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The Wire Dec. 21, 2020
Nordic, Astorg snap up New Mountain's Cytel, Thoma Bravo inks mega real estate software LBO and forms health-tech platform Morning!
The holiday season has arrived in this year unlike none other, but dealmaking hasn't abated.
This just in: Nordic Capital and Astorg have teamed up again. The pair of European firms have agreed to buy New Mountain Capital’s Cytel, which uses statistical analysis in the planning and optimization of clinical trials, according to sources with knowledge of the pending deal. Nordic and Astorg are investing through a 50-50 joint ownership structure, the sources said, with the agreement valuing Cytel at approximately $1 billion.
Check out my full report for more details of the deal.
Nordic and Astorg appear to be natural buyers of Cytel, as the two firms are also investment partners behind another clinical trial technology player, ERT, which recently merged with Cinven's Bioclinica at an enterprise value of approximately $5.9 billion, PE Hub wrote.
Ending the year with a bang: Prolific tech investor Thoma Bravo has agreed to take RealPage private in a deal valued at $10.2 billion including net debt. RealPage, headquartered in Richardson, Texas, offers property management software and real estate management software. Read PE Hub's brief on the deal.
Separately, Zipari has agreed to be acquired by Thoma Bravo in a deal valuing the business at more than half a billion dollars. Zipari will be combined with Healthx in connection with the deal. Read more on PE Hub.
Read the full wire commentary on PE Hub.
That's it for me! If you've got any big news to share before you call it quits for 2020, write to me at [email protected] or find me on LinkedIn.
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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.
Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.
Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.
If you have additional questions, email Private Equity Editor Chris Witkowsky at [email protected].
Also of note (may require subscriptions) A change is gonna come: A recent GP-led secondary process, run by Summit Partners, did not include the traditional “status quo” option and still moved forward with great demand. This and some others in the market, sources have told Buyouts, seem to indicate a shift in how the market approaches such transactions. Read more here.
Carve-out opportunity: Buyout firms PAI Partners and China’s CDH Investments are among those preparing first-round bids for Royal Philips’ home appliance unit, Bloomberg writes. The segment could fetch a more than $3.6 billion TEV, people with knowledge of the matter said.
Payouts: Private equity-backed companies have often borrowed heavily to pay big dividends to their owners through the health crisis, the WSJ reports. This year produced $29 billion worth of debt tied to such payouts, according to S&P Global Market Intelligence’s LCD. Read more.
SPAC talks: After calling off an IPO more than a year ago, Blackstone Group in in talks to merge Alight Solutions with Foley Trasimene Acquisition Corp., Reuters reports. The SPAC transaction would result in the U.S. benefits services provider becoming a publicly-listed company at a TEV upwards of $8 billion, the report said. Read more. PE Deals
They said it “People saw value during the dark days, but often didn’t have the constituency or support to carry out a transaction.” Peter Weinberg, the chief executive of Perella Weinberg Partners, tells the New York Times Dealbook that the desire for deal-making never went away, even during the depths of the pandemic.
Today's letter was prepared by Sarah Pringle. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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