| 2021 processes to watch: Hg, TA-backed Miratech, New Mountain's Zep; ERT-Bioclinica merger brings TEV to $5.9 billion Happy Friday!
Sponsors are gearing up to bring some of their most prized assets to the market next year. One of those, PE Hub's Milana Vinn writes, is Hg- and TA Associates-backed Mitratech, a software provider for legal and governance, risk and compliance (GRC) professionals. The sellers - which also jointly own Sovos Compliance and Access - plan to select a sell-side banker early next year, sources familiar with the firms’ plans said.
For more on the Miratech’s financials and possible suitors, check out Milana’s full report.
In other upcoming situations to watch, Bloomberg reported that New Mountain Capital is weighing a sale or IPO of cleaning products company Zep in 2021. Any idea who’s advising NMC on the process? Hit me up!
Tech steals share from services: As covid-19 has accelerated the use of technology in clinical trials, the pending merger of two such businesses backed by private equity – ERT and Bioclinica – assigns the combination a total enterprise value of approximately $5.9 billion, sources familiar with the matter told PE Hub.
The deal is poised to leave Nordic and Astorg with roughly 40 percent stakes each, alongside Novo and Cinven with around 10 percent stakes each, one of the people said. For ERT, buying Bioclinica was a means to filling in one major gap – medical imaging. Check out my full report for more details of the deal.
Read the full wire commentary on PE Hub.
That's it for me! Have a great weekend, everybody, and as always, write to me at [email protected] with any feedback, juicy tips or just to say hello, or find me on LinkedIn.
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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.
Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.
Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.
If you have additional questions, email Private Equity Editor Chris Witkowsky at [email protected].
Also of note (may require subscriptions) Movin' on up: Neha Champaneria Markle will take over as head of Morgan Stanley’s AIP Private Markets Solutions group, as current chief John Wolak steps back, according to an internal memo seen by Buyouts. Nash Waterman will become sole head of AIP Private Equity Secondaries team. Read the news here.
Fresh powder: Gridiron Capital's fourth fund has closed on its $1.35 billion hard cap – topping the $850 million collected four years ago by Fund III. The Connecticut firm, which invests across the branded consumer, B2B and B2C services and niche industrial arenas, made four platform investments this year. Read Buyouts’ full report.
Payouts: Private equity-backed companies have often borrowed heavily to pay big dividends to their owners through the health crisis, the WSJ reports. This year produced $29 billion worth of debt tied to such payouts, according to S&P Global Market Intelligence’s LCD. Read more.
Debut strategy: BlackRock is approaching the final close on its debut secondaries vehicle. The world’s largest asset manager has raised $1.6 billion for BlackRock Secondaries & Liquidity Solutions and $400 million for co-investments, a source with knowledge of the fundraise Secondaries Investor. Read more here. PE Deals 
They said it “Unlike the aftermath of the Global Financial Crisis, there will be no debates about austerity. There will be no rogue bankers or traders taken to task for their association with COVID-19 – only consideration of the human tragedies. As such, elected officials will feel emboldened to spend more than normal when and where they can find any agreement.” Henry McVey, head of global macro and asset allocation at KKR, wrote in the firm's annual global macroeconomic trends report published Thursday.
Today's letter was prepared by Sarah Pringle. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
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