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Halifax-backed Promptcare sale process underway, CBPE makes ~11x return on Xceptor

Halifax-backed PromptCare goes on the block and Astorg Partners invests in Xceptor.

Happy Tuesday, readers!

We have news of a sale process, one that could result in two separate transactions stemming from the sale of one PE-backed platform.

The Halifax Group’s PromptCare, composed of a complex respiratory business and a infusion-therapy business, is on the sale block, four sources told PE Hub. Each of the two business account for roughly half of the company and together have nearly tripled in size since Halifax made its investment, some of the people said.

The process could result in two separate transactions, as many potential suitors have a thesis around one category or the other, the people said.

Lincoln International is providing sell-side financial advice on the process, the people said. First-round bids have been submitted and the process is in its second rounds, they said.

Both businesses are good quality but quite different, which could may make underwriting both challenging for buyers, some of the people said.

Private equity is more likely to gravitate to the infusion business given its capital-light nature, with the space growing increasingly popular in recent years, sources said.
Read Sarah Pringle’s full scoop here.

Fruits of labor: Four years into its investment, CBPE is generating a 10.8x return on Xceptor, a no-code process automation market provider which it has agreed to sell to Astorg Partners.

Arma Partners is providing sell-side financial advice on the deal, which is poised to produce an IRR of 89 percent for CBPE, the firm said.

Astorg’s new investment in Xceptor will accelerate its historical 35 percent annual growth, while further building out its broad international presence and leading customer base, the firm said in a separate release.

Read Milana’s report here.

That’s it for me today! Have a great week, readers, and as always, hit me up with feedback and scoop tips at karishma.v@peimedia.com.