The 10 biggest Buyouts stories of 2018

As 2018 draws to a close, we thought it would be fun to look back at the biggest stories of the year. Specifically, we wanted to know what readers found most interesting.

Our research determined that scoops about deals were your favorite topic, accounting for five of the top 10 stories on Buyouts this year. Stories about spinouts and other new funds were the next hottest topic, with three stories in the top 10.

Following are the 10 most popular stories on Buyouts this year, along with updates when available.

#1. Charles River in sales talks with State Street: sources

(Feb. 1, 2018) Financial services firm State Street Corp is in talks to buy Charles River Systems, a maker of investment management software, according to four sources. Read more 

(Update: PE Hub reported in July that State Street agreed buy Charles River for a reported $2.6 billion.)

#2. UnitedHealth’s Optum in lead for Riordan, Lewis & Haden-backed Avella Specialty Pharmacy

(Feb. 12, 2018) UnitedHealth Group’s Optum subsidiary is nearing a deal to acquire Avella Specialty Pharmacy from Riordan, Lewis & Haden, according to sources with knowledge of the matter. Read more 

(Update: Buyouts reported in October that UnitedHealth Group closed on the deal at a valuation of about $325 million.) 

#3. Monomoy spinout MiddleGround Capital prepares debut fund

(April 18, 2018) Three executives from Monomoy Capital Partners who left last year have formed their own shop that will have a heavy emphasis on operations, sources told Buyouts. Ex-Monomoy Partner John Stewart and Directors Scot Duncan and Lauren Mulholland left the firm and have formed MiddleGround Capital, sources said. Read more 

(Update: Buyouts reported in November that MiddleGround received a $75 million anchor commitment from Archean Capital Partners, a joint venture of Veritable and Moelis Asset Management.)

#4. Ex-Gores execs launch Gallant in partnership with Alec Gores, target $300 mln

(Feb. 2, 2018) Two executives from Gores Group have left the firm and launched a new fund targeting $300 million, sources told Buyouts. Gallant Capital Partners was launched recently by Jon Gimbel and Anthony Guagliano in partnership with Alec Gores. Gimbel was a managing director on the firm’s small-cap team, while Guagliano was a managing director at Gores. Read more 

(Update: PE Hub reported in August that Gallant had hired former OpenGate Capital executive Desmond Nugent as partner and head of operations.)

#5. Charlesbank executive Biotti leaves to launch firm

(Feb. 8, 2018) Jon Biotti, a managing director at Charlesbank Capital Partners, left to start his own firm with the support of the Boston shop, three people told Buyouts. Biotti is forming Nonantum Capital Partners, which will target $250 million with a $350 million hard cap, sources said. Read more 

(Update: Buyouts reported in April that Nonantum announced a final close on $385 million for its debut fund.)

#6. Sponsors vie for Cardinal Health’s naviHealth

(May 18, 2018) Cardinal Health is exploring the sale of naviHealth, its post-acute-care coordination business, according to four people with knowledge of the matter. Read more 

(Update: PE Hub reported in June that Clayton, Dubilier & Rice and Cardinal Health will jointly invest in naviHealth. Financial terms were not disclosed.)

#7. Twin Brook co-founder Chris Williams on indefinite leave: investor letter

(April 24, 2018) Chris Williams, a partner at Twin Brook Capital Partners, has taken an “indefinite leave of absence” from the middle-market lender, according to a March 12 letter sent to investors. Read more

(Update: Buyouts reported in September that Williams was still on indefinite leave, but that he was part of an investor group that launched a car wash business in Sterling, Illinois.)

#8. Medical-waste firm Stericycle explores sale of business unit

(April 24, 2018) Stericycle is exploring the sale of its communication and related services arm, according to people with knowledge of the matter. The Lake Forest, Illinois, medical-waste management and compliance company has turned to JP Morgan for financial advice on a process, the people said. Financial sponsors submitted first-round bids for the business unit in early April, they said. Read more

#9. Dentalcorp, PE-backed Canadian dental giant, nears sale to L Catterton

(March 27, 2018) Imperial Capital Group and OPTrust Private Markets Group are approaching the sale of Dental Corp of Canada after rapidly scaling the largest dental network north of the border, according to sources familiar with the matter. The buyer is consumer-focused buyout firm, L Catterton, which two of the sources said preempted a Jefferies-run sales process. The transaction has not yet closed, one of the sources said. Read more 

(Update: Buyouts reported in May that Imperial Capital Group more than tripled the money it put into Dental Corp following L Catterton’s investment.)

#10. Gores Group doesn’t plan new fund, will invest deal-by-deal going forward

(Feb. 5, 2018) Gores Group is not planning on raising a new institutional fund, sources told Buyouts in recent interviews. Instead, the firm will invest the personal capital of Founder and CEO Alec Gores, and select outside investors, on a deal-by-deal basis. The firm could choose to raise a new fund at some point in the future, sources said. Read more

(Update: Buyouts reported in November that ex-Gores Group executive David Fredston had formed Sole Source Capital and is in the market with a debut fund targeting at least $150 million, according to an LP who has heard the fund pitch.)