Kohlberg to acquire Riveron; private equity at the casino and in space

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Kohlberg to acquire Riveron; private equity at the casino and in space

Good morning dealmakers, thank goodness it’s Friday!

It’s Obey Martin Manayiti here with the Wire.

The sky hasn’t cleared completely of the haziness that pummeled New York City and other parts of the country this week but hopefully the situation will continue to improve over the weekend.

To cap off the week, I am looking at PE investments in the gaming industry, in areas such as casinos, horse racing, online betting and more from longtime investors Apollo Global Management and Clairvest Group.

I will also look at AE Industrial Partners’ portfolio company Firefly Aerospace, an end-to-end space transportation company with launch, lunar, and in-space services, which acquired Spaceflight to strengthen its on-orbit offering.

But let’s start with this morning’s news.

New York-headquartered Kohlberg & Company has agreed to acquire Riveron, a national business advisory firm focused on the office of the CFO, private equity, and other capital providers.

Go to PE Hub to get more on this deal.

PE goes to the casino

The thrills and chills of wagering at the casino or racetrack are luring more Americans – and their wallets and pocketbooks – every day. And private equity investors are stepping up to the table.

I recently spoke with Apollo Global Management, a large cap investor, and Clairvest Group, which focuses on the mid-size market, about their approach in this sector.

Apollo owns a string of gaming investments in the US and abroad. They include The Venetian, which was acquired from Las Vegas Sands for $2.25 billion, and the Great Canadian Gaming Corp, one of the largest casino operators in Canada, for approximately C$3.3 billion ($2.5 billion).

Subscribe to the premium version of The Wire to get more on this deal.

Flying into the space

Firefly Aerospace, which is backed by AE Industrial Partners, has acquired Washington-based aerospace company Spaceflight.

Based in Texas, Firefly is a space transportation company with launch, lunar and in-space services.

Subscribe to the premium version of The Wire to see more.

Secondaries market

MiddleGround Capital, which is embarking on its next fundraising cycle, is running a process to extend its hold over its portfolio company Banner Industries that will provide funding for a business combination, sources told Chris Witkowsky of affiliate title Buyouts.

That’s all from me. Craig McGlashan, PE Hub Europe editor, will be back with you on Monday.

Have a nice weekend.

Cheers,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

The Jordan Company is seeking at least $5.5 billion for its sixth flagship Resolute fund, along with a shift to its mid-market strategy. (Buyouts)
Prudential Financial has rearranged leadership of its private equity program, installing co-heads to head the group as long-time chief Susan Garrett retires. (Buyouts)
Just Climate, the “flexible capital” investment business of Al Gore’s Generation Investment Management, has closed its debut fund on $1.5 billion – 50 percent above target. (Infrastructure Investor)
In private markets climate investing, as with other impact investing themes, capital has gravitated primarily towards equity strategies. This is about to change. (New Private Markets)
Cash-rich asset managers that have been singing the praises of private debt are sitting pretty in the credit space, especially now that regulators are said to be contemplating a 20 percent increase in bank capital requirements in the midst of the regional banking crisis. (Private Debt Investor)
Catalyst, a sustainability-focused private markets strategy, is drawn to opportunities in China’s burgeoning renewable energy sector, APAC head Matthew O’Sullivan tells Private Equity International.
Sub lines may take a new form in the future, as borrowers struggle to get new lines from banks, according to alternative lender NLC, formerly known as No Limit Capital. (Private Funds CFO)
Charterhouse Capital Partners, one of the UK’s oldest private equity firms, has closed its second continuation fund this year, attracting backing from Goldman Sachs Asset Management, CPP Investments and Hamilton Lane. (Secondaries Investor)
Faced with uncertain financing conditions, more real estate borrowers are aiming to push out the maturity of their existing loans by up to two years, according to Jackie Bowie, head of Europe for risk management firm Chatham Financial. (Private Debt Investor)
In a world where we flit from one shiny new thing to another, there is something to be said for those of us who stick to one thing and do it really well. Mar Hershenson and Pejman Nozad are two of those people. They co-founded Pear VC 10 years ago and have built it into a seed-investing powerhouse. (Venture Capital Journal)