Good morning, Hubsters! Rafael Canton here with the US edition of the Wire from the New York newsroom.
As the stock market moves up and down at a dizzying pace these days, taking companies private may get even more attractive - especially in the enterprise software sector. In fact, three notable take-private software deals have already closed this year. Today, we’re showcasing my deep dive on the topic featuring interviews with Vista Equity Partners, Thoma Bravo and Goldman Sachs.
Next, Waste Control Specialists was recently put into the market by its private equity owner JF Lehman & Company, three sources briefed on the matter told PE Hub.
The aviation industry is facing many challenges recently, including the need for technology upgrades of all kinds. For private equity, that means opportunities for dealmaking. Boeing’s pruning process may be Thoma Bravo’s gain, as we saw in a big deal announced yesterday.
Finally, the exit market has been slow according to S&P Global Market Intelligence analysis. Let’s look at some of the recent news regarding exit figures.
Duration mismatch
Let’s begin with the technology sector. While overall dealmaking is in a slump, take-private transactions for enterprise software companies are holding their own. Cases in point are the following take-private deals that closed in the first four months of the year:
For insights on what’s driving take-private enterprise software transactions in 2025, PE Hub reached out to several PE firms that invest in tech. Here are comments from Tara Gadgil, partner at Thoma Bravo; Monti Saroya, senior managing director and co-head of Vista Equity Partners’ flagship fund; and Joe Porter, partner and managing director in the technology, media and telecom group and head of software merger and acquisitions at Goldman Sachs.
Subscribe to the premium version of the Wire to gain insight into why take-private deals in software are attractive to PE firms and if the trend will continue.
Waste control
Now, let’s go to a scoop from earlier. On Tuesday, PE Hub senior reporter Michael Schoeck was first to report that Waste Control Specialists was recently put into the market by its private equity owner JF Lehman & Company, three sources briefed on the matter told PE Hub.
Upgrade to the premium version of the Wire to learn more about the sale process.
Going digital
As Boeing prunes its portfolio to focus on the company’s core businesses, it has agreed to sell portions of its digital aviation business to Thoma Bravo for $10.55 billion.
Private equity has made many deals around every aspect of the aviation industry. In April alone, there’s already been a few deals announced. Stonepeak agreed to acquire a seventy-five percent stake in IOR, an Australian commercial fuel and logistics provider. Aquiline Capital Partners-backed Relation Insurance Services announced it acquired True-Course Aviation Insurance, an aviation risk business.
In February, Apollo Global Management fully exited its remaining shares in low-cost carrier Sun Country Airlines. The firm has enhanced its focus in the aviation industry over the past few years, making several aviation industry deals.
Subscribe to the premium version of the Wire to learn more about the acquisition from Thoma Bravo.
Chilly exit market
Uncertainty related to tariffs has caused a relatively quiet dealmaking market in the private equity industry. Earlier in April, editorial teams from Buyouts, PE Hub and Private Equity International contacted a broad range of thought leaders from the PE industry to get their insights on the situation.
Upgrade to the premium version of the Wire to gain access to S&P Global Market Intelligence’s analysis of the exit market and see what PE professionals have said about the exit market.
Tomorrow, Craig McGlashan will be with you for the Europe edition of the Wire and Michael Schoeck will bring you the US edition.
Cheers,
Rafael
Read the full wire commentary on PE Hub ...
