Carmichael Casinader’s Post

Chairman of #privateequity mid-market shop AEA Investors LP, John Garcia, has been talking to select investors about a new fund that would invest in GP-led continuation vehicles. The strategy, called Tribridge, would be run in partnership with AEA, sources told me. The effort is among several made by traditional buyout shops that want to expand their offering into secondaries, as single-asset continuation fund deals are viewed as similar to traditional M&A (tho with some distinct differences), or almost like co-investments. Get the details on Buyouts: https://lnkd.in/egAqxS7X

✍️ Ryan Bevington, Partner at Maven, explores the successful exit of The 55 group to LDC. In 2021, Maven’s Regional Management Buyout Fund backed The 55 Group, and since then the business has more than doubled in size, boasting a current workforce of approximately 100 employees. Maven exited the business earlier this month, marking the third successful exit for Maven’s Buyout Fund, following John McGavigan in 2022 and Titan Wealth in 2023. Read more about our latest exit here 👇 #Buyout #mbo #PrivateEquity | Pagabo Group

✍️ Ryan Bevington, Partner at Maven, explores the successful exit of The 55 group to LDC. In 2021, Maven’s Regional Management Buyout Fund backed The 55 Group, and since then the business has more than doubled in size, boasting a current workforce of approximately 100 employees. Maven exited the business earlier this month, marking the third successful exit for Maven’s Buyout Fund, following John McGavigan in 2022 and Titan Wealth in 2023. Read more about our latest exit here 👇 #Buyout #mbo #PrivateEquity | Pagabo Group

Hargreaves Lansdown Buyout 💼: Hargreaves Lansdown, the UK's largest investment platform, is set to go private after accepting a £5.44bn takeover bid from a consortium led by CVC Capital Partners. 🔑 Key Details: Offer Price: The consortium is offering £11.40 per share 💸, including the full-year dividend of 30p. This price, while slightly lower than the initially speculated £12 per share. Investor Decisions: Co-founder Peter Hargreaves is taking half of his 19.8% stake in cash 💷 and the other half in shares 📈, signalling his belief in the company's future under private ownership. On the other hand, Stephen Lansdown is opting for an all-cash deal 💰for his 5.7% stake. Assuming the consortium can return net income growth closer to the 10 per cent annual average rate over the five years to 2019. The equity would then be worth £8bn by 2030 if valued on the same 19 times multiple the bidders are offering 🚀.

Maven successfully exits The 55 Group 🚀 Maven’s Regional Management Buyout Fund originally backed The 55 Group in 2021 and since then, the business has more than doubled in size, with a current workforce of around 100 employees. The sale to LDC represents the third successful exit for Maven’s Buyout Fund, following the realisations of John McGavigan in 2022 and Titan Wealth in 2023. 📈 Read more about our latest exit here 👇 #buyoutfund #investment #privateequity

Jordan Knauff & Company is pleased to announce that 9606 Capital (9606-Ácies or the Company) has completed its first round of capital for 9606-Ácies Fund III, L.P. (Fund III) with over $15 million in LP commitments. Approximately $3 million of this capital was deployed in Fund III’s first two acquisitions in south suburban Chicago.   9606-Ácies is a real estate investment firm specializing in acquiring, managing, and renovating value-add logistics properties throughout the U.S. Fund III was formed to capitalize on an investment thesis within specific, institutionally overlooked subcategories of logistics real estate that stand at the center of e-commerce growth in the United States. Fund III targets subcategories of logistics real estate that are critical components of the overloaded “middle mile” and “last mile” of the e-commerce supply chain – industrial service facilities and industrial outside storage. For more information. please visit https://lnkd.in/gJD5tx4M #capitalraise #ecommerce #capital #ecommercelogistics #realesate #middlemarket #middlemile #lastmile #industrialstorage #supplychain #investmentbanking #acquisitions

Continuation vehicles are revolutionizing the lower middle market M&A landscape, offering a range of benefits to investors, business owners, and portfolio companies alike. These innovative investment structures provide increased liquidity and flexibility for investors and owners, align interests for long-term value creation, and maximize value potential for lower middle market companies. By leveraging continuation vehicles, private equity firms can extend their investment horizons, support portfolio companies in their growth journey, and ultimately generate higher returns for all stakeholders. https://lnkd.in/eSHYE3sd #entrepreneur #REAG #mergers #business #acquisitions #lowermiddlemarket #investmentbank

In 2023, private equity fundraising encountered challenges amidst declining deal volume and macroeconomic complexities. However, firms emphasizing smaller, founder-owned businesses and diversified LP bases navigated successfully through strategic planning and strong relationships, while reserves of dry powder await deployment in the lower middle market to fuel investment opportunities. It's also important to note: Buyers are adopting a more aggressive approach, with a significant number of recent deals involving sellers who already had offers, showcasing a trend of direct outreach to companies. This strategy has proven successful, resulting in notable improvements of 25% to 60% in deal prices, emphasizing the importance of preparedness and engaging a broad range of potential buyers for successful M&A transactions. https://lnkd.in/g3A5ftcs #StrategicExitAdvisors #mergers #acquisitions #Scalability #InvestmentBanking

🚗 Will continuation vehicles fundamentally reshape the sponsor-to-sponsor market? 💸 A key hallmark of the sponsor-to-sponsor market over the past decade has been the handoff of assets from middle-market firms to larger buyout shops. For middle-market firms, this transfer has often involved selling trophy assets, only to watch larger managers rake in the lion's share of the value. The rise of continuation funds could disrupt this supply chain. Why sell an asset to another firm when you could achieve better returns — for both you and your LPs — by continuing to realize the value yourself? 🛑 If middle market firms broadly adopted continuation vehicles as a means to hold onto prized companies, larger buyout firms could be blocked from accessing opportunities they’ve traditionally sourced via the middle market. In this scenario, partnering on a continuation fund may provide an appealing path for all firms involved to creatively access exposure to those returns. 💡Explore more implications a growing GP-led secondaries market could have on the private equity ecosystem, including how continuation vehicles could impact flagship fund performance, concentration concerns, and more. ➡️ https://lnkd.in/e2xzZukr

Tail End Capital Partners' view is that buyout expertise and culture are critical for success in the single asset continuation vehicle market. A traditional buyout firm doesn't have the proper economics for its LPs which is why Tail End was purpose built to invest in single asset CVs / GP-leds with a team with control buyout backgrounds. The secondary market is becoming increasingly specialized and this is a natural step in that specialization. SecondaryLink article by Priyanka Iyer: https://lnkd.in/eAAPSKxz #gpledsecondaries #continuationvehicles #cv #continuationfund #secondary #secondaries #buyouts #privateequity #pe #lp #limitedpartners #secondarymarket #liquidity #gp #generalpartner