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Insight Partners to buy Veeam, Armis; Open Lending to go public

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Investment Banking Essentials: February 21

Insight Partners to buy Veeam, Armis; Open Lending to go public

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

What goes up must come down

U.S. private equity activity in 2019 dipped from the dazzling heights of 2018 with overall deal value remaining relatively consistent across a five-year period, according to S&P Global Market Intelligence data.

2019 saw 5,272 private equity, venture capital and private equity real estate entries announced with a gross transaction value of $200.69 billion compared to 6,043 entries worth a combined $252.37 billion in 2018 — the highest deal volume and transaction value seen across a five-year period — based on available information.

Private equity managers scrambled for information technology assets in 2019 with 2,007 deals announced in the space. Healthcare deals followed in popularity with 969 transactions. Industrials, taking the third spot in volume rankings, saw 569 deals announced.

Private equity professionals pointed to big and complex deals as trends across the industry in 2019. Large deals allow managers to put more money to work in a high dry powder environment, with transactions like public to privates and corporate carve-outs providing assets at a more reasonable price.

Co-investment also continued on as a standout trend last year, offering perks such as the possibility for fee discounts and outsized returns for investors, and allowing general partners to access deals beyond their investment remit. But demand must be balanced with the ability to execute, and some in the industry question whether this trend is fueled by top-of-the market conditions.

Taking up cyberspace

* Insight Venture Management LLC, or Insight Partners, will buy Swiss cloud data management company Veeam Software Group GmbH in a roughly $5 billion deal. The acquisition is set to close in the first quarter.

* The technology investor also agreed to acquire cybersecurity company Armis Inc. in an all-cash transaction at a valuation of $1.1 billion.

SNL ImageThe Blackstone Group sign stands in front of the investment firm's offices.
Source: AP Photo

Public route

* A True Wind Capital-sponsored special purpose acquisition company will purchase automotive lending data and analytics platform Open Lending LLC through a new Delaware holding company that will be publicly traded with an implied estimated enterprise value of about $1.3 billion at deal closing.

* Providence Equity Partners LLC-backed Topgolf International Inc. engaged banks to aid in its potential IPO that could value the leisure facilities operator at roughly $4 billion, Bloomberg News reported, citing people familiar with the matter.

Acquisition avenue

* Warburg Pincus LLC-advised funds are set to acquire industrial pumps and compressors specialist Sundyne LLC from funds managed by BC Partners and Carlyle Group LP.

* Thomas H. Lee Partners LP will purchase a majority interest in insurance broker AmeriLife Group LLC from J.C. Flowers & Co. LLC.

* A company backed by funds managed by Permira Advisers Ltd. and co-investors will acquire a majority stake in video telematics company Lytx Inc.

* An investor group consisting of Blackstone Group-backed investor Pátria Investimentos Ltda. and Singaporean wealth fund GIC Pte. Ltd. won an auction to operate the Piracicaba-Panorama highway in São Paulo for 30 years, Reuters reported.

SNL ImageA McDonald's restaurant in downtown Pittsburgh.
Source: AP Photo

Consumer corner

* The Longreach Group Ltd. agreed to buy the shares of Japanese coffee shop chain Chat Noir K.K. from an unnamed seller.

* CITIC Capital Partners could buy a 22% stake in McDonald's Corp.'s mainland China and Hong Kong business from Chinese state-owned conglomerate CITIC Group Corp., Reuters reported, citing a filing.

* Everstone Capital Asia Pte. Ltd. reportedly tapped Rothschild to evaluate its plan to divest itself from two Indonesian food and beverage businesses, PT Dom Pizza Indonesia and PT Sari Burger Indonesia, DealStreetAsia reported, citing two persons familiar with the development.

* LDC (Managers) Ltd. agreed to sell Pure Cottages Group, a U.K.-based luxury rental agency business, to Sykes Cottages Ltd.

Flush with cash

* Platinum Equity LLC secured $10 billion for Platinum Equity Capital Partners V at final close.

* Vistria Group LP raised $1.11 billion for its third investment vehicle.

* H.I.G. Capital LLC's credit arm obtained about $1.1 billion for H.I.G. Whitehorse Principal Lending Fund LP and other parallel vehicles.

Sector intelligence

Banking Banks over $50B refine CECL estimates

Energy Analysts: Oil, LNG exports to China have to skyrocket for trade goals to be hit

ESG 2019 marked with states upping climate efforts amid federal rollbacks

Fintech Biggest US banks dominate competition for retail checking accounts

Healthcare Early 2020 drug price hikes track lower amid political pressure

Insurance Could the basis risk 'bogeyman' threaten the rise of parametric insurance?

Metals CPM Group: Time to 'take profits' after gold surges in wake of Soleimani's death

Real estate Equities, real estate won big in the decade of 'risk-on'

Retail, consumer products, gaming and leisure Nike may set new trend with Amazon checkout

Technology, media and telecommunications Wireless vehicle updates pose big cybersecurity risk for automakers, consumers