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‘The future of IT work is hybrid,’ says Turn/River Capital’s Matthew Amico about SolarWinds take-private deal

Good morning, dealmakers. MK Flynn here in New York with the US edition of the Wire.

Take-private enterprise software deals are having a moment. Several transactions have closed since the beginning of the year, seemingly undeterred by all the uncertainty of the last few months. If anything, the recent public market volatility may make it even more attractive for companies to go private.

PE Hub reporter Rafael Canton, who counts technology among the beats he covers, has been following these deals closely. Rafael wrote a story on the topic last week, featuring his interviews with dealmakers from Goldman Sachs, Thoma Bravo and Vista Equity Partners. Since that story was published, HIG Capital announced the close of its acquisition of Converge Technology Solutions.

Today on the Hub, we’re featuring Rafael’s deep dive on  Turn/River Capital’s $4.4 billion acquisition of SolarWinds, which was completed earlier in April.

We also touch on data from Baird on Q1 dealmaking activity. Later this week, PE Hub will publish a detailed look at the quarter, based on our analysis of data from S&P Global Market Intelligence.

‘The future of IT work is hybrid’

Continuing our look at the slew of take-private enterprise software deals that have closed since the beginning of the year, PE Hub’s Rafael Canton spoke with Matthew Amico, a partner at Turn/River, about the firm’s acquisition of SolarWinds, which closed earlier in April.

Upgrade to the premium version of the Wire for details on Turn/River’s strategy for SolarWinds add-ons.

Deal volume down but value up

Baird’s Global M&A Quarterly report came out recently.

To learn the key findings and the investment bank’s forecast for the rest of the year, upgrade to the premium version of the Wire.

As always, I’d love to hear your thoughts on the state of dealmaking. Email me at [email protected]

Tomorrow, Craig McGlashan will bring you the Europe Wire, and Rafael Canton will bring you the US edition.

Cheers,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Columna Capital sees a “strong” pipeline of new opportunities across Europe, thanks in part to a cooling in competition and a slightly slower pace of origination activity, Rory Devlin, managing partner and co-founder, told PE Hub.

Brookfield Asset Management’s private wealth arm has set its sights on Asia-Pacific and Europe as its growth markets as it seeks to gather $100 billion of inflows from the wealth channel over the next five years. "We harbour that view as a firm that a lot of the alternatives growth over the next five to 10 years will come globally," chief executive John Sweeney tells Private Equity International.

Private Funds CFO has a good rundown on Paul Atkins, who took his oath as SEC chair on April 21: "Atkins is, by most accounts, a serious man, and one who really, truly believes that the SEC plays an essential role in capital formation. A longtime friend described him to me as 'impeccably dressed, impeccably mannered, and he will cut your throat without getting any blood on his handkerchief.' He may need that entire skill set."

SQ Capital, a secondaries firm focused on mid-market opportunities, has brought on senior private equity professionals from Permira and Carlyle to lead its dealmaking and investor relations efforts. (Secondaries Investor)

Savills Investment Management has made its debut in the natural capital space with a £100 million ($133 million; €117 million) forestry mandate, marking the firm’s first dedicated strategy in either agriculture or forestry. (Agri Investor)

APG Asset Management is open to opportunities in infrastructure secondaries some seven years after its last such deal, as it looks to double its €32 billion infrastructure portfolio by 2031 and do more direct investments, according to Jan-Willem Ruisbroek, who leads the infrastructure and private natural capital team at the Dutch pension fund giant. (Infrastructure Investor)

Deals

They said it

“We will look to do more product acquisitions, but we will also look at more transformative things.”

— Matthew Amico, a partner at Turn/River, about the firm’s acquisition of SolarWinds, which closed earlier in April

Today's letter was prepared by MK Flynn

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