Weekly insights for creating value in private equity.
Why 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.
History Shows Interest Rates Alone Have Marginal Impact on Buyout Activity
The Federal Reserve is expected to cut interest rates by 0.25 in September 2024.
Can 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.
Deutsche 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.
“We’ve Moved Downmarket”: Behind Riverside’s Unique Roll-Up Strategy
Few 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.
$3.8B for Vantive’s $4.5B Revenue – Behind Carlyle’s Dialysis Deal
Plus: 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.
US PE’s Outperformance of European PE Is Structural, Not Operational
It’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.
These Are the Top Feeder Companies for PE Operating Partners
As the remit of operating partners becomes more specialized, PE firms are recruiting from a broader range of companies.
Cinven Sells JAGGAER to Vista, Doubles EV
Plus: 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.
Why 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.
Why KKR Keeps a Steady Hand on Japan
Plus: 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.
How the Unwinding of the Yen Carry Trade Affects Private Equity
From increased borrowing costs to potential redemption requests by LPs to cover losses.
