Article
Take-Private Deals ‘Back in Vogue,’ Says Direct Lender
Take-private transactions are “in vogue” again, according to a direct lender speaking at McDermott Will & Schulte’s Private Equity Finance Forum in New York on April 22.
“Something that I’ve been seeing come across my desk more and more recently are take-privates,” the lender said. “I think those are back in vogue as you see some valuation mismatches in the private and public markets.”
Two deal advisors echoed the statement, with one noting that take-private activity is “on the upswing,” as are corporate carve-out transactions.
“There’s just not a ton of quality assets out there right now,” the deal advisor said, adding that buyers are on the hunt for opportunities to deploy capital.
Recent take-private deals include Permira and Warburg Pincus’ acquisition of investment and accounting software provider Clearwater Analytics for about $8.4 billion, including debt, in a deal announced in December and expected to close in the first half of 2026.
Octus reported in February that Goldman Sachs’ private credit arm is leading a $3.525 billion debt financing package to back the transaction and that Apollo, Ares, Blue Owl and Antares are in the mix of lenders providing the financing. The pricing is about SOFR+450 bps with 99.5 OID, as reported.
In February, Kinderhook Industries announced a deal to buy home health and hospice provider Enhabit Inc. for a total enterprise value of about $1.1 billion. The transaction is expected to close in the second quarter. Octus reported in February that a roughly $600 million private debt package will be used to back the purchase.
Disclosure: Funds associated with Permira hold a majority interest in the parent company of Octus.
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