GHO wins another pharma services auction, KKR and GIP buy CyrusOne

Private equity dealflow in mid-November 2021 featured large-scale take-private transactions alongside targeted sector investments and platform roll-ups. Highlighting the mega-cap activity, KKR partnered with Global Infrastructure Partners to take CyrusOne private in a $15 billion deal. The transaction priced CyrusOne at $90.50 per share, reflecting an approximate 25% premium over its closing stock price on September 27, 2021, prior to market speculation regarding a potential sale.

Growth and technology-enabled services also secured fresh capital. Private equity firm Great Hill Partners completed an investment in Prodege, a provider of marketing, data, and analytics solutions. Prodege's platform supports brands and agencies to gather insights, target core audiences, acquire new customers, boost engagement, increase revenue, and drive brand loyalty and product adoption.

Healthcare and specialized services activity maintained momentum through competitive processes and platform sales. GHO Capital acquired Genesis Research, a health outcomes research and Real-World Evidence organization, expanding its transatlantic pharma services portfolio following an auction. Simultaneously, Oak Hill finalized its acquisition of US Oral Surgery Management at a valuation exceeding $700 million, while Rothschild's Five Arrows Capital initiated a sale process for Stepping Stones, a behavioral health provider to school-age children that fielded first-round bids.

Industrial and packaging sectors also saw strategic backing. Jefferson Capital Partners backed the formation of a new specialty packaging company, investing behind two longtime executives who previously held leadership roles at companies including Multi Packaging Solutions and Westrock. Meanwhile, Thompson Street Capital's pest control platform, PestCo, executed its second investment with the acquisition of Ecoteam to consolidate the fragmented pest control industry.

These mid-November deal announcements coincided with an evolving regulatory backdrop. During this period, SEC Chairman Gensler addressed private equity transparency, outlining potential agenda items for greater transparency in the private equity sector.