| View this email online The Wire Aug. 2, 2021 Gryphon Investors acquired Wittichen Supply, Tech makes big showing on inaugural Buyouts 100 Happy Monday! This is Chris, on the Wire this morning for Sarah. We got some stuff for ya: Gryphon Investors acquired Wittichen Supply Co., which distributes heating, ventilation, air conditioning and refrigeration equipment and customer service. The deal comes amid a frenetic M&A environment that shows no signs of slowing, according to Lazard CEO Ken Jacobs on Bloomberg. Meanwhile, here's an update on the Novalpina drama (Wire readers will be familiar with this ongoing saga). LPs kicked out the GP in a no-fault divorce in July. The frontrunner to replace the GP is Berkeley Research Group (BRG), which has a unit that focuses on GP replacements and other challenging situations. That unit is led by Finbarr O’Connor and Gavin Farrell. A vote had not happened as of Friday, sources told Buyouts. Novalpina’s LPs must vote by the end of this week to replace the GP, or the fund will simply move into wind-down mode. Read it here on Buyouts.
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Read the full wire commentary on PE Hub... Also of note (may require subscriptions) Chems: Wind Point Partners-backed A&R Logistics added-on RJ’s Transportation, which provides bulk liquid transportation and other logistics services to the chemical industry. RJ’s is A&R’s third add-on of a liquid chemical supply chain services provider in the last 18 months. Read it here on PE Hub. Sustainable: Bridgepoint made a minority investment in ACT, which provides custom market-based services for reducing carbon footprints. The investment valued ACT at more than $1 billion. As part of the deal, Bridgepoint is buying out existing investor Three Hills Capital Partners. Read it here on PE Hub. Raised: Arsenal Capital Partners is targeting at least $3 billion for its sixth fund for investments in healthcare and specialty industrial sectors. Read it here on WSJ PE Pro. PE Deals They said it “Those that are successful in winning the bid and doing well with an asset more often than not are those that are able to underwrite operational improvements, and it is important to have deep sector knowledge to be able to do so, whether the firm is a generalist or a specialist.” Matt Portner, partner in McKinsey & Co.’s private equity and principal investors practice, tells Buyouts about specialization. Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE 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. London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 