It’s summer, which hopefully means we’ll all be sitting on a beach, or lake, or mountain, somewhere at some point with a good book and refreshment. So, I want to know: what are you reading?! Any must reads loosely relevant to those in the business of private equity, dealmaking, investing or finance — send my way! Along with a couple lines on why we should read. Write to me at firstname.lastname@example.org.
Now, to the news…
Tech push: Sun Capital Partners has inked a second deal from its newly launched technology strategy by buying LoanLogics, a developer of mortgage audit software, writes PE Hub’s Karishma Vanjani.
The firm kickstarted its technology practice last November with the hiring of Elizabeth de Saint-Aignan, a former founding partner of the growth equity group at Jump Capital, as managing director.
Sun Capital’s investment in LoanLogics follows its acquisition of software engineering company Exadel in March.
The Boca Raton, Florida-based firm is particularly focused on investing in the digital transformation that is taking place in education, the remote workforce, healthcare and other sectors. LoanLogics, an enabler of digitization within the mortgage process, fits well within that strategy.
“Over the life of the mortgage process, 475 pages of PDFs are probably being reviewed by human beings multiple times,” said de Saint-Aignan.
Coming up: Inflexion Private Equity Partners is preparing a sale of California-based optoelectronics provider Halo Technology after receiving inbound interest, a source familiar with the situation told PE Hub.
The London-based firm has hired William Blair to provide financial advice to explore strategic options, including a potential sale of the portfolio company, the person said. A formal process is expected to launch before the end of summer; however, the company has already received inbound interest from multiple US-based PE firms, the source added.
Halo Technology, which has grown through multiple add-ons over the years, is readying a sale amid the completion of another two acquisitions. The company bought San Francisco-based Aria Technologies and Solid Optics out of the Netherlands.
Halo was created in December 2017 through the merger of Inflexion-backed ProLabs, a UK-based supplier of compatible optical transceivers, and AddOn Computer Peripherals, a California-based manufacturer of computer peripheral equipment.
Upping its healthcare game: PJ Solomon is building out its healthcare efforts, bringing on veteran banker Jon Hammack to lead the firm’s global industry efforts and usher in new advisory business in medical technology.
Hammack, with nearly 20 years of investment banking experience including the last eight at Moelis, has joined the firm as managing director and head of the global healthcare group.
In the near-term, Hammack said PJ Solomon – whose financial advisory roots lie in consumer and retail – will focus on expanding the platform’s coverage in healthcare services and life sciences, but will remain “open and opportunistic” when it comes to broadening capabilities across all sub-sectors.
Hammack’s day-to-day job will remain advising clients in medtech (where he has historically focused). “I’d expect post-Labor Day there’s going to be a bunch of stuff that’s hitting the market [in medtech]. That’s probably not dissimilar to healthcare services, however the healthcare services industry never slowed down.”
That’s it for me! As always hit me up at email@example.com with your questions, feedback and tips.
DEADLINE APPROACHING: Calling all next-gen firms and their investors! We need your participation in our fifth-annual survey of emerging managers and survey of emerging manager investors. As thanks, we’ll make sure you get a complimentary copy of the “Emerging Manager Report 2021,” based on these surveys (once it’s published this fall). All responses are kept confidential. The survey deadline is July 16.