| 'Superb' earnings drove EQT’s price for BPEA; plus HGGC’s Fullscript buys Emerson Good morning, Hubsters.
MK Flynn here with today’s Wire. In honor of my Irish ancestors, I wish you a Happy St. Patrick’s Day!
Now onto private equity news.
Investing in Asia. I enjoyed talking yesterday with EQT CEO Christian Sinding about the Stockholm-based firm’s acquisition of Hong Kong-based Baring Private Equity Asia. It was interesting to hear how the deal came about – and why EQT paid $7.5 billion.
It all began with friendly chats between Jean Eric Salata, the CEO of BPEA, and Thomas von Koch, chairperson of EQT Asia, about the process of going public.
Read the whole interview here.
Integrative medicine. Aaron broke some news this morning with his story on HGGC’s portfolio company Fullscript’s acquisition of Emerson Ecologics. It’s the second add-on to the firm’s technology platform for integrative health, and it follows a $240 million investment by HGGC and Snapdragon Capital Partners in November 2021. Liberty Lane Partners, the prior owner of Emerson, is retaining a meaningful stake in the combined company.
Check out the full story.
Women’s History Month. In the Wire throughout March, we’re highlighting the dealmakers PE Hub and Buyouts named Women in private equity: The class of 2022.
Today, we’re focusing on Ruulke Bagijn, head of investment solutions, Carlyle Group, profiled by Kirk.
The $65 billion investment solutions platform run by Bagijn combines primary fund investments, secondaries investments and co-investments. Backed by more than 425 LPs, it includes AlpInvest, a top player in the global secondaries market.
For more, read the whole report, in which we profile 10 stellar dealmakers.
That’s all for now. I’ll close with an Irish blessing:
May your pockets be heavy and your heart be light. May good luck pursue you each morning and night!
Erin go bragh, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Pennsylvania Public School Employees’ Retirement Board tabled a $100 million commitment to Oak HC/FT’s fifth growth fund after a board member raised concerns about a possible conflict of interest. (Buyouts)
Healthcare of Ontario Pension Plan, which recently installed Lori Hall-Kimm as its new private equity chief, saw strong performance coming out of last year’s robust deal market. (Buyouts)
A Washington Post editorial says that a "lack of insight into the $11 trillion U.S. private investment industry threatens to complicate the White House’s push to punish the financial elite close to President Vladimir Putin over Russia’s invasion of Ukraine."
"Software maker Datto Holding Corp. is exploring strategic options including a potential sale after receiving takeover interest, according to people familiar with the matter." (Bloomberg)
With EQT's stock popping on news of its deal to acquire Baring Private Equity Asia, the Swedish private equity firm now has almost as many billionaires as Google. (Forbes)
"Private equity-backed Canadian heavy oil producer Serafina Energy is looking at a possible sale of the company, figuring that high crude prices will boost its value, sources familiar with the matter told Reuters."
PE Deals 
They said it “EQT is the most highly valued private equity firm in the world, and the reason for that is the same reason we’re paying a good multiple for BPEA. We’re in a high margin business. Ultimately, it’s like valuing any other company. It’s about the earnings generating capacity of the business, and we think that’s superb.” — Christian Sinding, CEO, EQT
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