Aug. 11, 2022: Wafra Takes Minority Stake in Thompson Street
Plus, Bain Capital Credit notes $2.4B investment in the middle market, and GenNx360 backs a B2B IT solutions provider
Read the top headlines from Thursday, August 11, 2022 below:
Bain Capital Credit Places $2.4 Billion with Mid-Market Businesses in H1
Bain Capital Credit said in a press release that it has invested $2.4 billion in middle-market, private equity-backed businesses in the first half of 2022. Bain’s Private Credit Group provided the funding to more than 100 businesses in 27 different industries to fuel refinancing, leveraged buyout, and add-on acquisition activity, the firm said in its announcement.
“We remain attracted to the core mid-market,” stated Michael Ewald, Bain’s managing director and global head of its Private Credit Group, adding that for Bain, that comprises businesses with $25 million to $75 million in EBITDA. He added, “we believe this segment of the market represents a large and fragmented opportunity set.”
GenNx360 Backs B2B IT Solutions Provider
GenNx360 Capital Partners, a middle-market private equity firm based in New York City, announced via press release its investment in B2B IT solutions provider ITsavvy LLC. ITsavvy helps businesses develop technology infrastructure to support their own business customer relationships. Its CEO, Manu Gandhi, will remain in the position. For GenNx360, the investment represents portfolio diversification, according to the firm’s founder and managing partner Rob Blaylock.
Wafra Takes Minority Stake in PE Firm Thompson Street
Middle-market private equity firm Thompson Street Capital Partners announced recently that Wafra, a global asset management company, has acquired a minority stake in the firm. Thompson Street, a firm based in St. Louis and focused on the healthcare, technology, business and consumer services arenas, will use Wafra’s backing to scale. The private equity firm noted in its announcement that Wafra’s investment will not impact Thompson Street’s investment strategy or day-to-day operations. Financial terms of the investment were not made public.
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