KKR’s Henry McVey: ‘Investors must make their own luck;’ PCI Pharma, Eagle Fire find buyer s in companies-for-sale update

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KKR’s Henry McVey: ‘Investors must make their own luck;’ PCI Pharma, Eagle Fire find buyers in companies-for-sale update

Good morning Hubsters. Michael Schoeck here with the US Wire from the New York newsroom.

In the Wire today we’ll highlight my weekly companies for sale update, which features two newly announced deals from this week in fire safety and drug development.

In deal news, KKR announced a strategic investment in HVAC equipment e-commerce site SupplyHouse.

And sticking with KKR to wrap up, we’ll share talking points from Henry McVey’s 2025 Mid-Year Macro Global Outlook.

Companies for sale

This week we highlight two deals that illustrate the wide range of companies for sale that PE Hub covered in H1 - from regional fire safety and testing company to a multi-billion dollar pharmaceutical contract development and manufacturing organization.

Starting with the smallest deal of the week involving a company PE Hub tracked for sale, European private investment firm Cobepa announced an agreement on July 16 to acquire Eagle Fire, a fire safety, testing and inspections company focused on the mid-Atlantic region, from family office firm Rosewood Private Investments.

And switching over to a large-cap recapitalization, Bain Capital announced a deal on July 14 to join Kohlberg & Company and co-investor Mubadala Investment Company in the recap of Philadelphia-based CDMO PCI Pharma Services. As part of the deal, Partners Group will become a minority stakeholder in the company as it cedes majority ownership to Bain and Kohlberg.

Read more about Eagle Fire and PCI Pharma when they came on the market earlier this year by upgrading to the premium version of the Wire.

If you’ve got tips about companies coming to market, shoot me a note at michael.s@pei.group to connect.

Cooling down

Earlier this morning KKR announced a strategic investment in partnership with SupplyHouse, an e-commerce platform for the distribution of HVAC, plumbing and electrical parts.

Sign up for the premium version of the Wire for more deal details and insight on widespread private equity interest investing in the HVAC market.

Make your own luck

Despite market turbulence reverberating throughout H1, a thought leader in global economics and finance thinks that we’re at a turning point.

Among the factors to be upbeat about are attractive financial conditions, productivity gains, and lack of net issuance—coupled with compelling, powerful investment themes. These will drive this market cycle both further and longer, said Henry McVey, chief investment officer of balance sheet and head of global macro and asset allocation at KKR.

Consider upgrading to the premium version of the Wire for more global macro insight from McVey.

That’s a wrap for me. Keep an eye out for the Europe edition of the Wire tomorrow from Irien Joseph and the US edition from John R Fischer.

Cheers,

Michael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

With the fee advantages of co-investments layering onto improved manager selection and vintage diversification over the past few years, CalPERS leaders say the system has found an approach that could lead to it considering more private equity exposure in coming years. (Buyouts)

After more than 30 years the Transportation Infrastructure Finance and Innovation Act has seen its loan cap for most projects rise from 33 percent of the full cost of the project to 49 percent. The rise has been welcomed by commentators as a tool for making headway against the extensive backlog of necessary bridge and surface infrastructure projects, and will expand the program’s utility for surface transportation infrastructure projects over $50 million. (Infrastructure Investor)

Ken Pontarelli will step down as global head of sustainable investing at Goldman Sachs Asset Management at the end of the year, a spokesperson has confirmed to New Private Markets.

CVC Capital Partners has returned to the secondaries market seeking a single-asset continuation fund for a Nordic asset, marking the latest in a series of large GP-led deals to come out of Europe this year, Secondaries Investor has learned.

The ongoing discussion over the future of the EU Sustainable Finance Disclosure Regulation presents a “unique window of opportunity” to integrate impact into the EU’s regulatory fabric, according to a policy proposal developed with the support of a diverse range of market participants. (New Private Markets)

In the latest sign of the growing popularity of credit secondaries funds, Pantheon has held a final close on $2.2 billion for its Pantheon Credit Opportunities III fund and related vehicles, bringing the total for its third generation of such funds to $8.3 billion. (Private Debt Investor)

EQT appears to have defied a wider exit slowdown by tripling its realizations in the first half of 2025. According to the firm’s H1 2025 report on Thursday, EQT generated €12.7 billion exits in the six months to 30 June. That figure is up from the €4.1 billion recorded in H1 2024 and has already exceeded the €11.2 billion exits throughout 2024.

Deals

They said it

“To be sure, our message for the balance of the year is not one of complacency. Rather, it is discipline.”

— Henry McVey, chief investment officer of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation group, on the firm’s H2 outlook.

Today's letter was prepared by Michael Schoeck

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