Opinion

True Wind hunts for $1bn-plus tech company with second SPAC, Avista’s National Spine unites with Enhanced, Webster-backed Prospira, Ex-WestView Capital exec’s new shop Brownstone Equity nears target on debut

Avista Capital's National Spine & Pain Centers merges with Prospira PainCare and Brownstone Equity Partners raises the target of its debut fund.

By
Chris Witkowsky
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Photo of generic corporate buildings courtesy of Nikada/iStock/Getty Images

Happy Friday!

Even some emerging PE managers are getting into the SPAC game.

True Wind Capital, formed in 2014 by ex-KKR tech execs Adam Clammer and Jamie Greene, is seeking a $1 billion-plus technology company for its second special purpose acquisition company vehicle, writes Milana Vinn on PE Hub today.

TWC Tech Holdings II priced 52,500,000 units at $10 per and will be listed on Nasdaq. It plans to merge the SPAC with a tech-focused company with enterprise value north of $1 billion and up to $10 billion.

“Out of 115 SPACs on the market right now a small number are tech related,” John Gray, vice president at True Wind, told PE Hub.

The SPAC gives True Wind the ability to pursue deals generally out of the range of its traditional private equity fund. The firm closed its debut fund in 2017 on $560 million, beating its $400 million target. Read Milana’s story here on PE Hub.

Top Scoops
Avista Capital’s National Spine & Pain Centers merged with Prospira PainCare to form the largest national player in the space, writes Sarah Pringle on PE Hub today. Prospira is backed by Enhanced Healthcare Partners and Webster Equity Partners.

Avista kept the largest stake in the combined business, followed by Enhanced Healthcare and Webster. The combined company generates more than $50 million of Ebitda. The deal was done outside of a formal sales process — but instead had been in the works since the Woodstock of Healthcare — JPMorgan Global Healthcare Conference in January. (You think that’ll happen in 2021?)

Check it out here on the Hub.

Ex-WestView Capital executive’s firm, Brownstone Equity Partners, pretty much raised the target of its debut fund for investments in small-cap companies, I wrote on Buyouts. Brownstone Equity was formed by Evan Horton, who previously worked at WestView Capital from 2016 to 2018. Read it here.

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