PE Weekly: Sector-Focused Services Drive M&A
B2B service providers with a vertical focus, from healthcare to law, drive dealmaking this week
Platform Investments
Percheron Capital Forms Fire Safety Platform. Services-focused private equity firm Percheron Capital announced the formation of its fire and life safety platform in a recent press release. The platform will be led by Carmine Schiavone, who previously led Johnson Controls and Tyco International’s fire and life safety business.
Thoma Bravo Backs HubSync. Thoma Bravo, a software-focused investment firm, has invested more than $100 million in HubSync, a tax and accounting platform. HubSync enables automation for CPA firms and will use the backing to accelerate its product roadmap, fuel growth and invest in customer service.
Arcapita Group Acquires Trustpoint.One. Global alternative investment firm Arcapita Group Holdings announced this week it acquired a majority stake in Trustpoint.One, a provider of tech-enabled legal services to law firms and corporate clients. Arcapita said the investment supports its focus on recession-resistant sectors.
TPG to Acquire Peppertree Capital for $960 Million. Private equity firm TPG has reached a deal to acquire Peppertree Capital for up to $960 million, according to reports this week. Peppertree invests in communications infrastructure and strengthens TPG’s presence in the wireless communications space.
Add-Ons
FalconPoint’s Jenmar Acquires Rohrig. Rohrig Heavy Equipment Maintenance, a provider of equipment maintenance and repair services, has been acquired by FalconPoint Partners-backed Jenmar. The investment expands the offerings of Jenmar Services to the construction, mining and oil and gas sectors.
GenNx360’s Shenandoah Acquires Pro-Pipe. Shenandoah, a provider of underground infrastructure services backed by private equity firm GenNx360 Capital Partners, has acquired Pro-Pipe Services. The business provides sanitary and stormwater pipe cleaning services for public and private clients.
Trivest’s Province Acquires O’Keefe. Province, a restructuring and financial advisory firm backed by Trivest Partners, announced this week its investment in O’Keefe. The advisory firm specializes in litigation risk management, forensic accounting, capital advisory and turnaround solutions. The acquisition marks Provine’s first since receiving backing by Trivest.
Palatine Backs Atombit, Three Add-on Acquisitions. Atombit, an Experience Intelligence and AI solution provider supporting business clients’ customer relationship needs, has received backing from U.K.-based Palatine Private Equity. In addition to receiving backing, Atombit also announced three add-on acquisitions: J2 Reliance, Profusion and DWise.
Astara Capital’s Unified Service Partners Acquires Roofing Cos. Unified Service Partners, a roofing platform backed by Astara Capital Partners, announced the acquisitions of Trademark Roofing and Titan Roofing this week. The investments expands Unified Service Partners’ presence in Florida.
Strategics
Casago Takes Vacasa Private. Vacation rental property management company Casago has acquired Vacasa, a vacation rental management platform. Vacasa will delist from the Nasdaq following the acquisition’s completion, a press release said. The combined entity will be led by Casago founder and CEO Steve Schwab.
Exits
Conagra Exits Chef Boyardee to Brynwood-Backed Hometown Food. Conagra Brands is reportedly selling the Chef Boyardee brand to Hometown Food Company, according to FoodDive reports. Hometown is a portfolio company of private equity firm Brynwood Partners. The transaction was made for a reported $600 million.
Thoma Bravo Sells Stake in NextGen Healthcare to Madison Dearborn. Private equity firm Madison Dearborn Partners announced this week it reached an agreement to acquire a stake in NextGen Healthcare from Thoma Bravo. NextGen provides healthcare technology and data solutions. Thoma Bravo will retain an ownership position in the business.
Alpine Investors Exits Ascendient Learning to Accenture. Alpine Investors, a private equity firm, has exited Ascendient Learning, a subsidiary of Axcel Learning and IT-training solutions provider. Publicly listed Accenture acquired the company, a press release said.
Fundraising
Performance Equity Raises $383M for Co-Investment Fund. Performance Equity Management announced the close of its fifth co-investment fund with $383 million in capital commitments, surpassing its $300 million target. Performance Direct Investments V will focus on small and middle-market buyers and growth equity investments.
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