PE HUB Wire Highlights, 12.20.18

Senior exec leaves Triton as fundraising comes to a close; H.I.G. to exit Caraustar in $1.8 bln deal; American Renal goes up for sale

This morning’s missive will be short because I have to go make holiday cookies. The pressure is real, hubsters.

We have some big deals this morning. Altria, parent of the Marlboro Man, has acquired a 35 percent stake in e-cigarette startup Juul Labs for $12.8 billion. The transaction values Juul at $38 billion. This is a huge win for Juul’s investors. The startup has raised $761.5 million in venture funding, according to CrunchbaseTiger Global led a $650 million round in July for Juul, the Financial Times reported. Other investors include Tao Capital Partners and Fidelity InvestmentsReuters said. See our brief here.

Altria earlier this month also invested $1.8 billion in Cronos Group, the Canadian cannabis producer.

H.I.G. Capital is exiting Caraustar Industries Inc, which makes recycled materials and paper products, in a deal valued at $1.8 billion. H.I.G. invested in the company in May 2013. Check out our brief here.

People: Chris is reporting that a senior executive at Triton left the firm as the European shop wraps up marketing on its largest fund to date. This is prompting questions from some investors about the timing of the departure. See Chris’s story here.

Partners Group this morning announced promotions. Read the brief here.

We have a column this morning from Paul Asel, a partner of NGP Capital. He argues that unicorn companies may be the rage right now, but for investors, unicorn status is a funding event, not a destination. Read his story here.

News from Buyouts Insider/VCJCalifornia Public Employees’ Retirement System’s two new proposed private equity vehicles would need to be less transparent than the rest of the pension system to be able to properly make private investments, Dietrich Knauth reports.

American Renal Associates is evaluating a potential sale, Sarah Pringle is reporting. Find out how much the company could sell for here.

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