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GTCR details Tranzact deal; KKR acquires The Parking Spot; Allied Industrial Partners exits Dovetail

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom.

The insurance sector offers many paths to PE investments that we have been covering extensively here at PE Hub. Today we are looking at GTCR and Recognize’s investment in Tranzact, a Fort Lee, New Jersey-based insurance services company targeting seniors for Medicare related services. Stay tuned as GTCR’s managing director unpacks what makes this investment attractive, and a differentiated approach that the firm is undertaking for this deal.

Next, we have a few deals announced this morning touching on diverse sectors.

First, KKR has acquired The Parking Spot, the owner and operator of near-airport parking properties, from of Green Courte Partners. There has been a growing appetite among PE firms to acquire parking assets and we will have more on why near-airport parking is a good fit for KKR.

Secondly, Allied Industrial Partners, a Houston based firm, has sold Dovetail Infrastructure Services, a developer and operator of water infrastructure across the US, to a strategic buyer. We will revisit our recent listicle highlighting eight water infrastructure deals, buoyed in part by the growing demand to upgrade the country’s battered infrastructure. The government is also channeling a lot of resources toward water projects.  

And finally, Riverspan Partners is investing in Polaris Laboratories, a provider of fluid analysis testing and reliability services. We will hear more on how Riverspan is planning to scale this company.

Insurance for seniors

GTCR is planning to leverage its Leaders Strategy, a concept of partnering with experienced industry executives, to scale Tranzact, an insurance distribution company based in Fort Lee, New Jersey, that the firm has agreed to carve out from Willis Towers Watson (WTW) for $632.4 million in a deal that is expected to close by the end of the year.

Recognize is investing alongside GTCR.

Upgrade to the premium version of the Wire to learn more about GTCR’s strategy for this deal.

Click here for more insurance deals coverage.

Parking spot

This morning KKR announced the acquisition of The Parking Spot (TPS), an owner and operator of near-airport parking properties, from Green Courte Partners.

Premium subscribers to the Wire have access to more on this deal.

Water water everywhere

Houston based-Allied Industrial Partners has sold Dovetail Infrastructure Services, a developer and operator of water infrastructure across the US after a four year hold. The strategic buyer was not disclosed.

Please upgrade to the premium version of the Wire to learn more.

Click here for more water infrastructure related deals that I rounded-up last year.

Lab testing

Riverspan Partners has made a strategic investment in Polaris Laboratories, a fluid analysis testing and reliability services provider.

Premium subscribers to the Wire learn more about this deal.

That’s it for me today.

Craig McGlashan, Europe editor, will bring you tomorrow’s Europe Wire, while Rafael Canton will bring you the US edition.

Cheers,

Obey

Read the full Wire commentary on PE Hub ...

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They said it

“Choosing a Medicare plan and other life and health products is a critical decision for all seniors. It’s important they get a plan that fits their needs with a high quality insurance carrier, sold by a partner they can trust like Tranzact.”

— Tom Ehrhart, a managing director at GTCR said in regard to his firm’s joint investment with Recognize on Tranzact.