PE HUB Wire Highlights, 6.11.18


Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

KKR to buy Envision for $9.9 bln; Harvest, Cressey near sale of VetCor; Gibson Brands is latest retailer to fall

It’s Monday, Hubsters. Today’s the day of the Singapore Summit. I’ll admit that this meeting has me a little on edge. Will we see any Rocketman tweets?

On Friday, I attended a roundtable from TA Associates, which isn’t known to be very forthcoming with the press. Brian Conway, chairman and managing partner, discussed the current M&A environment and how it’s a good time to sell. There was talk about the economy and Conway thinks we are due for some sort of change from the current bull market. “There will be a correction,” he said.

Conway did address the trend of PE firms selling minority stakes to outside investors. TA has been approached by lots of groups, Conway said. The growth firm, however, attributes credit for each investment and ties ownership to performance, he said. “People don’t leave TA,” he said. The talk turned to interest deductibility, with Conway saying TA’s average hold is six years. “The three-year hold period more than aligns with how we think about investments,” he said.

However, the most interesting factoid to come out of the roundtable is this. Conway’s older brother by six minutes is Kevin Conway, vice chairman of CD&R. That’s right, Kevin and Brian Conway are identical twins. How did I miss this, Hubsters?

“I love being a twin because we are so close and [Kevin] is such a great guy,” Brian Conway said to me in an email. He jokingly asked me “what’s it like not having a twin?” Then, he wanted to make clear that he’s not aware of any relation to another famous Conway: Bill Conway, the co-founder of Carlyle.

David Toll has a report on the meeting with TA. Read it here.

Big Deal: KKR made it official. The buyout shop is buying Envision for $9.9 billion, including debt. Read our brief here.

CONTINUE READING 

SUBSCRIBE to get the Wire in your inbox every morning. It’s free.

Take your pick!

  • Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
  • VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.