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Vector, Trinity Hunt buy into digital marketing; OceanSound bets on fintech; TPG acquires OneOncology from General Atlantic

Good morning dealmakers, thank goodness it’s Friday!

It’s Obey Martin Manayiti here with the newsletter.

To cap off the week, I am looking at six recent digital marketing and digital advertising deals that have caught PE investors’ attention.

I will also look at the OceanSound Partners’ portfolio company CFM. The company, which helps banks and credit unions with digital transformation, recently merged with two other complementary companies and also appointed a new CEO, Stephen Baker, to strengthen its capacity in the market.

There is also news of General Atlantic exiting Nashville-based OneOncology, a network of oncology practices, to TPG and AmerisourceBergen, as well as Ronin Equity Partners forming Lotus Beverage Alliance, a craft beer maker, after merging six companies this week.

Digital marketing

The sector, which involves using the internet, mobile and other technology to reach customers, has become increasingly sophisticated over the years. Today, it encompasses a wide range of tactics and technologies, including social media marketing, search engine optimization, content marketing, influencer marketing, affiliate marketing, email campaigns and paid advertising.

Private equity firms continue to invest in companies that provide digital marketing services. These businesses are scalable, profitable, flexible and cost-effective, say PE investors.

We've has seen a slew of investments in this sector since the beginning of the year, with one announced just this morning. Upgrade your subscription to premium to read all about it on PE Hub.

Fintech

OceanSound Partners is lining up its portfolio company CFM to tap into the growing demand for digital transformation from banks and credit unions, Ted Coons, partner and co-founder of the New York-based PE firm told me this week.

CFM, a Tempe, Arizona-headquartered company recently merged with NXTsoft and IMM, all fintech companies that provide banks and credit unions with API connectivity, workflow automation and data analytics software.

Cancer care

TPG and AmerisourceBergen Corporation have agreed to acquire Nashville-based OneOncology, a network of oncology practices, from General Atlantic. With this deal, TPG will acquire a majority stake in OneOncology, and AmerisourceBergen will take a minority stake in the company.

The transaction puts OneOncology at a valuation of $2.1 billion and is expected to close by the end of September.

Happy hour for the weekend

New York City based-Ronin Equity Partners this week formed Lotus Beverage Alliance, a craft beer maker after merging six companies: Alpha Brewing Operations, GW Kent, Twin Monkeys, Stout Tanks and Kettles, Brewmation and Automated Extractions.

The new company has locations in Lincoln, Nebraska, Ypsilanti, Michigan, Denver, Colorado, Portland, Oregon, Hopewell Junction and New York.

The six companies have a combined value of $100 million.

That’s it for me today. You can reach out to me at [email protected].

MK Flynn will be back with the Wire on Monday.

Have a great weekend.

Cheers,

Obey

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Blackstone targets $10bn for new US direct lending fund. The fund's strategy will likely borrow, sources told Buyouts, from Blackstone Private Credit Fund – widely known as BCRED – a business development company formed in 2020 for individual investors.

As traditional exit routes dry up – and with the IPO window seemingly shattered – finding a new source of liquidity is paramount. Once again, GP-leds look best placed to accommodate. (Secondaries Investor)

Blackstone’s nearly $200 billion of dry powder will be more heavily deployed to credit and insurance than private equity, the firm revealed on its first-quarter earnings call. (Private Equity International)

Brentwood Associates, a mid-market specialist with several popular restaurants and consumer brands in its portfolio, is out in the market with its seventh flagship fund, seeking $1.25 billion. (Buyouts)

The Firefighters’ Retirement Plan of the City of St Louis is working with investment consultants Dahab Associates to add a 5 percent allocation to farmland or timber. (Agri Investor)

There were multiple $1 billion-plus fund finance transactions in the market in the first quarter with at least 30 new entrants to the market, according to a report from PJT Park Hill. (Secondaries Investor)

PM Alpha has unveiled a “mini blend” approach as it seeks to offer qualified retail investors optimal access to private debt funds. (Private Debt Investor)

Monroe Capital has held a first close on the fifth vintage of its flagship private credit fund, according to a document filed with the Securities and Exchange Commission. Monroe Capital Private Credit Fund V, a lower mid-market direct lending fund, has received commitments of $335 million out of a $3 billion target. (Private Debt Investor)