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The Wire Jan. 11 2021
Audax-backed Axia Women's Health readies sale as virtual JPM kicks off, KKR invests in music catalog of OneRepublic's Ryan Tedder Morning!
In a normal year, I’d be in San Francisco right now running from one hotel to another for meetings at the J.P. Morgan Global Healthcare Conference. With the Woodstock of healthcare going virtual like most things, that means no more $2000 nightly hotel rooms, fighting over chairs in restaurants and lobbies, or bonding over the stress and chaos of the week at evening cocktail parties.
The event typically sets the year’s tone in healthcare dealmaking, bringing together an ecosystem of investors, executives and service providers hoping for that one meeting or human interaction that makes the grueling week all worth it.
Instead, I write to you from my WFH (work-from-home) set-up with this morning's news - which includes Audax Private Equity’s Axia Women’s Health preparing to kick of a sale process. In other activity of note, KKR, through its Dislocation Opportunities Fund and private credit vehicles, is buying a majority stake of the music catalog of Ryan Tedder and OneRepublic. The deal values the catalog at nearly $200 million the Wall Street Journal reported this morning. Check out PE Hub's brief on the deal.
That's it for today. Have a great week, everyone, and as always, write to me at [email protected] with your comments, tips or just to say hello.
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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards. Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year. Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian. If you have additional questions, email Private Equity Editor Chris Witkowsky at [email protected].
Also of note (may require subscriptions) Single-asset deal: Madison Dearborn is turning to the secondaries market to gain more time to manage NFP Corp, an insurance broker and consultancy. The single-asset process is likely to produce a single-asset deal valued below $1 billion. Read more on Buyouts.
Jobs: The U.S. economy is poised to see its best year of job growth since 1939, the Wall Street Journal writes, citing data from IHS Markit. That said, the the report said gain is unlikely to fully replace 2020’s net job loss of 9.4 million, according to the Labor Department’s jobs report Friday.
Forceful contender: Bill Gates has joined Blackstone in a $4.3 billion approach for Signature Aviation – making the buyout shop a favorite to purchase the world’s biggest operator of private jet bases, according to Bloomberg. Private flying is unique within the travel sector, benefiting from the global health crisis, the report said. Read more here.
PE Deals
They said it “What are companies aiming to accomplish through political spending? What protections, advantages and subsidies are they attempting to secure by picking and choosing individuals to support — or by supporting, in many cases, both sides of the aisle? Businesses can’t have it both ways: They can’t benefit from the protections of the rule of law and play in an inherently corrupt system designed to influence the creation of those laws to their own advantage.”
Judy Samuelson, the founder of the Aspen Institute Business and Society Program, told the New York Times’s Dealbook just before the siege on the Capitol began.
Today's letter was prepared by Sarah Pringle. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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