal involving both add-ons and the financial sector, Mercer Advisors, which is backed by Oak Hill Capital and Genstar Capital, has acquired a wealth management company.   

Right, that’s all from me today. Chris Witkowskywill be with you as usual tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

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