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PE HUB Wire Highlights, 8.28.18

Apollo Global to buy Aspen Insurance; Crestview sells NEP stake to Carlyle; Public pensions flood secondary market with PE-fund stake sales

It’s Tuesday, Hubsters.

We have some big deals this morning. We finally have a buyer for Aspen Insurance, which went up for sale earlier this year after posting a $266.4 million loss for the year ended Dec. 31, 2017, according to press reports. Aspen, interestingly, was previously backed by Blackstone Group, which, along with Candover, helped fund the company’s formation back in 2002.

Blackstone was one of the bidders vying for Aspen during its current sales process, according to Insurance Insider and Reinsurance.comApollo Global, this morning, officially agreed to buy Aspen. Find out how much Aspen sold for here.

Next up is NEPCrestview Partners in January was reportedly considering a full or partial sale of NEP. Carlyle Group, which initially invested back in 2016, had a minority of the company and had first option to buy Crestview’s majority stake. A sale of NEP valued the company at $2.5 billion, according to reports.

This morning, Carlyle made it official. The buyout shop said it’s buying Crestview’s stake in NEP and will have a majority of the Pittsburgh broadcast services company. See our brief here.

Thomas H. Lee’s investment in Post Holdings Inc has also received regulatory approvalfrom the FTC. Post Holdings has spun off its private label food business, which makes food that supermarkets sell under their own brands like granola, nut snacks and dried fruit, the Wall Street Journal said. THL is investing $250 million for a 39.5 percent stake of 8th Avenue Food & Provisions. Post will retain 60.5 percent in 8th Avenue.

Funds: Chris has a story on public pensions loading up the secondary market with limited-partner interests in an environment of pricing as high as it’s ever been. Read Chris’s story here.


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