Clearlake runs single-asset deal for Symplr, Permira, Warburg-backed Clearwater goes public

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The Wire

Sept. 24, 2021

Clearlake runs secondaries deal for Symplr, TPG names Todd Sisitsky as president, Permira, Warburg-backed Clearwater makes public debut

Apologies for the delay, hubsters. Here's your daily rundown of PE deal news.

Happy Friday!

If any healthcare readers out there are heading to the Healthcare Innovation and Investment conference in Chicago next week, hit me up, I'll be there!

Saga: A big healthcare technology company that I’ve written about on more than a few occasions is now in the midst of a single-asset secondaries deal, writes my colleague Chris Witkowsky. I’m talking about the Clearlake Capital-backed healthcare governance, risk and compliance (GRC) software giant, Symplr.

The secondaries process comes after Symplr returned to market earlier this year (after a 2020 process was shelved), with Evercore, Goldman Sachs and William Blair engaged to explore transactions including a stake sale, PE Hub wrote in June. Ultimately, Charlesbank made a minority investment in Symplr in a deal that valued the company in the range of $3.3 billion to $3.5 billion, a source said. Now, Clearlake is on track to soon... Read Chris's full report for all the deets.

And... Here's one company getting public reception. It was less than a year ago that an investor group including Permira, Warburg Pincus, among others, joined WCAS as an investor in Clearwater Analytics, a SaaS provider of automated investment accounting and analytics. The company this morning joined the public markets, pricing above its anticipated range at $18 a share, raising $540 million.

Elsewhere, TPG announced a series of notable promotions as it reportedly readies for an IPO, including the appointment of veteran healthcare investor Todd B. Sisitsky as president of the firm. Read PE Hub’s brief on the news.

That's it for me! Have a great weekend everybody, and as always, write to me at [email protected] with any feedback, tips or just to say hello!

Read the full wire commentary on PE Hub...

Also of note (may require subscriptions)

Mega: Veritas Capital and hedge fund Elliott Investment Management are exploring options for Athenahealth, including a sale or initial public offering, Bloomberg News reported on Wednesday, citing people familiar with the matter. The sellers hope to produce a deal valued north of $20 billion in a potential transaction, the report said. Read it on Bloomberg.

Headwinds: The list of challenges bearing down on the private equity industry, as enumerated by panelists at the CFOs & COOs Fall Forum on Wednesday, was prodigious. Perhaps chief among them are the prospects of successful political and regulatory challenges to the industry’s model. Read it on Private Funds CFO.