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The Wire April 9, 2021
Waud and ex-CenseoHealth execs join hands to launch new healthcare platform, SEC official gives warning to SPAC liabilities and risks
Happy Friday, hubsters!
Starting from scratch: Waud Capital Partners has set out to build a new technology-enabled healthcare services and staffing company by teaming up with Bales Nelson and Allen Dye – two longtime healthcare executives, most recently of CenseoHealth. “Technology is ripe with opportunity to utilize some of the things we did at Censeo to scale, and subsequently at [Signify Health],” said Dye, who was chief operating officer, head of business development and, ultimately, chief growth officer at CenseoHealth. Read my full report on PE Hub.
Sounding the SPAC alarm: John Coates, an acting director at the SEC, issued a lengthy statement on Thursday pointing to the many risks and legal liabilities associated with the unprecedented surge in special purpose acquisition companies. Coates pointed to the projections and other valuation material that is presented when private companies are trying to go public via the SPAC route – figures not commonly found in conventional IPO prospectuses. “If we do not treat the de-SPAC transaction as the 'real IPO,' our attention may be focused on the wrong place...
Read the full wire commentary on PE Hub...
That's all for me! Have a great weekend, everybody, and in the meantime, hit me up at springle@buyoutsinsider.com with any comments, deal tips or just to say hello!
Also of note (may require subscriptions)
Record year: Florida Retirement System Trust Fund saw a distributions bonanza at the end of 2020, as record deal flow paid off for the fund’s private equity portfolio, Buyouts writes. Florida’s 2020 net cash flow was $966 million, the best year in its history for GP-generated cash flow. Read it on Buyouts.
More money: Business Insider writes that Warburg Pincus is raising comp by up to 30 percent for analysts and associates. Read it here.
Up for sale: Syncreon Holdings, owned by the credit arms of CVC Capital Partners and Carlyle Group, is exploring a sale of the logistics company that could value it at as much as $1.5 billion, Bloomberg reports. Private equity interest is anticipated, the report says. Read more on Bloomberg.
PE Deals
They said it
“The PE market closed out 2020 with a bang,” he said. “Across almost all measures of activity – whether it be deal value, deal volume, IPO value, IPO volume – we saw close to record quarter and annual activity.”
John Bradley, senior investment officer at Florida Retirement System Trust Fund, told Buyouts
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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