| View this email online The Wire Sept. 9, 2021 Patient Square agrees to buy Summit BHC, Key-person situations crop up Happy Thursday Hubsters! We have news today that Patient Square Capital, which Wire readers will recognize as ex-KKR healthcare chief Jim Momtazee’s firm, agreed to buy Summit BHC, which provides behavioral health and addiction treatment services, from FFL Partners and Lee Equity. FFL and Lee Equity partnered to buy the company in 2017, and during their ownership the company made seven add-ons. The company also expanded eight of its facilities and opened five new centers, the firm said. Summit BHC grew more than 200 percent through the firms’ growth initiatives. Also, I wrote about another key-person issue at a firm called Transom Capital, where one of the managing partners left earlier this year, causing the firm’s third fund to halt investments. Read about that situation here on Buyouts. That’s it for me! Have a great rest of your Thursday. Reach me with tips n’ gossip, feedback or book recommendations at [email protected] or find me on LinkedIn. Read the full wire commentary on PE Hub... Also of note (may require subscriptions) Add-on: Align Capital-backed WilliamsMarston acquired Chord Advisors, which provides accounting advisory services. The add-on is the second WilliamsMarston completed in the past year, bringing its headcount to more than 100 professionals and about 1,000 clients. Read more here. Russia: Elbrus Capital, which focuses on Russia and Commonwealth of Independent States, held a third close on $316 million in August, according to PEI. Elbrus Capital Fund III is targeting $600 million. The fund deployed more than $100 million across several deals. Read it here on PEI. Inflation: Inflation within the projected 2 to 3 percent range likely will have little impact on private equity strategies. However, if increased inflation sparks a wider recessionary trend, this could impact the price of deals as underwriting becomes more challenging with an accompanying risk of reduced financing for deals. Read it here on Private Debt Investor. PE Deals They said it “Whatever the sector, the business model of each underlying firm is key, and the ultimate hedge is to focus on well-run organizations whose managers have a demonstrable track record of successfully navigating previous periods of inflation and recession.” Allianz Global Investors head of private markets Emmanuel Deblanc talks about inflation and its impacts on private equity. Today's letter was prepared by Chris Witkowsky Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 