Good evening,

Battles for Origin Energy, OZ Minerals and Pendal-Perpetual have had the spotlight on public company M&A, but tonight we’re back hunting in the world of private equity.

TPG Capital is readying a big bolt-on acquisition for its clinical testing tearaway, Novotech.

Novotech and its owners are in late-stage talks to acquire EastHORN Clinical, which is based in Poland and runs clinical trials across Europe and the UK.

The deal, should it be signed, would make Novotech a truly global CRO. It’s expected to add about 15 per cent to the company’s top line, but the more significant thing is the extension of its footprint.

The acquisition would come only six months after Novotech bolted on a US business, to go with its powerful network in Asia.

Elsewhere, we reveal which private equity firms are hunting for windows and doors business Jeld-Wen Australia, and have our hands on the non-deal roadshow pitch for IPO contender Alquemie Group.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors