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The Wire Dec. 1, 2020
PE portfolio companies shift operations in covid fight, Kelso to buy Lindsay Goldberg's Refresh Mental Health, AdaptHealth strikes $2bn deal for AeroCare, Varsity Healthcare unites two revenue cycle management business Good morning!
As the nation prepares for a new occupant in the White House and deals with an unsettling rise in coronavirus cases, private equity-backed companies that successfully pivoted operations in response to the pandemic are well-positioned for future turbulence, be it another lockdown, political and social unrest, or natural catastrophes.
Suuchi, an Edison Partners-backed fashion-tech business, and Mopec, a Blackford Capital backed morgue equipment provider, are two such examples.
“Not all were able to act this swiftly,” says Matt Zimmer, managing director and head of William Blair’s Services & Industrials Investment Banking groups, speaking from Chicago. “But this market was so unique that the ones that acted quickly are in better shape.”
Check out Karishma Vanjani's deep dive on the lessons learned from PE-backed businesses through the pandemic.
...Read the full Wire commentary on PE Hub.
As always, write to me at springle@buyoutsinsider.com with any tips, feedback or just to say hello.
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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.
Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.
Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.
If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.
Also of note (may require subscriptions) Higher standards: The New York Times’ Dealbook writes that the Nasdaq will ask the S.E.C. for permission to adopt a new requirement for the 3,249 companies listed on its main U.S. stock exchange: have at least one woman and one “diverse” director and report data on their board’s diversity — or face consequences.
Private equity ties: Buyouts explores how private equity already looks to have a role in the incoming administration of President-elect Joseph Biden, as potential candidates for secretary of defense have all worked in various capacities for a firm called Pine Island Capital Partners.
PE Deals
They said it “In most parts, the [fitness] industry is down ... It’s more like survival; you can be making a little bit of money, hopefully get a good first quarter. But most people’s consensus is it’s probably 2022 where we will see growth in fitness – an 18-24-month wait.”
Michael O’Koomian, founder and managing director at MOK Capital Advisors, an M&A firm that advised Fitness Ventures – a Crunch Fitness system franchise – in its pre-covid sale to Prospect Hill Growth Partners, told PE Hub and Buyouts, speaking to the health of post-covid portfolio businesses.
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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