Blackstone merges units; EnCap-backed Triple Oak Power draws PE interest, sources say

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Blackstone merges units; EnCap-backed Triple Oak Power draws PE interest, sources say

Good morning dealmakers, thank goodness it’s Friday!

It’s Obey Martin Manayiti here with the Wire.

We’ve got an exclusive look at EnCap-backed Triple Oak Power’s sale process, based on conversations with several industry sources.

And we’re capping off the week with a look at four recent supply chain deals that show continuing momentum in the sector.

But first let’s take a quick look at recent deals from Blackstone and Quad-C.

Sights set on $1 trillion

Blackstone is merging its corporate credit, asset-based finance and insurance groups into a single new unit, Blackstone Credit & Insurance (BCXI).

Gilles Dellaert, global head of Blackstone Insurance, will serve as global head of BXCI. Dwight Scott, global head of Blackstone Credit, will serve as chairman.

Infrastructure rehabilitation

This morning, Charlottesville, Virginia-headquartered Quad-C Management closed on an investment in the Vortex Companies, a global provider of trenchless infrastructure rehabilitation products and services.

Vortex is split into two divisions. Vortex Services operates in 12 strategic locations throughout the US and Europe, and Vortex Products maintains two US facilities.

For more on this deal, see the premium version of the Wire.

Power up

The sale process for renewable energy development company Triple Oak Power is attracting both financial sponsors and strategic companies seeking to establish a presence in the burgeoning US onshore wind power market, four sources familiar with the matter told PE Hub senior reporter Michael Schoeck.

Marathon Capital is advising the sale process for the company, which is backed by EnCap Investments, Yorktown Partners and global energy and commodity trading company Mercuria Energy. Currently in the second round, a sale of the Portland, Oregon-based company is expected to wrap up in October, Michael reports.

Read more on the premium version of the Wire.

Supply chain

Since the beginning of the pandemic, private equity-backed investments in the supply chain sector have been on the rise, driven by pent-up demand from manufacturers, retailers and other businesses looking for better ways to move their goods domestically or across borders.

Although the pandemic pressure on the supply chain has receded, PE firms are still very much interested in this space.

Here is one example:

Trident, a New York-based firm, last month invested in Priority Courier Experts, a St. Paul, Minneapolis-based same-day local B2B delivery provider.

Founded in 1996, Priority serves customers in several industries in the Minneapolis-St Paul metropolitan area, including building products, third-party logistics, healthcare, electrical equipment, food and beverage, and automotive.

Read the full story for more.

Reach out to me at [email protected].

That’s it for this week.

MK Flynn will be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full Wire commentary on PE Hub ...

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