PE Weekly: Abrdn Offloads European PE Business; Healthcare Back in the Spotlight

Investment firm abrdn continues to offload its private equity operations with the sale of its European business, following the exit of its U.S.-based PE operations last year. In other dealmaking news, M&A activity ramps back up in the healthcare sector. Read more below.

Platform Investments and Acquisitions

Shoreline Equity Backs Prime Meats. Shoreline Equity Partners, a lower middle-market private equity firm, has acquired Prime Meats, a protein processor and distributor of beef, poultry, pork, dairy, seafood and more. The company services restaurants, grocery stories and butchers with a focus on Hispanic and traditional markets. Shoreline plans to grow the business organically and through strategic acquisitions.

Norwest Equity Partners Acquires MDC Interior Solutions. Middle-market investment firm Norwest Equity Partners (NEP) has acquired MDC Interior Solutions, a commercial interior wall coverings and design solutions company. In its announcement, NEP said it brings industry experience and a track record of growing businesses in the textile design, manufacturing and distribution space to MDC.

Borgman Capital Acquires Buck Bone Organics. Borgman Capital, a private equity firm, is entering the pet food sector with its investment in Buck Bone Organics, a press release said this week. Buck Bone offers a line of antler chews, treats and toys for dogs. In a statement, Borgman founder and CEO Sequoya Borgman noted the pet food sector is experiencing “strong tailwinds” that make the space an attractive one for lower middle-market investors.

Kain Capital Backs Essen Health Care. Kain Capital, a private equity firm focused on healthcare technology investments, announced this week its investment in Essen Health Care, an independent healthcare provider based in the Bronx. The investment marks Kain’s third primate care/multi-specialty care group investment. With Kain’s backing, Essen will open new clinics and expand healthcare coverage in the Bronx.

Shore Capital Acquires Biopharma Consultant PRO-spectus. Private equity firm Shore Capital Partners has acquired PRO-spectus, a press release said. PRO-spectus offers market access consulting and patient services for biopharmaceutical companies, medical device manufacturers and diagnostics firms.

Add-Ons

A&M Capital’s VTG Acquires Vana Solutions. VTG, a national security solutions provider and portfolio company of Alvarez & Marsal’s flagship middle-market investment strategy A&M Capital Partners, has announced its first add-on acquisition since joining the A&M Capital portfolio. VTG acquired Vana Solutions, a digital transformation innovator that provides secure cloud environments, data solutions and advanced analytics for national security programs.

Wynnchurch Capital’s FCA Packaging Invests in Greentree. FCA Packaging, a portfolio company of middle-market private equity firm Wynnchurch Capital, has acquired Greentree Packaging and Lumber. Greentree is a manufacturer of custom wood packaging and distributor of lumber products. In a statement, Greentree president Robert Payne said the merger will enable the company to expand its product offering and accelerate growth.

Comvest’s Your Behavioral Health Acquires Insight. Your Behavioral Health, a California-based behavior health services platform backed by middle-market private equity firm Comvest Partners, has acquired Insight Treatment Programs. Insight expands Your Behavioral Health’s existing network of behavioral health clinics providing mental health and addiction treatment care, according to an announcement provided to Middle Market Growth.

Iron Path’s CPI Acquires Pain Care Surgery. Iron Path Capital, a healthcare- and specialty industrials-focused private equity firm, has announced that its portfolio company Capitol Pain Institute (CPI) has acquired Pain Care Surgery of Louisville. Pain Care Surgery is an ambulatory surgical center; CPI’s investment in the business broadens its offering to include more advanced procedures, a press release said.

Graham Partners’ Woodland Foods Acquires Idan Foods. Woodland Foods, a plant-based specialty ingredient provider, has acquired food manufacturer and developer Idan Foods, according to a press release. The transaction was announced by The DAK Group, the investment bank that advised Idan on the deal. Idan manufactures breading and batters, coating systems, baking mixes and seasonings for foodservice operators. Woodland Foods is backed by private investment firm Graham Partners.

Exits

Abrdn Sells European PE Business for $106.77 Million.  Global investment firm abrdn has offloaded its European private equity business in a $106.77 million transaction, reports in Scottish Financial News said. The firm’s PE business, which has $9.3 billion in assets under management, was acquired by Nasdaq-listed Patria Investments. In its announcement, abrdn noted that the sale of its European PE operations follows the sale of its U.S.-headquartered PE business last year.

Fundraising

HighVista Raises $675 Million for Private Equity Fund X. HighVista Strategies, an alternative asset manager, announced the close of its Private Equity Fund X. The firm secured $675 million in commitments for the oversubscribed fund. In a statement, HighVista partner and co-head of private equity strategy John Dickie pointed to the firm’s “steadfast focus on the lower-middle market and long history of supporting growth of small private companies.”

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