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The Wire June 21, 2021
Ronin Equity is on a mission to consolidate cheese makers, Sixth Street, Michael Dell invest in the San Antonio Spurs
Happy Monday!
We’ve got a fun news day everybody -- cheese M&A and a new private equity investment in an NBA franchise. Starting with the former, Ronin Equity Partners is going after specialty cheese and charcuterie shops to consolidate a sector largely untapped by institutional capital. Kicking off this effort, the firm recently bought three premium cheese companies – Red Apple Cheese, Barron County Cheese, and Cheese Brothers – for just over $50 million combined, sources told PE Hub. The combined business rakes in over $40 million in revenue and has an EBITDA margin of about 15 percent, sources said. Read PE Hub's full report.
Sports: The San Antonio Spurs is bolstering its investor group, adding Sixth Street and Michael Dell to the shareholder base. According to CNBC’s Leslie Picker, the new investment pushes the value of the franchise to $1.8 billion, with Sixth Street buying a 20 percent stake and Dell taking another 10 percent. A deal is poised to close next week, an announcement said. MLB teams were worth an average of $1.78 billion in 2020, up 8 percent from 2019, whereas an NBA team in 2020 was valued at an average of $2.12 billion, up 14 percent since 2019 and growing nearly six-fold since 2010, Forbes said last year. Sixth Street, for its part, has been headlines as of late in healthcare technology. On the heels of...
Read the full wire commentary on PE Hub...
That’s it! Have a great week ahead, everybody, and as always, write to me at springle@buyoutsinsider with any tips, comments or feedback!
HOUSEKEEPING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we'll make sure you get a complimentary copy of the "Emerging Manager Report 2021," based on these surveys (once it's published this fall). All responses are kept confidential. The survey deadline is July 2.
Also of note (may require subscriptions) Emerging manager: OpenGate Capital is talking to limited partners about launching its next flagship, which could target up to $850 million, sources told Buyouts. Emerging managers like OpenGate are seeking reception with limited partners, who generally have been happy to stick with their established relationships in the uncertain markets. Read it on Buyouts.
Big one:Wall Street Journal writes that TPG is raising a $5 billion climate-related fund to invest in companies that have a positive impact on the environment by reducing carbon emissions, citing a public document from the Washington State Investment Board. Read it on WSJ.
SPAC king: Bloomberg writes that property billionaire Barry Sternlicht has once again increased the size of a special purpose acquisition company, a trick that others are finding harder to pull off in a cooling SPAC market. The SPAC is the fifth in a series raised by Sternlicht since the beginning of last year -- all with “Jaws” in the name -- and he’s achieved the rare feat of upsizing every one of them. Read it on Bloomberg.
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They said it “If LPs care about sustainable energy, they should begin with the world’s largest polluters, which are not the crypto and NFT projects, even though those also pollute.” Matthew Le Merle, co-founder and managing partner of Fifth Era and Keiretsu Capital, which set up a blockchain fund that invests in other venture funds, speaks to New Private Markets.
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