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Private Equity

Prudential Financial arm agrees buyout of secondaries PE specialist Montana Capital Partners

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The $1.5tn asset management arm of Prudential Financial has agreed to buy European private equity secondaries investor Montana Capital Partners.

PGIM’s buyout comes just a few months after Montana raised €1.3bn for the final close of its fifth flagship fund, more than the firm’s previous two fundraises combined.

PGIM said Montana would join its multi-manager structure under the oversight of Eric Adler, president and chief executive officer of PGIM Real Estate, when the deal closes in the third quarter.

Montana co-founders Christian Diller and Marco Wulff will continue to manage the business and serve as co-CEOs.

PGIM president and CEO David Hunt said, “PGIM’s multi-manager model is based on the belief that highly specialized investment teams with expertise in an asset class allow us to remain focused on delivering investment outperformance on behalf of our clients.

“Montana Capital Partners’ deep expertise in private equity secondaries, coupled with its strategic and cultural alignment with PGIM, make it the right partner to further enhance our alternatives capabilities.”

Montana raised €800m for the hard cap final close of MCP Opportunity Secondary Program IV two years ago, and collected €400m for Fund III in 2015.

Opportunity Secondary Program V soared past its €1bn target for its final close in January. The firm’s investment strategy focuses on attractive niches of the secondary market, through small transactions or complex and innovative solutions.

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Source: https://www.altassets.net/market-news/firm-news/prudential-financial-arm-agrees-buyout-of-secondaries-pe-specialist-montana-capital-partners.html

Private Equity

Recently-created asset management major Blue Owl closes Opportunistic Fund with $2.5bn of firepower

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Blue Owl Capital, the asset manager created in May through the merger of Owl Rock and Altimar Acquisition Corp, has clos

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Source: https://www.altassets.net/private-equity-news/by-pe-sector/specialist-pe-sectors/recently-created-asset-management-major-blue-owl-closes-opportunistic-fund-with-2-5bn-of-firepower.html

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Private Equity

EQT has second Iress bid rejected, this time valuing company at A$2.96bn

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Private equity major EQT has had two bids for Australian financial software provider Iress rebuffed, with the latter val

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/eqt-has-second-iress-bid-rejected-this-time-valuing-company-at-a2-96bn.html

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Private Equity

EQT has second Iress bid rejected, this time valuing company at A$2.96bn

Published

on

Private equity major EQT has had two bids for Australian financial software provider Iress rebuffed, with the latter val

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/eqt-has-second-iress-bid-rejected-this-time-valuing-company-at-a2-96bn.html

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Private Equity

Wynnchurch Capital buys up residential doormaker Trimlite

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US private equity firm Wynnchurch Capital has acquired residential doormaker Trimlite using its $2.2bn fifth fund.

The company, which was founded in 1982, provides doors and related services to wholesale distributors, dealers, local door retailers and OEM customers across the US and Canada.

Wynnchurch partner Brian Crumbaugh said, “Since its founding, Trimlite’s commitment to customer service has allowed the company to successfully broaden its product offering and expand into new geographies.”

Kevin Hanley, vice president at Wynnchurch, added, “Trimlite is well positioned to benefit from strong market tailwinds, and we look forward to partnering with management to pursue attractive organic and inorganic growth opportunities.”

Wynnchurch raced to a $2.27bn final close for its fifth flagship fund in January last year, making it almost 50% larger than the firm’s initial target for the vehicle.

The firm made its first Fund V platform investment last September by picking up Labrie Environmental Group, a manufacturer of refuse collection vehicles across North America.

Other recent Wynnchurch investments include Northern Wholesale Supply, The Wheel Group and Drew Foam Companies.

Copyright © 2021 AltAssets


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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/wynnchurch-capital-buys-up-residential-doormaker-trimlite.html

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