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The Wire May 21, 2021
Private equity's public market exits on the up, OMERS deal for Audax' Gastro Health scores around $950mn EV, Thoma Bravo backs PDFTron
Happy Friday, everybody!
Exit rush: We’re seeing a big slow down in SPAC issuances, as everyone knows, but that pullback will take time to be felt in the public markets. Following talks of increased regulations, the SPAC hype started to cool off with only 13 deals announced in April versus 109 in March, according to Dealogic. But a record number of SPACs were issued in Q1 – 300 IPOs totaling $97 billion – that are yet to do deals. Pointing to money in search of target deals, Pete Witte, EY global private equity lead analyst, explained, “you will see the impact of the drop off in [about] two years.” Read more on PE Hub.
PPM resurgence: Few physician practice management platform assets traded hands in 2020, but it seems the tides have turned, with a proliferation of exits and scale assets coming or returning to market across the spectrum - be it physical therapy, dental, or gastroenterology. On the heels of OMERS Private Equity’s announcement to buy Gastro Health from Audax Private Equity, sources familiar with the deal terms told PE Hub the deal commanded an enterprise value of around $950 million. The exit is the second strong outcome for Audax in recent weeks, as the Boston firm sold Axia Women’s Health to Partners Group earlier this month at a total enterprise value of...
Read the full wire commentary on PE Hub...
What specialty will dominate PPM dealmaking this year? Have a great weekend, and as always, write to me at springle@buyoutsinsider.com with any thoughts, feedback, tips or just to say hello!
Also of note (may require subscriptions) Co-investments: General partners generally cut in their key limited partners for coinvestment in GP-led deals as they look for ways to hold their best assets for longer than traditional PE structures allow. A recent GP-led deal by Hellman & Friedman is a great example, with California Public Employees’ Retirement System co-investing at least $239 million in the deal, according to public documents from the system, and sources with knowledge of the deal. Read more on Buyouts.
Pay off: Canada Pension Plan Investment Board saw windfall returns from its private equity investments in the 2020-to-2021 fiscal year, the pension system said, vindicating a recent consolidation of PE operations and expansion in global activity for its private equity portfolio. Read it here on Buyouts.
In charge: As Apollo Global Management co-founder Josh Harris steps down from his day-to-day role at the alternatives giant, Private Equity International take a look at the members who comprise the firm's executive committee. Check it out here.
PE Deals
They said it “ESG was a risk management exercise, now it’s sort of a value driver.”
Pete Witte, EY global private equity lead analyst, tells PE Hub.
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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