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The Wire June 9, 2021
Sixth Street, Goldman, invest behind NMC's Ciox-Datavant merger, HIG backs Cleo Communications, ICG joins HVAC craze with Gil-bar Morning!
We’ve got a whole bunch of deal news this morning, starting with the marriage of New Mountain’s Ciox Health and Datavant, which values the combined health data connectivity behemoth at $7 billion. In conjunction with the merger, Sixth Street is leading a structured investment in the combined company alongside Goldman Sachs Asset Management via its West Street Strategic Solutions fund, sources told PE Hub. Sources likened the deal’s structure to New Mountain’s (now public) Avantor. Read PE Hub's report and a news release confirming the transaction this morning.
In other news... Intermediate Capital Group’s North American PE team has closed its first investment, acquiring Gil-Bar Industries, a large custom HVAC solution provider serving builders in the northeast. Gil-bar generated $175 million in revenue last year working alongside construction managers and architects on building projects, sources told PE Hub. Finally, HIG Capital has invested in Cleo Communications, a provider of ecosystem integration software that is witnessing rapid growth as e-commerce adoption...
Read the full wire commentary on PE Hub...
That's it! Have a great week ahead, everybody, and in the meantime, write to me at [email protected] with any tips, comments or just to say hello!
Also of note (may require subscriptions) Big one: Madison Dearborn Partners wrapped up fundraising for an eighth flagship private equity fund, securing $5 billion, sources told Buyouts. Fund VIII has already made six platform investments, sources said, adding to some 150 companies backed by Madison Dearborn since inception. Read it here.
Key-person: Leadership shuffles earlier this year at Vista Equity’s mid-market Endeavor and Foundation programs, coming as they did soon after recent fundraising, spurred concern among some LPs who have been forced to come to grips with a situation they had largely given up control over. Read more on Buyouts.
Top 20: No area of alternatives has developed as rapidly as the GP-led secondaries market, and hence Secondaries Investor decided it was a good time to take stock. Based on nearly a decade of reporting between Secondaries Investor and Buyouts, we’ve compiled a list of the 20 largest continuation fund deals to take place since the GP-led deal came into being. Check it out here.
PE Deals
They said it “The fragmentation of health data is one of the single greatest challenges facing the healthcare system today."
Pete McCabe, CEO of Ciox Health, said in a Wednesday press release
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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