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Leonard Green sells SRS to Home Depot for $18.25 bn; Battery Ventures acquires AdaCore

Hello, Hubsters. Rafael Canton filling in for Michael Schoeck, who’s in the field on assignment this week.

First, we have a humongous deal involving PE firm Leonard Green & Partners and Berkshire Partnersselling SRS Distribution to The Home Depot for $18.25 billion.

Next, we have a look at Battery Ventures taking a majority stake in AdaCore.

Then, we hear from Actis’ Neda Vakilian, who was profiled by PE Hub Europe’s Nina Lindholm, as we focus on women in PE throughout the month of March.

Next, we dig into why take-private transactions are on the rise in private equity.

Finally, we have an update on potential PE ownership of NFL teams.

Deal of the day

This Thursday morning jumps off with a big deal. Private equity firms Leonard Green & Partners and Berkshire Partners have entered into a definitive agreement to sell SRS Distribution to The Home Depot for $18.25 billion.

Subscribers can read more about this news.

Putting a battery in the back

In a $100 million-plus deal, Battery Ventures is taking a majority stake in AdaCore, a provider of software development tools for safety- and security-critical systems, in a $100 million-plus deal, PE Hub Europe’s Craig McGlashan was the first to report.

Upgrade to the premium version of the Wire to find out more about this exclusive.

Work to do

In a riveting conversation, PE Hub Europe’s Nina Lindholm chatted with managing director and the global head of investor solutions group at London-based Actis, Neda Vakilian.

See the premium version of the Wire to learn more.

Take-privates deals are all the rage

Private equity firms are interested in take-private deals now more than ever.

Dechert advised on two recent take-private deals. First, KKR agreed toacquire MDF Commerce. Based in Quebec, the company is an e-commerce specialist. Then, MiddleGround Capital announced it is acquiring The LS Starrett Company. The deal is expected to close in mid-2024.

Find out why PE firms like take-private deals by upgrading your subscription to PE Hub.

PE in pro sports

Private equity is in sports, and it’s here to stay. Three of the four major sports leagues have policies that allow institutional investors to take minority stakes in professional franchises. The three leagues are the NBA, MLB and NHL. The fourth league is the NFL, which is in the process of determining if institutional investors can invest in NFL teams.

Subscribe to learn more about what’s going on with PE in pro sports.

That’s all for today. Obey Martin Manayiti will be on deck with tomorrow’s wire.

Cheers, Rafael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Family-owned software businesses in Europe are increasingly looking for private equity investment to help them expand to the US and beyond, Kais Baker, executive director of investment development in Europe at Turn/River, told PE Hub Europe.

Grafine Partners, built to support emerging managers, hits $600m final close on debut. (Buyouts)

Battery Ventures is buying a majority stake in AdaCore, a provider of software development tools for safety- and security-critical systems, in a $100 million-plus deal. (PE Hub Europe)

Can infrastructure handle its growth challenge? Infra’s most promising sectors are about the future, forcing a reckoning for an asset class fixated on the built environment. (Infrastructure Investor)

Fundraising, AI and cybersecurity topped the agenda at Private Funds CFO's 2024 New York Forum as delegates pondered the multiple challenges facing the modern CFO.

From Korean venture capital to Southeast Asia growth funds, New York’s oldest landlord Trinity Church Wall Street is seeking managers on an upwards trajectory as it pushes deeper into private equity, according to its managing director for investments. (Private Equity International)

How a spin on the PPP model is tackling one of America’s biggest infra problems: A unique opportunity courtesy of the Bipartisan Infrastructure Law provides a twist on the traditional PPP model to fix lead service lines in Wisconsin. (Infrastructure Investor)

They said it

“I’d like to think that if people are open-minded and mindful of their biases, or inherent unintended biases, women’s talent and potential will speak for themselves.”

— Neda Vakilian, managing director and the global head of investor solutions, Actis, on increasing diversity in private equity