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The Wire Nov. 19, 2020
Bain weighs options for Diversey, Goldman closes its largest-ever secondary fund, Westhook Capital injects $30m-plus in Rainshadow Labs
Good morning, everyone!
Confirming PE Hub’s Wednesday morning report, Clearlake Capital said this morning it has agreed to acquire nThrive’s Technology Division.
What to watch: Bain Capital is in the early stages of considering a sale or initial public offering of food hygiene and cleaning company Diversey, people familiar with the matter told Bloomberg.
Goldman doubles down: Goldman Sachs closed its largest-ever secondary fund on $10.3 billion and has already invested around 20 percent of the pool despite the pandemic pause on deals earlier this year, Harold Hope, Goldman’s secondaries chief, told Bloomberg.
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Also of note (may require subscriptions) Secondaries: Sources tell Buyouts that Goldman Sachs, Blackstone, HarbourVest and Lexington are part of a buyer group working on a large secondary deal for three assets out of Hellman & Friedman's 2007 fund, working on a large secondary deal to move three asests out of Hellman & Friedman's 2007 fund.
Sustainability: Omers Private Equity could kick off a sale process early next year for ERM Group, which could ultimately value the sustainability consultancy at as much as $2.5 billion, people familiar with the matter told Bloomberg.
Woman rockstar: Financial News speaks to Karen Cook, Goldman’s co-chair of investment banking, who was key in major UK takeovers throughout the 1990s and 2000s.
PE Deals
They said it “2030 seems far if you are a PE manager investing across three to five years … but if we can make people realise that this means they will be exiting in an environment where more governments are taking steps to meet those [climate change] goals, then that can affect their valuations at the time of exit.” Maaike van der Schoot, a responsible investment officer at AlpInvest Partners, told Secondaries Investor that “asset managers have a big role to play” in moving the PE industry forward on climate change.
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