Laden...
The Wire Aug. 11, 2021
Parthenon's Trinity Life Sciences preps for sale, Wind Point, OTPP sell Aurora Plastics to Nautic
Morning!
I’m getting into vacation mode, everybody, typing furiously in anticipation of the several days of beach life fast approaching... Of course, scoops never sleep. Send me any tips or interesting private equity news in the meantime, and I’ll get right on it as soon as I can.
But first, I leave you with more than one update relating to pharma services, where companies across the spectrum continue garnering top notch multiples as funding levels for their end-market show no indication of slowing. Timely: After Europe’s GHO Capital not long ago stepped up to buy ClearView Healthcare Partners in a $700 million-plus transaction, another similar but larger global life sciences consultancy business looks likely to ride the coattails of this outcome, I’ve learned. A sale process is expected to kick off later this quarter for Parthenon Capital-backed Trinity Life Sciences, which sources tell me is projecting upwards of $50 million in 2021 EBITDA. Jefferies and SVB Leerink have been engaged for financial advice, sources said. As its M&A playbook has reflected, Trinity has looked to differentiate with technology. Read my full story on PE Hub.
Elsewhere, a funding round led by Philippe Laffont’s tech-focused investment firm Coatue Management in clinical trial technology business Reify has brought its valuation to $2.2 billion.
Plastics: We've also got what looks like a sizable transaction announcement in the plastics space, with Wind Point Partners and Ontario Teachers’ Pension Plan Board having sold Aurora Plastics, a provider of specialty materials solutions, to Nautic Partners. Under the pair's ownership, Aurora's volumes more than doubled, new products and capabilities were introduced, and the company expanded its geographic presence through the addition of three facilities located in Quebec, Massachusetts, and Texas. William Blair and Barclays advised Aurora. Read PE Hub's brief on the deal.
That’s it! Have a good week ahead, and as always, write to me at [email protected] with any feedback, tips or just to say hello.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Secondaries: Apollo Global Management has marked its position as a buyer in the secondaries market with the close of a GP-led process with Alpine Investors, three months after Secondaries Investor reported that the alternatives giant was set to back a deal with the San Francisco-headquartered firm. Read more here.
Outed: Wall Street Journal reports that Ares Management Corp. has dismissed Partner Michael R. McFerran, the Los Angeles firm’s chief operating officer and chief financial officer, citing the results of an outside investigation into allegations of “inappropriate” conduct involving fellow employees. Read it on WSJ.
Threats: With the firm Advanced Technology Ventures getting hit by a cyberattack in July, a light is being shown on how vulnerable the venture community is. Many venture firms, especially the smaller firms, as well as the emerging managers, go to great lengths to protect the identity of their LPs from public scrutiny. Read more on Private Equity International.
PE Deals
They said it “There is no doubt we’re seeing more and more things being priced at levels that our analysis tells us exceed where the intrinsic value of a company might be. We’re trying to stick with a discipline of paying a multiple that in an absolute sense may be high, but only for companies that can sustain rates of cash-flow growth that are commensurate with that multiple." Thomas H. Lee Partners co-CEO Scott Sperling speaks to Buyouts about the emerging post-covid environment
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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