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The Wire April 6, 2021
Silversmith-backed Absorb up for sale, Oval Partners offers unique deal structure to entice MSPs
Happy Tuesday, readers!
Dealmaking in the tech space is booming. Case in point: Silversmith Capital's EdTech company Absorb Software just launched a sale process, adding to the flurry of brewing activity. Read Milana's full story here.
Technology accounted for 20 percent of global M&A so far this year - when accounting for both strategic and PE-backed deals, according to Refinitiv's latest report. Much like the robust activity ocurring in EdTech, MSP sellers are witnessing unprecedented demand from PE groups - a trend I wrote about last month. As a result, Oval Partners-backed New Charter Technologies is structuring deals distinctively in order to acquire more MSPs in a shorter time frame.
Read the full wire commentary on PE Hub...
That’s it for me! Enjoy the week ahead, and as always, write to me with comments, feedback or tips at [email protected].
Also of note (may require subscriptions)
Fundraise news: Thompson Street Capital Partners is expected to raise close to its $1.5 billion target on its first close for its next flagship pool, sources told Buyouts. The first close could come in May, the person said. It’s not clear if Thompson Street Capital Partners VI is capped.
Big bet: FFL Partners invested $100 million in workforce-services company Velocity Global. Using part of the new investment, Velocity recently acquired iWorkGlobal, and estimates the combined company will have $1 billion in pro-forma revenue in 2022. Read the report here.
Asia focus: Private equity powerhouse KKR raised $15 billion for its fourth Asia-Pacific focused fund, marking the region’s biggest private equity fund at a time when buyout-backed deals are on the rise, Reuters reports.
PE Deals
They said it “You want to hold your winners as they can be productive return generators for investors, and PE structures don’t allow for really long-term holds.” Andrea Auerbach, global PE head at Cambridge Associates, talked to Buyouts about how GPs are looking to hold old portfolio companies beyond the regular PE hold period.
Today's letter was prepared by Karishma Vanjani 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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