Capital Constellation buys stake in Avista Capital, Radiology heats up, Sixth Street nears deal with sports event company

Capital Constellation backs Avista's healthcare-focused investment business and Legends Hospitality is nearing a $1.3 billion deal with Sixth Street Partners.

Happy Tuesday!

Despite everything going on out there, we have action in private equity. Here’s what’s happening today, starting with Capital Constellation’s minority investment in Avista Capital.

Capital Constellation, which is advised by global investment advisor Wafra, will support the continued growth of Avista’s healthcare-focused investment business, enabling the New York-based firm to increase commitment to its funds under management.

“We felt Capital Constellation’s investment in Avista is a really strong endorsement of being dedicated to middle market healthcare investing,” said Thompson Dean, managing partner and co-CEO of Avista.

Check out the full story on PE Hub. 

Hud, Hud, Hike: Legends Hospitality, a sports entertainment business, is nearing a $1.3 billion deal with Sixth Street Partners. The transaction, which includes debt, is likely to be announced on Monday, the Wall Street Journal reported yesterday.

The investment firm would primarily be buying the stake owned by New Mountain Capital, whereas the Cowboys and Yankees will remaining sizable owners of Legends, people familiar with the matter told WSJ.

New Mountain invested more than $700 million in the events and live experiences company in 2017, according to PitchBook.

Radiology heats up: More than one radiology business is on the auction block, reports Sarah Pringle. Four plus years into its investment, Excellere Partners is fielding indications of interest for LucidHealth, a physician-led provider of outsourced radiology services to hospitals, clinics and outpatient imaging centers.

Elsewhere, SimonMed is in the early phases of its sponsor-led sale process. The founder-led business operates a hybrid model, serving as both an outpatient diagnostic imaging provider as well as an operator of its own large radiology group.

Check out her full story here.

That’s it for today. Have a great week, everyone, and as always, feel free to shoot me an email with tips, feedback or just about anything at Karishma.v@peimedia.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.