Week in Review: TPG, Airbnb, and Candy

It’s been a big week for TPG. This morning the Texas-based PE shop announced it was acquiring Warranty Group for $1.5 billion. The announcement came on the heels of yesterday’s rumors that the firm would also lead another round of funding for Airbnb.

TPG’s potential investment in Airbnb is a little anomalous for the firm. Traditionally, TPG pursues private equity investments or the occasional VC investment in early-stage biotech. Airbnb doesn’t seem to fit into either bucket. Is TPG expanding its investment thesis, or has Airbnb matured out of the venture community?

In other news, Apax could earn a 10,000% gain on its Candy Crush investment. Ten-thousand percent.

Transactions:

• Cardno buys PPI Group
• Roark Capital acquires Central Jersey Waste & Recycling
• HOSTING acquires Ntirety
• Excellere Partners invests in both Frontline Energy Services and G2 Partners
• Hertz to spin off rental equipment business
• Tectum Holdings acquires Laurmark Enterprises
• Norwest Equity Partners sells Shock Doctor to Bregal Partners
• Peak Rock buys industrial products unit of RFJ
• Riverside Company acquires RS Occupational Health
• LongueVue Capital invests $8 million in Prime Health
• Summit Partners backs Integrated DNA Technologies

Opinions:

• Wall Street braces for deluge of IPOs
• The limited partnership model in private equity: Deal returns over a fund’s life
• PE firms adapt to “new road map” for fundraising
• Mergers and acquisitions heat up in the energy sector
• Home building mergers and acquisitions likely to be active in 2014
• Are co-investments with mezz funds hurting your IRR?
• For tech investors, the midwest is flyover country no more
• 5 tips to make breaking into PE easier
• Using social media to inform M&A
• Is Janet Yellen the wolf of main street?

Member Spotlight:

Founded in 1982, Saugatuck Capital Company is a private investment firm specializing in lower middle-market buyouts, recapitalizations and growth equity investments.  Over a period of more than three decades, Saugatuck has managed four dedicated private equity funds and currently manages $30 million of private equity capital spread across four special purpose funds.  Saugatuck’s limited partners include institutional investors, family offices and individual accredited investors as well as the principals of Saugatuck.

Saugatuck seeks to partner its expertise and capital with exceptional management teams to build companies of outstanding value.  Toward this goal, Saugatuck’s principals bring a breadth of skills and experience to its portfolio companies in order to offer broad, comprehensive insight into all facets of a company’s organization and take advantage of unique opportunities for growth.