In a normal year, I’d be in San Francisco right now running from one hotel to another for meetings at the J.P. Morgan Global Healthcare Conference. With the Woodstock of healthcare going virtual like most things, that means no more $2000 nightly hotel rooms, fighting over chairs in restaurants and lobbies, or bonding over the stress and chaos of the week at evening cocktail parties.
The event typically sets the year’s tone in healthcare dealmaking, bringing together an ecosystem of investors, executives and service providers hoping for that one meeting or human interaction that makes the grueling week all worth it. As such, I’ll do my best to stay up to speed on new trends and the year’s hottest processes.
New opportunity: I’ve just learned of another healthcare services business prepping to come to market. On the heels of two scale transactions in women’s healthcare late last year, Audax Private Equity’s Axia Women’s Health is next on the shopping list for sponsors looking to take a slice of the growing market. Since its formation by Audax in March 2017, the integrated full-continuum of care provider in women’s health has inked 16 acquisitions.
Investing in tunes: KKR, through its Dislocation Opportunities Fund and private credit vehicles, has agreed to acquire a majority stake of the music catalog of Ryan Tedder and OneRepublic, including music publishing and recorded music rights. The deal values the catalog at nearly $200 million the Wall Street Journal reported this morning.
Tedder, a three times Grammy award winning songwriter and producer, will retain an interest in his music alongside KKR, as will his management company Patriot Management and artist development company mtheory, via its MTC Music Royalties fund.
The musician, songwriter, producer and lead vocalist’s songs have sold upward of 420 million copies, or the equivalent of 63 billion streams, the announcement said. Tedder’s catalog includes nearly 500 songs written with Beyonce, U2, Paul McCartney, Lady Gaga, among others. Read PE Hub’s brief on the deal here.
This isn’t KKR’s first foray in the music business, having invested into Gibson Brands, Alpha Theta, formerly known as Pioneer DJ, and BMG.
That’s it for today. Have a great week, everyone, and as always, write to me at firstname.lastname@example.org with your comments, tips or just to say hello.
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 email@example.com.