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Partners Group shops Confluent Health; Amberjack talks trash

Good morning, Hubsters. Michael Schoeck here with you for the Thursday Wire. It’s hot in New York City, and PE Hub has a couple of sizzling scoops and stories headed your way.

Partners Group is gauging buyout interest in Confluent Health, a physical therapy clinic operator.

Next we’ll look at Amberjack Capital’s sale of waste management company Best Trash to HIG Capital.

In personnel news, we have a big one for you today from Warburg Pincus on its new CEO.

Regaining strength

Swiss private equity firm Partners Group is evaluating buyout interest in Confluent Health, an operator of physical therapy outpatient clinics, sources familiar with the matter told PE Hub.

Upgrade to the premium version of the Wire for details on the sale process.

Companies for sale

Since the beginning of the year, I’ve been tracking dozens of companies that sources have told me are on the market, or coming to the market in a matter of months, potentially attracting PE buyers.

With the slowdown of deals as of late, only about 15 of companies have seen announced transactions.

If you’ve got any tips about companies for sale, feel free to shoot me a note at Michael.S@pei.group.

From medical services we’ll shift on over to the environmental services market for a look at a recent exit of a waste management company.

Waste not, want not

Amberjack Capital Partners, a lower mid-market PE firm based in Houston, sold Best Trash to HIG Capital’s infrastructure investment group in a deal announced July 11.

To find out more about the exit upgrade to the premium version of the Wire.

People move

Warburg Pincus hasannounced the appointment of Jeffrey Perlman as the firm’s new CEO amongst a leadership transition.

Current CEO Chip Kaye will become chairman of the firm alongside Timothy Geithner, the former US Treasury Secretary who joined Warburg in 2013.

Kaye spoke at PEI Group’s inaugural NEXUS summit, held in March in Orlando, Florida.

PEI Group’s NEXUS 2025 is returning to Orlando on March 10-12, 2025, so be sure to grab your tickets.  PE Hub editor-in-chief MK Flynn will chair a track on Sector-Specific Investments.

That’s a wrap for me today. Stay cool out there and keep an eye out for the Friday Wire tomorrow with Obey Martin Manayiti.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Lower mid-market focused Kingswood Capital Management just closed its third fund in just over three years. The firm took roughly 90 days to raise around $1.5 billion for Fund III, beating its $1 billion target. So what’s the story? When most other emerging managers are slogging through two-year-long fundraisings, how has Kingswood raised three funds since 2021, including its largest pool in what is probably the toughest-ever fundraising environment for emerging managers? (Buyouts)

Growth Capital Partners has “doubled down” on its sector strategy to become what it says is the go-to-partnership investor across the knowledge economy over the past six years, Ravi Monteiro, a partner at GCP, told PE Hub Europe.

Secondaries sees record first half as volume surpasses $70bn: LP-led deals made up 57% of volume as pricing increased for buyout, credit, and venture and growth, according to a half-year report from Evercore shared with Secondaries Investor.

European mid-market firm Apheon has liquidated all assets of its third flagship fund to generate a 2.0x average DPI for its LPs. (Private Equity International)

50 South Capital is close to hitting the fundraising target for its latest secondaries vehicle, according to data from a US public pension. (Secondaries Investor)

Cliffwater eyes aggressive secondaries build-up post-Barings acquisition: Tim Henn, who has joined from JPMorgan as head of private equity secondaries, tells Secondaries Investor the firm plans to invest in deals with GPs it knows through its platform.

They said it

“Best Trash made use of technology like Samsara to improve truck utilization, enhance safe operation in residential neighborhoods, and deliver high levels of customer service.”

— Patrick Connelly, managing partner at Amberjack Capital Markets, on the exit of Best Trash to HIG