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Thoma Bravo announces deals in drug diversion sector; plus, generative AI in healthcare

Good morning, Hubsters. Obey Martin Manayiti here standing in for MK Flynn this Monday morning.

Today we have a mix of industrial manufacturing and a couple of healthcare deals. I will also look at AI in healthcare, via a story written by my colleague Irien Joseph.

But first, let’s look at some deal news this morning.

Fighting drug diversion

Thoma Bravo announced this morning the closing of a growth investment in Bluesight, a medication intelligence company. Bluesight is coming as a platform investment.

Bluesight supports health systems with automated RFID-enabled kit and tray management through KitCheck, controlled substance diversion management through ControlCheck and drug purchasing optimization through CostCheck.

Additionally, Bluesight is adding Medacist to the fold, a company focused on drug diversion monitoring.

Subscribers to the premium version of the Wire can get more on this deal.

Industrial aftermarket

BBB Industries LLC, a manufacturer serving the automotive, industrial, energy storage, and solar markets that is backed by Clearlake Capital Group, has today acquired Hydraulex, a provider of critical, need-it-now hydraulic services for the industrial aftermarket.

BBB Industries is headquartered in Daphne, Alabama.

Critical infrastructure applications

MiddleGround Capital, a Lexington, Kentucky-based PE firm, has sold EDSCO Fasteners, a Denton, Texas-based maker of anchor bolts, fasteners, and specialty-fabricated anchoring products used in critical infrastructure applications. The buyer is Commercial Metals Company.

AI in healthcare

Private equity firms are increasingly looking at the potential of generative AI and large language models in improving medical diagnosis, drug research and development, while also finding uses for the tech in the administrative end of the sector, writes my colleague Irien Joseph.

Subscribers to the premium version of the Wire can learn more.

By the numbers

Bain & Co’s Private Equity Midyear Report 2023, released this morning, cast light on how macro uncertainty is keeping a lid on investments, exits and fundraising, and putting pressure on GPs to find ways to return capital to LPs.

But it appears not all firms are being equally affected, with EQT CFO Kim Henriksson telling Craig McGlashan,PE Hub Europe editor, that the firm’s investment volume nearly doubled from H1 2022 to H1 2023.

You can get more of Craig’s analysis on the report here.

That’s it for me today.

MK Flynn will be back with the newsletter tomorrow.

Have a nice day.

Cheers,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Private equity firms are increasingly looking at the potential of generative AI and large language models in improving medical diagnosis, drug research and development, while also finding uses for the tech in the administrative end of the sector. PE Hub Europe spoke to two senior figures in the private equity industry about other possibilities and applications of AI in healthcare.

Private equity fundraising totaled $315.5 billion in the sixth months to end-June, slipping for the third straight quarter, according to Private Equity International‘s H1 fundraising data.

San Bernardino Employees’ Retirement Association has leaned on its master custodial account relationships when investing in private equity this year. (Buyouts)

While many GPs are taking longer to raise funds, Clairvest reached the $1 billion target set for its seventh flagship offering in less than 70 days. (Buyouts)

In the energy world, storage has somehow become synonymous with the lithium-ion battery. But what other opportunities are out there for investors? Six guests – including developers, start-ups and infra GPs – weigh in on Infrastructure Investor's latest Spotlight podcast.

Impact investor Prithvi Ventures is seeking $50 million for its second fund that will back companies that have some positive benefit to the climate, and the potential to make money. (Venture Capital Journal)