Morning!
How are supply chain delays impacting private equity — specifically, the ability of firms’ portfolio companies to source parts from around the world? This has been an ongoing challenge as, a few years back, the Trump-era tariffs disrupted, to some extent, the global sourcing of materials. The pandemic threw that system into chaos, and we see the results today.
“It feels as though there is a new normal with supply chains and I am not so sure we won’t ever see the end of COVID-impacted supply chains,” according to a panelist at PEI’s Operating Partners Forum 2021 earlier this month. Read more here on supply chain issues and persistent inflation here.
How are supply chain woes impacting your business? Hit me up at cwitkowsky@buyoutsinsider.com with your thoughts.
Sale: Shore Capital Partners is considering a sale of Mission Veterinary Partners, which the firm formed in 2017 in partnership with entrepreneurial veterinarians Vic Dhillon and Jeff Rothstein. The company was formed through the merger of their two groups – Advanced Animal Hospital Group and Progressive Pet Animal Hospitals, writes Sarah Pringle on PE Hub today.
Detroit-headquartered Mission Veterinary Partners is marketing adjusted pro forma Ebitda of around $150 million to $160 million, considering its acquisition pipeline and add-ons not yet in contract, Sarah writes. Suitors may underwrite an Ebitda figure closer to the $100 million to $120 million range, Sarah writes.
Vet care has consistently commanded big, rising valuations as investors seek opportunities in the sector in part for its recession resilient characteristics. With pet adoption on the rise and the durability of the segment proven out, investor exuberance has accelerated through the pandemic.
“Demand is nonstop” in vet care, a source told Sarah. The challenge: “There are only so many vets in the industry.” Read more here on PE Hub.
Newbies: As always, faithful Hub readers, we’ve been tracking new firm formation and first-time fundraising (one of our favorite subjects). Today, we have news that two long-time executives from Shamrock Capital Advisors are in market raising their debut fund for investments in entertainment, media and communications.
Coral Tree Partners is targeting $350 million for its debut fund for investments in the lower middle market. Credit Suisse is working as placement agent on the fundraising, according to a Form D fundraising document filed in June that did not provide financial details of the process.
Coral Tree was formed earlier this year by William Wynperle and Alan Resnikoff, who left Shamrock last year. Read more here on Buyouts.
Remember to check out our extensive news coverage archive on first-timers and emerging managers here, as well as our latest Emerging Manager report here.
That’s it for me, have a great rest of your day! Reach me with tips n’ gossip, the Drama, and feedback at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
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