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The Wire May 24, 2021
Insight preps Ministry Brands sale process, Clearlake's TEAM Technologies strikes add-on, RLH's ClearView Healthare in 2nd round Morning hubsters!
Church-tech: Insight Partners is exploring a sale of Ministry Brands, which through its 31 brands provides various cloud-based software and payments solutions for churches, ministries and faith-based organizations, PE Hub has learned. Ministry Brands has close to $100 million in run-rate EBITDA, which translates into a 35 percent profit margin, the people familiar with the company said. It was about five years ago that Insight paid $1.4 billion to acquire Ministry Brands, providing an exit for Providence Equity Partners, one of the sources said. Read more on PE Hub.
In other news, TEAM Technologies, a portfolio company of Clearlake Capital Group, has acquired Precision Die Cutting, a medical specialty manufacturer specializing in skin-contacting technologies and infection prevention products. Elsewhere in healthcare, ClearView Healthcare Partners, backed by RLH Equity, is in the second round of its sale process. Majority of parties accepted into the second round bid around $600 million to $700 million in the first round early this month, with one outlier at close to $750 million, sources familiar with the sale process told PE Hub. The Newton, Massachusetts-based company is working with...
Read the full wire commentary on PE Hub...
That’s it! Have a great week ahead, and in the meantime, hit me up with any thoughts, feedback, or tips at springle@buyoutsinsider.com.
Also of note (may require subscriptions) Plans: Blue Owl Capital, born this week with the merger of Dyal Capital Partners and Owl Rock Capital Partners, is already eyeing growth opportunities and “white spaces,” co-president Michael Rees told Buyouts. The New York alternative asset manager will explore prospects complementary to Dyal’s GP stakes strategy and Owl Rock’s direct lending strategy. Read more on Buyouts.
Q&A on secondaries: Nigel Dawn, who heads up Evercore’s private capital advisory business, and Andrew Hawkins, head of private equity solutions at ICG, may be two of the busiest people in secondaries these days. Buyouts snagged nearly an hour with Dawn and Hawkins to get a sense of why so many GPs are embracing secondaries as a way to hold their best assets, and the dearth of talent necessary to handle the crush of deals in this wildly growing part of the market. Read the Q&A on Buyouts.
LBO resurgence: It’s shaping up to be a big year for debt-financed acquisitions and leveraged buyouts, Christina Minnis, global head of acquisition finance at Goldman Sachs Group Inc., said in a Bloomberg Television interview Friday. Check it out on Bloomberg.
PE Deals
They said it “I don’t see the direct lenders pulling back at all, in fact I see them being a very important force.” Christina Minnis, global head of acquisition finance at Goldman Sachs, said on Bloomberg TV.
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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