| Advent-backed ATI, BC Partners' Cyxtera unveil SPAC mergers, MidOcean's The Planet Group and VC-backed Applitools evaluate sales Morning, hubsters!
We’ve got a couple new processes to watch in software testing and high-end staffing services. But first, merger Monday is dominated with some notable SPAC news.
An Advent International-owned physical therapy giant that sources have long touted as a perfect public market candidate is coming to fruition. ATI Physical Therapy has agreed to merge with Fortress Value Acquisition Corp. II with plans to ultimately list on the NYSE. The transaction values ATI at a $2.5 billion enterprise value – or 14x 2022 estimated adjust EBITDA. The move looks to be an obvious one for ATI’s next phase of growth. Sources have in the past told me ATI is bigger and growing faster than...
Read the full wire commentary on PE Hub...
That’s it for today! Have a great week, readers, and as always, write to me with feedback, tips and gossip or whatever at springle@buyoutsinsider.com.
Also of note (may require subscriptions)
New perspective: Carlyle CEO Kewsong Lee last month told a California State Teachers’ Retirement System committee he hoped for a “change in tonality” in the relationship between the US and China under president Joe Biden. Read more on Buyouts here.
On the block: Boston’s Thomas H. Lee Partners is considering a sale of Material Handling Systems Inc. that could value the logistics company at about $3 billion, Bloomberg writes, citing people familiar with the matter. Read more about the process.
Turning a corner: On Wall Street and in Washington, attention is shifting to an intriguing if indistinct prospect: a post-Covid boom, writes the New York Times. The growing optimism around economic growth stems from the confluence of several factors, the report says.
PE Deals 
They said it “I think it’s important that the relationship is not one of adversaries, but one of great competition.” Kewsong Lee, chief executive officer of The Carlyle Group, said in a January 27 presentation to the CalSTRS investment committee, speaking to the future relationship between the US and China.
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. Please 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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