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The Wire Nov. 4, 2021
Monomoy Capital carves out Trinity Highway Products, HIG buys BECO from Behrman Capital
Morning!
Today’s private equity rundown includes two safety-focused deals, starting with Monomoy Capital Partners $345 million all-cash carve-out of Trinity Highway Partners from Trinity Industries. THP makes and leases highway safety products like crash cushions, end terminals, guardrails and truck-mounted attenuators. Monomoy, launched by former KPS Capital Partners executives, was named after Massachusetts’ Monomoy Island, which features a lighthouse that guides vessels through rough Cape Cod waters. The metaphor is apt for the firm’s strategy, which focuses on turning around underperforming lower mid-market companies in North America’s manufacturing, distribution and consumer product sectors, Buyouts Kirk Falconer wrote earlier this year.
Read more about the Trinity deal on PE Hub, and check out Kirk's previous coverage here.
In other safety news, Behrman Capital has for a second time its history exited its investment in BECO Holding Company. The buyer is HIG Capital. Charlotte, North Carolina-based BHC, with 16 distribution centers across the country, offers a wide range of value-added distribution and critical fire and life safety management services enabled by proprietary technology tools. Read PE Hub's brief here.
That’s it for me! Have a great week ahead, and as always, write to me at springle@buyoutsinsider.com with any tips, gossip or feedback.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Return to office: In the fight to combat the latest health threat, several questions have surfaced: How have these recent developments affected the private equity community? Have plans and safety protocols been altered or are some firms pushing ahead in a bid to return to normalcy, vaccinations, N95 masks and tests aside? And, as firms move from remote offices to full-time in-person or hybrid schedules, has there been attrition among personnel? Buyouts digs into these questions. Read it here.
Expensive: Family offices must recruit ‘expensive’ private equity staff to ensure long-term success, a conference has heard. Speaking virtually at the Cyberport Venture Capital Forum in Hong Kong on Tuesday, Professor Heinrich Liechtenstein, of Barcelona’s IESE Business School, told delegates that recruitment should be a greater priority than financial concerns such as tax domiciliation when launching a family office. Read more on Private Equity International.
Elected: Republican Glenn Youngkin, a 54-year-old former private-equity executive and political newcomer, was elected governor of Virginia on Tuesday. This halts a yearslong trend of Democratic electoral gains in the state and gives the GOP a potential playbook in competitive parts of the U.S. ahead of next year’s congressional midterm elections. Read more on WSJ.
PE Deals
They said it “How to attract the best team… is probably the biggest challenge for family offices – private equity people can become really expensive.” Speaking virtually at the Cyberport Venture Capital Forum, Professor Heinrich Liechtenstein, of Barcelona’s IESE Business School, said recruitment should be a greater priority than financial concerns such as tax domiciliation when launching a family office.
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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