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PE HUB Wire Highlights, 10.29.18

Rubenstein’s family office is doing deals, adding staff; GA-backed Nucom, Parship Elite to buy eHarmony; Leonard Green seeks buyer for Prospect Medical

This morning’s PEHUB wire is late due to technical issues. Our apologies.

Something very scary happened over the weekend, hubsters. We stand with you, Pittsburgh. Our thoughts are with the victims.

We also are saying goodbye this morning to someone in the venture capital world. Terry Hicks, a former vice president of the investment group at Ben Franklinpassed away. He was 66. Hicks is said to have “guided the growth of more than 400 companies in greater Philadelphia” through investments and partnerships. He was a co-founder of the Minority Angel Investor Network.

The New York Times has a story about a research paper published in a medical journal that highlighted the entrance of private equity into the dermatology field. Rather, how PE is buying up and running practices all over the country, the story said. Private equity is acquiring “outlier” practices that perform an unusually high number of well-reimbursed procedures and bill high amounts to Medicare, the paper said, according to the story. PE firms are also recruiting influential dermatology leaders to work for and promote dermatology practices backed by PE. Complaints from PE executives and dermatologists have caused the editor of the publication to pull the paper.

Hubsters, I’d love to read this paper. If you have it, please send it over. Also, do you think the editors are right about what is happening in dermatology? Are rollups not appropriate in the medical world? Why or why not? Email me your thoughts at

Fortnite funding: The most noteworthy deal this morning was announced Friday. Epic Games, creator of Fortnite and Gears of Warhas raised $1.25 billion from KKRICONIQ CapitalSmash VenturesaXiomaticVulcan CapitalKleiner Perkins, and Lightspeed Venture Partners. Epic already has investors such as Tencent, Disney and Endeavor. Tencent bought about 40 percent of Epic in 2012 with a $330 million investment, Variety said.

Sweetgreen, the fast-casual chain that focuses on salads, is looking to raise $200 million. Check out the brief here.

Deals: Back in 2015, when Catterton acquired Pure Barre, I complained about the lack of barre classes past 125th St here in NYC. The classes, IMHO, are awesome if you’ve had injuries or are trying to get back in shape. Since then, a smattering of barre locations have popped up but there’s still not much past 125th. So I complained to Xponential CEO Anthony Geisier and he said: “Well, you should open one.” Still considering this one, hubsters.


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