Offshore crane operator seeks cash; GA invests in SDCL; Balance Point and AE Industrial in aerospace deals

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Offshore crane operator seeks cash; GA invests in SDCL; Balance Point and AE Industrial in aerospace deals

Morning Hubsters, Craig McGlashan here with the Tuesday Wire.

We’re opening today with a scoop from Michael Schoeck.He writes about a Scottish offshore crane operator looking for investment, while we have other deals in the energy sector to report. General Atlantic isinvesting in an energy efficiency developer and fund manager and a FalconPoint Partners portfolio company is buying an oil and gas industry services provider.

We then switch to the aerospace sector, which has been bouncing back after the disruption of the covid pandemic. First we have Balance Point Capital Advisors investing in an aircraft engine repair company, then AE Industrial Partners exiting an engineering research and development service company with customers in the aerospace and defense sectors.

Wind power

An offshore crane operator based in Edinburgh, Scotland, is seeking private equity and infrastructure investment capital providers, writes Michael Schoeck.

Read the subscriber version of the Wire for details on the target size, adviser and likely investors, as well as analysis of the wider offshore wind sector.

Fund investment

Sticking with energy, where General Atlantic has made a minority investment in a London-based developer, investor and fund manager focused on energy efficiency and decarbonization solutions.

Find out more in the subscriber version of the Wire.

Fueling up

From renewable energy to oil and gas, where FalconPoint Partners portfolio company Jennmar has acquired a provider of oil and gas industry services.

Aircraft support

Balance Point Capital Advisors has invested in Essential Turbines, a Montreal-based provider of maintenance, repair and overhaul services for aircraft engines.

Defensive play

AE Industrial Partners has agreed to sell Belcan, an engineering research and development service company based in Cincinnati, to IT company Cognizant.

Details including the deal size and breakdown, as well as Belcan’s revenue growth, in the subscriber version of the Wire.

OK that’s it from me today. Rafael Canton will be on duty tomorrow, filling in for Chris Witkowsky.

Cheers,

Craig

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

Partners Group, the sixth-largest private equity firm headquartered in Europe according to the PEI 300, has closed its latest directs program above target as it seems to raise more capital from separate mandates and via evergreen structures. (Private Equity International)

AlpInvest: LPs are shopping the ‘best parts’ of their portfolios amid distribution slowdown. AlpInvest chair Ruulke Bagijn and global head of primaries Wendy Zhu tell Private Equity International that the Carlyle secondaries unit is seeing higher quality LP-led opportunities come to market.

“We buy boring businesses that you would not be that excited to talk about at a cocktail party. You know what? The free cashflow of these businesses, the revenue growth, the visibility, the stickiness of the relationships – it leads to great returns, but more importantly, repeatable returns.” That's Mark Burgett, managing partner of E2P, on his firm's food manufacturing strategy. (Agri Investor)

Using NAV loans for add-on acquisitions is the most acceptable circumstance to investors, according to Coller Capital's latest Global Private Capital Barometer. (Private Equity International)

A big win in April’s Japanese capacity auction is the latest sign of I Squared Capital’s commitment to investing in the region, with more to come. (Infrastructure Investor)

Melissa Radic, who joined Energy Capital Partners in August last year to lead fundraising efforts for its new $2 billion credit fund, has left the business, Infrastructure Investor has learned.

Of the 110 global investor respondents to Coller Capital’s latest Global Private Capital Barometer, 38 percent of respondents expect to increase their allocations to secondaries over the next 12 months – making it the second-most in demand private markets strategy behind private credit. (Secondaries Investor)

A report from Citco shows that opportunistic investing by sponsors buoyed NAV loan usage during a recent period for eye-watering growth. The firm found that the instrument enjoyed a 30 percent compound annual growth rate from 2019 to 2023. (Private Funds CFO)

They said it

“Energy efficiency is a critical, but too often overlooked, component of the solution set that will enable the global energy economy to transition to net-zero, and we believe this market needs both real asset capital and growth equity to power transformational change. SDCL has built a differentiated platform led by a leading management team that has a demonstrable track record of execution and returns.”

— Michael Bevan, managing director, General Atlantic, on his firm’s investment in SDCL