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| MBK Partners tops $4B for new fund |
| MBK Partners has raised $4.1 billion for its fourth flagship buyout fund, according to Pulse, one of the largest Asia-focused vehicles ever gathered. The news continues a consistently upward fundraising trend for the firm, marking a hefty increase over the $2.7 billion MBK Partners Fund III, which closed in 2013 and was itself a major upgrade from MBK Partners Fund II, which raised about $1.5 billion in 2009. The North Asian investor has offices in Hong Kong, Seoul, Shanghai and Tokyo.
Despite those giant pools of capital, the firm—launched in 2005 by former Carlyle Group executive Michael Kim—has had a relatively quiet year since leading the roughly $6 billion purchase of Korean supermarket chain Homeplus last October. MBK’s most notable activity in 2016 has been an ongoing flirtation with Accordia Golf (TKO: 2131). After originally offering to buy the golf course operator for about $1.5 billion, MBK revoked its bid amid an increase in Accordia’s stock price, only to re-enter the picture with a downsized $760 million offer last month.
PitchBook users can see MBK's fund performance here. |
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| | | | | | | | • Cinven has struck a deal with website domain provider/notable Super Bowl advertiser GoDaddy for the €1.7 billion sale of Host Europe Group—the London-based firm’s latest high-profile exit.
• In a year that’s seen several significant buyout funds raised by new firms, we took a look at the 10 busiest US buyout shops founded in 2014 or later. |
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| | | | | | | | Optiv Security CEO Dan Burns shares some thoughts about his company’s recent sale from Blackstone to KKR—including that he thinks the deal undervalued Optiv. [CRN]
A harrowing investigation of Universal Health Services, America’s largest psychiatric hospital chain, revealing how the company manipulates its patients’ mental health for profit. [BuzzFeed]
From Uber to Blue Apron, looking at the 18 biggest companies that might IPO in 2017. [24/7WallSt]
Some are preparing to write an obituary for the American Dream. [The Wall Street Journal] |
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| Since yesterday, the PitchBook Platform added: | | 222 Deals | 1246 People | 383 Companies | 1 Funds |
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| 2007 Vintage US Buyout Funds with Materials and Resources Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.68x Median TVPI | $1.57B Average Amount Distributed |
| | | | *IRR: net of fees | | 51 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| Gores Group picks up three Triumph subsidiaries |
| | Industrial Supplies and Parts | Berwyn, PA | Corporate Divestiture |
| The Gores Group has agreed to acquire a trio of subsidiaries affiliated with Triumph Group (NYSE: TGI). The sale comprises Triumph Air Repair; the Tempe, AZ, facility of Triumph Engines; and the auxiliary power unit overhaul operations of Triumph Aviation Services' business in Asia. The combined businesses generated approximately $81 million in revenues during the fiscal year that ended March 31. The transaction is expected to close in early 2017. |
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| Riverstone takes Talen Energy private for $1.8B |
| | Energy Production | Allentown, PA | Public-to-Private Buyout |
| Riverstone has completed the previously announced purchase of all outstanding shares of Talen Energy for $14 apiece in cash. Riverstone already owned a 35% stake in Talen prior to the deal. The energy & power generation company, which owns or operates 16,000 megawatts of capacity in eight US states, has ceased trading on the NYSE under the TLN ticker symbol. |
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| | | | | | | KPS Capital, CVC complete $1B Anchor Glass deal |
| | Containers and Packaging | Tampa, FL | Secondary Buyout |
| | | | | | | JLL, Water Street acquire MedPlast |
| | Devices and Supplies | Tempe, AZ | Secondary Buyout |
| Water Street Healthcare Partners and JLL Partners have acquired MedPlast, which had received previous backing from a list of firms that includes Baird Capital and JZ Capital Partners. Formed in 2008 by the merger of ATP Engineered Rubber & Plastics and K&W Medical Specialties, MedPlast is a services provider to the medical device industry offering technical molding, processing and device assembly capabilities for an array of products. |
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| | | | | | | | | Media Services | Wheeling, IL | PE Growth |
| ICV Partners has made an investment in SG360, a provider of multichannel marketing and printing services. Founded in 1956, the company offers a full breadth of advertising options including research and strategy, direct mail, data analytics and fulfillment. |
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| | | | | | | Harren Equity sponsors MedPro recap |
| | Human Capital Services | Sunrise, FL | Recapitalization |
| Harren Equity Partners has completed the recapitalization of Management Health Systems (dba MedPro), a provider of medical staffing services in the US. Harren Equity conducted the deal with capital from its third buyout fund, which closed on $275 million in 2013. |
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| EQT inks infrastructure acquisitions |
| | Stockholm, Sweden | PE/Buyout |
| EQT Partners has agreed to make a pair of deals using its infrastructure investment strategy, acquiring a 60% interest in three subsidiaries of GETEC Energie one day after announcing the purchase of utility provider Delta Comfort for €488 million. GETEC is a provider of energy services in Germany with €783 million in sales during 2015, while Delta Comfort offers broadband, TV and other multimedia services to nearly 150,000 households in the Netherlands. |
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| | | | | | | | | Real Estate Services | Helsinki, Finland | Buyout |
| CapMan Buyout has agreed to deploy its 10th flagship fund, which closed on €245 million in 2014, to acquire a majority stake in Nordic apartment and hotel manager Forenom. The company's current ownership and management will retain a minority share as part of the deal, which is expected to close by year end. |
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| DC Capital making progress with second fund |
| | DC Capital Partners has raised more than $230 million toward a $350 million target for its second flagship fund, according to an SEC filing. The firm is a middle-market investor focused on the government contracting, engineering and construction services industries. |
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| | | | | | | KarpReilly closes third buyout fund |
| | KarpReilly has raised $200 million for its third flagship vehicle, according to an SEC filing; the firm closed its previous buyout fund on $210 million in 2013. KarpReilly is a growth-focused investor pursuing deals in the consumer, food & beverage and health & sustainability sectors. |
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| Waud Capital brings on David Bellaire |
| | Waud Capital Partners has hired David Bellaire as an operating partner focused on the healthcare sector. Bellaire, who most recently worked as a senior advisor at Bain & Company, has more than three decades of experience working with healthcare services and healthcare IT companies. |
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