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The Wire July 16, 2021
Silver Lake-backed ServiceMax agrees to merge with SPAC, THL’s Megan Preiner talks investing in crowded healthcare market Happy Friday!
We have a couple SPAC deals for ya. Silver Lake-backed ServiceMax agreed to a merger with Pathfinder Acquisition Corp, sponsored by HGGC and Industry Ventures. The SPAC deal values ServiceMax, which provides field service management software, at about $1.4 billion.
And, CORE Industrial Partners-backed Fathom Digital Manufacturing Corp agreed to merge with a SPAC sponsored by HPS Investment Partners in a deal valued at about $1.5 billion. The transaction will be funded through a combination of Altimar Acquisition's cash in trust and an $80 million fully committed common stock PIPE at $10.00 per share. Read more here on PE Hub.
Also, a bill that would exempt borrower information from state open records rules, which CalPERS needs to launch an in-house private lending program, died in a Senate committee this week. Part of the opposition to the bill focused on claims that CalPERS’ plans for the private credit program included the system making capital call loans. A CalPERS spokesperson told me the system hadn’t yet decided whether subscription lines of credit would be part of the program. Check it out here.
That’s it for me! Hit me up with feedback, tips n’ gossip, or whatever at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
Read the full wire commentary on PE Hub...
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Also of note (may require subscriptions) Stakes: Holding company Eldridge kicked in $150 million to back Investcorp’s GP stakes fund, which is targeting $750 million. With the Eldridge commitment, Investcorp has collected more than $400 million for the fund. Read more here on Buyouts.
Gigantic: Hellman & Friedman closed its largest fund to date, hauling in $24.4 billion for its tenth fund after only six months in marketing. The firm, which is the largest investor in the fund with a $1.8 billion commitment, had quickly amassed most of the $20 billion target from existing investors early in the fundraising. Read more here on PEI.
Mega: Intel Corp is in talks to buy Mubadala Investment Co-backed GlobalFoundries Inc, according to the Wall Street Journal. The deal would value GlobalFoundries at about $30 billion, WSJ said. Read it here.
PE Deals
They said it “What we’ve tried to do is take the multiple, and take the emotional gut reaction to the multiple out of the conversation, because for us, you’re paying the market-clearing price. We can try to rationalize it by looking out to 2022, but at the end of the day, what you pay now is only going to work if you’re able to grow how we expect.” Megan Preiner, managing director at Thomas H. Lee Partners, talks to PE Hub about navigating prices in the market.
Today's letter was prepared by Chris Witkowsky 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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