🗓 Weekly RollUp: Accounting Roll-Ups Continue & Dry Powder Piles Up

What’s Topical

Private Equity News

•  ✨ Private equity continues to innovate.

This past week, Neuberger Berman, one of the largest asset managers in the world, introduced a semi-liquid private equity fund designed for retail investors with a minimum investment of only €10,000. The NB Private Equity Open Access Fund provides retail investors with the ability to co-invest with private equity managers, while also allowing liquidity through quarterly redemptions. https://bit.ly/3PQnl6B

• 👎 But does private equity need more capital?

WSJ reports that there is more than $500 billion of uninvested private equity capital from funds closed in 2020 and 2021. With the typical private equity investment period lasting 4–5 years, much of that uninvested capital could expire unless firms secure extension periods from their limited partners. The growing pile of dry powder reflects not only the sustained demand for private equity but also the increasing difficulty funds face in deploying capital amid intensifying market competition. https://bit.ly/3PSIKvS

• 🏈 Private equity’s encroach on sports continues

Last month, NFL announced that Arctos Partners and Ares each acquired a 10% stake in the Buffalo Bills and the Miami Dolphins, respectively. https://bit.ly/4hc5xyM

Now, a group of investors led by Lebron James’ business partner Maverick Carter has tapped UBS and Evercore to raise $5 billion to launch a global basketball league. https://shorturl.at/2wZBv

News and Deal Recaps by Industry

Business & IT Services

• Astorg is reportedly working with Morgan Stanley and Goldman Sachs to explore a potential sale of IQ-EQ, an investor services company providing accounting, reporting, and compliance services.

• PWL Capital, a wealth management company, was acquired by OneDigital, a wealth manager backed by Onex Capital.

• Prio Wealth, a registered investment advisor, was acquired by Cerity Partners, which is backed by Genstar Capital and Lightyear Capital.

• All4, an air quality consulting service provider, was acquired by Levine Leichtman Capital from JMH Capital.

• RetroRabbit and SmarTek21, product design and engineering firms focused on insurance and banking products, was combined by Tortuga Growth Partners.

• Strata Information Group (d/b/a SIG), an IT services provider for the higher education industry, was acquired by Ridgemont Equity from Fort Point.

• EpiCenter ERP, a consulting and implementation provider of Epicore ERP software, was acquired by Cre8tive Technology and Design, which is backed by Petra Capital Partners.

• Out of Home Masters, a media agency focused on outdoor advertising, was acquired by Talon, backed by Equistone Partners.

• BDMH Insurance Services, Follmer Insurance Services, Madison Pingatore Insurance Agency, and R&A Insurance were all acquired by Tripolis Insurance Services, backed by Unity Partners.

Industrial Services

• Tavoron, an automation components and systems provider with multiple brands such as AccuTech, Automation & Robotics Solutions, Celco Automation, and HTE Technologies was acquired by Fusion Capital Partners.

• FC Sanitation, a waste collection and hauling company, was acquired by Waste Eliminator, which is backed by Allied Industrial Partners.

• Premier Mechanical, a HVAC services company, was acquired by The Exigent Group, backed by Huron Capital.

• Domna, a home energy retrofitting services company, was acquired by Leon Capital. 

• Integra Technologies, a semiconductor assembly and testing provider, was acquired by Micross Components, backed by Bergman Capital.

• Controreupe, a non-destructive testing for aerospace and defense industries, was acquired by Trigo, which is backed by Viola Growth and Red Dot Capital.

Healthcare Providers & Services

• Fujifilm Irvine Scientific’s Medical Media Business Unit, a provider of vitro fertilization, infertility research and related analyses, was acquired by Astorg.

• Life Science Connect, a healthcare focused digital media (magazines and communities) company, was acquired by Latticework Capital and Edgehill.

• HealthyBOS, a revenue cycle management company, was acquired by KnackRCM, which is baked by LKCM Headwater Investments and Weave Growth Partners.

• Wuxi AppTec, a medical device testing company, was acquired by Namsa, a clinical and regulatory consulting firm baked by Archimed.

• Ro Health, a healthcare staffing company backed by Achieve Partners, received an investment from LightBay Capital.

Products & Distribution

• ServerLift, a manufacturer of handling and lifting equipment for data centers, was acquired by American Pacific Group.

• D&J Precision Machine, a precision machining services for the automotive market, was acquired by Burnout Brands, which is backed by Hidden Harbor Capital Partners.

• KT, a kinesiology tape brand owned by Palladin Consumer, was acquired by Bridges Consumer Healthcare, backed by Charlesbank Capital Partners.

• Ritchie Industries, a manufacturer of automated livestock watering products, was acquired by Granite Creek Capital Partners.

• Keylink, an aluminum railing systems provider, was acquired by PrimeSource Brands, backed by Clearlake Capital.

• Master Packing and Rubber Company, a provider of gasket and seals to agricultural markets, was acquired by Flow Control Management, backed by Audax.

• Global Spill and Safety, a spill-containment products and absorbents producers and distributor, was acquired by Justrite Safety Group, backed by Audax.

Software

• Smartsheet, a project management software company, completed its $8.4 billion take-private by Blackstone and Vista Equity Partners.

• Corlius, a software solution provider for primary care doctors, was acquired by PSG Equity and Rivean Capital.

• Wingify, an Indian software company focused on A/B testing, was acquired by Everstone.

• Street Context, an email intelligence software company, was acquired by BlueMatrix, which is owned by Thoma Bravo.

Infrastructure

• KKR and Gulf Data Hub are committing over $5 billion to build out data centers in the Middle East to support AI demands.

• Cenergy Power, a developer and operator of residential, commercial, and industrial solar assets, received an investment from Aiga Capital Partners.

That’s a wrap on this week’s Weekly Roll-Up. See you Saturday with another Deep Dive!

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