| | | SPACs take 2020 by storm and change the IPO game for the long haul, Providence CEO Jonathan Nelson to move into executive chairman role, New Jersey eyes fee savings in separate accounts with BlackRock, Neuberger Berman and Asia Alts | | | | Thursday, October 01, 2020 | | | | | Morning!
SPACs are the new market move on everyone's mind. As of Sept 30, 185 special purpose acquisition companies are sitting on more than $58 billion of dry powder, writes Sarah Pringle in an in-depth look at the rise of SPACs today.
“When we first put ourselves on file in 2013, SPACs were not cool. SPACs were the skunk at the garden party,” says Dan Hennessy, chairman and CEO of Hennessy Capital, a SPAC sponsor whose fourth vehicle in August completed a merger with Canoo, an electric vehicle maker.
What's pushing the SPAC phenomenon, a strategy once reserved for private equity executives who couldn't raise a traditional fund? Well, strong equity markets have helped. GPs have also found another option to raise capital, collect fees and invest in new companies.
“Every person on the planet cares,” one leading SPAC underwriter tells us. “Every bank has a ‘SPAC guy’. Even every big PE firm. Every law firm is focused on it. You have grandmothers sitting in their house trading SPACs with their pandemic money.”
Read our cover story here and or on PE Hub. |
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| | | Top Scoops | | | | Providence Equity Partners CEO and founder Jonathan Nelson will move into an executive chairman role effective January 2021, the firm said in a statement. The move is part of a succession that will see Davis Noell and David Phillips as senior managing directors and co-heads of North America. Karim Tabet and Andrew Tisdale will become senior managing directors and co-heads of Europe, while John Hahn, head of the firm's London office, will retire. Read the news here on PE Hub. |
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| | Have a great day! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.
HOUSEKEEPING: Deadline extension! Invitation to Perspectives 2021
In its ninth year, Perspectives is Buyouts's annual study of how institutional investors will approach private equity over the coming year. If you are an institutional investor, your participation in the study is greatly appreciated.
CLICK HERE TO PARTICIPATE. Deadline to participate: 03 October, 2020
Participating takes less than 10 minutes (I promise!) and in return you will be provided with a complimentary copy of the full results of the study. A $5 donation to UNICEF will be made for every completed set of responses, with your answers remaining strictly anonymous. For any questions, please email Nicole Douglas, Head of Investor Research: nicole.d@peimedia.com | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | LFM invests in Diamabrush | | LFM Capital has made an investment in Madison Heights, Michigan-based Diamabrush, a maker of abrasive brushes and replacement blades. More... |
| | | | | | | | | | | | Aksia to buy Alignium | | Aksia has agreed to acquire Chicago-based Alignium LLC, which provides specialist real estate investment advisory services. More... |
| | | | Argand completes Cherry buyout | | Argand Partners LP has closed the buyout of Cherry, a German maker of high-precision keyboard switch technology for PC gaming and professional use computing peripheral products. More... |
| | | | | | | | | | | | Ardian to buy Acousti | | Ardian has agreed to acquire Florida-based Acousti Engineering, a specialty contractor of interior systems for commercial and institutional buildings. No financial terms were disclosed. PRESS RELEASE New York, September 30, 2020 – Ardian, a world-leading private investment house, today announced that its North America Direct Buyouts team reached agreement to acquire Acousti Engineering Company of [] More... |
| | | | EHP invests in NeuroPsychiatric Hospitals | | Enhanced Healthcare Partners has made an investment in NeuroPsychiatric Hospitals, a provider of integrated healthcare for patients with acute psychiatric disorders and complex medical and neurological disorders. More... |
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| | | | | | | | | | | | | Bykea takes in Series B | | Bykea, a Pakistan-based on-demand transport and logistics platform, has raised a Series B funding round that brings the total tally to $22 million. More... |
| | | | | | | | | | | | ShipBob amasses $68m Series D | | Chicago-based ShipBob, a fulfillment solutions provider for e-commerce businesses, has secured $68 million in Series D funding, according to a blog post on its site. More... |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Adlumin grabs $6m Series A | | Washington, D.C.-based Adlumin, a security and compliance automation platform in the financial sector for institutions, has raised $6 million in Series A funding. More... |
| | | | | | | | | | | | Sonoma Biotherapeutics rakes in Series A | | South San Francisco and Seattle-based Sonoma Biotherapeutics, a developer of regulatory T-cell therapies for autoimmune and degenerative diseases, has raised $30 million from investors in its Series A financing, bringing the total to $70 million. More... |
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| | | People Moves | | | | | | | | | | AE Industrial Partners promotes five | | The firm promoted Trey Bivins, Jeffrey Hart and Bryan McElwee to principals from vice presidents, and Tyler Letarte and Andrew McElhinney to vice presidents from senior associates. More... |
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