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The Wire April 21, 2021
Pamplona's Parexel evaluates options, Silversmith sees 5x return on Absorb Software, Tiger Global leads $240m ActivateCampaign investment
Morning!
Contract research organizations are havin’ a year, everybody. After Thermo Fisher forked out several billions of dollars for PPD, Pamplona Capital Management is looking to exit its investment in Parexel, another large CRO helping expedite the development of new drugs, according to people familiar with the firm’s plans. Evercore was recently appointed by the sellers, with both an IPO and potential sale on the table, sources said.
Another hot pocket of investment is also seeing big outcomes, with growth equity firm Silversmith Capital Partners poised to make 5x its money on the sale of learning-technology provider Absorb Software, sources familiar with the deal told PE Hub. In other tech news, Tiger Global has led a $240 million funding round into...
Read the full wire commentary on PE Hub...
That's all I got today! As always, write to me at springle@buyoutsinsiders.com with any feedback, tips or questions.
Also of note (may require subscriptions) Venture-growth hybrid: TCG Capital, launched by ex-News Corp executive Peter Chernin, is targeting $800 million for its next fund to invest in the digital evolution of the media and consumer world, a person with knowledge of the firm told Buyouts. TCG's current umbrella of investments includes Barstool Sports, Exploding Kittens and Goldin Auctions. Read more on Buyouts.
Movin' on: Makram Atiyah, a director of OMERS Private Equity, left the firm this month, sources told Buyouts. The departure of Atiyah, based in London, is the second this year from OMERS’ PE group following Tim Patterson, an 11-year veteran of the firm and head of its healthcare team. Read it here.
North of the border: In Canada, the combined value of agreed upon deals and preliminary proposals is up 198 percent year-over-year, according to data compiled by Bloomberg. Check it out.
PE Deals
They said it “In a year that challenged us all, we are grateful for how our investors adapted to the virtual world.” Yann Robard, managing partner and founder of Whitehorse, told Secondaries Investor
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