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The Wire July 7, 2021
Sun Capital strikes another tech deal, Inflexion-backed Halo Technologies readies sale process, PJ Solomon ups its game in healthcare Morning, hubsters!
It’s summer, which hopefully means we’ll all be sitting on a beach, or lake, or mountain, somewhere at some point with a good book and refreshment. So, I want to know: what are you reading?! Any must reads loosely relevant to those in the business of private equity, dealmaking, investing or finance -- send my way! Along with a couple lines on why we should read. Write to me at springle@buyoutsinsider.com.
Now, to the news…
Tech push: Sun Capital Partners has inked a second deal from its newly launched technology strategy by buying LoanLogics, a developer of mortgage audit software, writes PE Hub's Karishma Vanjani. The deal is the second -- after Exadel -- since the firm kickstarted its technology practice last November with the hiring of Elizabeth de Saint-Aignan, a former founding partner of the growth equity group at Jump Capital, as managing director. Read it here.
Elsewhere,Inflexion Private Equity Partners is preparing a sale of California-based optoelectronics provider Halo Technology after receiving inbound interest, a source familiar with the situation told PE Hub. The London-based firm has hired William Blair to provide financial advice to explore strategic options, including a potential sale of the portfolio company, the person said. Halo Technology is readying a sale amid the completion of another two acquisitions. Finally... PJ Solomon is building out its healthcare efforts, bringing on veteran banker Jon Hammack to lead the firm’s global industry efforts and usher in new advisory business in medical technology.
Read the full wire commentary on PE Hub...
That’s it for me! As always hit me up at springle@buyoutsinsider.com with your questions, feedback and tips.
DEADLINE APPROACHING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we'll make sure you get a complimentary copy of the "Emerging Manager Report 2021," based on these surveys (once it's published this fall). All responses are kept confidential. The survey deadline is July 16.
Also of note (may require subscriptions) Retention: New Jersey public pension system has long been known as a low-paying place for investment staff, at least compared to other public systems around the country, not to mention the private sector. A new bill seeks to make New Jersey’s system more competitive, at least at the highest level, by eliminating the salary cap on the director of the investment division role, which has long been capped at $200,000. Read it on Buyouts.
Celeb backing: Hello Sunshine, the media company founded by actress and entrepreneur Reese Witherspoon whose titles include the hit HBO drama “Big Little Lies,” is exploring a sale, The Wall Street Journal reports, citing people familiar with the matter. The company began pursuing a sale in recent months after receiving interest from multiple suitors including Apple, according to the report. Read it on WSJ.
Threats: At a Congressional hearing in May, the chief executives of Wall Street’s six largest banks were asked to name the greatest threat to their companies and the wider financial system. The most popular answer was “cybersecurity.” The issue has grown more urgent in recent years because of an increase in nation-state cyberattacks against critical infrastructure, such as the cyberattacks by Russia that took out part of Ukraine’s electric grid and the WannaCry worm linked to North Korea that hit the hospital and shipping industries. Read more on The New York Time's Dealbook.
PE Deals
They said it “We’re hearing from a lot of buyers that there is deal fatigue; there is just too much stuff for them to evaluate.” Jon Hammack, newly-appointed head of global healthcare at PJ Solomon, speaks to 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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