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The Wire Feb. 14, 2022
Alpine buys Wilson Language Training; K1 eyes Smarsh for GP-led deal Happy Valentine’s Day, Hubsters. MK Flynn, here with the Wire.
What a jam-packed weekend. Sunday had it all: dramatic Super Bowl, hip hop halftime, entertaining ads and controversial Olympics. In New York City, it snowed, and covid cases hit their lowest level since November. I went to my first Broadway show since the pandemic began. I saw David Byrne’s “American Utopia” with friends from college, and we loved the new performances of old Talking Heads hits.
Okay, enough about my weekend. Here’s a look at today’s private equity news:
Literacy for all. Earlier this morning, Alpine Investors announced an education deal, acquiring a majority stake in Wilson Language Training, a provider of literacy programs. I discussed the deal and education investment trends with Alpine founding partner Dan Sanner and Wilson co-founder Barbara Wilson. “The pandemic highlighted some of the systemic issues in our education system, such as the experience of teachers and the fact that we as a country are not doing a great job of teaching literacy,” Sanner said. Read the story for more.
And for more signs that private equity firms continue be very interested in the education sector, see Aaron’s recent story, featuring an interview with Dani Forman, Axial’s director of research.
Secondaries. K1 Investment Management is running a broad process to move nine assets out of older funds and into a continuation pool for more time and capital to manage the investments, two sources told Buyouts.
40 under 40. There are just a few more days to submit entries for Private Equity International’s fourth annual rising stars of private equity list. PEI’s 40 under 40: Future Leaders of Private Equity will be published online and in the Future of Private Equity Special in early May. Submit your nomination by end of day Thursday February 17 here. The list will feature individuals across five categories: Investor (LP); Fundraiser; Dealmaker; Lawyer; Operator.
Healthcare series coming up: Aaron has been lining up interviews withsome of the most active PE investors in the healthcare sector. Tune in soon for a new series of articles based on the interviews. And if you’re a healthcare PE investor who’d like to share your strategy, send us email at [email protected] and [email protected].
Happy Monday, MK
Also of note (may require subscriptions) Asterion Industrial Partners has closed its second fund on €1.8 billion, surpassing its original €1.5 billion hard-cap by €300 million. (Infrastructure Investor)
"Dark money comes into the light: The rise of private equity shows the financial crisis never ended, it has simply morphed into something new." (Financial Times)
"The biggest private-equity firms in the nation reported sharp increases in employee pay last year, as Wall Street managers sought to recruit and retain top talent in the most competitive labor market in years." (WSJ Pro)
"Dmitry Balyasny, head of one of the largest US hedge funds, has said he expects an increasing number of his peers to begin investing in private companies, despite fears of overheating in the crowded market." (Financial Times)
"Crown Resorts has given the green light to an almost A$9bn ($6.4bn) offer from the Blackstone Group, ending a year-long battle to take over the Australian casino operator backed by billionaire James Packer." (Financial Times)
"Cornerstone Building Brands Inc said on Monday that private equity group Clayton, Dubilier & Rice had proposed to acquire the rest of the building products maker for $24.65 per share in cash." (Reuters)
"Apollo Global Management Inc. signed a deal to invest $1.4 billion in Aldar Properties PJSC, its latest commitment to Abu Dhabi after agreements in recent years that spanned the emirate’s state energy company and one of its wealth funds." (Bloomberg)
"A shortage of information-technology workers is prompting some companies to buy firms for their employees, a strategy that is helping drive up the number of merger-and-acquisition deals across the IT and business-services sector, industry analysts say." (Wall Street Journal)
"Private equity accounted for a record share of Chinese mergers and acquisitions in 2021, and the country’s well-funded buyout firms are likely to be busy this year too, as corporate restructurings and multinational disposals generate more targets." (Wall Street Journal)
"Private Equity’s Favorite Failing Coal Plant: The saga of Longview Power shows the extent of private equity’s interest in coal power." (The American Prospect)
"Private Equity Women Investor Network has launched a new monthly podcast called 'Moments that Made Her'." (Pensions & Investments)
PE Deals
They said it “The American education system has room for improvement across many fronts, and companies that are doing well to address acute problems within the system are experiencing unprecedented growth.” — Dan Sanner, founding partner, Alpine Investors
Today's letter was prepared by MK Flynn 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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