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EQT sells Rimes; PSG goes to school with AI-powered Packback; plus industrial companies on the block

Good morning, Hubsters. Michael Schoeck here with you for Wire Wednesday, swapping days with Chris Witkowsky, who will be back with you tomorrow.

Since I joined PE Hub in September, I’ve been spending a lot of time talking with PE principals and investment bankers about companies for sale. Today, I’m sharing leads on a handful of entities coming to market in the industrial processes and manufacturing sector.

We’re also featuring Rafael Canton’s story about PSG Equity’s latest investment in Packback, an AI-powered student engagement and academic platform.

And enterprise software continues to be a hot topic. EQT just announced a deal. We’ll start with that.

Deal of the day

Earlier today, EQT announced an agreement to sell Rimes, an enterprise data management company for the financial services market, to Five Arrows, an asset management business of Rothschild & Company.

Rimes, based in New York, manages a network of customers with more than $75 trillion of assets under management.

Upgrade to the premium version of the Wire for more details.

On the block  

Companies hitting the auction block in the second quarter have slowed down a bit compared with the first quarter. But this month, I heard about a handful of entities coming up for sale in the industrial and manufacturing sector.  Here is some info on one:

TerraSource Global

TerraSource Global, a portfolio company of Right Lane Industries and Hillenbrand, was recently seeking an investment bank adviser to market the manufacturer of heavy industrial machinery equipment for the global mineral and metals markets.

St Louis-based TerraSource operates the Jeffrey Rader, Coperion, Gundlach, Batesville and Mold-Masters brands of conveyor belt, wood processing and feeder equipment, as well as industrial grinders.

Upgrade to the premium version of the Wire to access additional details on companies coming to the market.

Grab your AI backpack

AI is front and center in PSG Equity’s investment playbook. The Boston-based PE firm looks for B2B software and technology companies operating in growing markets that have demonstrated a strong product-market fit.

PSG announced in March it had made a strategic growth investment in Packback. Based in Chicago, Packback is an AI-powered student engagement and academic platform.

PE Hub’s Rafael Canton spoke with Rick Essex, managing director at PSG, about what drew PSG to Packback and the firm’s interest in AI within targets it pursues.

Upgrade to the premium version of the Wire for more details on PSG’s AI investment strategy.

That’s it for me today. Enjoy the rest of your week and keep a lookout in your inbox for the Thursday Wire with Chris Witkowsky.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Brookfield’s European private equity pipeline “is the fullest it’s been in at least three or four years,” according to Tristan Tully, a managing partner in the firm’s private equity group and head of its PE business in Europe. (PE Hub Europe)

Hellman & Friedman quietly held a final close on its 11th flagship fund at year-end, not quite hitting its $24 billion target but with a haul of about $22.3 billion, sources told Buyouts.

San Francisco Employees’ Retirement System, well over its private equity target, is considering dialing back its pace and refocusing on fixed income. (Buyouts)

Igneo Infrastructure Partners, the direct infrastructure investment arm of global asset manager First Sentier Investors Group, has successfully concluded the third fundraising series for its European Diversified Infrastructure Fund III, adding a further €730 million to the €3.4 billion raised in the previous two rounds. (Infrastructure Investor)

New Private Markets put out its first "Climate Solutions" special report. The report profiles global investors carving out allocations for the sector, explores how managers are blending strategies and asset classes to create positive climate impact, assesses how voluntary carbon markets are helping unleash the power of natural capital, and profiles companies using technologies of the past to decarbonize the future.

In Private Equity International's latest podcast, PEI senior editor Adam Le sits down with Richard Anthony, chief executive of Evercore’s private funds group, to hear his advice for GPs wanting to launch ancillary strategies.

ICG: From deal-by-deal approach to oversubscribed debut LP-led fund. (Secondaries Investor)

They said it

“We are at the front end of a transformative period in education where students and educators are looking to adopt the right AI technologies that foster personalized learning without sacrificing privacy and security.”

— Rick Essex, managing director at PSG, about investing in Packback