| Morning Hubsters, Happy Fri-yay! John R. Fischer here, with you again in the New York newsroom after spending the last three weeks backpacking and seeing family in London, Northern Ireland and Ireland. Missing these places already, but I’m happy to be back.
Let’s kick things off with an 11-deal listicle on roofing, a restoration services sector that is helping to draw in attractive cashflows and PE buyers, including Angeles Equity Partners and Huron Capital, among others.
Then I’ll move the spotlight over to four deals in the life sciences sector that PE Hub covered in the first half of November.
Over on healthcare, Apollo and Court Square Capital Partners struck up agreements to sell to the same buyer this week. I’ll reveal the companies and who the benefactor is below.
Finally, I’ll leave you with a brief summary of my travels and some tips on where you should go if you ever find yourself in the UK and Ireland. A robust cover Inclement weather and aging infrastructure have made the over $40 billion restoration market recession resilient and a hotbed for PE dealmaking, particularly around roofing. Dealflow in this space was robust throughout 2024, and PE Hub predicts the influx of PE cash flowing to roofing companies to continue into 2025. To show the growth of such deals, PE Hub’s Iris Dorbian rounded up 11 transactions from 2024 into a listicle. Upgrade to the premium version of the Wire to see rundowns on three of the deals. Growing attraction Shifting to life sciences next. PE investments in this sector are buoyed by increases in aging populations and chronic diseases, alongside streamlined drug approval processes, the integration of AI and data analytics, government incentives and advances in personalized therapies such as gene therapy and genomics. Read about deals in this sector in the premium version of the Wire. Double sales This week, PE firms Apollo and Court Square Capital Partners struck deals to sell off their respective portfolio companies to the same buyer, Cardinal Health, which is headquartered in Dublin, Ohio. Cardinal Health will acquire from Apollo a majority stake in GIA, a US-based network for gastrointestinal care, for $3.9 billion, and from Court Square, Advanced Diabetes Supply Group (ADSG), a distributor of durable medical equipment specializing in diabetes supplies, for approximately $1.1 billion in cash.
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Wanderings ... I’ve never been to Dublin, Ohio, but earlier this week I was exploring the streets of Dublin, Ireland, where I had the privilege of seeing the flat where my mother lived for nearly 15 years, along with the Guinness Storehouse, Jameson Whiskey Distillery and Phoenix Park, home to the country’s president, Michael Higgins. I also toured my mother’s birthplace, Galway, home to the majestic Aran Islands and close to the Cliffs of Moher. Additional sights I would recommend are the Giant’s Causeway, the Dark Hedges and the Titanic Belfast museum in Northern Ireland. And if you’re in London, stop by the Tower of London, as I did, and Winston Churchill’s war rooms from World War II. That’s it from me. If you have any questions, thoughts, or want to chat, please email me at [email protected]. Craig McGlashan will write to you on Monday with the Europe Wire, and MK Flynn will deliver the US edition. Cheers, John Read the full Wire commentary on PE Hub ... | 