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.
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.
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.
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