M&A daily wrap: Bain Capital Double Impact and By Chloe; the Masters Tournament; Clearlake and GTCR


by Chloe

Bain Capital Double Impact is backing vegan restaurant chain By Chloe. Founded by restaurateur Samantha Wasser in 2015, By Chloe has grown from its flagship in New York City’s West Village to 10 locations globally and hopes to expand to 20 with the infusion of capital. By Chloe is “committed to supporting a sustainable and plant-based lifestyle, and actively works to lower its carbon footprint and preserve the planet’s water supply with an animal-free menu, mindful ingredient sourcing and eco-friendly packaging” with a menu that “aims to share delicious, wholesome, plant-based food that fuels and energizes without compromising flavor, taste or satisfaction.” Menu items include a “smashed avocado toast veggie” and a “guac burger.” Bain Capital Double Impact, an affiliate of Bain Capital, “focuses on health and wellness, sustainability, and community building to create long-term value and meaningful impact at scale.” Kitchen Fund, Collaborative Fund and TGP/Qoot International are co-investing in By Chloe. Restaurants are scrambling to meet new demands from diners who want cuisine they believe is healthy, responsibly-sourced and budget-friendly. Restaurants that meet those needs are attracting buyers. In 2018, ButterFly Equity bought farm to table fast casual restaurant chain Modern Market.

We imagine many M&A professionals are tracking the Masters Tournament. The first round “began as a celebration of the long-awaited return of Tiger Woods. But it ended with another familiar name, Jordan Spieth, reminding golf fans that he never left,” as the New York Times points out. We figure this is a great moment to take a look at some of the recent transactions involving popular golf brands, such as Callaway and TaylorMade. Check out our slideshow.

Clearlake is partnering with GTCR to invest in Lytx, a provider of videos and data to help improve driver safety, fleet efficiency and profitability. Lytx, founded in 1998, protects more than 850,000 drivers. The target says it “enables its clients to realize significant returns on investment by lowering operating and insurance costs, while achieving greater efficiency, compliance, and safety.” Rothschild advised Lytx and GTCR. Morgan Stanley (NYSE: MS) and Evercore Inc. (NYSE: EVR) advised Clearlake.

Webstar Capital-backed Healthcare Associates of Texas bought Dr. Wei (Sam) Gao’s primary care practice in Irving, Texas. Rolling up smaller practices into consolidated businesses can make operations more efficient through economies of scale, reduce the cost of care and improve patient outcomes, beating out hospitals and other traditional care providers in the competition for the healthcare consumer. For example, LLR Partners formed a Southeast U.S. eye care practices company.

In a similar vein, Charlotte Radiology, a physician-owned radiology practice in the Southeast, has formed a new venture with healthcare investment firm Welsh, Carson, Anderson & Stowe to expand the practice across the U.S. Read the full story here.

Apax Partners-backed Quinag Acquisition (FDI) Ltd. is buying a stake in Mumbai-based medical device maker Healthium MedTech Private Ltd. from TPG Growth and CX Partners. Kirkland & Ellis, Khaitan & Co. and PwC are advising Apax. Shardul Amarchand Mangaldas, Goldman Sachs (NYSE: GS) and Deloitte are advising TPG Growth. Financial terms were not disclosed.

BB&T Corp. (NYSE: BBT) is buying Regions Insurance Group from Regions Financial Corp. (NYSE: RF). Financial Terms were not disclosed. Regions Insurance is a broker that serves more thab 60,000 customers across the Southeast, Texas and Indiana. RBC Capital Markets and Willkie Farr are advising BB&T.

Vista Equity Partners has invested in YouEarnedIt, a human resources Software-as-a-Service developer. Previous investors include Ridge Ventures and Silverton Partners. YouEarnedIt works with more than 400 global customers to boost culture and bottom-line results through an engagement program that delivers recognition, rewards, incentives, feedback and team insights.

Sentinel Capital Partners acquired San Antonio, Texas-based office equipment seller Ubeo Business services. Financial terms were not disclosed. Sentinel recently sold restaurant chain Huddle House Inc. to family office Elysium Management.

Fireman Capital-backed Dunn’s River Brands acquired a stake in Temple Turmeric, a maker of probiotics and wellness shots. Whipstitch Capital advised Temple and McDermott Will & Emery LLP represented Dunn’s River.

Louis Susman got hired by Perella Weinberg Partners as a senior advisor. Susman previously served as the U.S. Ambassador to the Court of St. James, a member of the Secretary of State’s Foreign Affairs policy board, and as vice chairman of Citigroup (NYSE: C) investment banking.

Kaarli Eichhorn joined Jones Day‘s antitrust and competition practice in Brussels. Eichhorn is a former global executive counsel at GE (NYSE: GE), and focuses on complex, multinational mergers, antitrust and compliance.

For more dealmaker career news, including Alvarez & Marsal’s hiring Debra Richman as healthcare managing director and Karin Kovacic‘s joining the origination team as a managing director at Monroe Capital, read this week’s People Moves.

Catch up on this week’s transactions, including deals made by Francisco Partners, NYSE and Smucker, in The weekly wrap.

See which private equity firms are raising funds, including Audax Senior Loan and Comvest, in our weekly PE fundraising scorecard.

Read full coverage of Mergers & Acquisitions’ 11th annual M&A Mid-Market Award winners: Campbell Soup, Huron Capital, Idera CEO Randy Jacops, LLR Partners, McGuireWoods, Stryker, Twin Brook and William Blair.


Demitri Diakantonis

Demitri Diakantonis

Demitri Diakantonis joined SourceMedia in 2015 and serves as Assistant Managing Editor of Mergers & Acquisitions and writes The Buyside column about corporate dealmaking, and also covers the consumer sector.