Daily InsightsPortco CFOs Key to Successful Roll-Up StrategiesM&A-oriented growth strategies produce uneven results – but a strong CFO can help guide the way.
NewsletterChecking the Pulse on CVC’s $1.2B CompuGroup Medical BidPlus: We discuss David Bonderman’s legacy and outline portco M&A and exits from last week.
Daily InsightsM&A Is Risky, But Operating Partners Choose It AnywaysOver half of exits surveyed in our “Technology: Value Creation 2024” report chose M&A as a path for growth but saw varied results.
Daily InsightsWill General Atlantic Duplicate Duolingo’s Success with $1B LTG Deal?Plus: We wonder why sports fans play defense against private equity and outline portco M&A and exits from last week.
Daily InsightsMubadala Plans 'Long-Term Approach' for $8.7B CI FinancialPlus: We explore the link between fundraising and the rise in wealth management portcos and outline portco M&A and exits from last week.
Daily InsightsCould Unhappy Employees Be Good For Tech Exits?Privitas’ “Portco IQ Report: Technology 2024” found a negative correlation between employee happiness and financial performance. Why?
Daily InsightsCinven Settles $1.6B Account with Grant Thornton UKPlus: We wonder why on earth PE firms would buy chain restaurants and outline portco M&A and exits from last week.
Daily InsightsTop Tech Exits in 2024 Were to Strategic AcquirersAccording to Privitas’ “Portco IQ Report: Technology 2024”, 80% of Grade B and C tech exits were sponsor-to-sponsor, while only 25% of Grade A ones were.
Daily InsightsKKR’s Next Chapter in EdTech: the $4.8B Instructure Take-PrivatePlus: We argue why ESG needs to remain core to operations (even during a Trump presidency) and outline portco M&A and exits from last week.
Daily InsightsExits Are Back, But DifferentAfter a 2022-23 slump, the exit resurgence is underway. However, the way in which sponsors exit has been markedly different – especially with portcos worth over $100 million.
Daily InsightsEuropean Data Centers Have “PE-style Risk-Return” For BainPlus: The Buffalo Bills eyes Arctos investment, CVC joins KKR on SuperStruct, and Shore Capital and Silver Lake talk pet care.
Daily InsightsWill EQT Get Schooled on Education? Behind the $14.5B Nord Anglia DealPlus: Thoma Bravo buys Secureworks via portco Sophos, Vinted reaches $5.4B valuation, and Carlyle’s operations expertise.
Daily InsightsUnion Backlash, Regulatory Restrictions: CD&R (Finally) Seals €16B Sanofi DealPlus: Squarespace and Zuora go private, Ingram Micro goes public, and Blackstone and TPG work on a joint bid for Bausch + Lomb.
Daily InsightsApollo Shoots for the Stars with $3.6B Barnes DealPlus: Butterfly takes Duckhorn wines private, Strategic Value Partners buys Vista’s sporting goods business, and CD&R beats out PAI for a stake in Sanofi’s Opella.
Daily InsightsThe Unexpected Impact of Family Offices on PE Portco OperationsFamily offices have emerged as a worthy competitor to PE for talent, capital, and assets. How is the competition impacting the actual management of assets?
Daily InsightsTPG’s $7.6B Acquisition of AT&T’s DirecTV Creates Cable GiantPlus: TPG eyes three other deals, Clearlake and Francisco Partners team up for Black Duck, and Ares bets on the Miami Dolphins.
Daily InsightsAre PE-Backed Companies More Likely To Go Bankrupt? It’s Complicated.The oft-cited fact stems from a study of pre-GFC data – in recent years, the opposite was true. But post-Covid, things have started to backslide… especially in two key sectors.
Daily InsightsTPG Launches Wealth Management Comeback with $2B+ Shopping SpreePlus: Koch’s PE arm eyes a Forbes acquisition, Apollo mulls a $5B capital injection into Intel, and M&A slows for PE-backed companies.
Daily InsightsApollo: “You Can’t Talk in the ESG, Alphabet-Soup Jargon” to CFOsThe firm’s ESG operational team believes the greatest impact on its portfolio won’t come through impact-coded language or hard, science-based targets like Net Zero by 2050.
Daily InsightsHellman & Friedman’s $3.3B Valuation of GMR Among Largest PE Music PlaysPlus: Vistra buys itself back from Nuveen and Avenue, KKR splits up Axel Springer, and exits will likely pick-up with Fed cut.
Daily InsightsWhy Did Vista, Blackstone Up the Price on Smartsheet to $8B?Plus: Permira closes on Squarespace, CVC loses its €16B DB Schenker deal, and interest rates show weak correlation on US buyout activity.
Daily InsightsCan GTCR’s $2.7B AssetMark Deal Weather a Wealth Management Slowdown?Plus: TPG buys Altimetrik, 26North inks its first deal, and Birch Hill bets big on Canadian pharmacies.
Daily InsightsDeutsche Bahn’s Logistics Unit Is Flailing – Can CVC’s €14B Bid Save It?Plus: Cybersecurity companies make enticing PE targets, Wynnchurch adds on Iconex’s label solutions to M2S, and the NFL accepts eight PE firms into the fold.
Daily Insights“We’ve Moved Downmarket”: Behind Riverside’s Unique Roll-Up StrategyFew companies consider deals below $5 million EBITDA – and even fewer launch roll-ups with an asset that small. But The Riverside Company does just that, with an international edge.
Daily Insights$3.8B for Vantive’s $4.5B Revenue – Behind Carlyle’s Dialysis DealPlus: PE broadens feeder firms for operating partner recruitment, Thoma Bravo exits $2.9B Trader Corp, and Grant Thornton, Evolent Healthcare, and Redwood Software seek PE buyers.
Daily InsightsUS PE’s Outperformance of European PE Is Structural, Not OperationalIt’s not that US firms are better operators – there are a number of structural reasons for the performance gap between European buyouts and their American counterparts.
Daily InsightsCinven Sells JAGGAER to Vista, Doubles EVPlus: Recession indicators are on the rise, Apollo and EQT make sustainable investments in Europe, and Francisco Partners makes 15x its money on QGenda sale to Hearst.
Daily InsightsWhy Do Smaller Buyouts Outperform Large Caps? Operations.Dedicated operating partners are scarce in the small- to mid-market. But counterintuitively, these firms’ operational successes have led them to outperform large buyouts.
Daily InsightsBehind Fuji Soft: Why KKR Keeps a Steady Hand on JapanPlus: Neuberger Berman values Nord Anglia schools at $15B, EQT eyes cybersecurity, and Apax takes a long-held asset private – three years after leading its IPO.
Daily InsightsTowerbrook Victorious in Battle with New Mountain for R1 RCMPlus: Sixth Street acquires Enstar, Apollo takes US Silica private, and PE firms hold onto tech assets for longer periods.
Daily InsightsDoes PE Ownership Bear Some Blame for the Healthcare Cyberattack Crisis?Private equity involvement in healthcare has been controversial for many operational reasons — we can now add digital innovation to the list.
Daily InsightsGambler’s Fallacy? Behind Apollo’s $6.3B IGT-Everi Take-PrivatePlus: KKR buys a wealth management firm while Permira looks to sell its own, ADIA weighs a $1.1B ice cream venture, and Hamilton Lane invests in NJ-based Cosette Pharmaceuticals.
Daily InsightsThe Midmarket’s People Problem2024 has seen a renewed interest in midmarket deals. Successful post-facto value creation, though, will rely on buyout firms’ ability to navigate human capital needs.
Daily InsightsKKR Cashes In on Historic Run for Japanese Chipmaker Kokusai ElectricPlus: Platinum Equity acquired aircraft landing gear manufacturer, Qatalyst Partners seeks buyer for $6.6 billion Smartsheet, and Madison Dearborn exits LinQuest.
Daily InsightsBain and Reverence Pay $4.5B to Take Envestnet PrivatePlus: Macy’s stock falls after failed PE buyout, Blackstone wins the Hipgnosis bidding war, and CD&R and Permira team up to target French cybersecurity.
Daily InsightsOperations Are at the Core of Edison Partners’ Energy AI DealEdison Partners’ $15M deal with energy AI tool Seismos leaned on Edison Edge, the firm’s operations platform. Such a platform is a rarity for a lower mid-market dealmaker.
