PE Weekly: Healthcare Tech, Services Come Back Into Focus
Medtech, healthcare service providers, medical equipment manufacturers, and biopharmaceutical companies drove M&A volume this week
Platform Investments
AIP Takes Avanos Medical Private in $1.27 Billion Deal. American Industrial Partners (AIP), an industrials investor, has reached an agreement to acquire Avanos Medical in a deal valued at about $1.272 billion. The transaction will take Avanos Medical, a medical technology company, private.
TPG to Acquire Learfield. College sports media sales and technology provider Learfield will be acquired by alternative asset management firm TPG, according to a recent press release. The investment will support Learfield’s college sports and live entertainment offerings.
GTCR Acquires Zentiva. European generics pharmaceutical company Zentiva has been acquired by GTCR, the private equity firm announced this week. GTCR acquired the company from private equity investor Advent.
Cerberus Capital Acquires Lendco. Cerberus Capital Management, an alternative investment firm, has acquired Lendco. The company is a U.K.-based buy-to-let and bridging lender. Cerberus acquired the company from Cabot Square Capital and minority shareholders.
Add-ons
PSG’s LivTech Acquires Alora Healthcare Systems. LivTech, a provider of healthcare tech solutions for long-term post-acute care, recently announced its acquisition of Alora Healthcare Systems. Alora develops cloud-based AI home healthcare software. LivTech is backed by growth equity firm PSG and investment firm Greater Sum Ventures.
GenNx360’s H&S Acquires Franklin Machine. Horsburgh & Scott (H&S), an industrial gearing solutions provider, has acquired Franklin Machine & Gear, a provider of industrial gear and gearbox repair services. H&S is backed by GenNx360 Capital Partners, a middle-market private equity firm focused on the industrials and business services spaces.
MSCP’s Comar Acquires iMARK Molding. Comar, a plastic packaging, dispensing, and medical device provider servicing the medical, pharmaceutical, consumer healthcare, personal and homecare, and food and beverage sectors, has acquired iMark Molding. The company is a custom contract manufacturer servicing the medical device industry. Comar is a portfolio company of Morgan Stanley Capital Partners.
Mill Point’s AriTeck Acquires Continental and NCP. AriTeck Global Holdings, a commercial refrigeration and foodservice platform backed by Mill Point Capital, announced two add-on acquisitions. The company carved out the foodservice refrigeration and HVAC assets of National Refrigeration & Air Conditioning Products, operating as Continental Refrigerator, as well as National Comfort Products brands.
Gemspring’s Midland Acquires Trading Services International. Midland Industries, a portfolio company of Gemspring Capital that distributes and manufactures industrial pipe, valve, and fittings products, has acquired Trading Services International. The company distributes fittings, valves, coils, and other components for the HVAC sector.
Exits
Edison to Exit Bindplane to Dynatrace. Growth equity firm Edison Partners has reached an agreement to sell its stake in Bindplane, a provider of open standards-based telemetry pipeline helping enterprises manage telemetry data. Dynatrace, an AI observability platform, will acquire the company.
Fundraising
26North Raises $5.9 Billion for Inaugural PE Fund. 26North Partners announced the close of its inaugural private equity fund with $5.9 billion in capital commitments, surpassing its initial $4 billion target. The fund will focus on investments in middle- and upper-middle-market companies, and has already completed seven equity investments.
Topspin Raises $328 Million for Consumer Investments. Topspin Consumer Partners, a private equity firm focused on the consumer sector, closed its Fund III with $328 million in capital commitments. The firm said Fund III will continue to focus on investing in health and wellness, personal care, beauty, food and beverage, household goods, and pet, among other consumer-focused verticals.
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