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The Wire July 6, 2021
AGIC-backed Ritedose preps sale, CD&R exits Solenis at $5.25b valuation, Ex-Lindsay Goldberg partner launches firm Happy Tuesday!
We are back with your daily rundown on private equity news and here are some deals that made headlines. Just in, CD&R is selling Solenis, a global chemical provider to water treatment industries, to Platinum Equity at a $5.25 billion enterprise value. As part of the transaction, Solenis will merge with Sigura Water, an existing Platinum Equity portfolio company acquired in 2019, for a total combined transaction value of ~$6.5 billion, according to the press release posted on PE Hub. Elsewhere, KPS yesterday announced the sale of industrial components manufacturer DexKo to Brookfield Business Partners for $3.4 billion. Under the four-year-long ownership, the Michigan-based vehicle part maker completed 15 acquisitions. Read the brief on PE Hub.
Read the full wire commentary on PE Hub...
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Also of note (may require subscriptions) Mega: Wall Street Journal reports that Clayton Dubilier & Rice has struck a deal to buy Fort Dearborn Co. and Multi-Color Corp. and merge the label manufacturers. The deal, which WSJ reported earlier Friday, values the combined company at around $6 billion including debt, according to people familiar with the matter. Read it here.
Team building: Investec has made additions to its fund solutions team as it continues to build its presence in NAV lending, secondary financing and fund hedging. According to a statement, Olivia Blundell joins from Rabobank, with experience in leverage and structured finance, and Nicola Rodrigues joins from Eight Advisory, where she advised PE clients on transactional due diligence. Read who else joined the firm on Secondaries Investor.
Threats: At a Congressional hearing in May, the chief executives of Wall Street’s six largest banks were asked to name the greatest threat to their companies and the wider financial system. The most popular answer was “cybersecurity.” The issue has grown more urgent in recent years because of an increase in nation-state cyberattacks against critical infrastructure, such as the cyberattacks by Russia that took out part of Ukraine’s electric grid and the WannaCry worm linked to North Korea that hit the hospital and shipping industries. Read more on The New York Time's Dealbook.
PE Deals
They said it “I think everybody believes an institution can be taken out...[but] the degree of risk, I think, is really not well understood systemically.” Greg Rattray, the former director of cybersecurity at the National Security Council and a former chief information security officer for JPMorgan, speaks to NYT's Dealbook.
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