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The Wire Aug. 23, 2021
WCAS-backed MMIT and Hg's Evaluate merge, SK Capital buys buys Deltech's Monomers, Polymers and European businesses
Morning, everybody!
This is Sarah, back from vacation, feeling refreshed, and playing catch up. Hit me up with any juicy deal developments, people news or anything else in private equity land that I should know about!
It’s a quiet morning out there so far on the M&A front. But on Friday, one interesting transaction was revealed at the intersection of healthcare and tech. Welsh, Carson, Anderson & Stowe said it would merge Managed Markets Insight & Technology, or MMIT, with London-based Evaluate, which is owned by Hg. The merger creates a $1.6 billion global pharma commercial intelligence provider, an Hg announcement said.
WCAS’s partial sale of MMIT, which provides market access data, analytics and insights for the pharma industry, comes just a few weeks after a competitor, Breakaway Partners, was acquired by Komodo Health for an undisclosed sum. The MMIT process, one source recently told me, involved a limited group of participants. Other likely contenders, sources suggested, were private equity-backed strategics with deep pockets like GA’s CareMedx, a technology-enabled hub services platform that facilitates patient access to specialty medications.
Materials: SK Capital Partners has acquired the Monomers, Polymers and European businesses of Deltech Holdings, taking a majority stake in the Baton Rouge, Louisiana-based business. Read PE Hub's brief on the deal.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Continuation: More than one third of the top 50 biggest firms in Private Equity International‘s latest PEI 300 ranking of the largest managers in private equity have either completed or are undertaking continuation vehicle transactions. The list includes General Atlantic – one of the latest large managers to close such a transaction – with its $3 billion continuation fund over the summer. That deal ranks as the fifth-largest continuation fund of all time, according to PEI calculations. Read more on PEI.
Retreat: Wall Street Journal writes that hedge-fund billionaire William Ackman, who launched the largest-ever special-purpose acquisition company with an aim of landing a big target to take public, may now return its funds to shareholders in the face of a lawsuit questioning the vehicle’s legality. Read more on WSJ.
New vehicle: Ares Management Corporation is to launch a private equity vehicle for non-institutional investors, with recent acquisition Landmark Partners central to the strategy. Ares Landmark Private Markets Fund will invest in a diversified portfolio of private assets acquired “principally” on a secondary basis, while also making primary commitments and direct investments in the equity and debt of private companies, the alternatives manager said in a prospectus filed last week with the Securities and Exchange Commission. Read it on Secondaries Investor.
PE Deals
They said it “The canon of impact investing really does encompass lots of things that I hold dear,” he said. “It’s simultaneously true that there’s incredible investment activity to be executed on.” Greg Shell, of Boston-based Bain Capital Double Impact, speaks to New Private Markets
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