Partners' EyeCare Partners buys Revelstoke's CVP, Blue Wolf buys Roper's radiotherapy arm

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The Wire

Oct. 21, 2021

EyeCare Partners inks $600m add-on, Partners Group bans 'deal' terminology, Blue Wolf carves out CIVCO Radiotherapy from Roper

Happy Friday!

Partners Group’s EyeCare Partners recently agreed to buy CEI Vision Partners from Revelstoke Capital Partners in a deal valued at about $600 million, according to sources familiar with the matter. While seemingly straightforward on the surface, the acquisition appears to be the first example of a large PE-owned eyecare platform buying another sizable sponsor-owned platform, at a platform multiple. More large assets in vision care and other retail healthcare segments (like dermatology, for instance) are likely to pursue similar strategies, sources predict, particularly for those companies and PE owners whose end-game is to take those assets public Supporting this logic for value creation... check out my full report on PE Hub.

'Deal': Speaking of Partners Group, the four letter word “deal” was banned at a global town hall meeting in early June by David Layton, the Swiss firm’s chief executive, writes the Wall Street Journal. And, there are violations for usage of the word. The executive’s rationale? He is trying to get his colleagues to shift from a transactional mind-set to one he calls “industrial”, WSJ writes. Read it here.

In other Friday morning news, New York's Blue Wolf Capital Partners is acquiring CIVCO Radiotherapy from Roper Technologies. Civco, based in Iowa, is a manufacturer of radiotherapy patient positioning and immobilization equipment. The all-cash deal is valued at $120 million, said Roper. Read PE Hub's brief here.

That’s it for me! Have a great weekend, and as always, write to me at springle@buyoutsinsider.com with any tips, comments or just to say hello!

Read the full wire commentary on PE Hub...

Also of note (may require subscriptions)

Impact: EQT will try to raise €4 billion for a long-hold private equity vehicle that will be “impact-driven,” the firm has said. The EQT Future fund will invest in “mature, high-quality companies with market-shaping impact potential” where transformation requires a “longer ownership horizon” than the typical fund. Here’s what you need to know. Read more on New Private Markets.

Closing in: Private equity giant Blackstone said it expects to soon wrap up fundraising for a sophomore GP stakes offering at roughly $5.5 billion. Blackstone Strategic Capital Advisors, part of Blackstone Alternative Asset Management, is one of three strategies that dominate the GP stakes market. Read more on Buyouts.