PE Weekly: Healthcare M&A Resurfaces; BDC Announces IPO
MSC Income Fund to go public on the NYSE
Healthcare returns to our weekly M&A roundup with investors targeting at-home care and medical device testing. Elsewhere, a new investment firm focused on the industrials and services space has raised capital for its first fund, while a business development company and middle-market lender announced its IPO. Read more below.
Platform Investments
H.I.G. Acquires Kantar Media from Kantar Group. H.I.G. Capital, an alternative investment firm, has reportedly reached an agreement to carve out Kantar Media from global market research company Kantar Group, which is owned by Bain Capital. The transaction is worth approximately $1 billion and is expected to close later this year.
Gainline Capital Acquires M&M International. Middle-market private equity firm Gainline Capital Partners announced its acquisition of M&M International, a manufacturer of precision-engineered stainless steel tubing. The company primarily services the medical device sector.
LLCP Acquires SYNERGY HomeCare. Levine Leichtman Capital Parnters (LLCP) announced this week its acquisition of SYNERGY HomeCare Franchising. The company provides in-home care services to seniors and individuals. LLCP acquired the company from its previous sponsor NexPhase Capital.
Add-Ons
Blue Point’s Brimar Acquires UAT. Traffic control product provider UAT, LLC has been acquired by Blue Point Capital Partners-backed Brimar Industries, according to a recent press release. The investment expands Brimar’s existing traffic safety products and solutions offering, which includes two e-commerce portals.
Stone-Goff’s FS Vector Acquires APPROVED Licensing. FS Vector, a consulting and regulatory technology firm, has acquired APPROVED Licensing, a licensing platform servicing the financial services industry. FS Vector’s investment expands its existing licensing and chartering services, enabling clients to launch new products. FS Vector is backed by private equity firm Stone-Goff Partners.
Unity Partners’ Tropolis Acquires Four Insurance Agencies. Insurance broker Tropolis has acquired four insurance agencies, according to an announcement this week. The company acquired BDMH Enterprises, Follmer Insurance Services, Madigan Pingatore Insurance Agency and R&A Insurance, and augmented the company’s property & casualty and employee benefits offering. Tropolis is backed by Unity Partners.
ARCHIMED’s NAMSA Acquires WuXi AppTec U.S. Operations. NAMSA, a MedTech testing and regulatory consulting firm, has acquired the U.S. medical device testing operations of WuXi AppTec, according to a recent announcement. The transaction includes WuXi AppTech facilities in Minnesota and Georgia. NAMSA is backed by healthcare-focused investment firm ARCHIMED.
Clearview Capital Backs Loss Prevention Services. Clearview Capital announced its recapitalization of Loss Prevention Services (LPS), marking the firm’s third platform investment from its Fund V, according to an announcement provided to Middle Market Growth. LPS provides asset recovery value chain services, including forwarding, skip tracing and license plate recognition, servicing lenders and recovery agents.
Latticework Capital, Edgehill Management Back LSC. Private equity firm Latticework Capital Management and private investment. firm Edgehill Management have partnered up to invest in Lice Science Connect (LSC), a press release said. LSC is a life sciences-focused digital media business.
Ridgemont Equity Backs Strata Information Group. Ridgemont Equity Partners, a middle-market private equity firm, has invested in Strata Information Group, a managed service provider for higher education. The company offers ERP, CRM, cybersecurity and other enterprise-level solutions. Ridgemont Equity noted that after its investment in Strata, Strata acquired BHA Technologies, which services higher education software provider Ellucian.
Blackstone, Vista Equity Complete Smartsheet Take-Private Deal. Blackstone and Vista Equity Partners have acquired Smartsheet, an enterprise-grade work management platform powered by AI, according to a recent press release. The acquisition was previously announced last September; the deal takes Smartsheet private and delists it from the New York Stock Exchange.
MPE Partners Invests in SKB Cases. SKB Cases, a manufacturer of specialty protective cases, has been acquired by MPE Partners, according to a recent announcement. SKB services the military, industrial, music and sports sectors.
Exits
ProPhase Exits Pharmaloz to PE Firm. ProPhase Labs, a publicly listed biotech and diagnostics company, has exited Pharmaloz Manufacturing to an unnamed private equity firm based in Houston, according to a press release. The carve-out deal eliminates more than $20 million in debt for the company, which noted it made the transaction for $23.6 million, including $2 million in cash.
Fundraising
Good Springs Capital Raises $570 Million. Good Springs Capital, a private investment firm focused on the industrial and services sectors, has announced $570 million raised for its inaugural Good Springs Capital Fund I. The fund is anchored by the Chickasaw Nation. In addition to the fundraise, the firm also completed its first two platform investments last year, an announcement noted.
Insights
MSC Income Fund Announces IPO. MSC Income Fund, a business development company that provides debt capital to middle-market companies sponsored by private equity firms, has announced its initial public offering. MSC plans to list on the New York Stock Exchange under the symbol “MSIF” and aims to raise about $75 million.
Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.
