Good morning, dealmakers. MK Flynn here with the Wire. It looks like Kohl’s will soon to be sold to retail holding company Franchise Group for $8 billion, reportedly beating out PE firm Sycamore Partners. The retailer confirmed it is in exclusive talks with the owner of Vitamin Shoppe, according to the Wall Street Journal. Supply and demand. We’ve seen many private equity firms invest in software and other services aimed at shoring up the fragile global supply chain. I’m intrigued by a deal announced yesterday afternoon by KKR. The PE firm is taking a majority stake in apexanalytix, a provider of supply chain risk management software and services. Carousel Capital remains a significant minority owner. Bounce back. In deal news this morning, Levine Leichtman Capital Partners announced it has sold Hand & Stone Massage and Facial Spa, a franchisor and operator of spas offering massage, skincare and health and wellness services. PE Hub’s Aaron Weitzman conducted an exclusive interview with Andrew Schwartz, partner at LLCP, to talk about the growth strategy as well as the exit strategy. For more, see the full story. Inside the exit. Rotunda Capital Partners, a Bethesda, Maryland-based private equity firm that backs lower mid-market companies in distribution, logistics, industrial and business services, recently sold Motis Brands to Boston-based Prospect Hill Growth Partners. PE Hub’s Obey Martin Manayiti spoke with Rotunda partner Corey Whisner about the exit. For more, read the full story. Make way. Three long-time senior executives are expected to leave Hellman & Friedman over the coming months as the firm embarks on an unprecedented fundraising pace, raising its next flagship after closing its prior mega-pool in July 2021, reports Buyouts’ Chris Witkowsky. The three departing partners are: Philip Sternheimer, who leads value creation in Europe; Adam Durrett, who focuses on financial services and healthcare; and Erik Ragatz, who has led the firm’s focus on consumer, retail and industrials. The three are expected to leave over the next year, according to a person with knowledge of the firm. Read the whole story here. Operational Excellence. Calling all operators. Do you know a best-in-class operator? If so, submit your nominees to enter Private Equity International’s Operational Excellence Awards 2022. Submit your entries to OpEx@peimedia.com by Tuesday, June 21. That’s all for now. Chris writes the Wire on Wednesdays, so I’ll see you on Thursday. Until then, MK Read the full wire commentary on PE Hub ... | 