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Marlin-backed Virgin Pulse agrees to merge with New Mountain-backed HealthComp; Altamont Capital agrees to sell Douglas Products

Morning Hubskis!

Big merger news with Marlin Equity’s Virgin Pulse and New Mountain’s HealthComp.

We also have an exit! Let’s explore an agreed sale from Altamont Capital.

And we have some interesting findings from Goldman Sachs based on a recent survey.

Big news crossing the wire this morning

Marlin Equity-backed digital health company Virgin Pulse agreed to merge with HealthComp, backed by New Mountain, a benefits and analytics platform. Subscribers can read more here.

Exit

Exits are hard to come by, so when we see one, we like to point it out here at the Hub. Altamont Capital agreed to sell its portfolio company Douglas Products to Brightstar Capital. The company makes and markets brands in the global agriculture pest markets. Subscribers can read more here on the premium version of the Wire.

And more exits

Speaking of exits, GPs continue to believe that the most likely path to liquidity over the next year will be full exits via asset sales, according to fresh research from Goldman Sachs.

The bank also found that GPs see precedent transactions as the biggest driver of valuation adjustments, as well as changes in operating metrics like revenue and Ebitda margins. Public market valuations will have a “moderate impact,” around 56 percent of respondents said.

Read more about the survey in the premium version of the Wire, and check in on Buyouts later today for more takeaways.

That’s it for me! Have a great rest of your Wednesday. Reach me with tips n’ gossip, feedback or fall recipe tips at christopher.w@pei.group or find me on LinkedIn. 

Read the full Wire commentary on PE Hub ...

Editor's Note: In yesterday's Wire, we featured a PE Hub Europe article about take-privates, including the differences between running such a process in the US versus Europe. The link to the article was broken – please click here for the correct link.

Also of note (may require subscriptions)

In the latest foray into private credit by a big bank, Wells Fargo and asset manager Centerbridge Partners have said they are teaming up to form a strategic partnership that will focus on direct lending to mid-market non-sponsor companies in North America. (Private Debt Investor)

Despite rapid growth, it’s fair to say the carbon market still has an uphill battle on pricing clarity. As Peter Fernandez, chief executive of Brazil-based fund manager Mombak tells Agri Investor: “The market doesn’t quite realize that carbon pricing is accelerating dramatically, and the reason the market doesn’t realize that is because there aren’t clear price signals.”

James Mackey, managing director of project capital at Climate Investment, explains how the firm's VC and project finance teams work together to decarbonise heavy-emitting sectors. (Infrastructure Investor)

Software specialist Hg is set to launch a semi-liquid evergreen product in a bid to extend its private equity offerings to individual investors, Private Equity International understands.

PGIM Real Estate kept its industrial lending momentum rolling this week with a $333 million floating-rate financing package for asset manager GLP Capital Partners. (Private Debt Investor)

The Silicon Valley Bank collapse in March rocked the venture industry, but for Industry Ventures the crisis helped to crystalize its value proposition for investors. (Venture Capital Journal)

Schulte Roth & Zabel has hired Michael Didiuk as a partner and member of its Investment Management Regulatory & Compliance group, an important addition to its practice following the SEC’s adoption of the private funds rule. (Private Funds CFO)