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Monogram in housing market play with PDS Tri-State purchase; Platinum to buy sporting goods biz from Gridiron

Morning Hubsters, Craig McGlashan here with the Tuesday Wire.

We broke the news this morning that Monogram Capital Partners has acquired Precision Door Tri-State, a provider of services such as garage door replacement, repair and installations. Monogram co-founder and partner Jared Stein tells us that he expects demand for those services to pick up as rates come down and the housing market picks up.

We then switch over to retail, a sector that’s been hampered by higher rates eating into consumers’ spending money, where Platinum Equity has agreed to acquire an outdoor and consumer sporting goods company from Gridiron Capital.

Finally, with the election campaign taking more twists than an entire season of The Twilight Zone, we look at how dealmaking fared in the runup to the UK election earlier this month and see what lessons we can draw for the outlook Stateside.

Opening up

We start with a scoop in the world of garage doors, where PE Hub’s Obey Martin Manayiti is the first to report that Monogram Capital Partners has acquired Precision Door Tri-State.

Find out more on the deal and Monogram’s plans for the business in an interview with co-founder and partner Jared Stein in the subscriber version of the Wire.

Retail play

Platinum Equity has justagreed to acquire GSM Outdoors, an outdoor and consumer sporting goods company, from Gridiron Capital.

Find out more in the subscriber version of the Wire.

Political push

The election race has got a little bit more interesting – to say the least – over the last week or so, and we’ll be looking at what the different potential outcomes could mean for private equity dealmaking. Send your thoughts over to me at craig.m@pei.group

In the meantime though, it’d be useful to take a look at what’s happening for M&A broadly in the UK, where the new Labour government has been setting out its agenda.

Full details in the subscriber version of the Wire.

OK that’s a wrap – Rafael Canton will write to you tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

The hunt for liquidity is driving high-net-worth individuals to become increasingly active in the secondaries market, according to a report by digital secondaries market Palico. (Secondaries Investor)

How CDPQ used the secondaries market to address overallocation: Martin Longchamps, head of private equity at the $319bn Canadian giant, discusses how secondaries sales helped bring the pension's PE allocation back on target. (Secondaires Investor)

EQT Exeter’s North America president Henry Steinberg talks about a backlash against warehouses, saying he believes NIMBYism will cause development to stall and rents to rise in the popular sector. (Private Equity Real Estate)

Of the $27.6 billion of GP-led activity seen in the first half, $17.2 billion was deployed into single-asset or highly concentrated continuation funds, according to Campbell Lutyens's mid-year report. (Secondaires Investor)

Los Angeles-based manager JRK Property Holdings has acquired the Hilton La Jolla Torrey Pines hotel in La Jolla, California, for $165 million through its Hospitality Fund 1. The seller was Dallas-based real estate investment trust Braemar Hotels & Resorts. (Private Equity Real Estate)

They said it

“If you look at people who are getting ready to sell their houses, their number one ROI item that they’ll get paid for on that sale is actually a new garage door. A significant driver of these repairs/replacements is just being able to market that you’ve recently replaced your garage door.”

— Jared Stein, co-founder and partner, Monogram, on the acquisition of PDS Tri-State