Capstone Headwaters Education Technology M&A Coverage Report
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Education Technology & Services Market
Market Update Education Key Highlights The top subsector stock performer in Q4 2019 Technology was digital educational content & services, up 13.7% year-over-year & Services On average, EBITDA multiples for the subsectors decreased 0.5x from the prior quarter and were Q4 2019 down 0.8x on a year-over-year basis 2020 Forecast…Sustained Robust Deal Activity Focused on High Quality Assets and Strong Outcomes-Driven Business Models For several years now, we have been predicting continued consolidation within the education technology and services market. Merger and acquisition activity of all types within the sector has been robust, with overall transaction volumes repeatedly surpassing year-over-year levels by healthy margins. Even with ongoing strategic consolidation in the space, ever-increasing private equity interest in the education sector has been the primary driver of continued strong transaction levels and increasing valuations. A record amount of available capital, or “dry powder,” and elevated interest in software-as-a-service (“SaaS”) business models were the primary underlying factors driving private equity interest levels in ed tech businesses. Interest in high quality education providers has also been robust, underpinned by strong outcome-driven theses behind businesses built to solve the “achievement gap” and/or “skills gap” problem with a keen focus on value proposition to the consumer. In the early childhood segment, activity levels remain high, driven by continued professionalization and consolidation within an otherwise highly fragmented global market. And in the proprietary postsecondary sector, after a “decade of pain,” M&A has made a comeback with several new investments by private equity investors seeking premium operators in markets with strong supply/ demand imbalances. -
Vol. 84 Wednesday, No. 171 September 4, 2019 Pages 46419
Vol. 84 Wednesday, No. 171 September 4, 2019 Pages 46419–46652 OFFICE OF THE FEDERAL REGISTER VerDate Sep 11 2014 20:59 Sep 03, 2019 Jkt 247001 PO 00000 Frm 00001 Fmt 4710 Sfmt 4710 E:\FR\FM\04SEWS.LOC 04SEWS jbell on DSK3GLQ082PROD with FRONTWS II Federal Register / Vol. 84, No. 171 / Wednesday, September 4, 2019 The FEDERAL REGISTER (ISSN 0097–6326) is published daily, SUBSCRIPTIONS AND COPIES Monday through Friday, except official holidays, by the Office PUBLIC of the Federal Register, National Archives and Records Administration, under the Federal Register Act (44 U.S.C. Ch. 15) Subscriptions: and the regulations of the Administrative Committee of the Federal Paper or fiche 202–512–1800 Register (1 CFR Ch. I). The Superintendent of Documents, U.S. Assistance with public subscriptions 202–512–1806 Government Publishing Office, is the exclusive distributor of the official edition. Periodicals postage is paid at Washington, DC. General online information 202–512–1530; 1–888–293–6498 Single copies/back copies: The FEDERAL REGISTER provides a uniform system for making available to the public regulations and legal notices issued by Paper or fiche 202–512–1800 Federal agencies. These include Presidential proclamations and Assistance with public single copies 1–866–512–1800 Executive Orders, Federal agency documents having general (Toll-Free) applicability and legal effect, documents required to be published FEDERAL AGENCIES by act of Congress, and other Federal agency documents of public Subscriptions: interest. Assistance with Federal agency subscriptions: Documents are on file for public inspection in the Office of the Federal Register the day before they are published, unless the Email [email protected] issuing agency requests earlier filing. -
Partners Group Private Equity (Master Fund)
SECURITIES AND EXCHANGE COMMISSION FORM N-Q Quarterly schedule of portfolio holdings of registered management investment company filed on Form N-Q Filing Date: 2017-02-28 | Period of Report: 2016-12-31 SEC Accession No. 0001398344-17-002471 (HTML Version on secdatabase.com) FILER Partners Group Private Equity (Master Fund), LLC Mailing Address Business Address 1114 AVENUE OF THE 1114 AVENUE OF THE CIK:1447247| IRS No.: 800270189 | State of Incorp.:DE | Fiscal Year End: 0331 AMERICAS AMERICAS Type: N-Q | Act: 40 | File No.: 811-22241 | Film No.: 17644875 37TH FLOOR 37TH FLOOR NEW YORK NY 10036 NEW YORK NY 10036 212-908-2600 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-22241 Partners Group Private Equity (Master Fund), LLC (Exact name of registrant as specified in charter) 1114 Avenue of the Americas, 37th Floor New York, NY 10036 (Address of principal executive offices) (Zip code) Robert M. Collins 1114 Avenue of the Americas, 37th Floor New York, NY 10036 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 908-2600 Date of fiscal year end: March 31 Date of reporting period: December 31, 2016 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). -
Global Trends in Insurance M&A in 2014 and Beyond Looking Back on 2014: the Return of the Billion Dollar Transactions
GLOBAL TRENDS IN INSURANCE M&A IN 2014 AND BEYOND LOOKING baCK ON 2014: THE RETURN OF thE BILLION DOLLAR TRANSACTIONS In recent years, insurance companies have largely focused on improving their performance by 1. ACQUISITIONS ARE ON THE UP cutting costs amidst a slow post-global financial The big insurance groups are buying again, even those that crisis environment. However, the past two years suffered during the global economic crisis and have been have seen the tide change: the industry is now quiet on the M&A radar for some time. The number of seeking to bolster profits by embarking upon publically disclosed insurance deals in 2014 is up around both domestic and the potentially more lucrative 11 percent on 2013 from 316 to 354 (mergermarket). emerging market M&A. Economic confidence is growing and those insurance companies that suffered, yet survived, the rock bottom of the Not only are acquisitions on the up, the value is economic crisis are beginning to bounce back up, too. and consider opportunities to invest in their now well capitalized companies both internally and by external expansion. After a slow 2013, we saw with some billion dollar deals including Dai-ichi Life Insurance Company’s acquisition of Protective Life in a deal valued a significant uplift in M&A activity in the sector at US$5.7 billion, Canada Pension Plan Investment Board’s in 2014. For the first time in a number of years, (CPPIB’s) US$1.8 billion acquisition of Wilton Re, Manulife’s the industry has seen billion-dollar deals, some of US$4 billion acquisition of the Canadian operations which are identified in this paper. -
DENVER CAPITAL MATRIX Funding Sources for Entrepreneurs and Small Business
DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction The Denver Office of Economic Development is pleased to release this fifth annual edition of the Denver Capital Matrix. This publication is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Denver Office of Economic Development’s JumpStart strategic plan, the Denver Capital Matrix provides a comprehensive directory of financing Definitions sources, from traditional bank lending, to venture capital firms, private Venture Capital – Venture capital is capital provided by investors to small businesses and start-up firms that demonstrate possible high- equity firms, angel investors, mezzanine sources and more. growth opportunities. Venture capital investments have a potential for considerable loss or profit and are generally designated for new and Small businesses provide the greatest opportunity for job creation speculative enterprises that seek to generate a return through a potential today. Yet, a lack of needed financing often prevents businesses from initial public offering or sale of the company. implementing expansion plans and adding payroll. Through this updated resource, we’re striving to help connect businesses to start-up Angel Investor – An angel investor is a high net worth individual active in and expansion capital so that they can thrive in Denver. venture financing, typically participating at an early stage of growth. Private Equity – Private equity is an individual or consortium of investors and funds that make investments directly into private companies or initiate buyouts of public companies. Private equity is ownership in private companies that is not listed or traded on public exchanges. -
Deals, Dollars, and Disputes
Deals, Dollars, and Disputes MAXIMIZING VALUE MINIMIZING RISK A Summary of Private Equity Transactions for the Quarter Ended September 30, 2014 CONTENTS Our Process and Methodology ................................................ 1 Summary of Q3 2014 PE Firm Transaction Activity ................ 2 Volume of PE Deals Announced and Completed ......................................... 2 Top 25 PE Firm Transactions by Deal Value Completed During Q3 2014 ............................................................................................... 3 Industry Sector Transaction Analyses ........................................................... 4 Purchase Price Premium for Transactions Involving Controlling Stakes ........................................................................................... 6 PE Acquisition Type Analyses ........................................................................ 7 Featured Transactions and Insights ........................................ 8 Value Creation through Industry Consolidation ........................................... 8 In Good Company with Private Equity: LuLu*s and H.I.G. ......................... 11 Introduction We are pleased to present you with our Deals, Dollars, and Disputes report for the quarter ended September 30th, 2014. Our analysis involves a study of the merger and and acquisition transactions involving private equity firms (“PE firms”) during the Our Objective recent quarter. Our objective in preparing this report is to provide a general overview of the volume and value -
– Onex Partners to Become a Majority Investor in Newport Healthcare –
FOR IMMEDIATE RELEASE All amounts in U.S. dollars unless otherwise stated – Onex Partners to Become a Majority Investor in Newport Healthcare – Toronto, June 7, 2021 – Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners V (“Onex Partners”) has agreed to acquire Newport Healthcare (“Newport” or “the company”), in partnership with the company’s management team. Newport is a leading provider in the United States of evidence-based healing centers for teens and young adults struggling with primary mental health issues. Newport offers a family-systems approach, providing gender-specific, individualized, integrated programs that encompass clinical therapy, academic support, and experiential practices. Offerings include residential treatment centers, Partial Hospitalization Programs, and Intensive Outpatient Programs. Newport nurtures the physical, psychological, social, educational, and spiritual needs of individuals, from a foundation of compassionate care, clinical expertise, and unconditional love. Newport's primary mission is to empower lives and restore families. Joe Procopio, CEO of Newport stated, “At a time when our country is in the midst of a mental health epidemic, we are thrilled to be partnering with the team at Onex, continuing our mission to be at the forefront of providing life changing care, and extending those services to more families in need.” “Newport is committed to delivering the highest quality care to its clients and addressing the nationwide shortage of mental health resources for teens and young adults by expanding access to care. We are excited to support Newport and its vision to be the leader in the sustainable healing of teens and young adults,” said Josh Hausman, an Onex Managing Director. -
INVESTMENT VENDORS the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems
INVESTMENT VENDORS The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards. RETIREMENT BOARD INVESTMENT VENDORS ADAMS • Capital Research and Management • Granite Investment Advisors Custodian: State Street Bank & Trust AMESBURY • PRIT ANDOVER • PRIT ARLINGTON • PRIT • Wilshire Associates Inc. Custodian: State Street Bank & Trust ATTLEBORO • Boston Advisors, LLC • Herndon Capital Management, LLC • PRIT Custodian: People’s United Bank • Daruma Capital Management, LLC • Invesco Core Real Estate USA, LP • Regions Timberland Consultant: Dahab Associates Inc. • Fidelity Institutional Asset Management • Invesco National Trust Company • State Street Global Advisors • Frontier Capital Management Co., LLC • Orleans Capital Management Corp. • Wells Capital Management Inc. • Hancock Natural Resource Group, Inc. BARNSTABLE COUNTY • Intercontinental Capital Management, LLC • PRIT • UBS Realty Investors, LLC BELMONT • AEW Capital Management, LP • Loomis Sayles & Company • RhumbLine Advisers Custodian: State Street Bank & Trust • Atlanta Capital • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Consultant: New England Pension • Harbourvest Partners, LLC • PRIT • Scout Capital Management, LLC Consultants BERKSHIRE COUNTY • PRIT BEVERLY • PRIT BLUE HILLS REGIONAL • PRIT BOSTON (CITY) • 57 Stars, LLC • EnTrust Partners, LLC • Permal Asset Management, Inc. Custodian: State -
Notice of Annual Meeting of Shareholders to Be Held May 13, 2021 and Information Circular
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD MAY 13, 2021 AND INFORMATION CIRCULAR NOTICE OF ANNUAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that an annual meeting of the shareholders of Onex Corporation (the “Corporation”) will be held on Thursday, the 13th day of May, 2021 at 10:00 a.m. (Eastern Daylight Savings Time). Due to the continuing public health impact of the global coronavirus (COVID-19) pandemic and in consideration of the health and safety of our shareholders, colleagues and the broader community, this year’s meeting will be held in a virtual meeting format only, by way of a live audio webcast. Shareholders will be able to listen, vote and submit questions at the meeting in real time through a web-based platform instead of attending the meeting in person. You can attend the virtual meeting by joining the live audio webcast online at https://web.lumiagm.com/465190078. The purpose of the meeting is the following: 1. to receive and consider the consolidated balance sheets of the Corporation as at December 31, 2020 and the consolidated statements of earnings, shareholders’ equity and cash flows for the year then ended, together with the report of the auditor thereon; 2. to appoint an auditor of the Corporation; 3. to authorize the directors of the Corporation to fix the remuneration of the auditor; 4. to elect directors of the Corporation; 5. to consider and approve, on an advisory basis, a resolution accepting the Corporation’s approach to executive compensation; and 6. to transact such further and other business as may properly come before the meeting or any adjournment to postponement thereof. -
NB Private Equity Partners: Overview Presentation
NB Private Equity Partners: Overview Presentation Financial Information as of 30 September 2019, Unless Otherwise Noted November 2019 Why Invest in NBPE? Key Investment Merits Access to a portfolio of direct private equity investments, sourced from over 55 distinct private equity firms; diversified private company exposure without single GP risk Sourcing and execution through Neuberger Berman’s ~$80 billion private equity business Strong Historic Performance Capital appreciation from equity investments and income through dividend No second layer of management fees or carried interest on vast majority of direct investments, offering significant fee efficiency vs listed fund of funds vehicles1 1. Approximately 98% of the direct investment portfolio (measured on 30 September 2019 fair value) is on a no management fee, no carry basis to underlying third-party GPs. Key Information Document is available on NBPE’s website. NB PRIVATE EQUITY PARTNERS INVESTOR UPDATE 2 NBPE Position in the Listed Private Equity Landscape NBPE is focused on direct investments, invested alongside over 55 private equity sponsors Hyper Diversified Fund of Funds • Primary & Secondary, some co-investment NB Private Equity Partners exposure • Dual fee layer • Multi-Sponsor Exposure • Need to over-commit or • Single layer of fees on majority of 1 suffer cash drag direct investments Direct Focus, Single GP • Single GP Concentration Concentrated • Single fee layer at vehicle level, carry typically higher than NBPE Lower Higher Fee Efficiency Note: as of 30 September 2019. The above graphic is intended to be a representation of the funds’ investment strategy of direct vs fund investments and investments into third-party or funds managed by an affiliated investment manager of the listed company. -
Majesco Ltdnovember 15, 2019
Majesco Ltd (MAJLIM) CMP: | 645 Target: | 785 (22%) Target Period: 12 months BUY August 10, 2020 Upward revision in acquisition price… Majesco US (the US listed company) has signed an amended agreement to Particulars sell its company to a private equity (Thoma Bravo, LP) at a revised price of P articular Am ount US$16/share (from earlier offer of US$13.1/share), valuing the company at Market Capi (| crore) 1906.0 US$729 million (~| 5,467 crore). The increased offer from Thoma Bravo and Debt (| crore) 0.5 the amendment followed Majesco’s receipt of an unsolicited acquisition Cash & E quivalent (| crore) 23.5 proposal from an unaffiliated third party. The company is now valued at 5x E V (| crore) 1883.0 FY20 EV/sales. Majesco India (the India listed company) holds 74.07% stake 52 Week High / Low (|) 677/ 171 E quity Capital 14.4 in the US entity (Majesco US). Hence, based on the stake, the company will F ace V alue 5.0 now receive cash of US$513.8 million (| 3853.3 crore). Assuming a capital Update Company gains tax, the company would receive cash of ~| 3121.2 crore. This, coupled Price Performance with cash of | 23.5 crore on the company's balance sheet, the total cash with the firm would be | 3144.7 crore or ~| 1037/share. The company plans to 15,000 1,000 distribute this cash via buyback and/or dividend. Considering the uncertainty on method of distribution, we conservatively revise our target price to 13,000 750 | 785/share, 22% upside from current levels. -
Q2 2016 Venture Capital Deals and Exits Download the Data Pack July 2016
Q2 2016 Venture Capital Deals and Exits Download the Data Pack July 2016 Fig. 1: Global Quarterly Venture Capital Deals*, Q1 2011 - Fig. 3: Number of Venture Capital Deals in Q2 2016 by Q2 2016 Fig. 2: Venture Capital Deals* in Q2 2016 by Region Investment Stage 3,000 50 100% 1.5 187 0.6 Angel/Seed 45 1.0 Aggregate Deal Value ($bn) DealValue Aggregate 90% 53 2,500 237 40 80% 1% 8% Series A/Round 1 1% 3% 35 16.7 Series B/Round 2 2,000 70% 460 2% 30 3% 60% 33% Series C/Round 3 1,500 25 50% 407 7% 20 3.1 Series D/Round 4 and Later No. of Deals 1,000 40% 15 Growth Capital/Expansion Proportion of Total Proportion 30% 10 500 17.5 15% PIPE 5 20% 900 0 0 10% Grant Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0% 27% Venture Debt 2011 2012 2013 2014 2015 2016 No. of Deals Aggregate Deal Value ($bn) Add-on & Other No. of Deals Aggregate Deal Value ($bn) North America Europe Greater China India Israel Other Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online Fig. 5: Average Value of Venture Capital Deals, 2014 - Fig. 6: Number of US Venture Capital Deals* in Q2 2016 by Fig. 4: Venture Capital Deals* in Q2 2016 by Industry H1 2016 State 35% 120 111 111 31% 30% 96 27% 100 25% 2014 California 80 78 21% 21% 26% 20% 20% 16% 60 2015 New York 15% 13% 13% 44 39 37 Massachusetts 10% 9% 40 30 32 H1 2016 45% 25 Proportion of Total Proportion 5% 23 23 4% 4% Deal Size ($mn) Average 18 18 5% 3% 2% 3% 3% 20 10 12 3% Texas 1% 2% 1% 8 10 1% 1 2 0% 1 4% 0 Washington 8% Other Other Other IT Other Internet Business Services Clean Food & Food Series Series B/ Round 2 Round Round 1 Round Round 3 Round Telecoms Related Series Series A/ Series Series C/ 14% Agriculture Software & Healthcare Consumer Technology Angel/Seed Discretionary Expansion 4 andLater 4 Venture Debt Venture No.