PE Today: M&A Deals Land Across Broadband Services, Wine Retail and Home Heating and Cooling
Oak Hill Capital, Vinci Partners and Gryphon Investors fuel dealmaking across the US, Canada and Brazil.
Read the top headlines from Monday, March 7, 2022 below:
Oak Hill Capital Lands Majority Investment in Broadband Service Provider
High-speed broadband service provider Greenlight Networks announced Monday (March 7) that Oak Hill Capital will acquire a controlling interest in the business. Oak Hill Capital Partners VI will provide the majority investment of up to $300 million, and Greenlight said it will be used to focus on accelerating the building of its fiber-to-the-home (FTTH) broadband services within New York state and elsewhere. The investment marks the latest effort from Oak Hill to fuel the FTTH market within the US to broaden access to high-speed internet.
Brazil’s Vinci Partners Channels Private Equity into Wine Retail
Brazil-based alternative investment firm Vinci Partners revealed its private equity fund VCP III entered into an agreement to invest in Envino, the country’s largest omnichannel wine retailer, marking the final investment for the fund. Envino operates a B2C digital and mobile platform, while the brand operates alongside Grand Cru, which focuses on physical B2C and B2B services across Latin America. Envino recently closed its acquisition of Grand Cru, a press release noted. In a statement, Vinci Partners partner and co-head of private equity Carlos Eduardo Matins said Vinci will continue to focus on the Brazil market with its next fund.
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Gryphon-Backed Right Time Group Expands HVAC Business with Dual Takeovers
Canada-based Right Time Group, a heating, ventilation and air-conditioning (HVAC) group of companies, has announced two new acquisitions backed by its majority owner, Gryphon Investors. In a press release, Right Time said it has reached an agreement to acquire British Columbia’s The Comfort Group, while in a separate announcement, it revealed the additional acquisition of Vancouver Island’s 360 Super Techs.
The Comfort Group provides residential heating and cooling services, while 360 Super Techs includes the residential heating, cooling and electrical services of 360 Comfort Systems, as well as the residential plumbing services of The Super Plumber. Both acquisition targets are part of Right Time’s focus on expanding westward.
