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Cinven vets advisers for sale of National Seating; OceanSound reviews add-ons for Message Broadcast

Good morning, Hubsters. Michael Schoeck back with you for the Thursday Wire. It’s a busy morning on the Wire with a blend of original reporting, scoops and deal news.

We’ve got a double feature today from yours truly with a scoop on Cinven-backed National Seating & Mobility and a deep dive into OceanSound Partners and Energy Impact Partners’ latest co-investment, utility communications software provider Message Broadcast. 

In deal news, we have news on strategic nVent Electric’s announced acquisition of Palladium Equity Partners portfolio company Trachte, an iconic manufacturer of control building enclosures to protect utility and infrastructure assets, in a $695 million transaction.

And we’ll round up the Wire today with fresh news that dealt a win for the private equity industry.

But first let’s take a look at a fresh scoop on a medical equipment supplier coming to the market.

Wheelchair consolidation

Cinven is conducting bake-offs for the retention of an investment bank to market National Seating & Mobility, one of the largest US distributors of motorized wheelchairs and rehabilitative equipment, three sources familiar with the matter told PE Hub.

Upgrade to the premium version to learn all about my scoop.

Utility asset protection

London-based public company nVent Electric today announced the acquisition of Palladium Equity Partners portfolio company Trachte in a $695 million enterprise value transaction.

Subscribers to the premium edition will learn more.

Utility communications

OceanSound Partners portfolio company Message Broadcast intends to make several add-on acquisitions to build a comprehensive platform for customer engagement software in the electric utility sector, OceanSound partner Ted Coons told me in an interview.

Upgrade to learn more.

‘Victory’

A federal appeals court on Wednesday vacated the Securities and Exchange Commission’s new private fund rules package, scuttling the most ambitious reform efforts of the Dodd-Frank era and handing industry advocates a massive victory that not only spares them current rules, but may help save them from future rules, too.

Bill Myers, DC correspondent for Private Funds CFO, explains the ruling and shares reactions from PE industry groups in an article available to PE Hub premium subscribers.

That’s a wrap for me today. Keep an eye out for the Friday edition of the Wire with Obey Martin Manayiti.

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Corsair Capital wants to buy insurance distribution platforms in continental Europe and add-ons for MJM Holdings, a Polish company in the sector it agreed to acquire in January, partner Raja Hadji-Touma told PE Hub Europe.

Brookfield Asset Management’s debut emerging markets vehicle – the Catalytic Transition Fund – is now in market and targeting $5 billion, Infrastructure Investor has learned.

Secondaries-focused investors Kline Hill Partners and North Sky Capital have committed capital to Magnesium Capital’s debut fund, according to a Companies House filing. (New Private Markets)

Brookfield’s Brian Kingston: The future is debt. The CEO believes real estate private credit could become the biggest part of the Toronto-based manager’s global property business. (PERE Credit)

Nordic Capital is set to make a 4x return on one of the assets housed within its 2018 multi-asset continuation fund. (Secondaries Investor)

Separately managed accounts create 'solutions for headaches that people have,' AltamarCAM CEO José Luis Molina tells Private Equity International.

LGT Capital Partners, the fifth-largest secondaries firm per the SI 50, has nearly doubled the size of its latest secondaries fund focused on acquiring direct minority stakes in private equity-owned companies. (Secondaries Investor)

Granting LPs the ability to consent to NAV facilities would not stifle their adoption, according to Hamilton Lane. Co-chief executive Juan Delgado-Moreira told Private Equity International the investment manager was “asking” GPs to ensure the limited partner advisory committee is consulted on the use of such facilities.

FoxPath Capital Partners, a credit secondaries firm established by former executives at Morgan Stanley and Apollo Global Management, is expanding with a hire from Goldman Sachs Asset Management. Ben Forster, a member of GSAM’s alternatives capital markets and strategy group, is joining FoxPath as vice-president, according to details shared by the firm with Secondaries Investor.

Antin Infrastructure Partners is backing the launch of France’s first independent rail operator, Proxima, which aims to boost the supply of trains connecting key regions in the west of the country with Paris. (Infrastructure Investor)

They said it

“The ruling is a victory for thousands of businesses across America that need capital to grow and millions of workers who depend on private equity and credit to strengthen their retirements. In rejecting the SEC’s unfounded legal theory, the court has sent Washington regulators a strong message that they cannot bypass Congress when pushing their extreme agenda.”

— American Investment Council president and CEO Drew Maloney said about Wednesday’s federal court decision that vacated the SEC’s new private fund rules package.