| Advent, GIC affiliate look to take Sobi private with $8.1bn bid, L Catterton sells RV Group to Thor Industries for $750mn Note to readers: Your daily rundown of private equity deal news will not run on Monday, Sept. 6. The wire will be back to regular programming on Tuesday, Sept. 7. Now, to the news!
Happy Friday!
It’s looking like Labor Day weekend will shake out to be a pretty nice one in the aftermath of what panned out to be a devastating storm for many in the Northeast. I’m looking forward to a quick break from the city up in the Berkshires, how about you?!
Meanwhile, deal news is looking pretty stark ahead of the holiday weekend. That said, I'm hearing about lots of processes readying to launch this fall, and behind the scenes, I'm told the last two weeks of August are no longer “shutdown weeks” like they used to be, as one PE source put it.
There is in fact another mega deal brewing across the Atlantic involving a consortium led by Boston-based global investor Advent International. Swedish Orphan Biovitrum AB, or Sobi, said Thursday that Advent and Aurora, an affiliate of GIC, had launched a takeover offer that values the rare disease biotech company at approximately $8.1 billion. Read more here.
Elsewhere, considering the surge of folks embracing RV travel, camping and the like through the pandemic, I presume L Catterton is making out well on one recent exit. The firm has unloaded its investment in Airxcel, a maker of RV products, through a sale to Thor Industries, a publicly-traded manufacturer of recreational vehicles. The purchase price is $750 million. If the transaction sounds familiar, that’s because L Catterton sold...
Read the full wire commentary on PE Hub...
That’s it! Have a safe and relaxing long weekend weekend. In the meantime, write to me at [email protected] with any tips, comments or just to say hello!
Also of note (may require subscriptions) Exodus: Senior leadership of New York Life boutique alternatives group GoldPoint Partners resigned en masse earlier this week, triggering key-person events in three active funds, sources with knowledge of the firm told Buyouts. GoldPoint will now work with LPs of its three active funds to determine their futures. Read more on Buyouts.
Progress: California State Teachers’ Retirement System’s private equity portfolio made “significant progress” in reaching its 13 percent long-term allocation target, driven in part by the system’s ramping up co-investing. Private equity makes up 12.5 percent of the total plan, compared to 11.3 percent six months ago. Read it here.
Gearing up: Leonard Green & Partners, which owns companies that include retailers Jo-Ann Stores LLC and 1-800 Contacts, is gearing up for its next big fundraising pitch less than two years after it closed the fund’s predecessor, writes the Wall Street Journal. The Los Angeles-based firm has informed several investors that it plans to open a virtual online data room for its next fundraising effort sometime after Labor Day, which falls on Sept. 6 this year, WSJ said, citing people familiar with the matter. Read it here.
PE Deals 
They said it “Fundraising also demonstrated signs of further capital consolidation with larger, more established managers gradually increasing their market share,” the report said. “The average size of funds still in the market has been declining, indicating that smaller funds are hardest hit by the challenging conditions and have had difficulty establishing new LP relationships.” Stated in a CalSTRS PE review presentation at its board meeting Sept. 1.
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. Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. 
London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN
To update your PE Hub email preferences, or to unsubscribe, click here. |
