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The Wire April 28, 2021
TPG, WCAS-owned Kindred Healthcare fields PE interest, PE M&A mark best quarter since 2007, Lincolnshire, VSS back hospital-fire-safety asset
Morning!
Humana has accelerated its plans to acquire the remaining 60 percent of Kindred at Home not already owned - buying stakes from TPG and Welsh, Carson, Anderson & Stowe. The deal values Kindred at Home at $8.1 billion, Humana said late Tuesday. Meanwhile, sources told PE Hub that TPG and WCAS are separately evaluating a sale of Kindred Healthcare - which split from Kindred at Home in 2018 and is owned by the two PE firms only.
In other news, Lincolnshire Management and VSS Capital Partners have collectively made a majority investment in Barrier Companies, whose various hospital fire and life safety services are in need as regulation demanding compliance grows more stringent. Finally... despite a more expansive rebound in private equity exits than expected, there’s no indication of a slowdown in activity or retreat in valuations, Pete Witte, EY global private equity lead analyst, told PE Hub in an interview. Deal activity in the last quarter totaled...
Read the fully wire commentary on PE Hub...
Also of note (may require subscriptions) Popov: Illiquid credit is in the vanguard of Carlyle Group’s plan to reach $80 billion-plus in private debt assets in the next four years, Alex Popov, head of illiquid credit strategies, told Buyouts. Private debt is set to play a leading supply role in this next cycle, as traditional lenders, such as banks, have over time reduced their exposure to leveraged credit assets, he said. Read more here.
Southbound: Fortress Credit Group is leaving its iconic San Francisco location near the Embarcadero by the end of the year with much of its talent moving south of the city and to Texas, sources told Buyouts. No one is being forced to relocate. Read more on Buyouts.
Credit Secondaries: Apollo Global Management has launched a credit secondaries business, just weeks after Secondaries Investor reported the alternatives giant was plotting an entry to the market. Earl Hunt, an incoming partner from Goldman Sachs, will co-lead the effort. Check it out.
PE Deals
They said it “Illiquid credit led the way toward recovery last year,” Popov said. “It will retain its importance going forward as a necessary ingredient of recovery.” Alex Popov, head of illiquid credit strategies at Carlyle, told Buyouts
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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