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| | | PitchBook to be acquired by Morningstar |
| | Youâve probably heard the news. PitchBook has agreed to be acquired by Morningstar in a deal that values our company at $225 million. Woohoo!
Many of our readers know PitchBook as a daily newsletter thatâs packed with current events, trends, and insightful, data-driven content covering venture capital, private equity and M&A. What many donât know is what actually drives this valuable contentâthe PitchBook Platform. Our database and technology enable our more than 1,800 clients to access comprehensive private market data on limited partners, investment funds, valuations and much more. Joining Morningstar will allow us to enter the next stage of growth, further expand our business globally and better serve the private markets and institutional investors. We couldn't be more excited!
Read more from CEO and founder, John Gabbert |
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| | | High multiples contributing to elevated deal value in US lower middle market |
| |  | | click to read our analysis |
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We recently observed that median enterprise value/EBITDA buyout multiples for businesses with EVs of under $25 million were quite high, at 6.13x in 2Q. Coupling that with deal flow figures for the US lower middle marketâtransactions between $25 million and $100 millionâitâs clear that continued competition for deals and sustained high prices for quality companies is helping elevate transaction multiples and, consequently, overall deal value even at the lowest ends of the middle market.
Through 3Q, the US LMM has seen nearly $28 billion in total deal value in 2016, compared to $30.5 billion last year. Should the volume of dealmaking continue at a pace similar to 3Q, which saw a multiyear low of 117 closed investments, 2016 may well end up with... |
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| | | | | | | | | European PE firms to buy Allegro for $3.3B |
| | | | | | | | | | | | | | Ben Hunt on the Central Banking Bubble, the coming reset, and what it all has to do with “Gone with the Wind.” [Epsilon Theory]
Harvard is reportedly considering the sale of part of its private equity portfolio. [Bloomberg]
Does economic growth kill people? [The Washington Post]
Sometimes, to find real innovation, one need only look to the past. [FiveThirtyEight] |
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| Since yesterday the PitchBook Platform added... | | 184 Deals | 1161 People | 427 Companies | 3 Funds |
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| | | 2009 Vintage US Venture Funds ($250M - $500M) |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 0.22x Median DPI | 1.73x Median TVPI |
| | | | *IRR: net of fees | | 14 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | Genesis Park to buy Texas Monthly |
| | | Publishing | Austin, TX | Buyout |
| Genesis Park has agreed to buy the assets of Texas Monthly from Emmis Communications (NASDAQ: EMMS) for $25 million. Founded in 1973, Texas Monthly operates a magazine that chronicles life in Texas and is known for its in-depth feature writing. The sale is expected to close next month. |
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| | | | | | | | | | | | Construction and Engineering | Richmond, CA | PE Growth |
| Court Square Capital Partners has agreed to make a significant investment in industrial services business Terra Millennium. Founded in 1987, the company offers services in the power generation, refining, petrochemical, mining, solar, mineral processing and steel industries from a network of 23 locations in the US and Canada. |
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| | | Leonard Green sponsors GWHN add-on |
| | | Hospitals | Waterbury, CT | Add-on |
| | | | | | | | | Argand acquires Sigma Electric from Goldman |
| | | Industrial Supplies and Parts | Garner, NC | Secondary Buyout |
| | | | | | | | | GTCR puts skin in game with dermatology deal |
| | | Clinic Services | Fort Myers, FL | PE Growth |
| GTCR has made an investment in Riverchase MSO, a dermatology practice management business operating 25 locations in Florida. The company’s current management team will remain in place, including founder and CEO Andrew Jaffe, who partnered with GTCR on the transaction. |
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| | | PE backers sell Silver Hill for $2.4B |
| | | Energy Exploration | Dallas, TX | Corporate Acquisition |
| | | | | | | | | Pepsi in talks to acquire KeVita |
| | | Beverages | Oxnard, CA | Corporate Acquisition |
| PepsiCo (NYSE: PEP) is nearing the acquisition of KeVita in a deal that would likely value the provider of sparkling probiotic drinks, kombucha tea and vinegar tonics at less than $500 million, according to a Reuters report. Pepsi is said to already own a minority stake in the company, joining KarpReilly, the Ecosystem Integrity Fund and SPK Capital as existing backers of KeVita. |
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| | | | | | | | | Rockbridge, Falcon exit Triad |
| | | Media Services | St. Petersburg, FL | Acquisition |
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| | | Ardian teams with SMCP to launch US fund |
| | | Ardian will seek to raise $500 million for its first North American direct investment fund, partnering with Seven Mile Capital Partners to make mid-sized buyouts in the industrial sector. SMCP is a New York-based investor that formed in 2011 out of Citigroup. Ardian closed its sixth flagship European buyout fund on €4.5 billion last month. |
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