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Alpine unveils engineering services platform; Kinderhook backs Physician Partners

Lincoln International just launched Private Funds Advisory.

Good morning, dealmakers. MK Flynn here, with today’s Wire.

There’s a lot going on, so we’ll get right to it.

Building back better. We’re expecting a surge of infrastructure deals this year, fueled in part by recent federal legislation. This morning, Alpine Investors launched an ambitious engineering services platform, known as Trilon, to invest in transportation, water, energy, environment and community infrastructure. Alpine plans to spend up to $200 million of equity capital to fund the organic and inorganic growth of Trilon. Alpine also unveiled the platform’s debut acquisition, acquiring Waggoner Engineering, a Mississippi-based engineering services firm. That’s just the beginning: Trilon seeks to become a top design firm in North America by partnering with engineering services businesses across the nation and aims to accelerate their growth by investing in talent, technology and targeted M&A. Check out my story to see what Alpine partner Dan Sanner and Trilon founder and CEO Michael (Mick) Renshaw said about the opportunities ahead.

Primary care. Kinderhook Industries has led a $500 million investment in Physician Partners, a primary care physician group and managed service organization in Florida. The deal marks Kinderhook’s 51st healthcare-related transaction. “Given their success investing in the healthcare industry, particularly with a focus on value-based, risk-bearing arrangements, we believe Kinderhook is the ideal partner to support and accelerate our growth as a leading value-based primary care provider,” said Sidd Pagidipati, founder and chairman of the target. “The Physician Partners model demonstrates the importance of provider alignment and developing consistent touchpoints with members to deliver better health outcomes,” said Matt Bubis, Kinderhook vice president.

Raising funds. Buyouts’ 2021 fundraising report is now available for download. Fundraising by North American private equity firms rose sharply last year, as GPs and LPs unleashed the pent-up energies of 2020’s virus-roiled market, writes Kirk Falconer. Nearly $475 billion of fresh capital was secured by 854 buyout, growth equity, venture capital and other PE vehicles in 2021, up 19 percent from $399 billion raised a year earlier, according to Buyouts’ data. Last year’s fundraising results surpassed those of all prior years, excepting 2019, when an all-time high of $505 billion was brought into the market. Growth equity had an especially strong run in 2021, accounting for 23 percent of capital raised, more than twice the strategy’s share a year earlier.

Pivotal moment. Lincoln International just launched Private Funds Advisory to help PE firms raise capital and create tailored private capital solutions. Steve Carre and Dan Posternak have joined Lincoln as managing directors in New York to co-head the new group. Until recently, they held similar roles at UBS. “We can help private equity firms think beyond the obvious fundraising paths to a full spectrum of potential strategic objectives, pushing the edge of what clients can achieve,” Carre said. “We’ve reached a pivotal moment in private investing, where new capital sources and structures have become ubiquitous – and where possibility has no limit.”

Deal of the Year: Get your nominations in now for your best exits (either full or majority) that closed in 2021. Awards are given in seven categories: overall deal of the year, large-cap, middle-market, small-cap, international, turnaround and secondaries. Deadline is Friday, Feb. 11. Send to Chris Witkowsky, private equity editor, at cwitkowsky@buyoutsinsider.com. Go here for all the rules and regs!

We’re hiring! PE Hub is looking for a reporter to cover the fast-paced business of private equity dealmaking. The role is weighted heavily toward enterprise reporting and involves breaking news, identifying, and analyzing M&A trends, as well as producing longer-term features, profiles, and columns. Qualifications include 1-3 years as a reporter, financial or business journalism experience preferred. See the posting and apply here!

Stay in touch. I’d love to hear from you, dear Reader. If you’ve got story suggestions, tips or feedback for our team, email me at: mk.flynn@peimedia.com.

Until tomorrow,
MK