OEP, Sullivan Street, Atlas announce exits; plus Sverica details defense tech opportunities

View this email online

OEP, Sullivan Street, Atlas announce exits; plus Sverica details defense tech opportunities

Good morning dealmakers, it’s Obey Martin Manayiti with the US edition of the Wire from the New York newsroom.

While many of us may be glued to the election results this evening, it's business as usual for PE Hub this morning, and we've got plenty of deal coverage for you, including exclusives and three exits.

First, Atlas Holdings has sold Iconex Paper to Domtar Corp, PE Hub was the first to report. The deal comes on the heels of a PE Hub scoop back in March regarding the sale. We have more details, including financial results, below.

PE Hub was also the first to report that London-based Sullivan Street Partners has sold Tivoli, a grounds services provider. We have details about the buyer below.

And One Equity Partners has sold a Miami-based digital business banking services provider to FIS.

Finally, we have my Q&A with Dave Finley, a managing partner at Sverica, about the firm’s recent acquisition of Electronic Source Company, a company in the aerospace and defense and space markets.

Decade-long journey

Atlas Holdings has sold Iconex Paper to Domtar Corp, PE Hub editor-in-chief Mary Kathleen (MK) Flynn was the first to report. The deal follows the firm’s recently concluded sale of Iconex Labels to Wynnchurch Capital-backed M2S Group.

PE Hub has followed the sale of Iconex closely. Premium subscribers have access to more.

Grounds maintenance

London-based Sullivan Street Partners has sold Tivoli, a grounds maintenance, arboriculture and winter services provider, to the Nurture Group, PE Hub was the first to reveal.

Upgrade to the premium version to learn more.

Banking and cash management

This morning, One Equity Partners announced the sale of Dragonfly Financial Technologies, a Miami-based digital business banking and cash management solutions provider, to FIS.

Premium subscribers have access to more on this deal.

Advancing defense tech

Following Sverica Capital Management’s recent acquisition of Electronic Source Company, an electronic manufacturing services company based in Nuys, California, I spoke with Dave Finley, a managing partner at the firm.

Premium subscribers have access to the excerpts.

That’s it for me today. As always, I’d love to hear from you at [email protected]

Craig McGlashan will bring you tomorrow’s Europe Wire, while Rafael Canton will bring you the US edition.

Cheers,

Obey

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

KKR: ‘We take a targeted-rifle approach’ to new strategies. In this podcast, global head of infra Raj Agrawal discusses the four preconditions for expansion, the unit’s decade of growth and the industrial infra opportunity. (Infrastructure Investor)
Legislators take aim at Centre Lane’s Corelle Brands acquisition. Senator Casey’s concerns stem from Anchor Hocking’s acquisition of the Charleroi Pyrex glassware plant from Corelle Brands after the cookware company exited its bankruptcy proceedings. (Buyouts)
Regulations are stopping Australian supers investing in impact, say GPs. Mandatory benchmarking is making it difficult for supers to allocate to impact funds, which often blur asset class lines. (New Private Markets)
What the democratization of private markets means for fund finance. The industry is questioning whether retail investors can offer sub line lenders the security they require. (Private Equity International)
Asian GPs hope for a SEA change. Southeast Asia, once touted as the continent’s next big thing in private equity, is struggling to live up to expectations. What’s holding the region back? (Venture Capital Journal)

They said it

“Defense electronics, the market in which ESC plays, is experiencing a period of favorable fundamentals that can be expected to extend forward for years due to (1) increasing geopolitical tensions; (2) underinvestment in defense by Western-aligned countries, with the recognized need to catch up; and (3) the increased technological sophistication of defense programs.”

— Dave Finley, a managing partner at Sverica, regarding the acquisition of Electronic Source Company