Dealmaking

Lee Equity builds Solaris sixfold before sale; Thoma Bravo’s busy August delivers more take-privates in software

How Lee Equity Partners grew Solaris Health sixfold before selling the business this month in a deal that values it at $2.4 billion; Vector Capital Management has agreed to acquire Showpad, a provider of AI revenue enablement technology; why take-privates in software are attractive to PE firms.

Lee Equity grew Solaris Health sixfold before $2.4bn sale to Cardinal Health

'Historically, everything required an operation,' said Lee Equity's Mark Gormley. 'Now, the new drugs and treatments are a lot more specific and sensitive.'

Venture debt: Convertible note valuation using a decision tree

In part 23 of his series on venture debt, Zack Ellison from Applied Real Intelligence concludes a three-part deep dive on convertible notes, and walks through an example of a convertible note decision tree, complete with scenario probabilities, financial outcomes and expected value modeling.

PE doubles down on dentistry amid shifting landscape; Capstone predicts apparel and footwear M&A pick up

Capstone anticipates an influx of deal activity through the fourth quarter of 2025 and into 2026, as companies and fund managers digest recent economic and political volatility and these pressures subside.

PE adopts country-by-country playbooks for busy European dentistry sector

Palamon, Bridgepoint and OTPP are among the firms investing in the dental sector.

KKR’s Ali Satvat details HCRx investment; NexPhase Capital invests in skincare maker

Talking with KKR partner Ali Satvat about his firm's acquisition of HealthCare Royalty Partners, which invests in commercial-stage and near-commercial-stage biopharmaceutical assets; insights from Jamie Kaufman, a partner at NexPhase, on his firm's investment in Magic Science Corporation, a New York-based health sciences company behind the skincare brand Magic Molecule; Carlyle agrees to buy a provider of practice management services to financial advisory firms from Intelliflo.

British Business Bank boosts new and diverse UK managers

’We’ve discovered through our research if you have decision-makers that are diverse, then the capital will go to more diverse founders,’ says Christine Hockley of British Business Bank.

KKR looks to leverage growth of biopharma royalties with HCRx

'We’re seeing a lot of capital needs not only across the therapeutic side of life sciences but also this biopharma ecosystem of all of the companies that serve these biopharma businesses,' said KKR's Ali Satvat.

Montagu spots carve-out opportunity from uncertainty; Lightrock invests in energy trading software biz

Lightrock is providing equity financing in return for a minority stake in Previse Systems, a Swiss energy trading and risk management software provider.

Montagu’s Rick Lawrence: Carve-outs to take growing share of deal landscape

The private equity firm’s carve-outs this year include Multifonds, a proprietary investment accounting and transfer agency software business, from Temenos.