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| In today's Daily Pitch, you'll find: | | | | | |
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| Slowing global M&A activity found few lifelines in Q3 | | Companies and investors certainly shopped till they dropped, and they might not be getting up anytime soon. Global M&A activity that had ratcheted up to record-high deal counts and values at the end of 2021 and then dropped in the new year, fell further in Q3, clocking in 29.8% down from the Q4 2021 peak.
Climbing inflation, rising interest rates, tumbling tech and healthcare stocks, and a weaker euro all worked to drag down M&A deals, according to our Q3 2022 Global M&A Report, sponsored by Liberty GTS and RBC Capital Markets. - Public companies' trading multiples have plummeted from a median multiple of 3.3x revenue in 2021 to 2.3x at the end of Q3, while M&A deal multiples have held firm at 2x during the same span.
- Private equity and corporate buyers alike snapped up business products and services companies at higher rates, as 17 deals of $1 billion or more closed in the sector in Q3.
- The COVID-19 pandemic's lingering effects on the labor force dragged on the healthcare industry's pace of M&A, which typically fares well in recessionary times.
| | | | | | | | | On the podcast: VC's New York story | | Interplay managing partner Mark Peter Davis joins the podcast to discuss the advantages and disadvantages of being a VC in New York, the ins and outs of entrepreneurship, and how Interplay approaches investments in the blockchain space—while avoiding the crypto hype.
Plus, PitchBook senior news editor James Thorne shares insights from his reporting on the exodus of executive leadership at SoftBank. | | | | | | | |
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| At $12.9 billion, life sciences dealmaking remains resilient | | The life sciences sector is dynamic as ever. At $12.9 billion across 461 deals through summer 2022, investment is still strong across the life sciences expansion-stage ecosystem. Deloitte's latest Road to Next installment explores the key factors shaping the entire sector, featuring: - How market turmoil is shifting focuses for executives at life sciences companies
- Key regulatory developments to watch
- Data on cumulative unicorn valuations, financing metrics and more
Read it now | | | | | | | |
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| European VC-backed acquisitions on pace for new high | |  | | (popicon/Shutterstock) | | | VC-backed acquisitions are set to achieve a new record in Europe as consolidation among startups grows.
As Europe's startup ecosystem has matured, it has seen an increase in M&A activity that will likely continue as the downturn makes exits more difficult. | | | | | | | | | Survey shows UK PE investors overwhelmingly targeting public assets | |  | | (Chrispictures/Shutterstock) | | | The majority of mid-market private equity investors in the UK are targeting public companies as stock market volatility and a weaker pound hit valuations, according to a survey by London-based stockbroker Numis.
On the other hand, competition for assets is expected to remain fierce as private investors descend on public markets in search of a bargain. | | | | | | | | | | Biotech founders are feeling squeezed in the UK, where the demand for lab space is vastly outweighing the supply. [Sifted]
Private equity scrambles to comply with an SEC marketing rule set to take effect in early November. [The Wall Street Journal]
Scientists may have discovered a method for making magnets used in wind turbines and electric cars without the rare-earth metals that are almost exclusively produced in China. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 196 Deals | 540 People | 178 Companies | 10 Funds | | | | | | |
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| 2019 Vintage Global Secondaries Funds | | | | | | |
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| Accel leads $55M round for Merge | | | Merge, a developer of customer integration tools for B2B companies, has raised a $55 million Series B led by Accel. Founded in 2020, the company is backed by investors including NEA and Addition. | | | | | | | Fermyon raises $20M Series A | | | Fermyon has raised $20 million in a round led by Insight Partners. The company is a creator of cloud tools designed to help developers build and manage microservices applications. | | | | | | | | | Wispr has raised $10 million in equity and debt from investors including Triple Point Capital and MVP Ventures. Founded in 2021, the company is a developer of neurotechnology designed to help non-invasive neural interfaces interact with users. | | | | | | | Spacecraft company Apex nabs $7.5M | | | Apex, a Los Angeles-based company which manufactures spacecrafts for commercial and government customers, has emerged from stealth with $7.5 million in funding led by Andreessen Horowitz. | | | | | |
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| PitchBook webinar: US leveraged loan market outlook | | With rising rates, distress and volatility, the leveraged loan market is currently facing significant instability and wariness from investors. Join our experts from LCD as they explore market trends, collateralized loan obligations and the potential role of PE in this environment. Additionally, a Q&A segment will be open for questions about the future of leveraged loans.
Register now to secure your spot. | | | | | | | |
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| Godspeed's SilverEdge acquires Counter Threat Solutions | | | Godspeed Capital has acquired Counter Threat Solutions for its intelligence-focused platform company, SilverEdge Government Solutions. CTS, a technology and consultation provider for intelligence agencies, is Godspeed's third acquisition this month. | | | | | |
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| American Securities weighs potential $2.5B exit | | | Private equity firm American Securities is considering an exit from its portfolio company CPM Holdings in what could be a $2.5 billion deal, Bloomberg reported. The firm acquired the Iowa-based process equipment manufacturer for $1.23 billion in 2018. | | | | | | | Leonard Green's Milan Laser withdraws IPO plans | | | Milan Laser, a company that operates hundreds of laser hair removal clinics in the US, has withdrawn its plans for an IPO. PE firm Leonard Green & Partners has owned a majority stake in Milan Laser since 2019. | | | | | |
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| Flourish Ventures launches Africa-focused investment program | | | Flourish Ventures has launched Madica, a structured investment program for pre-seed stage technology companies in Africa. The program seeks to back 25 to 30 African entrepreneurs with up to $200,000 each. | | | | | |
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| Mubadala, KKR aim to invest $1B in Asian private credit | | | KKR and United Arab Emirates sovereign wealth fund Mubadala have formed a partnership to invest at least $1 billion in private credit opportunities in Asia. Mubadala will deploy its capital with KKR's existing funds, including its $1.1 billion Asia Credit Opportunities Fund. | | | | | | | Runway Growth Capital lends $45M to Nalu Medical | | | Runway Growth Capital has committed a $45 million senior secured term loan to Nalu Medical, a VC-backed medtech company specializing in the treatment of chronic neuropathic pain. | | | | | | | Investors circle Credit Suisse's US asset manager | | | | | | | | | | Syncona, an investor focused on healthcare, has agreed to buy Applied Genetic Technologies Corp. for roughly $23.5 million, or about 34 cents per share. "Given the state of equity and other funding markets, we see significant challenges in funding ongoing operations beyond 2022," AGTC chairman Scott Koenig said in a statement describing the deal. | | | | | |
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