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Q3 in Review Frothy Markets Side-By-Side www.buyoutsnews.com October 9, 2017 • Issue 21 BUYOUTS Vol. 30, No. 21, October 9, 2017 Building through the peak CONSISTENT Firms pursue buy-and-build EXECUTION TAKES strategies to navigate YOU HIGHER. Q3 in Review frothy markets Side-by-side. That’s where we start and where we remain throughout the lifecycle of a transaction. For more than two decades, our innovative financing solutions, reliable deal execution and sophisticated perspective on the middle market have made all the difference. 28 View our completed transactions at Antares.com Consistency by design. Q3 IN REVIEW Tax-reform plan raises questions about interest deductibility 6 GPs navigate high prices through relationships, buy-and-build 28 KKR’s sale of Capsugel headlines M&A exits in booming Q3 50 U.S. PE fundraising may reach post-crisis record 58 5 Questions: Sun Capital’s Edwards on storm-disaster planning 98 It’s budget planning season... luckily, help is on its way! Are your compensation practices competitive? Eliminate the guesswork by ordering the seventh edition of the 2017-2018 Featuring VCJ Texas and Buyouts Texas Holt-MM&K-Buyouts Insider PE/VC Compensation Report. December 4-6, 2017 • Hotel Van Zandt • Austin, TX The 2017-2018 edition is the largest, most comprehensive compensation study For the first time since its launch available, based on surveys from a large and diverse population of GPs in private 10 years ago, PartnerConnect equity and venture capital. The report is Southwest is moving from Dallas developed by the leading authorities in PE/ to Austin. This event will bring VC organizational management, employee you the same great content and remuneration, and PE/VC market intelligence. network you’ve grown to expect from PartnerConnect events, this time in the state capital. THE REPORT IS BROKEN DOWN INTO TWO PARTS: With PCSW more than 300 PART 1 describes firm-wide compensation practices such as: PART 2 includes the average, median, bottom-quartile and attendees including 40% LPs, • Annual bonus plans top-quartile salary, bonus and carry distribution and carry 45% GPs and 15% service points assigned to employees in 30 different job titles at firms • Carried interest plans grouped by investment strategy and AUM. providers, you are guaranteed to • Co-investment plans Sample groups include the following: save time and money by making • Employee benefits, i.e. healthcare insurance, retirement • LBO/growth equity firms (small, mid-sized and large) invaluable connections in one plans, etc. • Payroll costs as percent of revenue • Venture capital firms (small, mid-sized and large) great location. • Year-over-year salary, bonus and staffing changes • Mezzanine firms • Funds of Funds • Institutional private equity firms (owned by a company or investment back) The report also features break-outs for Canadian and Asian firms. TO LEARN MORE ABOUT THIS MUST-ATTEND CONFERENCE, PLEASE VISIT: Order now at Shop.PEHub.com, Buyouts subscribers receive 15% off, https://partnerconnectevents.com/pcsw2017/ enter discount code BO17415 at checkout to redeem. www.buyoutsnews.com October 9, 2017 | BUYOUTS | 1 CONTENTS YOUR EXCLUSIVE SOURCE FOR LEVERAGED AND MANAGEMENT BUYOUTS 28 BUYOUTS Vol. 30 No. 21 October 9, 2017 Private Equity Editor: Chris Witkowsky Executive Editor: David Toll [email protected] (646) 356-4507 28 Editor-in-Chief: Lawrence Aragon GPs navigate with relationships, buy-and-build Managing Editor: Robert Daniel By Sarah Pringle Writers: Luisa Beltran, Sam Sutton, Sarah Pringle, Eamon Murphy KKR’s sale of Capsugel headlines M&A exits 50 Research Editor: Paul Centopani Follow us on Twitter: By Paul Centopani Buyouts @Buyouts Lawrence Aragon @Laragon 58 Luisa Beltran @LuisaRBeltran U.S. PE fundraising may reach post-crisis record Paul Centopani @PCentopani By Sam Sutton Iris Dorbian @IrisDorbian Sarah Pringle @sarpring Sam Sutton @SamJSutton CHARTS OF THE WEEK 4 DEAL FLOW David Toll @davidmtoll Chris Witkowsky @ChrisWitkowsky NEWS ANALYSIS Urology Group seeks private equity partners 22 PE-backed autism-therapy group is said to be near sale 22 Junior Graphic Designer: Allison Brown Tax-reform raises questions about interest deductability 6 ABC Financial, health-club software firm, goes up for sale 23 Vice President and General Manager: Discrepancies found in fees and carry paid by LA County 8 Carlyle may look to exit asset manager TCW Group 23 Mark Cecil Bain creates an RCM giant from ZirMed and Navicure 24 [email protected] FRESH CAPITAL (415) 794-7045 H.I.G. Bayside seeks buyer for Jackson Hewitt 25 CalPERS taps Meketa adviser on infra instead of StepStone 10 Wealth manager HighTower Advisors is on the block 25 Sales Director: Robert Raidt Recent LP Commitments 10 Strategies out of the auction for BluePay 26 [email protected] (646) 356-4502 Washington connects with Wellspring, New Mountain 12 Waud builds in payments, scoops Anovia, TrustCommerce 26 Wellspring discounts fees for large LPs in Fund VI 12 Customer Service: Idaho PERS distributions from PE reach record in Q1 13 LEVERAGED LOANS [email protected] San Diego CERS readies $375 mln over three years 14 (800) 455-5844 or (646) 356-4509 Europe leveraged-loan market shows strength, depth 27 M-F 9am-5pm EST Michigan Q2: heavy bets on megafunds 14 Ratings Wrap-Up 27 Distributions slip as capital calls surge at LACERS 15 Reprints: Please visit www. Meet The LP Video buyoutsnews.com MARKET INTELLIGENCE 82-95 buyoutsinsiderreprints.com for more information from PARS International, our authorized partner for reprints, permissions FUND NEWS ON THE MOVE 96-97 and licensing for all Buyouts Insider content. Strattam inks first close, completes Doxim add-on 16 BUYOUTS BEAT 98-99 President: Jim Beecher Crescent sees $1 bln final close for new lending fund 16 [email protected] Francisco Partners V could raise up to $3.75 bln 17 LAST WORD (646) 356-4501 Napier Park’s fintech team targets $250 mln for Fund II 18 PE gets its hearing 100 Buyouts Insider Davidson Kempner eyes $1.2 bln for private credit 18 Private equity cartoon 100 9 East 38th Street New MainStream Fund III target is $350 mln 19 11th Floor Hark Capital targets $203 mln to lend to PE, VC funds 19 New York, NY 10016 www.Buyoutsnews.com Apax raises $1 bln for tech growth investments 20 (646) 356-4509 Fax: (301) 287-2887 Permira eyes debut fund in tech growth 20 Stonepeak infra Fund III may reach $7 bln 21 Cove Hill closes debut, with long duration, on over $1 bln 21 Buyouts, ISSN 1040-0990, is published 25 times per year by Simplify Compliance LLC. Annual subscriptions cost USD $2,997 per copy. For back issues and single copies please call (+1) 800.455.5844. Entire contents copyright © 2017 by Simplify Compliance LLC. Reproduction in any form is prohibited “[The Trump interest-deduction plan] without the express written consent of specifically [calls] out C corps. Does this Simplify Compliance LLC. mean there will be loopholes for other types of corporate structures?” —Jeremy Swan, principal, CohnReznick p6 2 | BUYOUTS | October 9, 2017 www.buyoutsnews.com COMPANY INDEX A,B I,J,K P,Q,R Abbott Capital 19 Idaho’s Public Employee Retirement System 13 Pamplona Capital Management 23 Advent International 25, 26, 50 Illinois Municipal Retirement Fund 19 Pantheon 19 Alinda Capital Partners 51 Incline Equity Partners 16 Peak Rock Capital 14 Apax Partners 20 Irving Place Capital 24 Pegasus Capital Advisors 14 Apollo Global Management 3, 13, 14, 51, 58 J.H. Whitney Capital Partners 24 Pennsylvania Public School Aquiline Capital 20, 25 Jefferson River Capital 22 Employees’ Retirement System 12 Audax Private Equity 22 JW Childs 23 Permira 20 Avista Capital Holdings 51 Kansas Public Employees Retirement System 12 PIMCO 23 Bain & Co 21, 58 Kohlberg Kravis Roberts & Co 3, 14, 20, 25, 51 Portfolio Advisors 15 Bain Capital 21, 24, 28 Provident Healthcare Partners 22 Bayside Capital 25 Quantum Energy Partners 99 Blackstone Group 21, 24 Rhode Island State Investment Commission 18, 59 Bregal Sagemount 23 L Riverside Co 16 Brockway Moran & Partners 23 L Catterton 23 Lee Equity Partners 25 Leerink Transformation Partners 3 Leonard Green & Partners 23 S,T C,D Lightyear Capital 23, 25 Sage Road Capital 99 California Public Employees’ Longford Capital Management 3 San Diego City Employees’ Retirement System 14 Retirement System 8, 10, 58 Los Angeles City Employees’ Retirement System 15 Scopia Capital Management 22 Carlyle Group 23, 25 Los Angeles County Employees’ Sequoia Capital 24 Citi Capital Advisors 18 Retirement Association 8, 59 Silver Lake 13, 14, 58 Clayton Dubilier & Rice 58 Lovell Minnick Partners 25 State of Michigan Retirement Systems 14 Clearview Capital 29 StepStone Group 14, 60 Cove Hill Partners 21 Stonepeak Infrastructure Partners 21 Crescent Capital Group 16 Strattam Capital Partners 16 Crestview Partners 14 M Sun Capital Partners 98 CVC Capital Partners 13, 14, 25 MBF Healthcare Partners 19 TA Associates 21, 25, 26 Davidson Kempner Capital Management 18 Meketa Investment Group 10 TCW Group 23 Menlo Ventures 14 Teachers’ Retirement System of Louisiana 13, 19, 21 Milestone Partners 23 Technology Crossover Ventures 20 Millennium Technology Value Partners 20 Temasek Holdings 23 E,F,G Minnesota State Board of Investment 12 Tenex Capital Management 16 Enhanced Equity 13, 19 Thoma Bravo 20 First Reserve 99 Thomas H. Lee Partners 21 Francisco Partners 17, 23 TPG Capital 13, 23 GCM Grosvenor 14 N TriVest Partners 3 General Atlantic 25 Napier Park Global Capital 18 TSG Consumer Partners 14, 28 General Catalyst 21 North Castle Partners 23 TwinBrook Capital Partners 29 Great Hill Partners 23, 51 Nebraska Investment Council 17 Great Point Partners 22 New Hampshire Retirement System 16 GTCR 23, 26 New MainStream Capital 19 Guggenheim Partners 18 New Mountain Capital 3, 12, 58 U,V,W University of Texas Investment Management Co 59 Veritas Capital 13 Vista Equity Partners 14, 23, 26, 58 H O Warburg Pincus 26 H.I.G.
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