Stellex acquires plumbing platform P3, Ten Coves closes debut independent fund

View this email online

The Wire

Jan. 19, 2022

Stellex acquires plumbing platform P3, Ten Coves closes debut independent fund

Morning!

How’s it lookin’ today, Dear Reader? Chris Witkowsky here, and I take solace in the fact that we are moving quickly through January, and perhaps beginning — just beginning — our climb from the depths of winter.

A reminder — you all came through with Women in PE recommendations. We had a record turnout this year in my inbox. The best part, to me … I got very few repeat nominees from prior years. It’s a great sign that more women are rising up through the ranks and being recognized.

Our call for nominees is closed but keep your Deals of the Year nominations coming. Deadline for nominees is Friday, Feb. 11. As always, send them to me at [email protected].

Now, on to the show …

Stellex Capital Management said it acquired Peltram Plumbing Holdings, known as P3, in partnership with existing management from an investor group led by Crescendo Capital Partners, writes MK on PE Hub today.

Crescendo spent 3.5 years developing its P3 platform, combining Peltram Plumbing, Power Plumbing, Precision Plumbing and ER Plumbing. Having reached around $30 million Ebitda on around $200 million of revenue, Crescendo largely maxed out its ability to fund acquisitions, MK wrote.

During Crescendo’s ownership, P3’s revenue and Ebitda grew by 7x, MK wrote. Read the full story here on PE Hub.

Also, Ten Coves Capital, which spun out of Napier Park in the depths of the pandemic in 2020, today will announce the closing of its debut independent fund on $293 million.

“We had planned to raise a fund beginning in 2020 but we hadn’t yet formally launched. We spent that spring working on portfolio companies and making sure we had plans in place to ride out a very big shock to the system,” Ten Coves founder and managing partner Steve Piaker told me. Read more here on Buyouts.

That’s it for me! Have a great Monday. Hit me up with tips n’ gossip, feedback or book recs at [email protected] or over on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Blackstone secured an initial $2 billion-plus for a fourth fund geared to tactical opportunities, a strategy launched by the private equity giant in the wake of the financial crisis. (Buyouts)

"U.S. buyout fund Bain Capital is in final talks to buy French IT services firm Inetum in a deal worth about $2.27 billion that would boost its presence across Europe's tech sector, sources familiar with the matter told Reuters."

From FT's Lex: "Alternative asset manager Petershill Partners does things differently. The Goldman Sachs-managed fund updated shareholders on activity in its $5bn portfolio on Tuesday. The scant details demonstrated a reluctance to publish information investors usually take for granted. That will blunt appetite for the business, which buys stakes in private equity firms."