TOP NEWS IN PRIVATE EQUITY
* Middle-market private equity firm Aurora Capital Partners acquired Spray-Tek LLC for an undisclosed amount. Spray-Tek provides specialty spray-drying and ingredient-processing solutions to markets ranging from food and beverage to pharmaceutical.
* Affiliates of American Securities LLC agreed to acquire Hexion Holdings Corp., a provider of thermoset resins, for $30 per share in cash. The deal, which is expected to close in the first half of 2022, is conditioned upon the closing of Hexion's sale of its Epoxy business to Westlake Chemical Corp., among other customary closing conditions.
➤ PE investors scout widening options to reinvest rocketing distributions
Shorter duration strategies such as coinvestments, secondaries and private credit allow limited partners to reinvest more quickly compared with typical private equity fund commitments.
➤ Despite strong growth in securities portfolios, many US banks keeping powder dry
Banks invested slightly more cash in the bond market in the third quarter, though many institutions remain hesitant to invest at low yields, and several fear that some of the excess liquidity sitting on their balance sheets might prove fleeting.
* Funds managed by Blackstone Growth Advisors LLC agreed to make a majority investment in Supergoop LLC that develops sun-protection products.
* An affiliate of Waypoint Capital acquired a 70% stake in Allergy Partners PA, which operates a network of single-specialty allergy and asthma practices.
* Swiss private equity firm Partners Group Holding AG, on behalf of its clients, agreed to acquire atNorth, an Iceland-based data center operator, from its existing shareholder group.
* Endicott Management Co. unit Endicott Growth Equity Partners LP purchased a majority stake in Information Clearinghouse Inc. and Market Service Inc. The companies provide data and insights on retailers and the real estate they occupy.
* Private equity firm Francisco Partners Management LP acquired Vancouver, Wash.-based Office Ally Inc., which provides electronic clearinghouse services and software solutions to the U.S. healthcare industry.
* Entrepreneurial Equity Partners LP, or e2p, invested in Organic Milling Acquisitions LLC, a contract manufacturer of cereal, granola and snacks.
* AS Equity Partners is acquiring Swiss Post Solutions Ltd., a provider of business process outsourcing solutions and document management services, from Swiss Post.
* Taptap Send UK Ltd., a community-focused, cross-border financial platform, raised $65 million in a series B funding round led by Spark Capital Partners LLC. Canaan Management Inc. and Slow Ventures LLC, among other investors, also took part in the round.
* Dental artificial intelligence software provider Overjet Inc. secured $42.5 million in a series B financing round led by General Catalyst Group Management LLC and Insight Partners. CrossLink Capital Inc. and The E14 Fund, among other investors, participated in the round.
* Healthcare technology company Apella Technology Inc collected $21 million in a series A funding round led by Casdin Capital LLC, with participation from Vensana Capital Management LLC, PFM Health Sciences LP and Twine Ventures, among others.
* Ekos_brewmaster LLC, a developer of business management software for craft beverage businesses, raised $21 million in a series B financing round. The round was led by Catalyst Investors LLC, with participation from Noro-Moseley Partners.
The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.