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Sagewind looks to leverage DoD modernization; Webster exits Retina Consultants

Good morning, PE Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.

First, we will start off with a scoop. Sagewind Capital announced that it acquired digital engineering research and development services provider Sabel Systems earlier this morning and we have a look at the deal.

Next, we have a deal from this morning. Webster Equity Partners has agreed to sell Retina Consultants of America to Cencora for about $4.6 billion.

Then, I’ll dig a little bit into Houlihan Lokey’s FinTech Market Update for Q3 2024.

Finally, we have a quick update on ACG NY’s Middle Market Week. I attended the opening event on Monday evening.

Now that the election is over, I’d love to get readers thoughts on how it will impact dealmaking across the US. You can reach me at [email protected]

Modernization mandate

Let’s start off the Wire with a scoop. PE Hub reporter Obey Martin Manayiti had the exclusive on a deal earlier today. Sagewind Capital announced that it acquired digital engineering research and development services provider Sabel Systems.

Subscribe to the premium version to learn more about the deal.

Quality of eye care

In a deal announced this morning, PE firm Webster Equity Partners has agreed to sell Retina Consultants of America to Cencora for about $4.6 billion. Retina Consultants of America is a management services organization of retina specialists.

Premium subscribers can read more about this deal.

There has been a significant amount of PE deals in the eyecare space. In October, PE Hub highlighted six deals in the eyecare sector from firms such as Ardian, KKR and Oakley.

FinTech update

Earlier this week, Houlihan Lokey released its FinTech Market Update for Q3 2024. The report looks at M&A transactions across several different subsectors within FinTech such as InsurTech, Banking and Lending Tech, and Payments.

There’s been a steady stream of deal activity in FinTech, including recently in October. K1 Investment Management agreed to sell Irwin, a Canadian provider of investor relations and capital markets software, to FactSet.

In another October deal, GTCR-backed Foundation Source acquired Vennfi, an Atlanta-based financial technology company that powers Charityvest, a donor-advised fund sponsor. In April, PE Hub highlighted five PE deals in FinTech from firms such as EQT, Advent and Summit Partners.

Subscribe to the premium version of the Wire to see the report.

Mid-market week

Mid-market dealmakers in private equity are gathering this week in New York for ACG NY’s Middle Market Week. I stopped by the opening reception on Monday.

Premium subscribers can learn more about what events are taking place for Middle Market Week.

That’s it from me today. If you have any questions, thoughts, or want to chat, please email me at [email protected]

Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire, and Obey Martin Manayiti will bring you the US edition.

Cheers,

Rafael

Read the full Wire commentary on PE Hub ...

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They said it

“We try to find companies that are helping further national security or the mission of other government agencies to help implement technologies faster and more efficiently. We seek to partner with businesses which have demonstrated the ability to grow and have a clear runway for continued growth, and this is true for Sabel.”

— Raj Kanodia, managing director, Sagewind Capital on the firm’s acquisition of Sabel Systems