| Acacia-backed Red River runs sale process, L Catterton, Littlejohn-backed PatientPoint Health technologies surpasses $1b valuation Morning!
In today's auction news, IT services provider Red River, whose minority investor is Austin, Texas-based private equity firm Acacia Partners, has hit the market, sources familiar with the process told PE Hub. Read Milana Vinn’s full report for financial details and more.
New era: A merger rumored in the works since at least last fall has finally materialized. L Catterton-backed PatientPoint has joined forces with Littlejohn & Co’s Outcome Health, valuing what is now PatientPoint Health Technologies well in excess of $1 billion, according to sources with knowledge of the deal. Both companies have an interesting history. PatientPoint ran a formal sale process a couple years back...
Read the full wire commentary here...
That's it for today! As always, hit me up with any deal tips, people news or general feedback at [email protected].
Also of note (may require subscriptions) Co-investments: Pennsylvania Public School Employees' Retirement System significantly increased its allocation to private co-investments, just months after cutting down its overall private equity target. Check it out on Buyouts.
Building the roster: Seaside Equity Partners, which in February closed an inaugural fund at $160 million, added to its bench with the hire of a former Leeds Equity Partners investment professional, a source told Buyouts. Read more here.
Spacpocalypse: A Bloomberg report argues that the SPAC party is over, noting that the IPOX SPAC index fell 20% since a February peak, meeting the technical definition of a bear market. Dozens of SPACs are now trading below the $10 price at which they sold shares, Bloomberg said. Read it here.
PE Deals 
They said it
“The SPAC market has taken a real beating. If you have one or two more months of this where all of a sudden bonds look better… you’ll have a bunch of busted IPOs or mergers.”
Serial SPAC launcher Chamath Palihapitiya said on his podcast on Saturday, writes Bloomberg.
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