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The Wire Sept. 20, 2021
BlackRock LTPC buys Summit from CI Capital, THL carves out automation business of Brooks Automation in $3bn transaction Happy Monday, folks!
Perpetual Capital: BlackRock Long Term Private Capital - BlackRock’s only direct private equity strategy - has inked its third deal of the year, investing behind a fire-and-life safety service and installation platform with a regulatory backdrop and proven C-suite in its favor. LTPC bought a majority stake in Summit Companies from CI Capital Partners, producing a gross IRR of 58 percent for the latter after an approximately four-year hold, a source familiar with the matter told PE Hub. Building on its existing track record, LTPC sees an opportunity to accelerate growth at Summit, which scaled from five states to 20 under CI Capital.
With an open-ended investment horizon, Colm Lanigan, head of BlackRock LTPC in the Americas, said, “we can give them the runway and capital to become that national provider.” LTPC won a highly competitive Truist-run sale process encompassing... check out my full report on PE Hub.
Automation: Putting its first-ever dedicated automation fund to work, Thomas H. Lee partners this morning said it would carve-out the automation business of Brooks Automation. The cash transaction is valued at $3 billion. For Brooks, the deal aligns with its plans to separate its automation technology company, which has a significant expertise in semiconductors, and its pure play life sciences company, which is known for things like cold-chain sample management solutions. Read PE Hub's brief on the deal.
That’s it for me! Have a great week ahead, and in the meantime, hit me up at springle@buyoutsinsider.com with any tips, comments or just to say hello!
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Comeback: Rubicon Technology Partners is coming back in quick time with its next flagship fund, targeting $2 billion for investments in enterprise software companies, a person with knowledge of the firm told Buyouts. Rubicon is among a handful of tech-focused firms who are deploying at a quick pace and coming back to market sooner than has been traditional in private equity. Read it here.
Fund: Levine Leichtman Capital Partners, one of the market’s oldest private equity firms, surpassed the target and cap set for its third lower-mid-market fund, bringing in $1.38 billion. LLCP Lower Middle Market Fund III, launched in late 2020 with a $1 billion target and a $1.25 billion hard-cap, closed this month, managing partners Matthew Frankel and Michael Weinberg told Buyouts. Read it on Buyouts.
Sad: Marc Fitorre, a more than decade-long veteran of the secondaries industry and executive at Triago, has passed away. He was 33 years old. Fitorre joined the Paris-headquartered advisory firm and placement agent in July as a principal to lead its secondary market execution group in the Americas. Read more on Secondaries Investor.
Junk-debt:Wall Street Journal writes that the $3 trillion market for low-rated companies’ debt is having its best year ever, powered by a rebounding economy and investors’ demand for any extra yield. Low interest rates and a stimulus-fueled economic rebound that has supported companies with weaker credit ratings have boosted the appeal of riskier debt. Read it on WSJ.
PE Deals
They said it “There are very strong and improving credit conditions,” he said. “You’ve already seen it, and we think you’re going to see it continue.” Mark Durbiano, senior portfolio manager and head of high yield at Federated Hermes, speaks to Wall Street Journal about the junk bond 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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