Vista Equity preps sale of Mediaocean targeting more than $1.4bn value, PE dominates M&A market even as overall activity level drops, LPs raise conflict of interest fears with GPs who raise SPACs

Morning!

Vista Equity is preparing the sale of advertising system-of-record company Mediaocean, writes Milana Vinn on PE Hub today.

Vista is reaching out to private equity firms that expressed interest in Mediaocean in previous sale attempts, such as in 2018 and in March, the sources said. The sale process is expected to fully launch this month, they said.

Mediaocean’s platform allows advertising firms to manage workflow remotely, which has become more relevant now, one of the sources said. Companies are also no longer focused on advertising on billboards, so having advertising that can be managed digitally on platforms like Mediaocean becomes critical, the person said. Read more here on PE Hub.

Top Scoops
H.I.G. Capital bought Hart & Cooley, which makes HVAC and air distribution products. Hart & Cooley is a subsidiary of Johnson Controls International. H.I.G. is partnering with management on the transaction. Read it here on PE Hub.

The SPAC train shows no signs of slowing down, as more GPs are jumping in and forming these public vehicles that target one investment.

But, but, but … private equity LPs are raising concerns about potential conflicts of interest with GPs who raise SPACs and traditional private equity funds. Concerns focus on potential competition between the SPAC and the funds, and allocation of firm resources to manage the SPAC while not benefitting fund LPs, who pay management fees expecting the manager to focus on the traditional funds. Read it here, and let me know if you have thoughts on this at cwitkowsky@buyoutsinsider.com.

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