Good evening,

Another day, another pre-COVID-19 deal springs back to life.
This time it was Navis Capital's school and childcare supplier Modern Star, which is now headed into Pacific Equity Partners' portfolio.

Modern Star was put up for sale this time last year and the auction stretched over the Christmas holidays and into early 2020. Right as bidding was getting serious, the COVID-19 pandemic hit and owner Navis, Modern Star's management and the bidders downed tools on the deal to focus on other matters.

But with some normality restored to the business and financial markets, PEP has secured a deal to hive off Modern Star's Australian and New Zealand arm. It will pay about $600 million for the business. We have all the details on its funding.

Elsewhere, bids are due for Quadrant Private Equity's QScan on Tuesday and we should finally get an answer to a lingering question: are infrastructure funds REALLY ready to buy radiology groups?

We also continue our IPO roadshow series with a look at non-bank lender Harmoney.

Happy reading,
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors