M&A wrap: WindRose, Alphabet, Silver Lake, Eli Lilly, Advent

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Healthcare-focused private equity firm WindRose Health Investors has raised its fifth fund at $705 million. “It is gratifying to see our team’s strategy and track record so well received in the market," says WindRose managing partner Oliver Moses. We are grateful for the trust placed in us by a distinguished group of investors and will work diligently to execute our plan.” "WindRose targets sectors that are poised to benefit from the strongest industry tailwinds and companies that differentiate themselves by delivering innovative and cost-effective solutions," the firm adds in a release. PE fundraising in the middle market is robust. Audax Group recently raised $3.5 billion, Center Rock Capital raised $580 million, JMI Equity raised $1.2 billion, and Ridgemont Equity raised $1.65 billion. Weil Gotshal & Manges represented WindRose.

Mergers & Acquisitions has named 36 leaders the 2019 Most Influential Women in Mid-Market M&A, including Medley Capital's Marilyn Adler, Kainos Capital’s Sarah Bradley, Madison Capital Funding’s Jennifer Cotton, Kayne Anderson Capital Advisors' Nishita Cummings, Huntington Bank's Karen Davies, Pelham S2K Managers' Venita Fields, Antares Capital’s Shannon Fritz, Avante Mezzanine Partners’ Jeri Harman, Duane Morris’ Nanette Heide, the Riverside Co.’s Pam Hendrickson, Monroe Capital’s Karin Kovacic, Stifel’s Justine Mannering, KPS Capital Partners’ Raquel Palmer, Huron Capital's Gretchen Perkins, Accordion’s Michelle Van Hellemont and Sterling Investment Partners’ Amy Weisman. All 36 are outstanding dealmakers both inside and outside of their firms. This year, we asked the featured dealmakers to tell their own stories through Q&As, including their advice for women. "Always remember that you are not just a box on an org chart," advises Davies. "You are an individual. You have a voice. You have a unique skill set. Take on the role, and put your stamp on it, own your accomplishments. Go for it. Take the risk."

Related: Meet the 2019 Most Influential Women in Mid-Market M&A.

Deal news
Verily, the life sciences arm of Alphabet (Nasdaq: GOOG) , has raised $1 billion in a funding round led by Silver Lake. Alphabet CFO Ruth Porat is also joining Verily's board.

Eli Lilly & Co. will acquire Loxo Oncology Inc. for about $8 billion in cash, the second multibillion-dollar cancer deal of the year by a major U.S. pharmaceutical company. Read the full story: Eli Lilly to buy Loxo.

Tegna Inc. (NYSE: TGNA) acquired local television stations in Toledo, Oho from Gray Television Inc. for $105 million. Nixon Peabody represented Tegna.

Advent International is buying a majority stake in hotel operator Aimbridge Hospitality from Lee Equity Partners and General Atlantic. Paul, Weiss, Rifkind, Wharton & Garrison LLP is representing General Atlantic. Ropes & Gray is representing Advent.

Madison Dearborn-backed the Amynta Group has acquired insurance underwriter ClearView Risk Holdings from GCP Capital Partners. Waller Helms and Lock Lorde advised ClearView and GCP. MHT Partners and DLA Piper advised Amynta.

Platinum Equity-backed Pagani Holding III Ltd. is buying PCI Ltd., a Singapore-listed electronics manufacturing services provider. DBS Bank Ltd., Duane Morris & Selvam LLP and Latham & Watkins LLP are advising Platinum.

Huron Capital has invested in WD Lab Grown Diamonds, a lab-grown diamond producer. TM Capital advised WD.

Great Hill Partners-backed Vatica Health has acquired CareSync's techology.

For more deal announcements, see The weekly wrap: Bristol-Meyers, Fortis, GI Partners.

For more fundraising, see PE fundraising scorecard: Bregal Sagemount and CMC Capital.

Outlook 2019
Mergers & Acquisitions asked leading dealmakers about their outlook for the middle market in 2019. View the video conversations, shot at ACG Philadelphia's M&A East:

It is a seller's market, and deal activity is expected to remain steady, says Ramsey Goodrich of Carter Morse & Goodrich. Watch the full video: Outlook 2019: Great time to sell.

Private equity firms and strategic buyers will use their excess cash and capital to look for deals, says Bharat Ramprasad of Stifel Nicolaus. Watch the full video: Outlook 2019: Excess capital to fuel M&A.

People moves
Ethan Liebermann and Jason Mironov were promoted from principal to director, and Dhiraj Podder was promoted from director to managing director at private equity firm TA Associates. Liebermann is one of Mergers & Acquisitions' 11 Rising Stars of Private Equity.

David Beller has joined law firm Latham & Watkins as a partner. Beller was previously with Paul Weiss and focuses on M&A.

Robert Rawn was hired by Jenner & Block as a partner. Rawn was most recently with Winston & Strawn, and concentrates on M&A.

Featured content
Private equity firms are giving back - organizing groceries at food pantries, mentoring students in schools, running races for cancer cures and pitching in at animal shelters. In time for the holidays, Mergers & Acquisitions highlights the philanthropic and volunteering initiatives of 5 PE firms: the Carlyle Group LP (Nasdaq: CG), Frontier Capital, Huron Capital, the Riverside Co. and Star Mountain Capital. At Carlyle, charity starts at the top, with CEO David Rubenstein's signing of The Giving Pledge, a commitment by the world’s wealthiest individuals and families to dedicate the majority of their wealth to philanthropy. Community involvement is more important than ever to today’s work force. Millennials, defined as people born between 1981 and 1996 by the Pew Research Center, are “for sustainability, diversity, inclusion and giving back to the community,” says Carlyle managing director Christopher Ullman. Read the full story, The Big Give.

Dealmakers share their thoughts on Giving Back in video interviews conducted by Mergers & Acquisitions at ACG Philadelphia's M&A East. Check out our video with Reed Smith's Jonathan Moyer: For millennial dealmakers, giving back is part of who they are. And watch our conversationw with Baker Tilly Capital's Judit Nagy-Eichelber: Volunteer work brings teams together.

With the rising number of cyberattacks, conducting due diligence on data is more important than ever in dealmaking. Read the full guest article by Neil Coulson and Cynthia Cole of Bakter Botts: Why mitigating data risk is crucial in M&A.

The ongoing challenges in the retail sector continue to force some retailers to close, including the June liquidation of Toys R Us, backed by Bain Capital and KKR & Co. Inc. (NYSE: KKR).Technology is driving many of the transactions. Best Buy Co. (NYSE: BBY) recently agreed to spend $800 million to buy GreatCall, a provider of emergency response services for seniors, from Chicago private equity firm GTCR. Meanwhile, GreatCall announced a partnership on-demand transportation provider Lyft to make it easier for seniors to get car service. For more, see 5 trends driving retail M&A deals.

The NFL playoff field is narrowed to eight teams after Wild Card Weekend, and the Super Bowl is just two wins away. Off the field, football players build companies. New England Patriots quarterback Tom Brady recently teamed with former Giants defensive end Michael Strahan, who is the co-host of ABC’s Good Morning America, to launch a sports media startup called Religion of Sports Media. Muhsin Muhammad, who played wide receiver for the Carolina Panthers and the Chicago Bears, is a managing director of private equity firm Axum Capital Partners. Steve Young, former San Francisco 49ers quarterback, is a co-founder of private equity firm HGGC. View our slideshow, NFL stars Tom Brady, Michael Strahan, Steve Young go PE.

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