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The Wire June 25, 2021
Vista, Hg-backed Allocate Software fields bids, DA Davidson eyes further tech buildout post Marlin Happy Friday!
Health-tech: Allocate Software, an international provider of healthcare workforce management software owned by Vista Equity Partners and Hg, fielded bids on Thursday in the latest round of its sale process, sources familiar with the matter told me. Vista through Vista Foundation Fund III bought the UK-based business from Hg in May 2018, and three months later, Hg rejoined as an investor from Hg8 Fund. Expectations are in the neighborhood of 20x to 25x EBITDA, the people said. A deal could be valued at...
Tech buildout: DA Davidson is beefing up its tech banking practice as it welcomes sector specialists from recently acquired investment bank Marlin & Associates. Its expansion plans include bringing on new team members focused on digital healthcare to support an existing partner on the tech team, as well as bankers focused on internet and digital media. The bank will also look to expand in Europe and add a partner in London to specifically focus on fintech, Joe Morgan, co-head of technology investment banking at DA Davidson, told PE Hub. As for the Marlin deal, Morgan said...
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Also of note (may require subscriptions) Unique: Public Sector Pension Investment Board, a large Canadian pension system, wants to sell a portion of its private equity holdings in a secondaries sale that would also grant it a flow of fresh capital it can use to access more coinvestment deal flow, three sources told Buyouts. For a pension, the deal is unusual. Read it here on Buyouts.
Spanx: Just as people are beginning to squeeze into form-fitting clothes again, the shapewear brand Spanx has tapped Goldman Sachs to explore options including a sale, reports New York Time's DealBook newsletter, based on multiple sources familiar with the situation. The brand has attracted interest from private equity firms, including Carlyle, whose past investments in brands include Beautycounter, OGX and Supreme, and TPG, which has invested in Anastasia Beverly Hills. Read more here.
Recap: Many private-equity firms are taking advantage of low-cost credit to extract payouts from portfolio companies, with one firm even taking the rare step of publicizing such a transaction. The situation involves Lincolnshire Management's recent dividend recapitalization of Schumacher Electric Corp. Read it on WSJ Pro.
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They said it “The greatest travel tip has been mapping out in advance where I can find a covid testing centre in each location so as to have the results back within the 24 to 72-hour rules of the next destination, which is no mean feat when you are combining multiple cities [and] continents in the same week,” Pearson said. “Building in testing stops within the roadshow schedule has been the greatest challenge and aligning results with flight times with military precision.” Julian Pearson, founding partner at placement agency FirstPoint Equity, speaks to Private Equity International about worldwide travel during covid.
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