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The Wire
Apr 13, 2023

Cinven agrees to buy risk management specialist Archer from Clearlake and STG; Trinity Hunt launches HVAC platform

Good morning, Hubsters. MK Flynn here with today’s Wire.

 

It’s a deal-packed Thursday, with several noteworthy private equity-backed transactions announced this morning.

 

Cinven, Trinity Hunt and Enhanced Healthcare Partners are among today’s buyers.

 

Clearlake and STG are among the sellers.

 

Let’s get right to the deals:

 

Dell carveout thrives as standalone

International PE firm Cinven has agreed to buy risk management software provider Archer Technologies from Clearlake Capital Group and Symphony Technology Group for undisclosed terms.

 

For details on the deal, including how Archer has grown under Clearlake and STG’s ownership since the 2020 Dell carveout, see the premium version of the Wire.

 

New HVAC platform launched

Trinity Hunt Partners has made a majority investment in Alliance Group, a provider of commercial heating, ventilation, and air conditioning (HVAC) system services. 

 

Care delivery network expands

Speaking of add-ons, we’re paying more attention to them than usual this year, as sources tell us it’s the “year of the add-on” when PE firms are making the most of their existing portfolio.

 

A healthcare add-on announced this morning caught my eye:

 

Following its recent $100 million equity and debt capital raise led by Enhanced Healthcare Partners, Vytalize Health has acquired a controlling stake in physician-led Independent Physician Association of New York.

 

PE Hub’s Obey Martin Manayiti will be with you for Friday’s Wire, and I’ll be back on Monday.

 

All the best,

MK

 

Read the full wire commentary on PE Hub ...

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Also of note (may require subscriptions)

 

Employees’ Retirement Fund for the City of Dallas may hike its target allocation to private equity. Thomas Toth, a managing director with consultant Wilshire Associates, recommended Dallas increase its allocation to private equity from 7.5 percent to 10 percent. (Buyouts)

Climate Asset Management has secured a $200 million commitment from Apple for a distinct investment vehicle, which the tech giant views as an extension of its Restore Fund. (Agri Investor)

Eighty percent of GPs are engaging with organizations to assist with the recruitment and retention of diverse groups, according Meketa’s third annual DE&I questionnaire. (New Private Markets)

Real estate debt funds are seeing the pool of lending opportunities widen further as the turmoil in the banking sector creates a bigger void in the financing market. (PERE)

Consulting and law firm MJ Hudson has sold its business outsourcing and its data and analytics divisions to fund administrator Apex Group as it winds down its operations. (Private Funds CFO)

Coller Capital, one of the last remaining independent secondaries firms of size, has reconfigured the structure of its management company, a year after its founder ceded equity to fellow partners. (Secondaries Investor)

MetaVC Partners, which is backed by Bill Gates, has closed on $62 million for its debut fund to invest in start-ups working with new advanced materials. (Venture Capital Journal)

"IBM is exploring a sale of its weather operation, according to people familiar with the matter, as the technology company seeks to streamline its operations. An auction of the business is at an early stage, the people said, and there may not be a deal. Should there be one, private-equity is most likely the buyer in a deal that could be valued at more than $1 billion, the people said." (Wall Street Journal)

FT's "Lex" explores the deal Triton International made when it agreed to sell itself to Brookfield Infrastructure Partners. "Instead of pure cash, Triton shareholders gain exposure to BIP’s investments across energy pipelines, electricity utilities, data centres and the like. Investors such as Brookfield have aggressively swallowed up and even redefined what constitutes infrastructure assets, bidding up their prices." 

"The maker of Purell hand sanitizer is seeking a buyer and drawing interest from some big names in consumer products." (Wall street Journal)

"A bankruptcy trustee who has sued sales reps at a fizzled fashion firm for commissions they earned three years ago is now going after buyout firms that allegedly put the company under." (New York Post)

"A private equity consortium backed by CVC Capital Partners is in talks about a potential acquisition of Middle Eastern credit card processor Network International Holdings Plc." (Bloomberg)

 

PE Deals

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People
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They said it

“With a portfolio of leading end-to-end software solutions alongside a history of product innovation, we believe Archer is well positioned to capitalize on emerging growth trends in global risk and compliance software markets.”

— Julia Kahr, partner and head of North America, and Daniel Garin, senior principal, Cinven

 

Today's letter was prepared by MK Flynn

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