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The Wire April 12, 2021
Digging into KKR's $1.2b-plus deal for Lightyear's Therapy Brands, Another big LBO opportunity emerges in Medline Industries
Morning!
ICYMI, Therapy Brands late last week scored a new majority owner in KKR, with Lightyear Capital marking its second major exit at the intersection of healthcare and tech-enabled financial services. The deal values Therapy Brands at $1.25 billion, sources familiar with the matter said. For more on the deal and why sponsors are paying up for the technology needed to keep pace with the growth in behavioral health, check out PE Hub's full report.
$30b opportunity: Another sizable LBO opportunity may be on the table. Medline Industries is exploring a sale that could value the big medical-supply company at as much as $30 billion, according to a Wall Street Journal report. The report said Medline is likely to attract private-equity bidders, partly because industry players could struggle to swallow such a big rival...
Read the full wire commentary on PE Hub...
That's all for me! Have a great week ahead, everybody, and as always, hit me up at [email protected] with any comments, deal tips or just to say hello!
Also of note (may require subscriptions) Big one: Neuberger Berman is seeking $3 billion for a fourth private credit offering, sources told Buyouts, as lenders anticipate a growing opportunity set in this year’s deal environment. A key aspect of the strategy is access to deal flow generated by a large universe of private equity managers with close ties to Neuberger. Read it on Buyouts.
Better than expected: Anthos Capital quietly and quickly amassed about $1.4 billion for a first close on its fifth fund, beating its $1.25 billion and putting it in position to hit the hard cap, two sources told Buyouts. Anthos was formed by a group of partners including several former Goldman executives. Read more here.
Up for sale: The backers of Lou Malnati’s Pizzeria are exploring options including a sale of the Chicago-style, deep-dish pizza chain, Bloomberg reported, citing people familiar with the matter. The restaurant business is owned by the Malnati family and BDT Capital Partners, the merchant banking arm of BDT & Co.
PE Deals
They said it “We got to a point where we got tired of talking about the problem and we said, ‘we need to start doing’.”
Anilu Vazquez-Ubarri, chief human resources officer and a partner at TPG, speaks to Private Equity International on TPG NEXT, a GP seeding platform focused on diverse talent.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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