Laden...
The Wire July 14, 2021
Linden buys RQM+ at $385m valuation, One Equity set to make 5x its money on OneLink Morning, folks!
We've seen a whole lotta private equity activity and consolidation when it comes to outsourced services in the pharma space, including regulatory and compliance consultancies. As the medtech industry plays catchup, the interest around one such company speaks to the perceived opportunity to build a platform of this vein. Linden Capital Partners has agreed to acquire RQM+, winning a robust sale process for a full-service regulatory and quality consulting firm dedicated to the medical device and diagnostics industries, according to four people familiar with the matter. The deal, which has not yet closed, commanded a total enterprise value of $385 million, some of the people said. For more behind the deal, check out my full report on PE Hub.
Makin’ money: One Equity Partners is set to make approximately 5 times its investment with the sale of OneLink Holdings, a provider of business process outsourcing and customer relationship solutions, a source familiar with the deal told PE Hub. After a four-year hold, the New York firm is selling OneLink to Webhelp, a global provider of customer experience and business solutions. Read Milana's full report here.
Read the full wire commentary on PE Hub...
That’s it for me! As always, hit me up at [email protected] with any tips, feedback or comments. Have a great week ahead!
DEADLINE APPROACHING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we'll make sure you get a complimentary copy of the "Emerging Manager Report 2021," based on these surveys (once it's published this fall). All responses are kept confidential. The survey deadline is July 16.
Also of note (may require subscriptions) Patterson vs. OMERS: A lawsuit brought against OMERS Private Equity by a top executive exposes the thorny issues an institution may face when compensating employees for direct investing. The suit’s plaintiff is Tim Patterson, an 11-year veteran of OMERS’ PE group. Prior to his departure this year he was a senior managing director and head of healthcare, Buyouts reported in January. Sources then told Buyouts the decision to leave was personal in nature. The suit alleged Patterson was fired for refusing to sign on to a cut in his compensation package. Read more on Buyouts.
Newbie: Laurence Tosi, former CFO at Blackstone Group and Airbnb, collected about $650 million for his firm WestCap’s first traditionally structured private equity fund for tech investments, a source told Buyouts. WestCap is targeting $1.5 billion for the fund, with a $2.25 billion cap, the person said. Read it on Buyouts.
In the works: Bloomberg writes that Josh Harris, the co-founder of Apollo Global Management Inc. who was passed over for the top job at the private equity powerhouse earlier this year, is laying the groundwork to raise his own fund. Harris, who helped found Apollo in 1990 with Leon Black and Marc Rowan, has met with recruiting firms to help him start building a team, people familiar with the matter told Bloomberg. Read it here.
PE Deals
They said it “We decided some time ago that we wouldn’t make any new investments in oil and gas-focused private equity funds because their time horizons are generally too short to shepherd their businesses through decarbonisation.” Nick Moakes, CIO at the The Wellcome Trust told affiliate publication, New Private Markets.
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