Laden...
The Wire Jan. 21, 2021
Vestar, Swander Pace make consumer bets, Carlyle preps sale of Net Motion Software
Happy Thursday!
Now that we have a new government, I’m thinking about some of the ways the new administration, and a Democrat-controlled Congress, will impact the M&A environment.
One issue that appears to be creeping back into discussion is the threat of rising inflation, a concern being trumpeted lately in the Financial Times. Today the FT explores how a sudden rush of demand by consumers after vaccinations fully reopen economies could outstrip supply, driving up pricing even as unemployment stays high -- resulting in the dreaded stagflation.
What would this mean for deal pricing, and how would private equity address this market? Would this also hammer away at exit calculations -- which have already gone through reassessment as hold periods at the very least become extended.
Is this on your radar? Let me know what you think at [email protected].
Read the full wire commentary on PE Hub.
That's it for today. Have a great great folks and hit me up with feedback, tips, gossip or whatever!
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) Podcast: In this special episode of the Spotlight podcast, senior editors from across PEI Media’s titles discuss what implications this could have on the private equity and venture capital industries. Listen here.
More time: Astorg is working on a single-asset deal for more time and money to manage portfolio company IQ-EQ, which provides compliance, administration, asset and advisory services to investment funds, global companies, family offices and private clients. Read more here.
Balance: Goldman Sachs offloaded a significant chunk of private equity investments from its balance sheet last year, writes Private Equity International. The bank sold or announced the sale of $4 billion of growth equity assets from the balance sheet. Read it here.
PE Deals
They said it “In terms of asset management, this is all about an overall reduction in the balance sheet intensity of that business. It is being mindful of revenue in the near term; it is driving down on balance sheet investing and moving that into third-party activity, doing that across more sleeves with more clients of the firm.” David Solomon, Goldman Sachs chief executive, said during the bank’s recent earnings call.
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