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Private equity returns surge as coronavirus causes ‘sugar rush’ of demand in some sectors – PwC

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US private equity return multiples have surged this year after the global coronavirus pandemic caused a ‘sugar rus

Source: https://www.altassets.net/knowledge-bank/by-pe-focus/large-buyouts/private-equity-returns-surge-as-coronavirus-causes-sugar-rush-of-demand-in-some-sectors-pwc.html

Private Equity

How Valence Aims to Provide Better Access and Funding for Black Founders & Executives

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Mark Suster

“I gotta say it was a good day.”

Guy Primus, CEO of Valence

Source: https://bothsidesofthetable.com/how-valence-aims-to-provide-better-access-and-funding-for-black-founders-executives-f0e5b4d5d006?source=rss—-97f98e5df342—4

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Private Equity

Sonny’s Switches Sponsors

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Genstar has acquired Sonny’s Enterprises, a manufacturer of car wash equipment and supplies, from Sentinel Capital Partners.

Sonny’s is the largest manufacturer and distributor of conveyorized car wash equipment, parts and supplies in the world with more than 12,000 SKUs. Customers of the company include both small independents and large national car wash chains throughout the US and internationally.

Sonny’s also offers an educational program known as CarWash College, an active learning experience where car wash operators, and investors come together to take courses in maintenance, repair, and management of car washes. Sonny’s has a 135,000 sq. ft. facility and headquarters near Ft. Lauderdale in Tamarac, Florida. The company was founded in 1949 by Sonny Fazio and today is led by CEO Paul Fazio who has worked at the company for nearly 30 years.

Sentinel acquired Sonny’s in December 2017. “Working closely with Paul and his team as they pursued their vision of market leadership for Sonny’s has been an absolute privilege and pleasure,” said Scott Perry, a partner at Sentinel. “Over the past four years, Sonny’s has significantly expanded its market leadership as a total car wash solutions provider by broadening its product offering, consolidating distribution, and expanding geographically to the West Coast through both strategic acquisition and organic growth. Sonny’s installed base of car wash tunnels has grown considerably and contributed to its exceptional financial performance.”

New York City-based Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrials.

“The Sentinel team has been an outstanding partner to Sonny’s since our relationship began and we’ve built lasting friendships with them,” said Paul Fazio. “With Sentinel’s help, we have increased our growth trajectory, expanded into new product lines through transformative acquisitions, and moved closer to realizing our vision of being the premier one-stop provider of products and services to car wash professionals. We look forward to building on our success with our new private equity partners.”

San Francisco-based Genstar invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million. The firm targets investments in the financial services, software, industrial technology, and healthcare industries. In February 2019, Genstar held a final closing of Genstar Capital Partners IX LP with $5.9 billion in capital commitments.

“Sonny’s draws on over 40 years of industry leadership to drive deep relationships with over 6,000 active customers nationwide. They operate as true partners with their customers and invest in their growth, from expert guidance during site planning through construction and operations, forging a long-term relationship as they grow together,” said Rob Rutledge, a managing director of Genstar. “We are very excited to work with Paul Fazio and his team to grow the business both organically and through strategic acquisitions.”

Fully committed debt financing for this transaction was provided by New York-based Owl Rock Capital as the administrative agent and lead arranger.

Private Equity Professional | August 11, 2020

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Source: https://peprofessional.com/2020/08/sonnys-switches-sponsors/?utm_source=rss&utm_medium=rss&utm_campaign=sonnys-switches-sponsors

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Private Equity

Spire Expands Testing Platform

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ERI Solutions, a portfolio company of Spire Capital since November 2018, has acquired DBI Group.

DBI is a provider of non-destructive testing, mechanical integrity inspections, pipeline integrity inspections, and heat treating services. The company, led by CEO Jeff Hilfiker, was founded in 1992 and is headquartered in Lenexa, Kansas.

The combined DBI and ERI will be led by Nathan Vander Griend, the current president and CEO of ERI.

“DBI’s great industry reputation, top-notch team, blue-chip client roster, and safety record make them a great addition to ERI,” said Mr. Vander Griend. “Furthermore, we believe that this integration will lead to significant business growth, providing opportunities for the members of the team to grow professionally, for our combined clients to have access to a more diverse suite of service offerings, and for our shareholders’ value to increase.”

ERI Solutions provides non-destructive testing, safety, industrial hygiene, environmental, and insurance services. The company’s services, the majority of which are federally mandated, allow its more than 200 customers to mitigate business risks and maintain compliance with regulations. ERI’s customers are active in the biofuels, agribusiness, manufacturing, milling, petrochemical, construction, and distribution sectors. The company was founded in 2007 and is headquartered near Wichita in Colwich, Kansas.

“With this combination, ERI and DBI will serve a broad base of energy and infrastructure customers across the US, playing a critical role in mitigating business and regulatory compliance risk,” said Brad Johnson, a vice president at Spire. “As a single company, ERI and DBI will be able to provide comprehensive service offerings to customers across the country.  Spire is excited by the growth prospects of the combined company and looks forward to working closely with management.”

Bridgepoint Investment Banking was the financial advisor to DBI. “Our team ran a great process during an extremely difficult time dealing with COVID-19 and we were able to deliver a terrific outcome for DBI’s shareholders,” said Mike Anderson, a managing director at Bridgepoint. “It is a pleasure to help partner another Kansas City-based business with a capital provider that brings both capital and experience to help them take their business to the next level.”

New York City-based Spire invests from $15 million to $50 million in companies with revenues of at least $10 million and EBITDA of at least $3 million. Sectors of interest include technology-enabled business services, media, communications, and education.

Private Equity Professional | August 11, 2020

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Source: https://peprofessional.com/2020/08/spire-expands-testing-platform/?utm_source=rss&utm_medium=rss&utm_campaign=spire-expands-testing-platform

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