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Private equity firms with offices in Times Square get used to many things: over aggressive Elmos walking the street, the non-stop press of tourists as well as the din of traffic.
 
But nothing could prepare New Mountain Capital for what happened yesterday, June 10th at about 1:50 pm ET. An Agusta A109E helicopter, piloted by Tim McCormack, crashed landed onto the roof of 787 Seventh Avenue at 51 street. More than 100 emergency responders rushed to the scene, which resulted in the evacuation of the building that is 54 stories tall.
 
New Mountain has had its headquarters at 787 Seventh Avenue for over 10 years. More than 100 employees are spread through the 49th and 50th floors of the building. One executive said he was on the phone talking to an investor when he heard the buzzing of an engine. Then, the whole building shook. "We probably moved a couple of feet," the source said. "We knew some type of aircraft hit the building."
 
It was raining outside and very foggy. The exec said he couldn't see any smoke inside or outside the building. But he could hear the sound of "metal crunching" as the helicopter collapsed on the roof.
 
New Mountain employees and building staff have undergone emergency preparation training. "We knew not to go into the elevator," the person said. "We made sure everyone got into the stairwell." No one from New Mountain was hurt.
 
In the end, McCormack was the only fatality.
 
The moral of the story? The next time the fire chief, or building staff, come to train  employees on how to react to emergencies, take some time to listen. Or ask a question. This training could come in handy.
 
Hubsters, how have you dealt with emergencies? Email me at lbeltran@buyoutsinsider.com
 
We have some big deals today. EQT is exiting Press Ganey, which develops and distributes patient satisfaction surveys. An investor group that includes Leonard Green and Ares Management is buying Press Ganey. Press reports peg the deal at more than $4 billion. See our brief here.
 
EQT acquired Press Ganey in 2016 for $40.50 a share or about $2.35 billion.
 
Hudson Bay has received a take private offer from a consortium of shareholders led by Chairman Richard Bakers. The group includes Rhone Capital and WeWork. See our brief here.
 
In another take private, Apollo Global Management is buying Shutterfly, an online retailer, for $51 a share or $2.7 billion. Apollo is also buying Snapfish, a provider of online photo storage, which it plans to combine with Shutterfly, the Wall Street Journal reported.
 
We have another insurtech deal this morning. Thoma Bravo has put iPipeline on the block after nearly four years. The company provides cloud-based software for the life insurance sector. Find out who is advising iPipeline and how much it could sell for here
 
Last week, I reported that Insurity was up for sale while Vitech Systems was sold to CVC.
 
News from Buyouts/VCJ: Bain Capital Double Impact is set to make 3.1x its money on the sale of Impact Fitness to Morgan Stanley Capital Partners. Read Milan Vinn's story here.
 
Texas Employees’ Retirement System committed $385 million to private equity in May, a busy month that contributed to pension’s decision to lift its pacing target for 2019. Check out Dietrich Knauth's story here.
 
Active LPs: Justin Mitchell has a story on how gaining community buy-in is crucial to OZ investments.

That’s it for me. Send any tips, comments or happy thoughts to lbeltran@buyoutsinsider.com

Announcing the updated and expanded Guide to Independent Sponsors, 2nd Edition! Easily connect with new deal partners and investors from this surging asset class with the most comprehensive guide available today! It's now shipping, order your copy here.  
 
Conference: Are you tired of traveling and wasting money on setting up meeting after meeting for your PE? Check out PartnerConnect Midwest coming to Chi-Town for a 1 ½ day event with insightful GPs and LPs who are attending to match your fundraising or investment goals. Register for this event to invest wisely and meet your bottom line for 2019 and beyond. Learn about opportunity zones, emerging managers, co-investments, credit, deals and family office. You will be glad you attended! Register Now

 
Today's  Take  

PE HUB First Read

First Read begins the day with news that Goldman Sachs says the Fed won't be cutting rates this year, Club Med's Chinese owners wants to buy Thomas Cook, and Apollo Global is buying Shutterfly in $2.7 billion deal.
Read more...  

PE HUB Second Opinion

In Second Opinion, the Dow rises 100 points after the U.S. and Mexico reach a deal to avoid tariffs, a helicopter crash lands onto a roof of a New York City high-rise building and Salesforce is Tableau for more than $15 billion.
Read more...  

Private Equity Jobs of the Week: Bowdoin, Enlightenment, Neuberger Berman and Grotech are hiring

This week’s jobs include a private equity director at Bowdoin College and associates at Enlightenment, Grotech and Neuberger Berman.
Read more...  

PE HUB Wire Highlights, 6.10.19

Vesey Street seeks buyer for HealthChannels; Kolin, ex-Blackstone secondaries exec, joins Rothschild’s Five Arrows; the awkward conversation on key-person provisions
Read more...  

Thoma Bravo seeks buyer for iPipeline

Thoma Bravo has put iPipeline up for sale after nearly four years, seven sources said. Credit Suisse is advising on the process, five of the sources said. Founded in 1995, iPipeline provides cloud-based software solutions for the life insurance sector. The Exton, Philadelphia company has made several acquisitions, including […]
Read more...  

Texas ERS commits $385 mln to PE in May

Texas Employees’ Retirement System committed $385 million to private equity in May, a busy month that contributed to pension’s decision to lift its pacing target for 2019. The $28.2 billion retirement system committed: $110 million to Advent International Global Private Equity Fund IX, which raised $17.5 billion to invest primarily in Europe and North America; […]
Read more...  

Five Questions with Aaron Sack, head of Morgan Stanley Capital Partners

Aaron Sack is head of Morgan Stanley Capital Partners where he also leads the consumer investing group. Sack told Buyouts in a recent interview about how the firm approaches the market. 1. How does deal-making in 2019 differ from previous years? Do you see any new dynamics around auction processes? I think there is somewhat of a recalibration by the markets for what is acceptable and we will […]
Read more...  

Investors explore crucial aspect of OZ investments: gaining community buy-in

When Grey Dodge and Erin Gillespie were working in the Florida state government, it was their job to select which of the state’s census tracts would become opportunity zones, offering a series of tax breaks to investors who put their money into real estate or businesses within those zones. As Governor Rick Scott’s time as […]
Read more...  

PartnerConnect Midwest 2019
June 24-26, 2019

The Sofitel Hotel, Chicago

Join us at PartnerConnect Midwest for an impactful 1 ½ days of networking and ExecConnect private meetings to supercharge your strategy and get deals done! Don’t miss out on the opportunity to invest wisely and network with like-minded LPs and GPs. Gain more insight about trends in the market such as: opportunity zones, emerging managers, co-investments, credit, deals and family office.


Register Now


 
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VC Deals
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Scoutbee raises $12 mln

Scoutbee said June 11 that it raised $12 million in a funding round that included prior investors. Scoutbee provides an AI-driven supplier discovery suite.
Read more...  

SpotOn Transact raises $40 mln

SpotOn Transact LLC said June 11 that it raised a $40 million funding round led by Franklin Venture Partners, the VC arm of Franklin Templeton. Dragoneer Investment Group also participated. SpotOn, of San Francisco, is a payments and software company.
Read more...  

MORI snags Series A funding

London-based MORI, creator of clothing for babies and toddlers, has secured over 4 million pounds in Series A funding. Guinness Asset Management led the round with participation from other investors that included JOBI Capital and 500 Startups.
Read more...  

Vestaron lands $40 mln Series B

Kalamazoo, Michigan-based Vestaron, a developer of peptide-based biopesticides, has secured $40 million in Series B Financing. Novo Holdings A/S led the round with participation from Anterra Capital, Cultivian Sandbox, Open Prairie Ventures and Pangaea Ventures.
Read more...  

Splash Financial grabs $4.3 mln

Cleveland-based Splash Financial, a student loan refinancing company, has secured $4.3 million in funding. CMFG Ventures led the round with participation from Northwestern Mutual Future Ventures.
Read more...  

Getaway inks $22.5 mln Series B

Getaway, a wellness hospitality company, has raised $22.5 million in Series B funding. Starwood Capital Group led the round with participation from other investors that included L Catterton.
Read more...  

Alkami nabs $55 mln Series E

Alkami, a provider of cloud-based digital banking solutions to banks and credit unions, has raised $55 million in Series E funding. General Atlantic led the round with participation from other investors that included MissionOG, S3 Ventures and Argonaut Private Equity.
Read more...  

SEP backs Immedis

Immedis, a provider of enterprise technology solutions for global payroll and mobility tax services to multinationals, has secured 25 million euros in funding. The investor was Scottish Equity Partners.
Read more...  

Innoviz Technologies closes Series C round at $170 mln

Innoviz Technologies, an Israeli provider of LiDAR sensors and perception software, has closed its Series C funding round at $170 million. The company's backers include Magna International, Samsung, Aptiv, Magma Venture Partners, Vertex Ventures, SoftBank Ventures Asia, China Merchants Capital, 360 Capital Partners, Glory Ventures, Shenzhen Capital Group and New Alliance Capital.
Read more...  
Mark Your Calendars!
PartnerConnect Event's 2019 Calendar is here!


PartnerConnect Midwest- June 24-26th, Chicago
Emerging Manager Connect - July 23rd, NYC
PartnerConnect West- September 23-25th, San Francisco
 Family Office Connect- October 29-30th, NYC
PartnerConnect Texas- December 9-11th, Dallas
PE Deals sponsored by  
 
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L2 Capital exits LSC Environmental Products

L2 Capital Partners LP said June 11 that it sold LSC Environmental Products LLC to Ancor Capital Partners LLC. Financial terms weren’t announced. LSC, of Apalachin, New York, is a soil stabilization products platform.
Read more...  

Ares, Leonard Green near buy of Press Ganey: Bloomberg

Ares Management Corp is leading an investor group, which includes Leonard Green & Partners, to buy Press Ganey Associates from EQT Partners, Bloomberg is reporting. The deal is valued at $4 billion, the story said. Press Ganey provides surveys that hospitals use to measure patient satisfaction and the quality of care.
Read more...  

Sheridan Capital invests in Atlantic Vision Partners

Sheridan Capital Partners said June 11 that it invested in Atlantic Vision Partners. Financial terms weren’t announced. Atlantic Vision Partners, of Richmond, Virginia, is a vision practice management company, providing ophthalmic, optometric, and optical services throughout southern and central Virginia.
Read more...  

Wise Equity invests in Waycap

Wise Equity said June 11 that it has agreed to invest in Waycap. Financial terms weren’t announced. Waycap designs and makes fashion accessories such as hats, bags & bag components, scarfs and gloves.
Read more...  

Apollo Global to buy Shutterfly for $2.7 bln

Apollo Global Management has agreed to buy Shutterfly Inc for $51 a share or $2.7 billion. Ryan O’Hara was named president and CEO of  Shutterfly effective June 24. Shutterfly is an online retailer.
Read more...  

Clearspring Capital acquires majority stake in Voyages Traditours

Canadian mid-market private equity firm Clearspring Capital Partners has acquired a majority interest in Voyages Traditours, a Laval, Québec-based tour operator of curated cultural circuits. Terms weren’t disclosed for the deal, which saw Clearspring acquire a majority of the shares owned by Entrepreneur Capital, a Canadian private equity firm. Entrepreneur, which invested in 2014, will retain a stake, as will CEO Sébastien Forest and Founder Jacques Rodier. Established in 1999, Voyages Traditours designs Francophone-focused travel itineraries in more than 70 countries on five continents.
Read more...  

CVC to buy majority of Vitech Systems

CVC Capital Partners is buying a majority of Vitech Systems Group. Financial terms weren’t announced. Vitech, of New York, provides cloud-based administration solutions to pension, insurance and investment organizations. RBC Capital Markets and Orrick, Herrington & Sutcliffe LLP advised Vitech with assistance from Clearsight Advisors. CVC was advised by Citi, Goldman Sachs & Co LLC and White & Case LLP.
Read more...  

MidOcean exits Freshpet

Secaucus, New Jersey-based MidOcean Partners has exited its investment in Freshpet, a maker of fresh, refrigerated foods for dogs and cats. No financial terms were disclosed.
Read more...  

BBRC invests in Plant Therapy

Twin Falls, Idaho-based BBRC Private Equity has made an investment in Plant Therapy, a provider of essential oils and accessories. No financial terms were disclosed. Focal Point, Glaser Weil and Green Hasson & Janks advised Plant Therapy on the transaction while Seward & Kissel and CohnReznick did likewise for BBRC Private Equity.
Read more...  

Apollo in lead to acquire Shutterfly: Reuters

Apollo Global Management is in the lead to buy Redwood City, California-based Shutterfly, a digital imaging company, according to Reuters. The news outlet reported that the deal could put Shutterfly at an valuation close to $2 billion.
Read more...  

GPP recaps Tergus Pharma

Great Point Partners has recapitalized Raleigh, North Carolina-based Tergus Pharma, a contract development and manufacturing business for topical dermatology pharmaceuticals. No financial terms were disclosed.
Read more...  

CI Capital and ex-Rexel USA East CEO form partnership

CI Capital Partners teamed up with Scott McLendon, ex-CEO of Rexel USA East, to invest in the industrial automation distribution sector. The partnership will target companies that have demonstrated B2B distribution success as well as consultative automation and control and electronics service expertise.
Read more...  
PROMOTE YOUR BRAND! GENERATE AWARENESS!  SELL YOUR PRODUCTS & SERVICES! 
 
Don't miss the opportunity to get in front of key Private Equity decision makers by showcasing your company, products and services in upcoming issues of Buyouts and VCJ
 
For more information about advertising, print & digital content contribution opportunities please click here       
 
IPOs
 
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PE-backed Grocery Outlet sets IPO pricing terms

Emeryville, California-based Grocery Outlet, a retailer of consumables and fresh products, has set its IPO pricing terms between $15 and $17 per share. The stock will trade on the NASDAQ under the ticker symbol "GO." The lead underwriters are BofA Merrill Lynch, Morgan Stanley, Deutsche Bank Securities, Jefferies, Barclays, Goldman Sachs & Co. LLC, Guggenheim Securities, UBS Investment Bank and Cowen. Grocery Outlet is a portfolio company of Hellman & Friedman.
Read more...  
M&A Deals  
 
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Hudson Bay shareholders form group to take retailer private: Wall Street Journal

A consortium comprised of Hudson Bay shareholders has made an offer to take the retailer private, the Wall Street Journal reported. The group includes Chairman Richard Baker, Rhône Capital LLC, WeWork Property Advisors and other shareholders that together control 57 percent of Hudson Bay shares outstanding, the story said. The deal values Hudson Bay at 9.45 Canadian dollars ($7.12) a share.
Read more...  
Real Estate
 
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Investcorp buys 11 new U.S. multifamily properties for about $370 mln

Investcorp has acquired 11 new U.S. multifamily properties for about $370 million. Investcorp teamed up with Equus Capital Partners on the transaction. The properties are located in Florida, North Carolina Georgia, Pennsylvania and Missouri. Equus' management affiliate Madison Apartment Group will also serve as the on-site property manager for the portfolio.
Read more...  
Firms & Funds
 
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Alpha Edison is seeking $250 mln second fund

Alpha Edison, an early-stage venture capital firm based in Los Angeles, is raising a second $250 million fund, according to a filing with the SEC. First raise was not reported.
Read more...  

Ascend Ventures to raise venture-capital fund

Ascend Ventures has set out to raise an initial venture-capital fund, according to a filling with the SEC.
Read more...  

Bee Partners collects over $40.4 mln for third fund

Bee Partners has raised over $40.4 million for its third fund, according to an SEC filing. No target was listed in the document.
Read more...  
Human Resources
 
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Silicon Valley Bank is seeking to add a VP to its Sponsor Finance team. This person will provide creative leveraged capital solutions to private equity clients in support of their investments, in the technology sector. The VP will have experience in leveraged finance investment banking and/or financial sponsor coverage. Apply here.

Harrison Street appoints Liu as asset management VP

Harrison Street has named Dave Liu as vice president of asset management. Previously, Liu worked at Ventas Inc where he was vice president of asset management
Read more...  
Credit
 
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Monroe closes CLO at $456.34 mln

Monroe Capital has closed its CLO at $456.34 million. This CLO is Monroe's third completed in the last 15 months. Deutsche Bank was the lead managing, structuring agent and bookrunner.
Read more...  
Odds & Ends + Hot Links 
 
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PE HUB First Read

First Read begins the day with news that Goldman Sachs says the Fed won't be cutting rates this year, Club Med's Chinese owners wants to buy Thomas Cook, and Apollo Global is buying Shutterfly in $2.7 billion deal.
Read more...  

PE HUB Second Opinion

In Second Opinion, the Dow rises 100 points after the U.S. and Mexico reach a deal to avoid tariffs, a helicopter crash lands onto a roof of a New York City high-rise building and Salesforce is Tableau for more than $15 billion.
Read more...  

PE HUB Wire Highlights, 6.10.19

Vesey Street seeks buyer for HealthChannels; Kolin, ex-Blackstone secondaries exec, joins Rothschild’s Five Arrows; the awkward conversation on key-person provisions
Read more...  
 
 
 
 
 
 
 
 
 
BO_PEHUBHC
 
 
 
 
 
 
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