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Private Credit 

David Brooke

The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL. Sign up for the inside track on this fast-growing market.

You love to see them grow up, but that can also be a tough reality for any parent.

Take SailPoint Technologies, which recently enlisted investment banks Morgan Stanley and Goldman Sachs to explore an IPO, according to Bloomberg.

It was just two years ago that Golub, Blue Owl, and Blackstone backed Thoma Bravo’s purchase of the identity security software company with a $1.6bn unitranche, as reported by yours truly in my Bloomberg pomp reported. That was a time when $1bn-plus deals were the exception, rather than the norm.

For the past few years, private equity owners of middle market companies had limited exit options. Elevated rates stymied most sponsor-to-sponsor sales for debt was too expensive and the IPO market was largely shutdown for the best part of two years.

Refinancings and dividend recaps remained possible, however, and strategics, depending on their mood, were always there to swoop in on companies that would complement their own sprawling businesses.

On the strategic acquisition front, any target company in the upper or lower middle market was in play. (Indeed we covered a flurry of such transactions last year here.)

One recent example is Barclay Water Management, which 9fin reported earlier this year was up for sale, with Capstone Partners marketing the water treatment services company $12m in EBITDA.

Private equity firms were excited for the asset. The water services sector is estimated to reach $430bn in size by 2030 from $300bn today.

In the end it was Ecolab, a water management company and importantly a strategic, that acquired Barclay in the end, ultimately muscling in on the private equity fanfare.

Also emerging out of the private equity world and into the hands of a strategic was BlueHalo, which was acquired recently by drone company AeroVironment for $4.1bn. BlueHalo was formed in 2020 by Arlington Capital Partners and had existing private credit debt provided by Ares and Audax Private Debt, according to 9fin’s database. The debt carried a margin of SOFR+600bps.

Optimism abounds for the new year. M&A is set to return and many anticipate more IPOs, as the SailPoint example attests to. Sponsors now have options. Just add the bank market being on fire and buyout activity should heat up. Overarching these dynamics is a new administration very much friendly in tone to financial markets (although it won’t be without some challenges for private credit).

Indeed, if SailPoint reminds us of 2022, the leveraged loan markets took us back to 2023 with healthcare analytics company Cotiviti in the market with a repricing and Copeland seeking a recapitalization.

Both credits, once upon a time, were big targets for private credit but are now today seemingly doing fine with syndicated debt.

What may be the tough reality for private credit firms to swallow is that as they lose assets to either banks, strategics, or the stock market, refilling their portfolios with good new assets to replace lost ones may be a tough challenge in today’s market if you factor in how active the bank market is.

So here’s to seeing a bumper graduation class of private credit assets for 2025 — time to fill up that empty nest.

It’s no great big secret that private credit has a gender representation problem. There is, of course, no shortage of talent out there, and it is why 9fin is bringing together some of the top female professionals in the industry to discuss the biggest issues in private credit.

On 11 December in New York, 9fin senior reporter Shubham Saharan will moderate a panel, which includes Richa Tandon of Benefit Street Partners, Jennifer Daly from Paul Hastings, and Kirsten Hagan of Brinley Partners.

The event is scheduled for 4:30pm-7pm and will be at Corkbuzz in Union Square. If you’re interested in attending, you can RSVP here.

Triumvirate Environmental taps direct lenders to back sale

Sizzling Platter works with bankers to cook up sale

Oaktree Specialty Lending — Q3 24 BDC earnings review

Chicago Teachers Pension Fund makes first splash into private credit

Silver Point hits $8.5bn for latest specialty credit fund

Golub Capital — Q4 24 BDC earnings review

Arena alleges violation of sacred rights in lawsuit against Amazon aggregator Acquco 

Triumvirate Environmental — the waste management services company is in talks with direct lenders to fund a potential sale, which is looking to close at a 13x multiple of its $100 EBITDA. Raymond James has been hired to run the process

Sizzling Platter — UBS is advising on the proposed sale of the CapitalSpring-owned restaurant franchisee. The company generates a $150m EBITDA

Encylcopedia Britannica — Bank of America has been brought on to advise on the sale of the $40m-plus EBITDA company.

Accupac — owner Palladium Equity Partners has tapped Piper Sandler to explore a $200m refinancing for the cosmetic contract development company

Midwest Transit Equipment — the BrightWater-backed distributor of new and used buses is exploring a sale with the help of investment bank Harris Williams

Lycra — The spandex maker is approaching opportunistic credit funds for a $350m debt deal, to partly refinance the company’s existing facilities

Amerit Fleet Solutions — the Brightstar-backed maintenance provider for delivery vehicles is exploring a potential sale with the help of advisors Moelis & Company

Briarcliffe: Private debt will overtake PE in next decade (PDI)

How is private credit weathering its first big rate hiking cycle? (FT)

Global private credit market hits $3 trillion — Alternative Credit Council (P&I)

Backdoor Private Credit Funds Are Luring Billions From Insurers (BBG)

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