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The Wire June 2, 2021
Dubin Clark makes 5x its money on Sila Heating & Air Conditioning, Webster preps sale of CenExel
Morning, everybody!
Heat wave: In case you haven't noticed, a lot of consolidation has been occurring in the home services universe. This one hits close to home as I am patiently awaiting new AC installment before the next hot spell hits New York... Morgan Stanley Capital Partners recently backed Sila Heating & Air Conditioning in a bid to capitalize on the growing consolidation opportunity within the residential HVAC services universe. With the transaction, exiting investor Dubin Clark generated a 250 percent IRR and over 5x return in under two years, a source said. Check out Karishma Vanjani's full report on PE Hub.
Clinical site opportunity: Pre-covid, CROs and pharma companies would look to dozens of clinical research sites to execute their studies, but managing a large collections of sites has proven less efficient through the pandemic, I'm told. That dynamic is likely to bode well for one such asset preparing for a sale -- CenExel Clinical Research, a portfolio company of Webster Equity Partners. CenExel, a clinical site organization, has a concentrated model with facilities of scale offering centralized capabilities. Fireside chats are going on right now ahead of a formal process, with the sellers having engaged...
That’s it for today! Have a great week ahead, and as always, write me at springle@buyoutsinsider.com with tips, comments or just to say hello!
Also of note (may require subscriptions) Direct deals roster: Caisse de dépôt et placement du Québec added the final members to a global operating team set up to aid the pension system’s pivot to direct investing, Buyouts writes. Read who is being recruited here.
Growth in secondaries: Kline Hill Partners, which focuses on secondaries at the smaller end of the market, is expanding its offering to formalize a strategy around GP-led transactions, and bringing on two experienced executives to help lead the way. Read more on Buyouts.
SPACs: Competition among so-called blank-check companies to find mergers is already stiff, and share-price declines and a ticking clock to take companies public are ratcheting up the pressure, Wall Street Journal reports. Check it out here.
PE Deals
They said it “There’s a retooling going on within the secondary investing community, recognizing direct investing skill, particularly the single asset deals when you’re going to be making significant equity checks, are pretty important.” Nigel Dawn, head of Evercore’s secondaries advisory group, 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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