PE Today: Grata Raises Funds, Skilled Nursing Beckons PE Funding, Apollo Strikes Broadcasting Takeover
Grata's company intelligence engine lands Series A, new data points to PE interest in skilled nursing, and Apollo drives further broadcast consolidation.
Catch up on the top headlines from Tuesday, February 22, 2022 below:
Mid-Market Intelligence Engine Grata Lands Series A
Private company intelligence engine and Association for Corporate Growth partner Grata announced Tuesday (Feb. 22) its latest funding round to the tune of $25 million led by Craft Ventures. Specializing in coverage of private middle-market businesses, Grata offers data and insight on millions of companies to help corporate dealmakers make informed decisions. The Series A funding brings the total raised by Grata up to $35 million.
“Corporate dealmakers and institutional investors need robust, searchable, and accurate data to identify the needle-in-the-haystack opportunities within the myriad of companies,” said Jeff Fluhr, co-founder and General Partner of Craft Ventures, in a statement.
Skilled Nursing Continues to Capture Private Equity Attention
Skilled nursing is growing in popularity among private equity investors, according to a recent survey conducted by Skilled Nursing News. The publication’s 2022 outlook survey revealed private equity firms remained at the top of the list of likely buyers of skilled nursing facilities (SNF).
“There’s a large appetite for seniors housing across the board, including skilled nursing, and I think based on our activity and what we’re doing, I see that to continue and to be even more active than 2021,” said Brian Chandler, managing director in JLL’s valuation and advisory services, told the publication.
Read More: Assessing Value & Risk in Healthcare Transactions
Apollo Global Management Backs $5.4 Billion News Broadcasting Acquisition
Asset management firm Apollo Global Management, which manages private equity as well as other alternative assets, backed a $5.4 billion takeover of U.S. local news broadcast company Tegna by Standard General, according to a press release. According to separate reports in Axios, the acquisition is the latest in a recent spout of M&A activity within the broadcast sector as private funding drives consolidation of the industry. Apollo acquired Cox Media Group in 2019, for example.
News of Apollo’s investment came the same day reports said the firm launched a $100 million fund aimed at connecting grants to non-profits focused on driving access to education, networking, skill development and capital for entrepreneurs.
“We are tapping into the same kind of processes that Apollo uses to make investments so that employees can be involved in every step of the grantmaking and the foundation can expand opportunity for the causes they are passionate about,” the foundation’s executive director Lauren Coape-Arnold said in an interview with Reuters.
