Morning!
I don't often get to work alongside secondaries scoopster Chris Witkowsky, but today we’ve got a big two-parter for ya. Less than three years after acquiring Sevitas (then called Civitas) through a take-private transaction valued at $1.4 billion, Centerbridge Partners and Vistria Group are looking to sell a sizable minority stake in the provider of home- and community-based care for complex populations, multiple sources with knowledge of the process told us.
Off the back of the stake sale, and once a value for the company is set, a secondaries process will start. This process has yet to fully ramp up, but sources said both Centerbridge and Vistria plan to remain investors in Sevita through a continuation fund on a pro-rata basis.
This playbook is becoming increasingly common across the private equity sphere, with several recent single-asset secondaries deals having had their valuations set by earlier minority stake sales. This is considered a strong mechanism because it gives the asset value market validation, as opposed to hiring one or more external firms to provide fair value assessments. For all the deets on Sevita, check out our full report on PE Hub.
That’s it for me today. As always, reach me at [email protected] with your tips, the Drama, feedback or anything else!
Read the full wire commentary on PE Hub...
