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The Wire April 20, 2021
Kinderhook explores Avita sale, Advent pushes further into cybersecurity Happy Tuesday!
Healthcare and technology have witnessed the most PE investment in recent months, and today we've got news from both sides. To start, Kinderhook is seeking a buyer for Avita, the country’s largest independent, covered-entity pharmacy service, sources told PE Hub. Centerview Partners is providing sell-side financial advice on the process, which is entering its second round, sources said. Read Sarah's story on PE Hub.
On to tech: Marking its third cybersecurity-focused investment of the year, Advent International has led a $35 million funding round into HYPR, a passwordless authenticator. The investment comes on the heels of two Series B rounds in which Advent led last month – a $130 million investment into cloud infra security startup Wiz, and a $30 million investment into a cyber threat sharing platform called Cyware. For HYPR, the impetus was .... Read the full wire commentary on PE Hub...
That’s all for today! As always, don’t hesitate to hit me up with feedback, tips or anything else at karishma.v@peimedia.com
Also of note (may require subscriptions) Milking it: Oatly Group AB formally filed paperwork on Monday for an initial public offering in the U.S., nine months after private-equity giant Blackstone Group and a handful high-profile celebrities inlcuding Oprah Winfrey took a stake in the oat milk producer, WSJ writes. Read it here.
Big secondary news: Leonard Green completed a process to move assets out of its 2007 fund for more time and capital to manage the investments that ended up totaling around $2.5 billion, making it one of the largest-ever such deals, Buyouts writes.
Unlike the rest: Formentera Partners is braving a tough market for oil and gas private equity fundraising with the launch of an inaugural upstream offering. Formentera’s strategy is not the traditional energy PE model, sources told Buyouts. Read more here.
PE Deals
They said it “Commodity price exposure is generating more volatility and wreaking havoc on energy PE funds.” Mark Florian, BlackRock’s head of global energy and power, told Buyouts last fall.
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. FIND OUT MOREPlease 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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