Morning!
An emerging manager deal! Sole Source Capital, launched by ex-Gores Group executive David Fredston, added-on Dasco Label to its platform Supply Chain Services, writes Karishma Vanjani on PE Hub.
The companies provide technology for warehouses, hospital labs, breweries, groceries and other small-to-medium-sized businesses to automate and manage data collection. The Dasco deal was proprietorially sourced, Karishma writes.
“We approached Dasco early to mid-July; they are 20 mins away from our existing facility,” said managing partner Fredston, referring to the platform company’s headquarters. The proximity of the add-on helped in conducting effective due diligence in this new physically distanced world, according to Fredston.
Sole Source closed its first fund on $160 million in 2018. It’s in the market now with Fund II targeting $400 million, and has raised more than $200 million for the sophomore effort.
Top Scoops
Roark Capital invested in Divisions Maintenance Group, a tech-based provider of maintenance services to retail chains, pharmacies, grocery stores, warehouse, distribution centers and REITs. Divisions Maintenance Group is Roark’s 42nd platform deal and 12th business services platform. Read it here on PE Hub.
Jim Momtazee, former KKR healthcare chief who launched Patient Square Capital, could target $2 billion or more for his debut fund, sources told me. It’s not clear when Patient Square will launch his debut pool. The pool will be a test for a well-known executive raising a first-time fund, which is generally a challenging prospect and especially so in the pandemic-roiled markets. Read more here on Buyouts.
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