PE-backed HydraFacial enters into SPAC deal, SoftBank mulls 'slow-burn' take-private, TA makes 3x return on Flexera

The Wire

Dec. 9, 2020

Linden, DW Healthcare-backed HydraFacial merges with Brent Saunders-sponsored SPAC, SoftBank mulls 'slow-burn' take-private, TA Associates makes 3x its money on Flexera

Another day, another SPAC deal.

Linden Capital- and DW Healthcare Partners-backed HydraFacial has agreed to merge with a SPAC sponsored by Brent Saunders, the former CEO of Allergan and an experienced investor in healthcare and consumer products, an announcement this morning revealed.

The deal with Vesper Healthcare Acquisition Corp. implies an initial enterprise value of $1.1 billion for HydraFacial, whose 30-minute facial is likened to a medical treatment. Linden will remain the largest shareholder in HydraFacial following the deal.

For Chicago’s Linden, the SPAC doesn’t appear to be its only first of the year. Among other activity, the firm made what appears to be its first ever structured capital investment outside of the portfolio in October, announcing preferred equity investment in IVX Health following a notable new hire in 2019.

Read the full wire commentary on PE Hub.

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New strategy: TPG is premarketing its debut secondaries fund that could target as much as $2 billion after the buyout firm brought on Michael Woolhouse earlier this year, sources told Buyouts.