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| Private equity brushes off past club deal woes with $34B Medline buyout | |  | | US private equity firms have amassed record levels of dry powder. And now they're spending it. (John Lund/Getty Images) | | | Private equity's biggest guns are once again showing they can have record-setting buyout firepower when they work as a team.
After recently backing away from so-called club deals that bring together multiple firms, the industry now has its largest acquisition in years. - Blackstone, The Carlyle Group and Hellman & Friedman have joined forces to acquire Medline in a deal reportedly worth around $34 billion, including debt.
- The transaction marks the largest private equity buyout by value in at least a decade, according to PitchBook data.
- It also may signal that club deals involving multiple buyout shops are returning after falling out of favor following a series of high-profile flops in the wake of the 2008 financial crisis.
| | | | | | | | | | Trulioo valued at $1.75B in ID verification hot streak | | Canada-based Trulioo has raised $394 million at a $1.75 billion valuation, the latest in a string of high-profile deals for digital identity verification companies. - ID verification heavyweight Auth0 was acquired by Okta for $6.5 billion in a deal that closed last month. Other competitors in the space including Socure, ID.me, Jumio and JumpCloud have closed venture capital rounds worth $100 million or more this year.
- TCV led Trulioo's financing, with support from Amex Ventures, Citi Ventures, Mouro Capital and Blumberg Capital. TCV is also an investor in cybersecurity startups OneTrust and Vectra.
- The Series D makes Trulioo the third-most valuable VC-backed company in Canada, according to PitchBook data. It raised $52.8 million in 2019. Based in Vancouver, Trulioo provides a platform that verifies 330 million businesses through an ID verification API.
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| | Prisms of Reality launched a new algebra learning game to help students develop lasting proficiencies with exponential functions. In the game, students use algebra to understand and solve a real-world problem—the COVID-19 pandemic.
Prisms of Reality (NSF-2014681) is one of hundreds of deep-tech startups funded annually by the National Science Foundation, a government agency that helps accelerate discoveries into the marketplace.
Startups can receive up to $2 million to support translational research and development. NSF helps teams navigate the earliest stages of technology translation, investing roughly $200 million annually in startups. In the last five years, these companies have raised billions in follow-on capital, and the portfolio has had 100-plus exits.
Learn more about NSF funding for startups at seedfund.nsf.gov. | | | | | | | |
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| Exploring the structures, strategies and outlook for long-dated PE funds | |  | | (Andrzej Wojcicki/Getty Images) | | | Long-dated private equity funds with lifespans of 15 years or more have emerged over the past half-decade. Investors have multiple long-dated strategies to choose from, each with its own set of pros and cons, according to PitchBook's latest analyst note: - Core funds, offered by some of the largest PE firms, target companies with a lower risk/return profile than traditional PE funds do, and compound growth over holding periods of 10 years or more. Other long-dated funds have emerged that target IRRs of 20% or more, and are more flexible in whether they will sell assets within a typical window of three to five years.
- For long-dated funds, the most significant competition for assets comes from LP direct investors.
- GP-led secondaries may also alter the competitive landscape for long-dated funds, since they allow traditional PE funds to act like long-dated funds.
| | | | | | | | | | How the Salinas Valley went from a COVID-19 hot spot to a model for vaccination and safety. [The Washington Post]
First-time homebuyers in the US may think they've got it bad. But those in Australia may have it even worse. [Insider]
One New Jersey business has gone from being an unassuming sandwich shop to having a soaring stock price. Inside the mystery of the $113 million deli. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 451 Deals | 1518 People | 438 Companies | 29 Funds | | | | | | |
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| A message from RBC Capital Markets | | |
| What's driving M&A and SPACs today? | | There has been an unprecedented level of M&A activity since mid-year 2020 as markets continue to recover post-COVID-19. SPACs accounted for roughly 20% of all M&A volume in the US in the first four months of 2021, and these vehicles have approximately $700 billion to $1 trillion of buying power.
But will SPAC activity continue to grow given the recent regulatory focus? RBC Capital Markets' M&A experts believe regulation will be a long-term positive for SPACs, and that SPACs will continue to be significant M&A players going forward.
See what's moving M&A and get insights from RBC's experts on key opportunities likely to emerge. | | | | | | | |
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| 2013 Vintage European Real Estate Funds | | | | | | |
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| PitchBook Webinar: A look at biotech and pharma's biggest year ever | | Though the past year has been fraught with challenges and unknowns, the biotech and pharmaceutical industries have risen to the occasion with new technology and unprecedented VC funding.
Learn more about recent innovations, the potential for market growth and what the future holds for this vertical in our upcoming webinar. PitchBook analysts Joshua Chao and Kaia Colban will bring their expertise in pharma, biotech, digital health and wellness tech as they discuss the growth of these sectors in 2020 and their potential in 2021.
Sign up here to join us Wednesday, June 9 at 10 a.m. PT. | | | | | | | |
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| | | Great Hill Partners has invested $55 million in Eloomi, the provider of a cloud-based performance management platform that helps companies manage employee learning and productivity. Founded in 2015, the Copenhagen-based company has more than 500 customers in over 25 countries. | | | | | | | | Helix grabs $50M for genomics | | | | | | | | | | | | | | | | | TailorMed has raised $20 million in a round led by Providence Ventures. The New York-based company offers a healthtech platform to help patients cover treatment costs via co-pay assistance programs, among other resources. | | | | | |
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| Blackstone to take QTS Realty private in $10B deal | | | Funds managed by Blackstone have agreed to acquire QTS Realty Trust, an Overland Park, Kan.-based data center solutions provider, in a public-to-private deal valued at about $10 billion, including debt. Blackstone will pay QTS common stockholders $78 per share, a 21% premium to QTS' June 4 closing stock price; the deal is expected to close by the end of the year. | | | | | | | | KKR to land Atlantic Aviation for $4.4B+ | | | KKR has agreed to purchase Atlantic Aviation for $4.47 billion in cash, with the assumption of debt and reorganization obligations. The company provides a range of services to the private aviation sector. Macquarie Infrastructure Corp. has owned Atlantic Aviation since 2004. | | | | | | | | Platinum Equity to buy Spanish waste giant for $4.2B | | | Platinum Equity has agreed to acquire Madrid-based waste management company Urbaser from China Tianying for about $4.2 billion. The deal is expected to be completed in the third quarter of this year. Urbaser serves over 70 million people in 25 countries. | | | | | | | | Primavera to pick up infant formula unit for $2.2B | | | Primavera Capital Group, based in Beijing, has agreed to acquire Reckitt Benckiser's infant formula and child nutrition business for an implied enterprise value of $2.2 billion. Reckitt, a UK-based consumer products company, will retain an 8% stake in the Chinese unit. | | | | | |
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| Banking app creator Dave to go public via SPAC | | | | | | |
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| Abry Partners eyes $1.2B+ senior equity fund | | | Abry Partners is targeting $1.25 billion for its sixth senior equity fund, according to Buyouts. The firm's fifth such fund closed on $1.05 billion in 2017, targeting investments in lower-middle-market companies in the media, communications, information and business services sectors. | | | | | |
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| SoftBank invests $150M in GBM | | | SoftBank's Latin America fund is investing as much as $150 million in a subsidiary of Grupo Bursátil Mexicano, a decades-old Mexico City-based investment platform and brokerage firm that's publicly traded. The deal values the subsidiary at over $1 billion. The funding will be used in part to expand into new verticals. | | | | | |
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"Since 2016, only 3.2% of PE funds raised fit into the mega-fund category, but the dollars they garnered amounted to 43.3% of assets raised. In the five calendar years prior to 2016, mega-funds represented 1.4% of fund count and 25.5% of capital raised."
Source: PitchBook's Q1 2021 Private Fund Strategies Report | | | | | |
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