Good morning, Hubsters. Obey Martin Manayiti here with the Wire, filling in for MK Flynn.
I hope you had a very pleasant long weekend. Today we have a lot to talk about, starting with an ambulatory infusion services investment by InTandem Capital Partners, an investment by Brookfield and Ontario Teachers’ in a data center business, a waffles business play from Arbor Investments, people moves at Carlyle and a deep dive on a recent cybersecurity deal by Bain Capital.
Let’s get right into it with the latest news this morning.
Ambulatory infusion and specialty pharmacy
Vivo Infusion, a portfolio company of InTandem Capital Partners, has acquired Specialty Infusion, a provider of ambulatory infusion and specialty pharmacy services in 14 ambulatory infusion centers (AICs) in New York, Massachusetts and New Jersey.
Vivo Infusion, a Denver, Colorado-headquartered company, now has 55 ambulatory infusion centers across 10 states.
Formed last year, Vivo has made a few other acquisitions to strengthen the platform. Earlier this year, Vivo acquired CIVIC Infusion, a Connecticut and New York-based provider of infusion care.
“In each of our add-on transactions we are seeking to expand our AIC-focused care delivery model to new markets where we can find other local market leaders who share our vision for the delivery of infusion services, patient-focused care model, and partnership-oriented approach to payor partners, health systems and referring physicians,” said Brad Coppens, InTandem’s senior managing director, in an interview with PE Hub this morning.
The AIC segment “to us remains the most attractive opportunity for continued growth and investment” in the broader $120 billion infusion market, said Coppens.
“It is the highest growth segment of the market and offers the appropriate combination of elements that we feel are important in our care models – low cost of care, patient convenience and ease of scheduling, and unrivaled patient care, clinical oversight and safety,” he said, adding that the “we’ve barely scratched the surface in terms of market penetration and patient access.”
Data centers
Brookfield Infrastructure Partners and existing investor Ontario Teachers’ Pension Plan have agreed to acquire Compass Datacenters from RedBird Capital Partners and the Azrieli Group.
Compass designs and constructs data centers for some of the world’s largest hyperscalers and cloud providers on campuses across the globe.
Digitalization remains a key thematic investment for Brookfield Infrastructure, said Sam Pollock, chief executive officer of Brookfield Infrastructure.
“The need for data storage continues to grow at an exponential rate across the globe, and Compass complements our existing platforms in South America, Europe and Asia Pacific.”
Time for waffles
Arbor Investments has acquired Golden Malted and Heartland Waffles from Roch Capital.
Based in Glen Mills, Pennsylvania, the combination will supply waffle irons and waffle mix to the hospitality and foodservice industry.
Arbor’s senior operating partner Tim Fallon will become chairman and interim CEO of the company. The senior leadership of the combined companies will continue in their operating roles leading the business.
“We see a growing appetite for the company’s signature waffle products across foodservice segments – from hospitality to restaurants to colleges and beyond,” said Arbor vice president George Russell in a statement. “We look forward to partnering with the Golden Malted-Heartland team to continue providing their hospitality and foodservice customers with customized waffle programs that elevate their menus, enhance profits, and differentiate the guest experience.”
People moves
This morning, Carlyle announced that John Redett will become the firm’s chief financial officer and head of corporate strategy, effective October 1. He will succeed Curt Buser, CFO at Carlyle since 2014, who will be retiring at the end of the year. Prior to joining Carlyle, Redett worked at Goldman Sachs from 2005-2007, and JPMorgan from 2000-2005.
Buser will step down as CFO effective September 30, and will become a senior advisor until his retirement, the firm said.
Jim Burr will become head of global financial services, effective October 1. He has been the managing director on the global financial services team since joining Carlyle in 2008.
Cybersecurity
Private equity-backed cybersecurity deals continue to proliferate. This year has seen some significant deals, including Vista Equity Partners taking cybersecurity training specialist KnowBe4 private in a $4.6 billion deal that closed on February 1.
And earlier in June, Bain Capital announced it led a $190 million growth investment in Blackpoint Cyber, with participation from Accel.
My colleague Rafael Canton spoke with Bain Capital partner Dewey Awad and principal Zach Berger about cybersecurity opportunities in general and the Blackpoint deal in particular.
Headquartered in Ellicott City, Maryland, Blackpoint is a provider of managed detection and response (MDR) software.
“We liked the cybersecurity space because threats are always changing and evolving,” Awad said. “There’s always work to be done, especially for software vendors. Number two, this idea of managed detection and response was a sub-theme that we identified at the very beginning of our fund.”
Awad noted that the central theme of the investment was taking advantage of the fact that there aren’t enough trained cybersecurity personnel to go around to all the companies that need them in order to protect against hackers.
In May, PE Hub saw an uptick in this sector, and I rounded up six transactions announced that month.
That’s it for me today.
Chris Witkowsky, Buyouts editor, will be back with the Wire tomorrow.
Cheers,
Obey
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