Charlesbank shops Ensono in an ~$2bn deal, Pamlico closes Fund V on $1.4bn hard cap, Providence explores single-asset deal for HSE24

Charlesbank puts Ensono on the block and Pamlico raises $1.4 billion for its fifth fund.

Happy Tuesday!

Did you have a long weekend? Hope it was a good one!

Big deal: Charlesbank Capital Partners is shopping IT services provider Ensono after an about four-year hold, writes Milana Vinn on PE Hub. M/C Partners, a minority investor in the company, is likely to sell its stake in the transaction, Milana writes.

Charlesbank and M/C Partners initially invested in July 2015, when they acquired the company from Acxiom Corp.

Ensono provides managed hosting and cloud infrastructure services to mid-sized enterprises, with services including hosting client servers, mainframe and cloud computing workloads, as well as database, storage and managed network services.

Check it out here.

IT services and telecom segments are seeing valuations ranging from high single digits to mid-20x EBITDA. Providence Equity is selling EdgeConneX, a connectivity service provider, in a deal expected to fetch nearly $3 billion, or 24x EBITDA, Milana previously reported on PE Hub. Read it here.

Big close: Fundraising is off to a strong start this year, after hitting record numbers in 2019.

Pamlico Capital, which spun out of Wells Fargo in 2010, closed its fifth fund on $1.4 billion hard cap. The firm raised its first independent fund in 2013, collecting $650 million. Pamlico was formed in 1988 as the principal investing arm of First Union Corp.

Read the news brief here.

Wachovia Corp and First Union merged in 2001 and changed its name to Wachovia Capital Partners. In 2008, a month after Lehman Brothers filed for bankruptcy protection, Wells Fargo acquired Wachovia in a $15.1 billion deal. Wachovia Capital spun out of Wells Fargo two year later.

Top Scoops
Providence Equity is the latest GP eyeing one of its long-held assets for a single-asset secondary process that will give the firm more time to manage the asset. Providence is working on a process for HSE24, a European TV shopping network, which is acquired in 2012 through its sixth fund. Read it here.

Providence tried a few times to exit HSE24, through a regular sale and an initial public offering in 2018. The sale didn’t work out, and the company has not gone public (it’s not clear why).

Single-asset deals grew to 26 percent of GP-led transaction volume last year, according to Greenhill Cogent’s full-year volume survey. That’s up from 4 percent of GP-led deals in 2018, the survey said.

CBRE Caledon Capital Management, the infrastructure and private equity arm of CBRE Global Investors, started a search for a successor to founder and CEO David Rogers, writes Kirk Falconer on Buyouts. Read more.

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