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The Wire Dec. 2, 2020
Riverside creates new managed IT and cybersecurity platform, Gryphon's Smile Brands buys Midwest Dental, Strattam's Blacksmith tacks on TABs Analytics, healthcare-only bank Westcove launches It’s hump day, hubsters!
In today's highlights, Riverside Partners is building out a managed IT and cybersecurity services platform as it combines Grade A and Convergence Networks, the firm told PE Hub.
The founders of the pair of companies had known one another for over 10 years and shared a lot of best practices, according to David Del Papa, general partner at Riverside.
“So even before the actual combination has happened, the businesses had a lot of common platforms, values, and culture, which got us excited,” the investor said.
Check out Milana Vinn’s full story.
...Read the full Wire commentary on PE Hub.
And 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) Doubling down on tech: Vista Equity has agreed to a make a majority investment in Gainsight, valuing the customer-relations technology company at $1.1 billion, a person familiar with the matter told the Wall Street Journal.
Mega dealmaking: In one of technology’s biggest transactions of 2020, Salesforce is buying Slack Technologies for $27.7 billion in cash and stock, Bloomberg writes.
PE Deals
They said it “We think that diversity on our teams and in our business is not only the right thing to do, but it’ also good for business .. it’s part of everything. It’s part of how we go to campus. It’s a part of how we hire people. It’s part of how we drive our business results.” Blackstone’s Paige Ross, senior managing director and global head of human resources, told Private Funds CFOs, speaking to the private equity firm’s commitment to DE&I.
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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