| | | SPAC timeline proves a double-edged sword, Blackstone's Joe Baratta dubs the long-term fund an 'asset class', Summit-backed CareCentrix ends deal talks | | | | Thursday, November 05, 2020 | | | | | Happy Thursday!
The fast pace at which companies can access the public markets through a SPAC process has many c-suite execs excited these days, but a tighter timeline is not without onerous financial reporting challenges, according to experts at Deloitte.
“Are SPACs really cheaper and [easier]? Cheaper, it depends; it’s not easier. Deals are often more complex. The accounting and finance side is typically more difficult,” said Will Braeutigam, partner and head of Deloitte’s Central Region IPO and SPAC Execution Group for the Accounting, Reporting and Advisory practice.
While speed is viewed as the top benefit among C-level or executive leaders – surpassing factors including access to PIPE capital and mitigation of market volatility – approximately 25 percent of those polled by Deloitte also cited the accelerated timeframe to complete a transaction as the biggest challenge. Regulatory requirements, including SEC compliance, was the most common roadblock identified.
Read more on PE Hub. |
|
| | | Top Scoops | | | Long-term fund strategies, only an idea a few years ago, have come of age as investors see early evidence of performance, Joe Baratta, Blackstone global head of private equity, said in an interview with Buyouts.
Fund I put the thesis to the test. It backed about half a dozen companies, among them SESAC, a music rights organization that manages licenses for singers like Adele and Bob Dylan. Acquired in 2017 from Rizvi Traverse Management, it was the strategy’s first transaction.
Check out Kirk Falconer's full report. |
|
| | In other news, CareCentrix, the Summit Partners-backed home- and post-acute care benefits manager, has scrapped potential sale plans after talks with Anthem fell apart, sources with knowledge of the matter told me. Read more.
That’s it for today’s rundown. As always, write to me at [email protected] with any tips, comments or just to say hello!
Sarah
HOUSEKEEPING
LP Insights: We're running a survey to get insight into limited partner thinking in today's market. Take the survey here and share your thoughts with us: Take the survey. | | |
|
| | | | | | | | | | | | | | | | | West Monroe buys Pace Harmon | | West Monroe has acquired Pace Harmon, an IT and business services transformation and outsourcing advisory firm in the Washington, D.C.-based area. More... |
| | | | AEI buys and merges Linkware and Pangiam | | AE Industrial Partners has made two acquisitions: Linkware, a provider of custom software solutions and consulting services to federal government organizations, and Pangiam, a security and travel consulting services provider. More... |
| | | | | | PE-backed Planet to buy NDA Partners | | The Planet Group, which is backed by MidOcean Partners, has agreed to acquire NDA Partners, a global life sciences management consulting and contract development organization. More... |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | TVision lands $16m | | New York City-based TVision, which measures "TV’s transformation," has secured $16 million in funding. More... |
| | | | | | | | | | | | | | | | Nyca Partners backs Blooma | | Blooma, a provider of digital underwriting solutions for commercial real estate lending, has raised an undisclosed amount of funding. More... |
| | | | | | | | | | | | | | | | | | | | | | | | InRiver nabs $32m | | InRiver, a Swedish provider of product information management solutions, has secured $32 million in funding. More... |
| | | | REEF racks up $700m | | REEF, which is building a proximity platform to support an on-demand economy, has secured $700 million in funding. More... |
| | | | | | | | Massive Bio rakes in $2.6m | | New York City-based Massive Bio Inc, a provider of precision medicine and artificial intelligence-enabled patient centric clinical trial enrollment solutions, has secured $2.6 million in funding. More... |
| | | | | | | | | | | | Osome rallies $3m | | Osome, a Singapore-based Fintech-as-a-service for entrepreneurs, has secured $3 million in financing. More... |
| | | | | | |
|
| | | People Moves | | | | | | | | | | PE-backed Pelican Products adds new VP to team | | Pelican Products, a maker of high-performance protective cases, temperature-controlled packaging solutions, advanced portable lighting systems and rugged gear for professionals and outdoor enthusiasts, has named Brad Antoine as vice president of financial planning and analysis. More... |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| To update your PE Hub email preferences, or to unsubscribe, click here. |
| | | |
|
