Sentinel’s Pet Supplies Plus up for sale, BC Partners bites into North America’s women’s healthcare market, L Catterton-led consortium buys controlling stake in Truck Hero, Providence Strategic Growth backs NoFraud

Sentinel's Pet Supplies Plus seeks buyer, while BC Partners emerges as the suitor for Lindsay Goldberg's Women's Care Enterprises and an L Catterton-led consortium buys a majority interest in Truck Hero.

Good morning readers! This is Karishma Vanjani with your rundown for the first time this year.

While pet adoption rates are soaring with coronavirus forcing everyone to stay at home, Sentinel Capital Partners has opted to sell Pet Supplies Plus, the largest independent pet retailer in North America bought by the firm only two years ago.   

According to three sources familiar with the matter, the process started over three months ago for PSP, which offers grooming and self-serve dog washing services along with pet products. 

Piper Sandler is the lead sell-side adviser on the process, which is likely to produce a deal valued at a minimum of 8x to 10x EBITDA, they said.

Consumer-focused buyout firms have shown interest in the Livonia, Michigan-based company, although it’s unclear how far along the process is. “There are sponsors who like franchise businesses and they pay up because they [franchisors] have a profitable margin profile,” one source said.

Check out my story for more insight on the process

A Transatlantic relationship: Pan-European buyout firm BC Partners is entering North America’s growing women’s healthcare market. The firm has signed a deal to buy Lindsay Goldberg’s Women’s Care Enterprises, four sources told PE Hub.

The anticipated deal is its first North American healthcare platform investment in more than two-and-a-half years. In March 2018, BC Partners completed its purchase of Zest Dental Solutions, a maker of overdenture attachments, from Avista Capital Partners.

For New York-based Lindsay Goldberg, the deal comes amid the pending exit of Refresh Mental Health to Kelso & Co at a value of around $700 million, PE Hub wrote.

Read Sarah Pringle’s report for financial details and more.

Venturing out: NoFraud, an e-commerce fraud prevention software solution gets its first outside investment from Providence Strategic Growth. The investment comes at a time in which the risk of online transaction fraud has not only increased dramatically but is also growing faster than overall e-commerce volume.

PSG is a lower middle-market growth equity firm partnering with software and technology-enabled services companies.

Have feedback, tips or comments, feel free to shoot me an email at Karishma.v@peimedia.com. Have a great week ahead! 

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.