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The Wire Dec. 2, 2021
Post Capital reaps 10x return on EC Waste sale, Carlyle agrees to buy CNSI Happy Thursday!
Too much crime? How worried are you about traveling into cities experiencing spikes in crime? Apparently some (anonymous) senior bankers are worried about JP Morgan’s annual “Woodstock of Healthcare” conference in San Francisco in January, according to a report in the New York Post.
“I’m scared — the amount of lawlessness now is astounding. Violence is a huge topic of discussion at our bank,” a senior Wall Street executive, not with JPM, told the Post’s On the Money column this week.
The person said their colleagues are “pleading” with their bosses and begging not to be sent to San Francisco out of concern for their personal safety.
“People were upset about crime in San Francisco before the pandemic — now this smash-and-grab is a whole new level of mayhem,” another Wall Street executive told the Post.
We’ve known the JPM conference as one of the essential events of the year where healthcare dealmakers and intermediaries gather to connect and potentially wheel-and-deal. While “crime” is something always in the back of your head walking through any city (nothing new about that), it would be pretty amazing if JPM actually moved its conference.
For its part, JPM has no plans to cancel the event, according to the report.
Waste: Also, Post Capital produced a 10x return on its sale of EC Waste, a waste management services company in Puerto Rico, writes Aaron Weitzman on PE Hub today. Post Capital sold the company to 3i, the firms announced this week.
Return: We have an update on Levine Leichtman Capital Partners’ sale of Best Lawyers to Abry Partners. LLCP generated a 3x return on the sale, which is a full exit (without LLCP retaining a minority stake in the business, something we have to confirm these days!), a person with knowledge of the deal told me. LLCP held the company for a little over three years. Read more here on the deal on PE Hub.
That’s it for me! Hit me up with tips n’ gossip, feedback or book recommendations at [email protected] or over on LinkedIn.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Arcmont Asset Management will offer sustainability-linked loans to all borrowers in its second senior loan fund, which reached a final close at €5 billion last month. (New Private Markets) "Hamilton 'Tony' James, who helped transform Blackstone from a small private-equity shop into an investment giant with $731 billion in assets, is leaving the company in January." (WSJ) "The private-equity unit of family-owned investment firm Edmond de Rothschild Group is launching its latest partnership with a specialized investment team, this time focusing on food and agriculture startups." (WSJ Pro)
"Abrdn Plc has set up a new unit that will focus on taking equity stakes in companies, becoming the latest investment giant seeking to profit from an ongoing private equity boom." (Bloomberg)
PE Deals
They said it “If there’s a silver lining to being an independent sponsor, it’s that it lends itself to a fundraise process that’s transparent and quick. People trust you.” Unlike spinouts from large firms, where “most of the track record is hidden behind layers of hierarchy,” deal-by-deal investors can develop “a level of trust with the LPs which is really deep.” — Kevin Ma, co-founder of Diversis Capital, talks to Buyouts about the transition from independent sponsor to funded.
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