The Wire

March 2, 2021

TPG's $1.4bn Thycotic deal, One Equity creates wound care giant, OpenGate builds packaging platform

Happy Tuesday, readers!

We've got tons of news today, starting with TPG Capital's $1.4 billion bet on technology business Thycotic. In healthcare, One Equity Partners’ American Medical Technologies joined forces with RestorixHealth, creating one of the country's largest and most comprehensive wound care players. Also, Novo Holdings' Principal Investments will soon have feet on the ground in the US on the heels of the new team's deal for Altasciences.

On the industrial side, OpenGate Capital Partners-backed Duraco Specialty Tapes acquired polyester film supplier Filmquest Group in its latest bid to scale and add new product offerings. The deal follows the platform's February 2020 purchase of Infinity Tapes. Post-integration, the combined entity will generate close to...

Read PE Hub's full wire commentary here...

That’s it for today! Have a great week, everybody, and in meantime, hit me up with feedback, tips or just to say hello at karishma.v@peimedia.com.

Also of note (may require subscriptions)

Secondary market news: AlpInvest Partners and HarbourVest Partners have emerged as lead investors in a large GP-led secondaries deal that will move assets out of a 2007 Leonard Green fund and into a continuation pool, sources told Buyouts.

Time to call it quits: Judge Rakoff’s ruling on the Jones Group case, where the board of directors allowed Nine West Holdings to be saddled with $1.55 billion debt, raises questions on private equity partnerships. The ruling has the potential to hold accountable those responsible for allowing otherwise solvent companies to be sold into circumstances that would soon enough cause their bankruptcy, New York Times writes.

Focusing on healthcare: Avista Capital Partners, a spinout of DLJ Merchant Banking, raised $1.2 billion for a fifth flagship offering, validating the firm’s 2015 decision to focus exclusively on mid-market healthcare, Buyouts reports.

They said it

“The US is so disproportionally the largest healthcare profit pool.”

Abhijeet Lele, who joined Novo in September as a senior partner to head US Principal Investing tells PE Hub.

Today's letter was prepared by Karishma Vanjani

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