PE HUB Wire Highlights, 9.3.19


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

Elevate Capital makes 2x on Garden Bar sale; Fiserv seeks buyer for Unified Wealth; Why is EQT choosing the public markets over a private sale?

Welcome to the Tuesday after Labor Day, Hubsters. How is everyone?

We have a new entrant in the salad wars.

Garden Bar, which is backed by Elevate Capital, has merged with Evergreens. Now I’ve never been to either but Garden Bar, of Portland, Oregon, is known for its salads. This includes salads like the Hail Caesar, Mamma Mia and Avo-cobb-o. Evergreens, of Seattle, is a fast-casual restaurant that serves salads, wraps and warm grain bowls. Evergreens has raised more than $4 million of VC funding, PitchBook said. See our brief here.

Elevate, between its two funds, invested about $400,000 in Garden Bar, a source said. With the merger, Elevate is exiting, the person said. The investment generated a 90 percent IRR for Elevate, which is making 2x its money, a source said. Ana Chaud, Garden Bar’s founder and CEO, is staying on as VP of brand development for Evergreens.

The sale is a win for Elevate, also of Portland, which invests in underserved entrepreneurs, like women and ethnic minorities. Chaud is an immigrant from Brazil, said Nitin Rai, Elevate’s founder and managing director.

Established in 2014, Garden Bar experienced explosive growth in the past five years, racking up nine locations in the Portland area, he said. Rai called the investment in Garden Bar “the sweetest thing,” he said. “It’s a great story for a female founder in the food business.”

Why an IPO: With so many PE firms selling chunks of themselves, EQT has opted to go public. Toby Mitchenall, of PEI, tells us why EQT has chosen this route.

Waud Capital Partners has acquired Health & Safety Institute. Financial terms weren’t announced. Health & Safety Institute is a compliance and training technology platform. See our brief here.

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