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The Wire

Private equity deal news and insights from the New York newsroom

Feb 27, 2025

 

TSCP said to gauge buyout interest in Freddy’s Steakburgers; CohnReznick sale process results in Apax investment

Good morning, Hubsters. Senior reporter Michael Schoeck here with the US edition of the Wire from the New York newsroom.

 

Hot off the press today we have a scoop on a quick-service burger chain operating in 36 states that sources say is coming to the market.

 

Next up we have my weekly companies for sale update, which this week will highlight a CPA firm that received the backing of a private equity firm.

 

And we’ll close with a deal announcement involving a fire safety add-on.

 

Burger time

Thompson Street Capital Partners is expected to launch a sale process of fast casual restaurant franchisor Freddy’s Steakburgers in the next couple of months, sources briefed on the matter told PE Hub.

 

Upgrade to the premium version of the Wire for more insight on the burger chain.

 

Companies for sale

With dealmaking starting off 2025 at its slowest volume in more than a decade, deal announcements that have emerged from late 2024 companies for sale covered by PE Hub have resembled diamonds in the rough.

 

Upgrade to the premium version of the Wire for insight on companies for sale.

 

Done deals

Yesterday, Apax Partners announced a growth investment in tax advisory and accounting firm CohnReznick for undisclosed terms. The deal caps off a strategic review process PE Hub reported on exclusively back in October.

 

Upgrade to the premium version of the Wire to read more on CohnReznick’s sale process.

 

Speaking of another company PE Hub tracked for sale, Pye-Barker is making another add-on deal.

 

On Thursday morning, Pye-Barker Fire & Safety, a portfolio company of Altas Partners and Leonard Green Partners, announced the acquisition of Nebraska Safety and Fire Equipment, a fire safety equipment provider headquartered in North Platte, Nebraska.

 

Upgrade to the premium version of the Wire to read more on Pye-Barker’s sale process.

 

That’s a wrap for me.  Keep an eye out for the Europe edition of the Wire tomorrow from Irien Joseph and the US edition from John R Fischer.

 

Cheers,

Michael

 

Read the full Wire commentary on PE Hub ...

Today's must reads
> Blackstone’s Solotar: ‘We plan to be ready for 401(k)s’ More...
> Thompson Street seeks to sell Freddy’s Steakburgers, sources say More...
> Brand resonance key amid US tariff threat, says Cinven's Maxim Crewe More...
> Consumer sector M&A will be a lot busier in 2025, predicts TSG's Michael Layman More...
> Montagu eyes global expansion for Multifonds following $400m carve-out More...

Also of note (may require subscriptions)

Cinven still sees opportunities akin to its US expansion of fashion brand Kurt Geiger, despite potential tariffs on imports by the new US administration. But the political shift means focusing on brand resonance is more important than ever, Maxim Crewe, partner and head of consumer at the London-based firm, told PE Hub.

 

Charlesbank Capital Partners is running a process to extend its hold over one of its relatively younger assets, Action Behavior Centers, which it acquired in 2022, three secondaries market sources told Buyouts.

 

Private Equity International recently caught up with Joan Solotar, global head of private wealth solutions at Blackstone, to discuss its progress in tapping private wealth capital at scale and where it sees opportunities for future growth. Solotar is one of the speakers at PEI Group’s NEXUS 2025 conference in Orlando on 10-12 March.

 

On the heels of committing $2.8 billion into private equity over the past two years, the New Mexico State Investment Council is bracing for a sizable J-curve impact. (Buyouts)

 

Are real estate allocations at risk? Industry executives are concerned Donald Trump's energy policies could further steer investor capital away from the asset class to infrastructure. (PERE)

 

Small-cap secondaries funds are punching above their weight from a distribution to paid-in capital perspective – a performance metric closely monitored by limited partners allocating into private markets at a time where realisations have slowed. (Secondaries Investor)

 

A counter-intuitive approach to AI training in the US could sidestep Jevons paradox, bring data centres online faster and save the industry billions of dollars every year. (Infrastructure Investor)

 

Schroders Greencoat, the infrastructure business of Schroders Capital, has launched a long-term asset fund designed to give wealth clients access to energy transition investments. (New Private Markets)

 

A nearly three-year fundraise for Neuberger Berman’s latest real estate secondaries vehicle has ended with a $1.05 billion haul, beating its target by over $200 million, albeit with the help of an undisclosed amount of employee contributions as well as its own capital. (PERE)

 

Advent International is seeking $26 billion for Advent International GPE XI, according to materials prepared for the Massachusetts Pension Reserves Investment Management Board’s February 27 board meeting. (Private Equity International)

 

Luxembourg-headquartered Quilvest has promoted Daniel Toledano to the newly-created role of global head of sustainability, the firm will announce Friday. (New Private Markets)

Deals

NXT Capital: Middle-Market Direct Lending and Investor Solutions
> Argentum and Climate Investment fund vapor recovery firm JessCo More...
> TowerBrook invests in consulting firm Berkeley Research Group More...
> HGGC to buy majority stake in Centralis Group from CBPE More...
> Fonds de solidarité FTQ-backed Les Brasseurs adds on Sober Carpenter More...
> PE-backed Pye-Barker Fire & Safety snaps up Nebraska Safety and Fire Equipment More...
> Leonard Green-backed Pye-Barker Fire & Safety snaps up Nebraska Safety and Fire Equipment More...
People
> Lead Edge Capital opens first international hub in London More...
> Core Industrial Partners-backed Winky Lux taps Bloomer as CEO More...
> BGF appoints Rosaleen Blair as non-executive director More...
 
 

They said it

“This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people.”

— David Kessler, CEO of CohnReznick, about Apax’s investment in the CPA firm.

Today's letter was prepared by Michael Schoeck

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