PE HUB Wire Highlights, 6.10.19

Vesey Street seeks buyer for HealthChannels; Kolin, ex-Blackstone secondaries exec, joins Rothschild’s Five Arrows; the awkward conversation on key-person provisions

Will the books survive?

On Friday, Elliott Management agreed to buy Barnes & Noble in a deal valued at $683 million, including debt. The transaction is the latest twist for Barnes, which was in talks to be acquired Leonard Riggio, Barnes founder and chairman, along with other investors, according to PitchBook.

B & N, a leading bookseller, has suffered in its fight against Amazon to attract customers, press reports said. Barnes has closed more than 150 stores in the last decade or so and currently has 627, the New York Times said. Elliott already owns Waterstones, the British book retailer.

Elliott Management, known for its shareholder activism, has a PE arm. The hedge fund asked investors earlier this year for $2 billion to take companies private, the WSJ said. Evergreen Coast, Elliott’s PE arm, acquired Travelport Worldwide, along with Siris Capital, earlier this year.

Personally, I hope Barnes makes it. I remember when there were book shops in NYC. You could stop by one of these retailers, pick up a book and read it. Maybe peruse a magazine.

Healthcare: Jeffrey Stevenson, managing partner at VSS, has written a column on healthcare’s pivotal digital moment. Read the article here.

Chris has a column on key-person provisions and GP minority stake sales, which occasionally identify different key people from the funds’ arrangements. Read Chris’s column here.

FundingVectra, which provides an AI-driven threat detection platform, has raised $100 million in a round led by TCVRead our brief here.


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