Advent’s healthcare portfolio steers busy 2020, Cinven’s Bioclinica unites with Nordic, Astorg-backed ERT, TPG-sponsored SPAC merges with electric-vehicle technology EVBox

Advent's healthcare portfolio fueled investment activity in 2020, while Cinven-backed Bioclinica reveals merger with Nordic- and Astorg-backed ERT.

It’s Friday, we made it!

Portfolio-driven M&A has fueled a proactive pandemic year in healthcare for Advent International, whose senior members are closely watching how technology adoption lends to new pockets of opportunity.

Despite months of pandemic-stalled sale processes, dealmaking across Advent’s existing healthcare portfolio (totaling eight add-ons) this year translates to combined enterprise value of nearly $2 billion, the firm told PE Hub.

All but one healthcare investment this year was a portfolio tuck-in, with the exception being RxBenefits, a sizable transaction in the healthcare benefits arena PE Hub uncovered last month. With covid accelerating trends already in flight in a major way, Advent continues to mine deeper in segments like healthcare tech, Advent’s John Maldonado and Tom Allen told PE Hub in a recent interview.

“There’s been this pitched battle between doctors and payers and other constituents in the healthcare system around ‘should we, shouldn’t we telehealth?’ I mean, now it’s in the rearview mirror,” Maldonado said. “We’re not going to put that genie back in the bottle.”

For more on the Advent healthcare playbook, check out my full report.

Joining forces: Two technology-driven pharma services businesses backed by private equity are set to unite, with ERTBioclinica’s implicit value reaching the several-billion-dollar range. 

Cinven said Thursday that Bioclinica has agreed to merge with ERT, a larger industry player and portfolio company of Nordic Capital, Astorg and Novo Holdings. Read PE Hub’s brief on the deal.

Astorg’s investment in ERT last year valued the business at $3.8 billion, whereas Cinven’s 2016 purchase of Bioclinica commanded a $1.4 billion enterprise value, PE Hub previously wrote.  

Stay tuned for my full report.

In today’s SPAC news: A TPG-sponsored SPAC said Thursday it would acquire EVBox, the electric-vehicle charging technology unit of Engie SA. The transaction is set to assign EVBox a total pro-forma equity value of nearly $1.4 billion upon closure. Check out PE Hub‘s brief.

TPG is among the few bulge brackets that got into the SPAC game well before they got popular. The firm launched the TPG Pace Group in 2015 to sponsor SPACs and other permanent capital solutions for companies. With EV Charged BV, TPG Pace and has since successfully completed five SPAC IPOs to date.  

That’s it for me! Have a great weekend, and as always, send any juicy tips, feedback or other comments my way at springle@buyoutsinsider.com.   

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.