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GTCR closes Worldpay megadeal; tech investor superstar Chip Schorr expected to start PE firm

Good morning, Hubsters. Michael Schoeck here with the Thursday Wire.

It’s a deal-packed morning, starting with GTCR closing its megadeal for Worldpay.

We’ve also got a big scoop on a personnel mover. Kirk Falconer was the first to report that technology dealmaker Chip Schorr has left One Equity Partners and is expected to launch a PE firm soon. 

On the healthcare beat, I got two scoops this week: Healthcare-focused PE sponsor Court Square prepping Advanced Diabetes Supply for sale in a story we’re featuring today; and earlier in the week, I covered Webster getting ready to sell CenExel Clinical Research.

It’s the first day of February and the first day of Black History Month. Throughout the month, PE Hub will be showcasing interviews with and profiles of private equity professionals who are Black. Today, we’re revisiting Rafael Canton’s interview with Blackstone’s Verdun Perry. In one of the most read stories of 2023, Perry shares insights on widening the aperture for talent.

Payments processing

Earlier this morning, GTCR announced the completion of its acquisition of 55 percent of Worldpay for $11.7 billion from FIS, which is retaining a 45 percent stake in the target. The deal values Worldplay at $18.5 billion.

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

People moves

Chip Schorr, widely viewed as a pioneering technology dealmaker, has left One Equity Partners, Kirk Falconer reported.

For more from Kirk’s scoop, read the premium version of the Wire.

Diabetes monitoring

Court Square is prepping a sale process for Advanced Diabetes Supply Company, sources familiar with the matter told me. Based in Carlsbad, California, ADS is one of the three largest distributors of continuous glucose monitoring (CGM) devices in the US.

Upgrade to learn more.

Increase your aperture

Rafael Canton recently spoke with Blackstone’s Verdun Perryabout a wide range of topics, including why secondaries are so compelling in today’s market. The secondaries market has grown over 100-fold in the 23 years since Perry began working in it.

Perry also provided insights on making the PE industry more inclusive, such as recruiting from historically Black colleges and universities (HBCUs), including Perry’s alma mater, Morehouse College.

Upgrade to the premium version of the Wire to read the interview.

That’s it for me this week. Obey Martin Manayiti will be back with you tomorrow for the Friday Wire.

Cheers,

Michael

Read the full wire commentary on PE Hub ...

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