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The Wire Feb. 15, 2022
MDP takes MoneyGram private for $1.8bn; Vista leads $1bn investment in Securonix Good morning, dealmakers. MK Flynn here with the Wire.
Take-private deal. Big news out from Madison Dearborn Partners this morning. The PE firm is acquiring digital P2P payments specialist MoneyGram International for $11.00 per share in an all-cash deal valued at approximately $1.8 billion. Payment processing continues to be one of the most attractive areas of fintech investing for private equity firms.
Cybersecurity. Vista Equity Partners just announced it is leading a $1 billion investment in Securonix, a provider of cloud-based security analytics and operations. Volition Capital and Eight Roads Ventures also participated.
Longer hold times. In secondaries news, Roark Capital is running a process for more time and capital on several assets out of older funds, including Inspire Brands, which holds a massive portfolio of popular restaurants like Arby’s, Buffalo Wild Wings and Sonic, sources told Buyouts.
The Big Quit. Recruiting and retaining talent have taken center stage for companies of all shapes and sizes. For private equity firms, the issues go beyond firm management, they also permeate value creation. To shine a spotlight on managing portfolio company talent in the “Great Resignation,” PE Hub turned to Angela Geffre, chief human resources officer, Sun Capital Partners, for some advice.
40 under 40. Time is running out to submit entries for Private Equity International’s fourth annual rising stars of private equity list. PEI’s 40 under 40: Future Leaders of Private Equity will be published online and in the Future of Private Equity Special in early May. Submit your nomination by end of day Thursday February 17 here. The list will feature individuals across five categories: Investor (LP); Fundraiser; Dealmaker; Lawyer; Operator.
That’s all for now. Chris writes the Wire on Wednesdays, so you’ll hear from him tomorrow. And I’ll be back on the keyboard on Thursday.
Cheers, MK
Also of note (may require subscriptions) "How a Small Alabama Company Fueled Private Equity’s Push Into Hospitals: Buying binge made Medical Properties Trust one of the biggest owners of U.S. hospitals; but its largest tenant piled up $800 million in losses." (Wall Street Jounral)
"Blackstone has intensified its bet that demand for warehouse space will persist, with a €21bn recapitalisation of its European logistics business in one of the largest-ever private real estate deals." (Financial Times)
"Top private equity firms set aside more than twice as much to pay each employee last year than leading investment banks, underscoring the shift of power and money towards the less regulated corner of Wall Street." (Financial Times)
"Generate Capital is increasingly turning to acquisitions to expand its reach in the sustainable infrastructure sector and enter new areas such as organic-waste composting and fiber-optic cable networks." (WSJ Pro)
"[Zendesk's] three-month effort to sell investors on its controversial bid to acquire SurveyMonkey parent Momentive Global looks increasingly stretched." (Wall Street Journal)
"Insurance provider MetLife Inc. aims to unload about $1 billion in assets from its private-equity holdings through a secondary sale to lighten its balance sheet, according to people familiar with the matter." (WSJ Pro)
PE Deals
They said it “Good talent is harder to attract, more expensive to add and more challenging to retain than ever before… Being more creative about the pool of candidates in consideration can bring new ideas and vitality to the organization while at the same time driving diversity.” — Angela Geffre, chief human resources officer, Sun Capital Partners
Today's letter was prepared by MK Flynn 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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