Good morning, Hubsters. Michael Schoeck here with the Thursday Wire, filling in for MK Flynn, who’s out on vacation. Deal closings are all the rave in the final stretches of the calendar year. Earlier today New York-based sponsor SK Capital closed its Italy-based portfolio company Ecopol’s first add-on transaction, a cross-border deal for JRF Technology, a water-soluble polymer and edible film producer based in Tampa, Florida. Shifting over to the ever-consolidating US healthcare system, medical service providers continue to be picked out by PE-backed buyers. Over the last two days, sponsors Sun Capital,NMS CapitalandTygon Peak Capital each saw portfolio company growth via acquisitions of dermatology, doctors’ organizations and urology practice companies. And in infrastructure news, Australian power generation companyOrigin Energy will remain public after a consortium led by Canada’s Brookfield Asset Management fell short earlier this week of receiving enough shareholder votes to take the company private for A$18.7 billion ($12.5 billion). Starting off today we’ll take a look at Ecopol’s first deal closing. Cross-border add-on SK Capital portfolio company Ecopol, of Pistoia, Italy, has completed a deal for JRF Technology, a water-soluble polymer and edible film developer based in Tampa, Florida. The US target is a research and development-focused water-soluble polymer and film company, founded in 2007 and managed by co-founders James Rossman and Richard Fielder, holders of patents in commercial polymers and water-soluble technologies, according to the firm’s website. Upgrade to the premium version of the Wire to read more on Ecopol and SK Partners’ backing. Is there a doctor in the house? Shifting to the medical services market, over the last two days alone there were three new PE portfolio add-ons and one new joint venture involving various medical specializations from doctors’ groups to urologists. In Dallas, Sun Capital Partners-backed Platinum Dermatology Partners merged with Skin & Cancer Associates, a Florida-based dermatology practice. The merger will increase Platinum’s network to nearly 400 providers across 130 clinics in Arizona, California, Florida, Nevada, and Texas. Consider upgrading to the premium version of the Wire to learn more about NMS Capital and Tygon Capital’s portfolio investments in medical services this week. Power play goes bust Christmas is just around the corner, but Brookfield Asset Management and EIG Partners did not get their final big ticket wishlist item of the year done. Australian power generator Origin Energy will remain a public company after shareholders voted against a “best and final” offer from a consortium led by the Canadian fund manager. At a shareholder meeting in Sydney on December 4, 68.92 percent of shareholder votes cast were in favor of the takeover, which required 75 percent approval in order to close. As a result of the vote, Origin Energy’s $12.5 billion take-private offer was rejected. Read more on PE Hub for the rest of the Origin saga. That’s it for me today. Obey Martin Manayiti is back on the horn again tomorrow with the Friday edition of the Wire. Cheers, Michael Read the full wire commentary on PE Hub ... |