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AltAssets daily private equity deal roundup – September 13, 2023

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Blackstone has merged its corporate credit, asset-based finance, and insurance groups into a single new unit, Blackstone Credit & Insurance. The firm said credit and insurance is its fastest-growing segment – more than doubling to $295bn in assets under management over the last three years. Steve Schwarzman, co-founder, chairman and CEO of Blackstone, said, “We see the opportunity for BXCI, along with Real Estate Credit, to reach $1 trillion in the next ten years.”


GTCR has bought philanthropy management services specialist Foundation Source, which offers admin, compliance, advisory and technology solutions to support family, corporate and independent foundations. The company currently supports more than 2,000 foundations representing in excess of $20bn in charitable assets. GTCR’s co-investors in the Foundation Source investment include colleges and universities, endowments, foundations and family offices that have been long-term investors in GTCR funds.


Sagard, the $14.5bn asset manager, has opened its first Middle East office in Abu Dhabi, to be led by managing director and head of the Middle East Firas Mallah. He was previously a managing partner at MMK Capital, a senior exec at BMO Financial Group and head of the Middle East at Dexia Asset Management. Paul Desmarais, chairman and CEO of Sagard, said, “Opening our new office in the United Arab Emirates is an important milestone towards our vision of becoming one of the most respected and impactful alternative investment management firms globally.”


STARC Systems, a specialist in reusable temporary walls for use during renovations, has been bought by Illinois-based buyout house North Branch Capital. STARC has experienced 38% compounded annual growth over the past five years. Its customers include McCarthy, Turner Construction, Gilbane, and healthcare systems like Johns Hopkins and the Cleveland Clinic.


Bow River Capital has backed the recapitalisation of Veridian Healthcare by HealthEdge Investment Partners, United Western Group and Advantage Capital Holdings. Veridian is a distributor of private label and branded in-home diagnostic, pain care management, and personal care products for national and regional chain stores, pharmacies, wholesalers, distributors and e-commerce businesses.


 

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