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Stellex acquires plumbing platform P3, Ten Coves closes debut independent fund

Clearlake and TA-backed Precisely acquires PlaceIQ.

Morning!

How’s it lookin’ today, Dear Reader? I take solace in the fact that we are moving quickly through January, and perhaps beginning — just beginning — our climb from the depths of winter.

A reminder — you all came through with Women in PE recommendations. We had a record turnout this year in my inbox. The best part, to me … I got very few repeat nominees from prior years. It’s a great sign that more women are rising up through the ranks and being recognized.

Our call for nominees is closed but keep your Deals of the Year nominations coming. Deadline for nominees is Friday, Feb. 11. As always, send them to me at cwitkowsky@buyoutsinsider.com.

Now, on to the show …

Stellex Capital Management said it acquired Peltram Plumbing Holdings, known as P3, in partnership with existing management from an investor group led by Crescendo Capital Partners, writes MK on PE Hub today.

Crescendo spent 3.5 years developing its P3 platform, combining Peltram Plumbing, Power Plumbing, Precision Plumbing and ER Plumbing. Having reached around $30 million Ebitda on around $200 million of revenue, Crescendo largely maxed out its ability to fund acquisitions, MK wrote.

During Crescendo’s ownership, P3’s revenue and Ebitda grew by 7x, MK wrote. Read the full story here on PE Hub.

Growing: Clearlake and TA-backed Precisely added-on PlaceIQ, which provides data and technology powering marketing and business decisions with location-based consumer insights. PlaceIQ is Precisely’s fifth add-on since Clearlake completed a unique secondary with Precisely. Interestingly, Clearlake was a minority investor in Precisely, and through the secondary acquired a majority stake from existing investor Centerbridge.

As Clearlake has done with four other assets, Clearlake used the single-asset secondary to establish an acquisition platform to continue growing Precisely, with more capital and time supplied through the secondary process.

Read more about Clearlake’s process here.

Pushing through: Ten Coves Capital, which spun out of Napier Park in the depths of the pandemic in 2020, today will announce the closing of its debut independent fund on $293 million.

“We had planned to raise a fund beginning in 2020 but we hadn’t yet formally launched. We spent that spring working on portfolio companies and making sure we had plans in place to ride out a very big shock to the system,” Ten Coves founder and managing partner Steve Piaker told me.

As Piaker and the firm found, even in the depths of the pandemic, limited partners were willing to take their call to hear about the plans. “We engaged pretty quickly with existing LPs, everyone learned how to do desktop diligence.” The firm officially launched in December 2020. Read more here on Buyouts.

That’s it for me! Have a great Monday. Hit me up with tips n’ gossip, feedback or book recs at cwitkowsky@buyoutsinsider.com or over on LinkedIn.