Good morning, Hubsters. MK Flynn here with the Wire.
Air cargo. The global supply chain feels more vulnerable with each passing day, spurring private equity firms to invest in logistics companies.
This morning, AE Industrial Partners portfolio company Alpine Air Express, a regional air cargo carrier, unveiled the purchase of Suburban Air Freight.
The deal marks Alpine’s second acquisition since AEI bought the company in 2019. Alpine acquired the assets of Great Lakes Airlines in 2020.
More logistics deals coming. Another potential PE-backed logistics deal is in the news this morning. Thomas H. Lee Partners is reportedly combining two companies that provide technology to automate warehousing and shipping. The Wall Street Journal is reporting that MHS Global and Fortna are merging at a valuation of roughly $4 billion, according to a person familiar with the matter.
Primary care. FFL Partners announced earlier this morning that it has invested in Perlman Clinic, an independent provider of primary care in the greater San Diego market. Aaron spoke with Chris Harris, managing partner at FFL, in an exclusive interview to discuss how the San Francisco PE firm plans to grow and scale the company during the holding period. For more, read Aaron’s story.
Against the flow. Maine Public Employees Retirement System could reduce the target of its private equity allocation by 2.5 percent to meet a deadline originally set in the 1990s that requires it to eliminate its unfunded liabilities by the end of the decade, writes Buyouts reporter Gregg Gethard.
Investor relations. Tomorrow, PEI Media, the owner of PE Hub, will host our annual Investor Relations, Marketing & Communications Forum. I’m looking forward to kicking off the day by moderating the keynote panel on how the past two years have redefined the IR role. Panelists include Shavonne Correia, head of investor relations and marketing, KPS Capital Partners; Jennifer James, managing director, chief operating officer and head of investor relations and marketing, Thoma Bravo; Gina Lee Peyton, partner, capital formation, Castlelake; and Nathan Urquhart, partner and global head of investor relations, Carlyle. Hope to see you there!
Chris will write tomorrow’s Wire, and I’ll be back on the Wire on Wednesday.
All the best until then,
MK
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