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PE Firm of the Year Winner LLR Raises New Fund

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PE Firm of the Year Winner LLR Raises New Fund CV1_MAJ070818.indd 1 7/2/18 4:37 PM CV1_MAJ070818.indd 2 7/2/18 4:37 PM WHAT’S THE DEAL WITH DUANE MORRIS? THAT NAME KEEPS POPPING UP MORE AND MORE AS DEAL COUNSEL Representative M&A and Financing Deals $350 MILLION $1 BILLION C$1 BILLION $1.37 BILLION $631 MILLION Sale of fiber optic Senior syndicated Advised on the sale Sale to Scientific Disposition of licensing operations secured credit facility of NCell (the market- Games Corporation, polypropylene business to Crown Castle for acquisition of leading Nepalese a global leader in to Braskem for International Corp. for leading U.S. auto telecommunications technology-based integrated power/energy/ dealerships on behalf of operator) to Axiata for gaming, for resource leader Acted as administrative agent $60 MILLION $175 MILLION $500 MILLION $233 MILLION Acquisition of remaining Secured unitranche Sale to generics leader Syndicated loan Representation in 50% of this alternative credit facility to high- Par Pharmaceuticals, facility led by sale of company energy/power services profile media and Inc. for injectable and JPMorgan Chase for to Curtiss-Wright and solutions company marketing company for ophthalmic specialist NASDAQ-listed Corporation for for global marine transportation logistics and equipment provider $150 MILLION PT KOMET INFRA NUSANTARA $300 MILLION $115 MILLION $27 MILLION Acquisition of this Share repurchase Indonesian cell tower Sale to Madison Dearborn Acquisition of Natural Acquisition of 350-unit from Warburg Pincus company for largest Partners for Toronto- Flavors, Inc., a producer Knights Inn brand from Wyndham Hotel Group Private Equity VIII for independent owner/ based enterprise domain of natural and organic LLC for NYSE-listed NYSE-listed higher operator of wireless name system solutions flavor products, for education leader infrastructure in Indonesia technology leader $44 MILLION $24 MILLION C$563 MILLION $147 MILLION $45 MILLION Representation in Acquisition of leading Sale of majority Agreement to sell Debt facility for negotiation and signing prosthetic device interest to PE leader Construction Claims world’s first skill- of a merger agreement manufacturer BionX Apax for Canada-based Group to UK- based video game with Americas United Medical Technologies weight loss/wellness based Bridgepoint gambling machine Bank for for German prosthetics solutions innovator Development Capital creator for NYSE-listed innovator For more information on how $115 MILLION seriously we take our deals, get Acquisition of engineered Sale of Donegal Financial in touch with BRIAN KERWIN, Merger with Australia- carbon-fiber composite Services Corporation chair of our global Corporate based global leader in 363 sale of all assets manufacturer Citadel and Union Community Practice, at 312.499.6737 or intimate apparel and to these industry for composite pipeline Bank to Northwest [email protected]. swimwear for fashion/ leaders for injectable and pipework repair Bancshares for lifestyle brand innovator drug delivery systems specialist solutions leader A n A m L aw 1 0 0 l aw fi r m | M o re t h a n 8 0 0 l aw ye rs | E sta b l i s h e d 1 9 0 4 |Duane Morris LLP – A Delaware limited liability partnership | w w w.d u a n e m o r r i s.co m 0C2_MAJ070818 2 7/5/2018 9:29:09 AM Contents July / August 2018 | VOL. 53 | NO. 7 Cover Story 16 Rising Stars of Private Equity Ethan Liebermann and Jennifer Roach are among 11 private equity investors who are expected to play significant leadership roles in the future of their firms and the industry. Private Equity Perspective 12 Changing the dynamic Goldman Sachs launches a fund to back women-led companies, and a new networking group focus on female dealmakers. The Buyside 14 Staying the course Tyler Technologies is acquisitive in the government software sector and plans to stay that way. Ethan Liebermann led TA Associates’ investment in MedRisk and co-sponsored CCRM, Datix and SoftWriters. Jennifer Roach helped Yellow Wood Partners build PDC Brands and sell it to CVC. Watercooler Guest Articles M&A Scene 6 30 36 Phil Mickelson, Jessica Alba, Carlyle Lower mid-market healthcare M&A ACG NY Industial Conference Golf legend “Lefty” Phil Mickelson Deal drivers include PE firms raising The conference was held at the New invests in robotic frozen yogurt funds and strategics divesting assets. York Athletic Club. chain. Jessica Alba’s the Honest Co. 32 sells stake to L Catterton. Carlyle co- 10 tips on integrating healthcare deals CEOs give first major joint interview. Finance should play a leadership role People Moves Q&As in post-merger integration. 38 22 Lovell Minnick, Blue Point, Arbor Private Equity Lovell Minnick hires Joan Binstock as TA Associates’ Ajit Nedungadi talks an advisor. Megan Kneipp, formerly about the firm’s culture. Snapshot of CenterOak, joins Blue Point. Arbor Investments hires former Chicago 24 26 Cubs executive. Venture Capital High valuations drive first quarter M&A Robotics developers are ripe for The overall average valuation mark investment, says Innovation Works for the quarter was 6.9x. CEO Rich Lunak. TheMiddleMarket.com July / August 2018 Mergers & Acquisitions 1 001_MAJ0818 1 7/3/2018 2:38:04 PM Inside Word July / August 2018 | VOL. 53 | NO. 7 TheMiddleMarket.com 1 STATE STREET PLAZA, 27TH FLOOR Meet the future NEW YORK, NY 100041505 ­212 8038200 EDITORINCHIEF Mary Kathleen Flynn MANAGING EDITOR leaders of private equity Demitri Diakantonis CONTRIBUTING EDITORS Keith Button, Danielle Fugazy GROUP EDITORIAL DIRECTOR, These 11 dealmakers are already making an impact BANKING AND CAPITAL MARKETS on their firms, and their best days are yet to come. Richard Melville VP, RESEARCH Dana Jackson VP, CONTENT OPERATIONS AND Ethan Liebermann led TA Associates’ investment CREATIVE SERVICES Paul Vogel in MedRisk and co-sponsored CCRM, Datix and Soft- EXECUTIVE DIRECTOR, CONTENT OPERATIONS AND CREATIVE SERVICES Writers. Jennifer Roach helped Yellow Wood Partners Michael Chu build PDC Brands and sell it to CVC Capital Part ners. DIRECTOR OF CONTENT OPERATIONS Theresa Hambel They are among the private equity investors expect- SR. ART DIRECTOR ed to play significant leadership roles in the future. Nick Perkins To identify the investors on our list, Mergers & Ac- VICE PRESIDENT, CAPITAL MARKETS Harry Nikpour (212) 803-8638 quisitions asked for nomi nations from our audience SENIOR SALES MANAGER through articles on our website, www.TheMiddle- Richard Grant (212) 803-8634 ASSOCIATE MARKETING MANAGER Market.com, and our e-newsletter, the Daily Briefing. Leatha Jones We vetted all the candi dates by looking at their dealmaking track records and speaking with people inside and outside their firms. As we spoke with dealmakers about the Rising Stars, common themes emerged. All have demonstrated the ability to handle many aspects of the CHIEF EXECUTIVE OFFICER ...........................Gemma Postlethwaite CHIEF FINANCIAL OFFICER ..................................................Sean Kron PE business, including: fostering trusted relationships and developing deep EVP & CHIEF CONTENT OFFICER ........................David Longobardi CHIEF MARKETING OFFICER .......................................Matthew Yorke networks throughout the sectors they invest in; expanding their firm’s invest- CHIEF SUBSCRIPTION OFFICER ...................................Allison Adams ments in key sectors; identifying add-on acquisitions and other opportuni- SVP, CONFERENCES & EVENTS ..................................John DelMauro SVP, HUMAN RESOURCES .....................................................Ying Wong ties for portfolio companies; representing their firms well in the marketplace; and taking on leadership roles within their firms, including developing new REPRINTS AND LICENSING CONTENT systems and tools and training other dealmakers. For more information about reprints and licensing content from Mergers & Acquisitions, please visit sourcemediareprints. Meet Mergers & Acquisitions’ 11 Rising Stars of Private Equity: com or contact pars international at (212) 221-9595. Daniel Hopkin, Partner, Kainos Capital CUSTOMER SERVICE John Kos, Principal, GTCR [email protected] or (212) 803-8500 Erik Latterell, Director, Stone Arch Capital Mergers & Acquisitions Vol. 53/No. 7 (ISSN 0026-0010) is published monthly with combined issues in July/August Ethan Liebermann, Principal, TA Associates and November/December by SourceMedia, One State Jaime McKenzie, Director, Monomoy Capital Street Plaza, 27th Floor, New York, NY 10004-1505. Yearly subscription is $1,995; $2035 for one year in all other Jennifer Roach, Vice President, Yellow Wood Partners countries. Periodical postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address Joseph Rondinelli, Principal, Frontenac changes to Mergers & Acquisitions / SourceMedia, One State Street Plaza, New York, NY 10004. For subscriptions, David Shainberg, Vice President, Balmoral renewals, address changes and delivery service issues contact our Customer Service department at (212) 803- Tom Smithburg, Vice President, Shore Capital Partners 8500 or email: [email protected]. This publication is designed to provide accurate and authoritative information Nicholas Stone, Managing Director, Cyprium Partners regarding the subject matter covered. It is sold with Afaf Ibraheem Warren, Senior Associate, Siris Capital the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax, or other We can’t wait to see what they’ll do next! professional service. Mergers
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