Morning Hubs! This is Chris, on for Wire Wednesday. • Littlejohn Capital seeks add-ons for ArmorWorks
• Gamut Capital agrees to buy Dex Imaging
• Blue Owl leads $400m incremental financing in PCF Insurance
• MassMutual agrees to invest in Apollo’s Atlas SP platform So much to talk about in today’s market, where it’s really about exits, exits, exits. Where are the exits? That’s the question from LPs and one I hear in every conversation I have. That question, which for many firms does not have a great answer right now, is leading to all sorts of behavior, including full scale exit analysis and formation of exit committees. LPs want to know, throughout the entire portfolio, what is the exit path for each asset? And if you’re a fundraising GP, you better have a clear and ready explanation for LPs you’re courting. “Firms that are going to be seeking to raise capital in the next two years are increasingly considering exiting their existing portfolios even if that means not meeting the previous return or valuation targets,” a GP told me recently. That mindset will help drive dealflow this year and next, as many GPs resolve to put some dollars back into their LPs’ pockets. Or so the thinking goes … we’ll see how it plays out. Add-on Family office Littlejohn Capital is eying more tuck-in opportunities for its portfolio company ArmorWorks Enterprises, which provides protective technologies and products, Angus Littlejohn III told Michael Schoeck on PE Hub. The firm in March announced the acquisition of Fox Valley Metal-Tech, which provides precision metal fabrication for ships, subs and other defense applications. Deal Gamut Capital agreed to buy Dex Imaging, which provides managed print services, from Staples. The company was formed by Dan Doyle Sr. and Dan Doyle Jr. in 2002. Insurance A fast growing insurance brokerage platform, PCF Insurance Services, which slowed its M&A growth last year, is increasing its appetite with support from capital markets. Blue Owl led a $400 million incremental financing in PCF in a debt package that was increased from $300 million, the company said in a statement this morning. And, more fi services MassMutual agreed to invest in Apollo Global Management’s Atlas SP Partners, a warehouse finance and securitized products platform. As part of the transaction, MassMutual also agreed to invest in Apollo’s asset-backed finance franchise. That’s it for me. Have a great rest of your Wednesday. Hit me up with tips n’ gossip, feedback or book recommendations at [email protected] or find me on LinkedIn. Read the full wire commentary on PE Hub ... | 