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The Wire June 16, 2021
Harvest takes victory lap for Berkshire Partners' Affordable Care, Ex-THL investor Laura Grattan to join first-timer Crosspoint, PE hiring on the up Morning!
We’ve got the scoop on a big dental deal today... Harvest Partners has won the highly anticipated auction for Berkshire Partners’ Affordable Care, the country’s largest dental services organization specializing in tooth replacement services, according to multiple sources familiar with the matter. The deal, which has not yet closed, is valued at around $2.7 billion, some of the people said. The premium price for Affordable Care is a testament to private equity’s continued belief around the remaining growth opportunity and innovation to be had in the dental industry, sources told PE Hub.
On the move: Seasoned software investor Laura Grattan will soon join the roster at Crosspoint Capital after more than 13 combined years at Thomas H. Lee Partners, sources familiar with the matter told PE Hub. Grattan will focus on infrastructure software and cybersecurity software at Crosspoint, which recently closed its debut pool of $1.3 billion – representing one of the largest first-time tech funds ever raised. Finally... private equity firms are doubling down on hiring this year, while slightly bumping compensation for most investment professionals and paying top dollar for diverse talent, writes Milana Vinn.
Read the full wire commentary on PE Hub...
That's it! As always, write to me at [email protected] with any tips, comments or feedback. Have a great week ahead!
Also of note (may require subscriptions) New to the roster: LongRange Capital, which last year raised a major commitment from California Public Employees’ Retirement System, added three new investment professionals to its bench. The recruits include Sunny Patel, appointed senior principal. Read it on Buyouts.
Big one: Platinum Equity has struck a deal to buy McGraw Hill from Apollo Global Management Inc. The deal for the textbook publisher and educational-technology company, announced Tuesday following an earlier report by The Wall Street Journal, is valued at about $4.5 billion, including debt. Read more on WSJ.
IPO frenzy: Reuters writes that with more than six months until the year ends, U.S. initial public offerings have already totaled $171 billion, eclipsing the 2020 record of $168 billion, citing data from Dealogic. Driving the IPO rush are sky-high corporate valuations in the stock market, inflated by the Federal Reserve's low-interest rates and monetary stimulus in the wake of the COVID-19 pandemic. Read it on Reuters.
PE Deals
They said it “Trees don't grow to the sky forever, so you're not going to have a record volumes every year. But assuming stability, we'd also expect a busy 2022.” Eddie Molloy, co-head of equity capital markets for the Americas at Morgan Stanley, spoke to Reuters on the IPO frenzy
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