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The Wire April 23, 2021
Latticework scores 6.5 MOIC on American Veterinary Group, CCMP's Eating Recovery Center taps adviser for sale process
Happy Friday!
On the horizon: CCMP Capital has engaged Moelis to advise on an upcoming sale process for Eating Recovery Center, although nothing is imminent, sources familiar with the firm's plans said. A process is not imminent, they said. CCMP, a New York-based private equity firm, bought ERC in August 2017 in a $580 million deal, sources said.
Big return: Investing behind the veterinary industry has once again proven a smart place to park private equity money. As Oak Hill Capital completes its acquisition of American Veterinary Group, selling shareholder Latticework Capital Management is realizing a 6.5x multiple on invested capital and 82 percent IRR. Not too shabby.PE Hub first wrote in February that Oak Hill had preempted a Harris Williams-run sale process for AVG, with a transaction anticipated to be valued around...
Read the full wire commentary on PE Hub...
That's it for me! Have a great weekend, and as always, hit me up at [email protected] with your comments, tips and anything else!
Also of note (may require subscriptions) Better-than-expected: K1 Investment Management, founded in 2010 by a team spun out of Kayne Anderson Capital Advisors, exceeded the target and hard-cap it set for a fifth flagship software offering. The fundraising comes amid record-breaking tech fundraising this year so far. Read more on Buyouts.
Flexibility: As the crisis has put pressure on the relationships between GPs and LPs, many look to renegotiate fund terms. Secondaries Investor digs into what lasting effects will look like, finding that the conversation has shifted to hardwiring greater flexibility into terms on new fundraising. Read more here.
Watch out: EQT AB has closed its latest fund with €15.6 billion ($18.78 billion), 40 percent more than its 2017 vintage predecessor, writes Private Equity International. Nearly half of the fund has been deployed already. Read it here.
PE Deals
They said it “We have seen, and expect to continue to see, more tolerance of recycling and reinvestment across various strategies.”
Geoffrey Kittredge, partner and chair of the European funds and investment management group at Debevoise & Plimpton, told Secondaries Investor
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