The Wire

May 25, 2021

HIG set to buy CORA Health Services, Bain's US LBM snaps up American Construction Source

Happy Tuesday, everyone!

As the physical therapy market continues to rebound amid the reopening of the country, HIG Capital has decided to acquire CORA Health Services from Gryphon Investors, multiple sources told PE Hub. The HIG deal, which was signed a couple weeks ago, values CORA at more than $500 million and was funded through the HIG Advantage fund. Read Sarah's story on PE Hub – confirmed by the parties shortly after in a Tuesday announcement.

Bain's US LBM grows: Angeles Equity Partners and Clearlake Capital Group-backed American Construction Source, a lumber and building materials (LBM) distribution platform, is being acquired by Bain Capital's US LBM. ACS, formed by the PE duo in 2018, serves custom home builders, repair and remodel contractors, and do-it-yourself homeowners. The company was created by merging three leading regional LBM distributors and later went on to....

Read the full wire commentary on PE Hub...

That’s it! Have a great week ahead, and in the meantime, hit me up with any thoughts, feedback, or tips at karishma.v@peimedia.com

Also of note (may require subscriptions)

Debut fund news: AEA Investors, which recently hired two experienced growth investors to lead a new strategy at the firm, is set to raise its debut fund for growth-tech investments, sources told Buyouts.

End to cold calling: Merrill Lynch is overhauling its advisor training program with an eye on improving career success rates. It's doing away with cold calling and encouraging trainees, who will mostly be sourced from employees at Bank of America branches, to use LinkedIn instead. Read more on Barrons.

Silent power of Malaysian LPs: When considering Asian LPs, Singapore’s Temasek and GIC are usually top of mind. Though the pair are among the region’s most active public institutions when it comes to private equity, their counterparts in neighbouring Malaysia could also become a major force in the asset class. Read the story on PEI.

They said it

“We wouldn’t raise an old-world oil and gas fund – and frankly, investors have shown they wouldn’t either.”

Paula Langton, partner at Campbell Lutyens told New Private Markets in a quick-fire interview on the state of sustainability and fundraising.

Today's letter was prepared by Karishma Vanjani

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