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The Wire July 19, 2021
Partners Group buys BC Partners' Pharmathen in $1.9b deal, American Securities unloads Henry Company for almost $1.6b Morning, everybody!
I’m heading into our Midtown office for the first time today in almost a year-and-a-half. Pretty surreal. Got any tips for me?!
Europe: In today’s news, Swiss buyout firm Partners Group is continuing to up its healthcare exposure, agreeing to buy Pharmathen, a contract development manufacturing organization (CDMO) focused on complex generic pharma products. The deal assigns Pharmathen an enterprise value of around 1.6 billion euros, or about $1.9 billion, providing what looks to produce a strong exit for BC Partners. BC Partners first invested in the business in mid-2015 in a transaction valued at 475 million euros (~$560 million).
Partners, like other European private equity shops including EQT, Cinven and Nordic, has been an active investor on the healthcare front both in Europe, and increasingly, North America. In the US, Partners recently bought Axia Women’s Health, which valued the provider of non-clinical services in the women’s healthcare market at nearly $800 million, PE Hub wrote. The firm's umbrella of...
Read the full wire commentary on PE Hub...
That’s it for me! Have a great week ahead, and as always, hit me up with feedback, tips n’ gossip, or whatever at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Revival: New Mountain Capital has brought back a process to move assets out of its 2007 fund and into a continuation pool, after it pulled an earlier version of the deal when the largest asset was picked off by a strategic buyer. The deal is among several large GP-led, multi-asset processes on the market this year, including one of the largest run by Leonard Green that totaled around $2.5 billion. Read more on Buyouts.
Newbie: Emerging manager Avesi Partners, launched less than six months ago by ex-Lindsay Goldberg partner Chris Laitala, wrapped up its debut buyout fund at $875 million, writes Buyouts. It appears Fund I’s target (or hard-cap) was increased over the brief course of fundraising. Read it here.
ESG ramp up: Private equity firm General Atlantic is seeking to raise $4 billion for a new business venture that will invest in fast-growing companies scaling climate change solutions, people familiar with the matter told PE Hub affiliate New Private Markets. General Atlantic, which manages more than $65 billion in assets around the world, has launched a new investment platform called BeyondNetZero and has brought on former BP chief executive John Browne to lead the new venture as chairman, the sources told New Private Markets. Read it on New Private Markets.
Falling behind: As Morgan Stanley finished the parade of earnings reports, some competitors smirked, Bloomberg writes. The firm -- one of three that dominate the world of mergers and acquisitions -- had lost ground to arch rivals Goldman Sachs Group Inc. and JPMorgan Chase & Co. in pocketing fees for advice during the first half of what’s shaping up to be a record year. Read it on Bloomberg.
PE Deals
They said it “Addressing global climate change requires both a systemic transformation of the energy economy and scale of investment never seen before.” Bill Ford, who leads General Atlantic, told New Private Markets.
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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