TPG’s $1.4bn Thycotic deal, One Equity creates wound care giant, OpenGate builds $150m packaging platform, Novo Holdings’ push into US healthcare

TPG acquires Thycotic from Insight Partners for $1.4 billion and OpenGate-backed Duraco Specialty Tapes buys Filmquest Group.

Happy Tuesday, readers!

We’ve got tons of news today, starting with TPG Capital’s $1.4 billion acquisition of Thycotic from Insight Partners.

As part of the deal, TPG plans to combine Thycotic with Centrify, a company it bought from Thoma Bravo in January. The deal was signed on Monday but has yet to close, the sources tell PE Hub.

Both Thycotic and Centrify provide modern privileged access management (PAM) technology to its clients.

Check out Milana’s full report on PE Hub.

Caring for the injured: One Equity Partners’ American Medical Technologies joins forces with RestorixHealth, creating one of the country’s largest and most comprehensive wound care players.

The transaction, which has not yet closed, is set to provide an exit for Leonard Green & Partners, which bought Restorix in September 2015.

AMT today provides advanced wound care supplies and services to predominantly skilled nursing facilities (SNFs), as well as to assisted living and hospice settings. Conversely, Restorix provides services across 236 outpatient wound care clinics in partnership with hospitals across 32 states.

Check out Sarah’s full story on PE Hub.

In other healthcare news, Novo Holdings’ purchase of pharma services company AltaSciences has kicked off Principal Investments arms’ push into US healthcare investing.
The Danish firm’s Principal Investments team will soon have feet on the ground based out of Boston – expanding Novo’s existing office space where its US ventures team is currently based.

Those efforts will be led by longtime investor Abhijeet Lele, who joined Novo in September as a senior partner to head US Principal Investing.

Check out the complete story on PE Hub.

Packaging behemoth: OpenGate Capital Partners-backed Duraco Specialty Tapes acquired polyester film supplier Filmquest Group in its latest bid to scale and add new product offerings.

The proprietary deal, which closed last week, marks the second add-on for Duraco, a more than 65-year-old adhesive manufacturer based in Forest Park, Illinois.

The deal follows the platform’s February 2020 purchase of Infinity Tapes, a custom adhesive product manufacturer. Post-integration, the combined entity will generate close to $150 million in revenue with a 20 percent margin profile, PE Hub has learned.

Check out the full story on PE Hub.

That’s it for today! Have a great week, everybody, and in meantime, hit me up with feedback, tips or just to say hello at karishma.v@peimedia.com.