Weekly Investment Picks (March 30 to April 6)
April 6, 2020
The latest family office and institutional deals from the past week.
London-based Glennmont Partners has sold its portfolio of renewable energy generation plants in Portugal for an undisclosed sum. It’s the first exit from the group’s €500m Clean Energy Fund II.
Nestlé Purina PetCare has acquired natural pet food brand Lily’s Kitchen from private equity firm L Catterton. The financial details of the acquisition were not disclosed. Founded in London 12 years ago by Henrietta Morrison, Lily’s Kitchen produces wet and dry foods for dogs and cats across 6,000 stores in 30 countries. The company reported £85m in sales.
Private equity group Bridgepoint has spent an undisclosed sum to acquire a 28% stake in French wealth manager Cyrus Conseil. The group indicated it expects the wealth management industry to consolidate in coming years.
Private equity giant KKR has agreed to invest up to $500m in UK-based Kilter Finance. The firm was launched by Dan Knipe, the former deputy CIO of Leadenhall Capital.
BabyQuip, a baby equipment rental company, has acquired Tot Squad’s baby gear cleaning and repair service. The firm intends to rollout services for parents worried about their child’s equipment sanitation as the COVID-19 pandemic spreads across the world.
New Jersey-based MJH Life Sciences has acquired the The Pharmacy Benefit Management Institute (PBMI). Previously-owned by the Pharmaceutical Strategies Group, PBMI provides research and education on the design and management of drug benefit programs.
Morgan Stanley Capital Partners has sold a majority stake in Pathway Vet Alliance LLC to TSG Consumer Partners. Pathway owns and manages over 270 general practice, specialty and emergency veterinary hospitals across the U.S.
GenNx360 Capital Partners has sold Precinmac Precision Machining to Bain Capital Credit and Pine Island Capital Partners. Precinmac manufactures high-precision machined parts and for the aerospace & defense, semiconductor and industrials sectors.
Olive Raises $51M
Columbus, Ohio-based Olive, a startup that helps healthcare service providers automate administrative processes has raised $51 million in its latest funding round. The round was led by General Catalyst.
Enduring Ventures has acquired UpCounsel to Avoid Shutdown
Bay Area-based UpCounsel, an online marketplace for business legal services, has avoided a shutdown through an acquisition by Enduring Ventures. The startup has raised $26 million since its 2012 inception.
SoftBank pulls the plug on $3B tender offer for WeWork shares
Japanese conglomerate Softbank has pulled away from its tender offer to acquire WeWork shares this month. The impact of COVID-19 on the coworking rental business was stated as the reason for the deal falling apart.
SteadyMD Raises $6M in Series A
St. Louis-based telehealth startup SteadyMD has raised $6 million from investors including Pelion Venture Partners and Next Ventures, Crosscut Ventures, M25 Group and First Trust Capital Partners. The company charges between $99 to $178 to connect patients to their doctors over the phone, video or text.
Allset Raises $8.25M in Series B
Los Angeles-based food preordering service Allset has raised $8.25 million from investors. The round was led by the EBRD (European Bank for Reconstruction and Development). Existing investors Andreessen Horowitz, Greycroft and SMRK VC Fund, as well as new investor Inovo Venture Partners also participated in the round.