The Priory Group sold to Waterland Private Equity for £1.08bn

The Priory Group rehabilitation clinic has been sold to Waterland Private Equity for £1.08bn to create one of the world’s largest private mental health services providers.

Waterland, which was recently named the best performing private equity firm in Europe, said it would combine the Priory Group with Median Technologies, Germany’s largest provider of rehabilitation and neurology treatments, to create “Europe’s leading rehabilitation and mental health services providers”. The combined group will be able to treat 260,000 patients across 570 clinics.

Waterland is buying the Priory Group from the US’s Acadia Healthcare, which it bought for $850m in 2016.

Clayton Dubilier & Rice Final Three to acquire Wolseley UK

Clayton Dubilier & Rice is one of three buy-out firms toughing it out in the final stages of an auction for Wolseley UK, which supplies plumbing equipment to the construction industry.

It is believed Wolseley could change hands for between £400million and £600million as part of any deal with a private equity house.

Other potential buyers include American company HIG Capital and Epiris, a London-based private equity house that owns the venerable auction house Bonhams.

Sandvik buys DSI Underground Group

Sandvik has agreed to buy DSI Underground Group from Triton Partners for €943 million. DSI is a €500 million revenue business that provides ground support and technology for underground mines and tunnels.

“This acquisition is an important step in our growth ambition”, said Stefan Widing, President and CEO of Sweden-based Sandvik.

Michael Reich, CEO of DSI Underground, said the deal ushered in a new chapter; ”We believe that we have a strong new industrial home in Sandvik, with good growth opportunities and strong product and geographic synergies.”

REE Automotive Considering IPO

REE Automotive, which develops modular platforms for electric vehicles, is in negotiations to go public at a valuation of between $3-4 billion via a SPAC.

Should the merger go ahead, REE is expected to receive access to the SPAC’s funds and to another several hundreds of millions of dollars in PIPE (Private investment in public equity) investments.

Shares of REE have been traded in the secondary market this year at a company valuation of $1.1 billion, far less than it is expected to be valued in the SPAC merger.

Permira Acquires Majority Stake in Boat Group

Private equity firm Permira said on Tuesday it will acquire a majority stake in online classifieds marketplace Boats Group from Apax Partners LLP.

The financial details of the deal were not disclosed.
The deal for Boats, which mainly serves the recreational marine industry, is expected to close in Q1 2021.

Miami-headquartered Boats Group connects buyers and sellers of boats and is known for its brands such as YachtWorld, Boat Trader, boats.com, Cosas De Barcos, while also providing software solutions to over 4,000 brokers and dealers in more than 140 countries.

Waste and recycling companies Mergers

Waste and recycling companies completed a series of mergers and acquisitions throughout 2020 despite economic disruptions from COVID-19-related shutdowns.

Global private equity firm Arcapita purchased a controlling interest in Waste Harmonics in February 2020.

CEO Michael Hess provided insight: “It’s probably more of a recapitalization than an acquisition. Back in July 2015, I brought in a private equity (PE) partner, Prospect Partners out of Chicago, a great small- to mid-market PE firm. And the timing just seemed to be right.”

He added, “we have found ourselves with a new private equity partner that is excited about our business and the industry space that we’re in and, from my perspective, one that has some very deep pockets that will allow us to execute on an acquisition and growth strategy that we have over the next five years.”