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The Wire Sept. 21, 2021
Trivest-backed Vohra enters second round of sale process, Rapid growth weighs on Goli's attempt to sell, Comvest backs Gen3 Marketing
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Private equity firms have shown a large appetite for vitamins, minerals and supplements companies, and perhaps even more so through the pandemic with health and nutrition top of mind. But not all sale processes in the category are going smoothly even as sales spike. Goli Nutrition recorded tremendous growth in a short span of time but buyers are hesitant to bet on the immunity-boosting supplements company because of fears of investing in a fad, according to three sources familiar with the process. The company, best known for its apple cider vinegar gummies, engaged Centerview Partners in late 2020 to explore a sale, only a year after its founding, sources said. Most strategics passed on the deal but the company remains in the market, according to one of the sources. Read Karishma Vanjani’s full report on PE Hub.
Healthcare: Another billion-dollar-plus healthcare deal is in the making, with Vohra Wound Physicians recently moving into the second round of its PE-only sale process, sources familiar with the process told me. Trivest Partners, which sources said owns a less than 10 percent stake in the company, is looking to exit; founder and CEO Dr. Vohra intends to sell a significant portion of his investment, following which a new incoming investor would assume majority control, they said. The company expects 2021 EBITDA to approach $100 million, up from around the ballpark of $40 million of EBITDA when Trivest backed Vohra in December 2016, sources said. High gross margins and other metrics present an attractive investment profile, but Vohra’s big exposure to skilled nursing facilities has deterred some who don’t like the end-market. Read my full report on PE Hub for all the deets.
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Also of note (may require subscriptions) More please: Sacramento County Employees’ Retirement System voted to increase its private equity allocation, upping its target to 11 percent from the prior 9 percent and the recommended range getting bumped up to between 8 percent and 14 percent. The SCERS portfolio had a 12.2 percent allocation to private equity as of June 30, 2021 – which is up from 10.6 percent on March 31, 2021. Read it on Buyouts.
Predictions: Secondaries market participants like Jeremy Coller, Yann Robard and Johanna Lottmann try to forecast how the sector will look in 10 or 20 years' time. Read it on Secondaries Investor.
Impact: Jeb Bush’s Finback Investment Partners is among the latest private markets firms to join the rush to launching sustainability and impact-focused investment vehicles. The private equity firm announced last week that Finback Investment Partners 2021 Fund – its debut vehicle – had closed $100 million over its target and at its $350 million hard-cap. The fundraise took just three months and includes $38 million in GP commitments. Read it on New Private Markets.
PE Deals
They said it “Single asset-deals and $1 billion diversified LP portfolio deals – these are fundamentally different transactions in terms of what they require, your due diligence approach and strategic approach.” Johanna Lottmann, managing director of PJT Partners, speaks to Secondaries Investor about the future of the secondaries market.
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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