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The Wire

Private equity deal news and insights from the London newsroom

Oct 18, 2024

 

Ardian among PE firms lining up for eyecare providers; Nutrition and wellness sees rise in M&A activity; Consumer sector in this week’s deal spotlight

Hello Hubsters, 

 

It’s Irien Joseph bringing you the Europe edition of the Wire from the London newsroom. 

 

Today’s opening theme is eyecare, a sector that is creating appealing opportunities for private equity. PE Hub’s Sophie Rosehas rounded up six recent deals in the sector, along with insights from FTI Consulting’s Christopher DelGrosso on the key market drivers.

 

Next, we turn to a sector where Houlihan Lokey expects a rise in M&A activity due to shifting consumer trends: nutrition and wellness.

 

Lastly, I recap seven deals we covered in the consumer sector in this week’s deal highlights.

 

Moderately fragmented

The eyecare industry represents a highly attractive opportunity to private equity firms, with a number of deals already announced in 2024, Sophie Rose writes.

 

Read the full story here to find out the the PE firms involved in the deals and the key drivers behind the sector’s growth. 

 

Stay tuned for more on the eyecare sector – I will be publishing a deep dive on Ardian’s acquisition of Vista Vision in the coming weeks.

 

Proactive approach

The nutrition and wellness industry will see more growth and M&A as private equity targets “high-growth” wellness brands, said Jorge Granados, a senior vice-president in Houlihan Lokey’s consumer group, in a statement.  

 

Read the premium version of the Wire to find out more on this and the recent deals announced in the sector.

 

For more on the sector, check out this listicle on sport, health and wellness. 

 

Consumer takes spotlight

Sticking with the consumer sector, I highlight seven deals we covered in Europe and the US this week.

 

Check out the premium version of the Wire for more on this.

 

For more on the consumer sector, check out Rafael Canton’s deep dive on how Quilvest helped grow Metro Franchising from 44 Dunkin’ units to 105.

 

That’s it from me. John R Fischer will be with you in the New York morning with the US edition and Craig McGlashan will be on European Wire duty next week in London.

 

Warmly,

 

Irien

 

Read the full Wire commentary on PE Hub ...

Today's must reads

> Private equity eyes up opportunities: 6 deals in the eyecare sector More...
> Bernhard's Jenkins sees natural gas as energy transition enabler from utility carve-outs More...
> Vista's Gnosis Freight aims to navigate the supply chain ecosystem More...
> Renovus considers technology 'a major differentiator' in legal services More...
> Quilvest helped grow Metro Franchising from 44 Dunkin' units to 105 More...

Also of note (may require subscriptions)

 

Investors stay committed to the climate fund revolution: The market forces that have propelled climate funds to the top of LP wish lists look set to continue. (Private Equity International)

 

Linden aims higher with $4.5bn target for latest healthcare fund: If Linden Capital Partners VI meets the target, it would be 50% larger than its 2021-vintage predecessor. (Buyouts)

 

What are the ingredients for a successful secondaries deal? In part two of the Second Thoughts podcast conversation with professionals from AlpInvest, PJT Partners and Stephenson Harwood discuss what factors, dynamics and personality traits of those involved help make for stellar transactions. (Secondaries)

 

Credit now Blackstone’s largest business: Credit’s $21.4bn in inflows accounted for over half of its total fundraising during the third quarter. (Private Debt Investor)

 

Data snapshot: Sponsors say fund admins are vital to tech adoption. Survey from Alter Domus and Deloitte shows asset managers see the service providers as important partners in adding technologies, with notable impacts on new business. (Private Funds CFO)

Deals

> Private equity eyes up opportunities: 6 deals in the eyecare sector More...
> GTCR-backed Foundation Source snaps up charity-focused fintech firm Vennfi More...
> THL Partners invests in life sciences communications firm Red Nucleus More...
> Xerox to acquire PE-backed ITsavvy for $400m More...
> Silver Lake to acquire enterprise software company Zuora in $1.7bn take-private deal More...
> Silver Lake and GIC to acquire enterprise software company Zuora in $1.7bn take-private deal More...
People
> MidOcean Partners recruits Fox as capital formation head More...
> TSG Consumer Partners taps Crandall as managing director for TSG Vantage More...
> Lundy joins Percheron Capital as managing director and IR head More...

They said it

“Among medical specialties, vision is still moderately fragmented and has some of the highest number of practices that have been held by PE companies for over five years, indicating there will likely be continued exits to come.”

— Christopher DelGrosso, managing director, FTI Consulting

 

Today's letter was prepared by Irien Joseph

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