Laden...
The Wire Aug. 25, 2021
Linden acquires Arsenal's BioIVT, Clearlake-backed Wheel Pros buys Driven Lighting Group, TPG reportedly readies IPO Morning, hubsters!
Chicago-based healthcare investor Linden Capital Partners has had a busy year so far as both a buyer and seller of assets, and it’s showing no indication of slowing. The firm has agreed to acquire BioIVT, which provides research models and services for drug and diagnostic development, according to three sources with knowledge of the deal. Arsenal Capital, five-plus years into its investment, will roll equity in the transaction, they said. The deal values the company upwards of $800 million and concludes a Jefferies sale process, sources said. Check out my full report on PE Hub.
Platform building: Another particularly active firm these days is Clearlake Capital Partners, which is building out its automotive enthusiast products platform Wheel Pros with yet another deal. Entering the “aftermarket enthusiast automotive lighting” segment, the platform has acquired Driven Lighting Group from Kian Capital. Read PE Hub’s brief on the DLG deal. The DLG deal comes after Clearlake in March announced it had raised new capital dedicated to fund the Wheel Pros’ growth. Finally... TPG could be the next big buyout shop to join firms including Apollo, Blackstone, KKR and Carlyle in the public markets, according to a WSJ report.
That's it for me! Have a great week ahead, and as always, write to me at [email protected] with your comments, tips or just to say hello.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Fundraising: Center Rock Capital Partners is targeting $750 million for its second fund in a quick turnaround from its debut offering, which closed in 2018, sources told Buyouts. The firm is one of several newer managers testing the record-setting private equity fundraising market that has made room for emerging shops alongside well-established firms. Read it on Buyouts.
Continuation: Continuation funds remain the transaction type du jour for GPs looking to hold on to their assets longer, with The Jordan Company becoming at least the fourth firm in two months to ink its first continuation vehicle, writes Secondaries Investor. Read it here.
Divesting: GPB Capital Holdings LLC, whose founders face criminal fraud charges related to the firm’s private-equity operations, is shopping a major piece of its automotive dealership portfolio, people familiar with the matter told the Wall Street Journal. Read it on WSJ.
Retail: The criticism of private market performance relative to fees has been discussed at an institutional level, but how does the impending wave of retail capital fit into the debate? Private Equity International recently caught up with Jeff Hooke, senior finance lecturer at Johns Hopkins Carey Business School, about his upcoming book The Myth of Private Equity, the fee burden of private investments and the opportunity for retail investors. Read it on PEI.
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They said it “The best protection for a retail investor, individual or 401(k) plans [is] simply to avoid private equity altogether,” said Hooke. “They’re going to get milked for fees, just like the big institutions are.” Jeff Hooke, senior finance lecturer at Johns Hopkins Carey Business School, speaks to Private Equity International about the fee burden of private investments and the opportunity for retail investors.
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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