29 Oct, 2021
Riverside invests in Done Service Group; New Water Capital buys Nelson-Miller
* Middle-market private equity firm The Riverside Co. invested in Done Service Group, a provider of services including residential plumbing; heating, ventilation and air-conditioning, or HVAC; installation; and repair in the Denver metropolitan area.
* Boca Raton, Fla.-based New Water Capital LP acquired Nelson-Miller Inc., which provides custom-engineered components for critical applications across medical, aerospace and defense, and industrial end-markets.
➤ Europe PE deal-making grows in Q3 amid pent-up dry powder
Entry deal volume was at 1,303 in the third quarter, up 11.7% from a year earlier, and gross transaction surged year over year to €40.73 billion, data from S&P Global Market Intelligence shows.
➤ US PE deal-making rises in Q3'21; IT reigns as top sector
The IT sector continues to be the top sector of choice for private equity and venture capital deals in the U.S., dominating deal activity through the third quarter.
DEALS
* Private equity funds managed by Blackstone Inc. agreed to acquire Nucleus Network Ltd. The Australian company provides phase 1 clinical trials for pharmaceutical and biotechnology companies globally.
* London-based private equity firm IK Partners, through its IK Small Cap III Fund, agreed to acquire a significant minority interest in IT and cybersecurity services company Pr0ph3cy Group. The company was formed from the merger of consulting company Silicom and electronic learning software-as-a-service platform Seela.
* Actis LLP agreed to sell its Brazilian renewable energy unit Echoenergia Participações SA to Equatorial Energia SA for almost 10 billion reais including debt, Reuters reported, citing a person familiar with the matter.
* 3i Group PLC agreed to sell its investment in data management software company Magnitude Software Inc. to Global Software LLC, or insightsoftware Inc., for estimated proceeds of approximately £344 million. 3i Group will also coinvest approximately $50 million into insightsoftware.
* Sweden-based Procuritas Capital Investors VI Holding AB, through its Procuritas Capital Investors VI AB fund, invested in Swedish guitar maker Strandberg Guitars.
FUNDRAISING
* Nautic Partners LLC raised $3.0 billion at the final close of its Nautic Partners X LP.
VENTURE CAPITAL
* Awardco LLC, an employee recognition and total rewards platform developer, raised nearly $65 million in a series A funding round led by General Catalyst Group Management LLC.
* UnitedMasters LLC, a full-service technology platform for independent artists, collected $50 million in a series C financing led by Andreessen Horowitz LLC.
* Financial technology company The Tifin Group LLC secured $47 million in a series C funding round led by Hamilton Lane Inc.
* Canadian diagnostics company Optina Diagnostics Inc. raised C$24.8 million in a series A funding round led by DigitalDx Ventures. Desjardins Capital and Hike Ventures LLC, among other investors, also took part in the round.
* Pleasanton, Calif.-based SlashNext Inc. secured $26 million in a series B funding round, bringing the cybersecurity solutions provider's total funding to $43 million. Kickstart Ventures' The Ayala Corp. Technology Innovation Venture Fund and Telia Co. AB (publ), among other investors, participated in the round.
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