PE HUB Wire Highlights, 8.9.18


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

DuPont loses senior members of private markets team; CC Capital, THL-led group to buy Dun & Bradstreet for $5.3B; Higher BDC leverage may not juice valuations

It’s Thursday. Am I the only one not talking about Tesla this morning?

A big deal was announced last night. An investor group is buying Dun & Bradstreet for $6.9 billion including debt, or $5.3 billion without it. Dun & Bradstreet provides commercial data, analytics and insights for businesses. See our brief here.

What we know so far is this: The investor group is composed of CC CapitalCannae HoldingsThomas H. Lee Partners LP, along with a group of other “distinguished investors.” Who can that be?

Chinh Chu is the founder and senior managing director of CC Capital. Chu is the noted dealmaker who spent 25 years at Blackstone, where he helped build its PE business. (CC Capital’s first deal was also Constellation Healthcare, a stumble.)

Cannae is the former Fidelity National Finance, which spun off from Fidelity in late 2017. We all know THL, which has done deals with Cannae in the past, including Ceridian and Comdata.

The take private of Dun & Bradstreet includes a 45-day go-shop, where the target has the right to terminate the merger agreement if it finds a superior proposal. This rarely happens.

Private equity is spending more on take privates than ever before, according to PitchBook. There have been 14 such investments this year as of July 23 valued at more than $30 billion, the data provider said. Of course, this number doesn’t include the current Dun & Bradstreet. It does count Hellman & Freidman’s $3.02 billion buy of Financial Engines and Roark Capital’s buy of Buffalo Wild Wings.

Deals: Blackstone this morning said it’s investing in TaskUsSee our brief here. BX also completed its buy of PSAV.

Vista Equity Partners prevailed to buy Alegeus in a highly anticipated auction, Sarah Pringle is reporting. How much did Vista pay? Who else was involved? What will Robert Smith, the best dressed man in PE, wear on investor day? Sarah answers all this (well, maybe not all) in her story here.

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