Good morning Hubsters, Craig McGlashan here filling in on the Wire.
On the menu today we have a big acquisition by EQT and PSP Investments, with the firms set to acquire Radius Global Infrastructure.
We also have the next in our series of mini-profiles in our annual Women in PE feature package. Today it’s Caitlin Riederer, a vice president at Charlesbank Capital Partners, in the spotlight.
And finally, we take a look across the Atlantic at an add-on by OpenGate portfolio firm ScioTeq, which OpenGate plans to grow in the US, and a piece on the state of the European IPO market.
Aggregator. EQT and Public Sector Pension Investment Board (PSP Investments) are set to acquire Radius Global Infrastructure for a total enterprise value of around $3.0 billion.
Radius, based in Bala Cynwyd, Pennsylvania, is an international aggregator of rental streams underlying wireless and other communication related sites via the acquisition of real property interests and contractual rights. In 2022, the firm recorded $157.6 million in annualized in-place rents. It is active in over 20 countries across North and South America, Europe, and Australia.
Radius is the first investment signed by the EQT Active Core Infrastructure fund.
“This acquisition aligns directly with EQT Active Core Infrastructure’s investment criteria and thematic approach to investing – Radius’ strong cash flows, sticky customer base, geographically diverse portfolio and inflation protection make the company a strong fit for the fund,” said Alex Greenbaum, partner within EQT Active Core Infrastructure’s advisory team.
Serendipity. Next up, we have the next mini-profile of women doing big things in the private equity industry, as part of our annual Women in PE feature package.
Today we feature Caitlin Riederer, a vice president at Charlesbank Capital Partners, whose career in private equity started thanks to serendipity. While out walking her dog in the summer after her freshman year, she got speaking to David Kidd, managing partner of Adirondack Growth Capital, which led to an internship at Adirondack.
After interning at Thoma Bravo the following summer, she joined Charlesbank in 2016.
Riederer sees advantages to being a woman in a male-dominated industry. “I’m not just another blue suit in the crowd. I am able to bring my unique perspective and relationships to the table – and everyone remembers my name,” Riederer jokes.
Riederer leads Charlesbank’s women’s network and analyst recruiting initiatives.
“Raising awareness of career opportunities in investing is a key step in building a diverse talent pipeline,” Riederer explains. “After that, mentorship, sponsorship, and professional development opportunities are extremely important, as well as crafting thoughtful policies (such as parental leave) to retain women.”
On the radar. I can’t miss the opportunity to plug some of our recent coverage on PE Hub Europe.
First up, a deal with a US element. OpenGate will announce later today that its portfolio company ScioTeq, a designer and manufacturer of visualization systems for the aerospace industry, has acquired rugged display manufacturer IRTS.
In an exclusive interview, PE Hub Europe caught up with OpenGate principal Xavier Lambert to learn more about the deal.
With ScioTeq, OpenGate has a “consistent ambition” to grow the platform via more acquisitions, with a particular focus on the US, according to Lambert. “We can do some additional acquisitions in Europe, if we find a company that complements the product offering in embedded electronics, but the focus will be on the US, where our largest market is.”
Check out the full interview on PE Hub Europe here.
Binary market. In other European news, the recent IPO of Tikehau Capital-backed EuroGroup Laminations does not herald a reopening of the IPO market, said several sources, with central banks still fighting to tackle inflation.
EuroGroup’s book was multiple times subscribed and largely made up of long-only international investors, Roberto Quagliuolo, head of private equity Italy and co-head of Italy at Tikehau Capital, told PE Hub Europe.
But he was not sure others would receive a similar response.
“The reality is that it’s binary,” he said. “You have a story – energy transition, electrification, clean mobility. Either you are riding one of these well-identified macro trends or the market is closed. Investors don’t feel the need to take risks for stories that are not perceived as a clear pureplay.”
Click here for the full interview with Quagliuolo, which includes details on Tikehau’s return on investment at the IPO.
That’s all from me – Obey Martin Manayiti will be with you tomorrow to take you through to the weekend.