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2020 Rising Stars of Private Equity These Emerging Leaders Are Forging New Paths for Their fi Rms and Their Portfolio Companies

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2020 Rising Stars of Private Equity These Emerging Leaders Are Forging New Paths for Their fi Rms and Their Portfolio Companies JULY/AUGUST 2020 THEMIDDLEMARKET.COM David Farsai Andrea McGuirt Molly Fitzpatrick Jenny Zhang Ross Stern Arjun Mehta Miguel Tejeda Clara Jackson KJ McConnell Mute Video Invite Participants Share Screen Chat Record 2020 Rising Stars of Private Equity These emerging leaders are forging new paths for their fi rms and their portfolio companies 0C1_MAJ_0720.indd 1 6/22/20 5:45 PM WHAT’S THE DEAL WITH DUANE MORRIS? THAT NAME KEEPS POPPING UP MORE AND MORE AS DEAL COUNSEL Representative Private Equity, M&A and Financing Deals $750 MILLION $110 MILLION $1.6 BILLION $292 MILLION Sale of leading private Acquisition of Memcor® All-stock merger - largest Secondary fundraise label oral care company, ultrafiltration and U.S. public cannabis for Europe’s most Ranir Global Holdings, to membrane biofiltration deal to date - with MPX valuable fintech startup, NYSE-listed Irish pharma technologies from Evoqua Bioceutical Corp. (CSE: TransferWise Ltd., representing growth manufacturer Perrigo for Water Technologies Corp. MPX) for Canadian-listed for capital investor $447.5 MILLION $250 MILLION $361 MILLION $2.585 BILLION Senior secured PIK Reverse takeover of Investment into Covetrus, Senior secured revolving credit facility with toggle notes and Lineage Grow Company Inc., a combination of a Bank of America as Series A convertible (CSE: BUDD) for California spinout of Henry Schein, administrative agent preferred to Axar cannabis company FLRish, Inc. Inc. (NASDAQ: HSIC) and (dba Harborside) for NYSE-listed Capital for NYSE-listed Vets First Choice for cemetery leader $285 MILLION $750 MILLION Debt restructuring and Syndicated financing equity transfer for Atlantic Sale to Midwest private Syndicated City’s Ocean Resort Casino equity firm for leading with JPMorgan Chase secured financing for first-lien lenders supply chain solutions Bank as administrative on behalf of Winthrop Capital Partners, provider to consumer agent for Administrative Agent the Witkoff Group and packaged goods industry $87.5 MILLION $200 MILLION $150 MILLION $350+ MILLION Syndicated, agented Acquisition of Syndicated financing Agent in financings unitranche healthcare Singapore-listed to a major insurance to large auto dealer term and revolver global electronics brokerage for group – the first to use financing, secured by manufacturer PCI Ltd. this subsidiary of proprietary Duane Morris “syndication lite” different collateral for private equity firm Wintrust Financial packages, for structure for For more information on how seriously Seattle we take our deals, get in touch with BRIAN KERWIN, chair of our global corporate practice, at 312.499.6737 or [email protected]. www.duanemorris.com An Am Law 100 law firm. More than 800 lawyers. Established 1904. Duane Morris LLP – A Delaware limited liability partnership 0C2_MAJ0720 2 6/23/2020 4:15:36 PM Contents July/August 2020 | VOL. 55 | NO. 7 Cover Story 14 2020 Rising Stars of Private Equity These emerging leaders are forging new paths for their firms and their portfolio companies, and have been excelling during a period of profound change. Features 25 Justice doesn’t just happen “As stewards of capital we have an outsized role in determining which businesses to support.” 26 Switching gears Industry expertise and access to capital are among the ways PE firms are helping portfolio companies pivot during the pandemic. Watercooler Private Equity Perspective 4 10 12 Giving back New age of business Call to action Siris Capital founder Frank Baker gives Carlyle-backed McDonald’s China of- Portfolia Rising America Fund invests in $1 million to Spelman College. fers customers safety protocols. companies led by people of color and/or LGBTQ founders, or products 6 10 and services that cater to these markets. PE on the court Betting on growing IT sector Increasing franchise valuations attract FP closes three funds, as businesses The Buyside a broader range of buyers. take on digital transformation. 13 Race for a vaccine 8 11 With the pandemic spreading, Instacart’s valuation rises Driving forward pharmaceutical manufacturers The company raised $225 million in a Used car seller KAR gets backing from are buying biotech companies to ramp new funding round. Apax to keep operations steady. up Covid-19 research. TheMiddleMarket.com July/August 2020 Mergers & Acquisitions 1 001_MAJ0720 1 6/22/2020 5:24:21 PM July/August 2020 | VOL. 55 | NO. 7 Standard bearers The bar has been raised in multiple arenas in 2020, TheMiddleMarket.com 1 STATE STREET PLAZA, 27TH FLOOR and new definitions of excellence are emerging NEW YORK, NY 10004-1505 • (212) 803-8200 EDITOR-IN-CHIEF Mary Kathleen Flynn MANAGING EDITOR Congratulations to Mergers & Acquisitions’ 2020 Demitri Diakantonis Rising Stars of Private Equity! CONTRIBUTING EDITORS Keith Button, Danielle Fugazy David Farsai, Principal, Mainsail Partners, who is EXECUTIVE DIRECTOR, BRAND STUDIO the first at the firm to rise from associate to principal Michael Chu Andrea McGuirt, Senior Associate, Palladium Eq- SENIOR DESIGNER Nick Perkins uity Partners, who established a strategy for sourc- ing and executing opportunities in the current deal VICE PRESIDENT, CAPITAL MARKETS Harry Nikpour (212) 803-8638 environment SENIOR MARKETING MANAGER Jamie Billington Molly Fitzpatrick, Vice President, Rallyday Part- 212-803-6099 ners, who led three investments and a divestment for the new PE firm Jenny Zhang, Vice President, Investments, Grain Management, who helps CHIEF EXECUTIVE OFFICER ������������������������ Gemma Postlethwaite portfolio companies in the telecom infrastructure sector find organic growth CHIEF FINANCIAL OFFICER ��������������������������������������� Debra Mason opportunities CHIEF STRATEGY OFFICER ������������������������������������������� Jeff Mancini Ross Stern, Principal, Summit Partners, who played a role in nearly $1.3 bil- CHIEF CUSTOMER OFFICER ����������������������������������������Dave Colford lion worth of healthcare company investments CHIEF CONTENT OFFICER ������������������������������������������� David Evans CHIEF PEOPLE OFFICER ���������������������������������������������������Lee Gavin Arjun Mehta, Vice President, Bregal Sagemount, who has made eight plat- form investments and seven add-on acquisitions Miguel Tejeda, Vice President, Motive Partners, who stands out for his investment acumen and ability to distill complicated concepts and processes Clara Jackson, Principal, TA Associates, who has become a trusted sup- LICENSING AND REUSE OF CONTENT: Contact our official partner, Wright’s Media, about available porter during the pandemic to help portfolio companies remain sustainable usages, license and reprint fees, and award seal artwork at [email protected] or (877) 652-5295 for more KJ McConnell, Principal, GTCR, who played a leading role in about 10 of information. Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent the group’s last dozen deals materials. These outstanding up-and-coming investment professionals have been CUSTOMER SERVICE excelling during a period of profound change in the U.S. and in the world. The [email protected] or (212) 803-8500 bar has been raised in multiple arenas in 2020, and new standards for excel- Mergers & Acquisitions Vol. 55/No. 7 (ISSN 0026-0010) is lence are emerging. published monthly with combined issues in July/August and November/December by Arizent, One State Street Plaza, As we look to the Rising Stars for insights about the future of private 27th Floor, New York, NY 10004-1505. Yearly subscription is $1,995; $2035 for one year in all other countries. Periodical equity, this year, we asked three questions: 1. What is the biggest challenge postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address changes to Mergers you’ve faced as a dealmaker in 2020, and how have you met it? 2. How are & Acquisitions / Arizent, One State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes you helping your portfolio companies pivot in the face of the pandemic? 3. and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. How are you helping to change the private equity industry when it comes to This publication is designed to provide accurate and authoritative information regarding the subject matter diversity, inclusion and anti-racism? covered. It is sold with the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax, Read their answers and our profiles of the Rising Stars in this issue’s cover or other professional service. Mergers & Acquisitions is a registered trademark used herein under license. story. M&A ©2020 Arizent and Mergers & Acquisitions. All rights reserved. – Mary Kathleen Flynn 2 Mergers & Acquisitions July/August 2020 002_MAJ0720 2 6/22/2020 5:24:41 PM What’s going on @TheMiddleMarket.com www.themiddlemarket.com Special reports Viewpoints Data 11 factors for dealmakers Learning from history Weekly roundups Delayed deals are starting to pick up A look back at the M&A activity imme- Check our website every Friday for PE again, and investors should evalu- diately after the 2007-2008 financial fundraising scorecard and the Weekly ate a target’s performance. Paycheck crisis provides examples to learn from wrap. Recent deals mentioned include Protection Program, supply chain and as we contemplate acquisitions in the IBM’s purchase of Internet portal oper- employee matters are among the post Covid-19 world. Stanley Works’ ator
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