Opinion

Sovos Compliance, backed by Hg and Vista Equity, goes to market, Oak HC/FT undeterred as healthcare, fintech opportunities thrive, Sentiment grows that Q2 PE marks will prove a strong recovery

Hg and Vista Equity-backed Sovos Compliance goes on the block and H.I.G. Capital adds a new managing director to its team.

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Morning!

Big Scoop: Sovos Compliance, which provides regulatory tax compliance software, is on the block, writes Milana Vinn on PE Hub. The company is backed by Hg and Vista Equity Partners. Hg originally invested in Sovos Compliance in 2016, acquiring a stake from Vista Equity, which retained a minority position, Milana writes.

Read the story here on PE Hub.

Also: Here’s a great story … holocaust survivor Margaret Engel and her sons Barry and Andre Engel founded a company called Gel Spice in 1955. The family has operated the spice business from Bayonne, New Jersey, where it makes and imports dry mixes, extracts and single-serve seasonings for meal kits.

Kainos Capital-backed Olde Thompson recently added-on Gel Spice. “It took a few tries to get the dialogue started with the family; they weren’t looking to sell the company,” Andrew Rosen, managing partner of Kainos, told Karishma Vanjani at PE Hub. Rosen was speaking from Colorado, where he’s escaping the Texas heat and raging covid numbers. Read the story here on PE Hub.

Top Scoops
Crossplane Capital, a spinout from Prophet Equity, raised about $155.6 million for its debut fund, which has been targeting $250 million. Crossplane focuses on control investments in industrial business services, niche manufacturing and distribution businesses. Read the news brief here on PE Hub.

H.I.G. Capital hired Timur Akazhanov as a managing director on its Advantage fund from Blackstone Group. At Blackstone, Akazhanov focused on industrials, education and service businesses. He also worked at Bain Capital.

H.I.G.’s Advantage strategy targets less complex situations and stable companies with lower return profiles than its core private equity funds. The firm closed its debut Advantage fund on $3 billion in 2018. The strategy is led by Brian Schwartz, a senior H.I.G. executive who previously co-led the middle-market fund. Read the news brief here.

Have a great day! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.