Good day! The deals pace seems to be quickening, and we summarize a dozen below, after a distinctly down first quarter. 

Our Luis Garcia details one transaction: Spring Lane led a growth investment in electric-vehicle financing startup Spring Free EV. 

Meanwhile our colleague Alexander Saeedy reports that a significant health-related business that KKR acquired in 2018, Envision Healthcare, has missed a disclosure deadline, putting it in technical default of lending agreements. 

We have these and more stories condensed and linked for you below, so please read on...

Sustainable infrastructure-focused Spring Lane Capital is backing Spring Free EV Inc., leading a $30 million investment in the financing company, which helps fleet owners convert to electric vehicles, Luis Garcia reports for WSJ Pro Private Equity. Spring Free helps small and midsize businesses such as car-sharing companies, food-delivery services and construction contractors obtain electric vehicles under agreements that require a monthly subscription fee plus per-mile payments, said co-founder Sunil Paul, a startup veteran who serves as the San Francisco-based company’s chief executive.

KKR & Co.-backed Envision Healthcare Corp. is negotiating with some of its creditors after missing a March deadline to issue its fourth quarter results, Alexander Saeedy reports for WSJ Pro Bankruptcy, citing people familiar with the matter. The missed deadline triggered a technical default in loans taken out by the Nashville, Tenn.-based physician-staffing company. It has 10 business days to cure, the people said. Envision represents one of KKR’s biggest healthcare investments. The firm bought the company for $6 billion in 2018.

Debt fund manager Sound Point Capital Management and municipal bond insurer Assured Guaranty Ltd. have agreed to combine in a bid to better compete in the booming credit-investing market. The tie-up would create a fund manager with $47 billion invested primarily in corporate debt with below-investment-grade credit ratings, Matt Wirz reports for The Wall Street Journal. The deal, which includes Assured’s Blue Mountain CLO Management unit, is part of a wave of consolidation driven by alternative asset managers and insurers joining forces to create debt-buying juggernauts. Collateralized loan obligations, or CLOs, account for $21 billion of Sound Point's $32 billion assets.

Bain Capital in Boston said it would waive certain pre-conditions to its bid to take private Finnish building and construction services provider Caverion Corp. after the company said its directors had withdrawn their support and are now backing a rival bid from Triton Investment Management, a regulatory filing shows. Triton topped Bain Capital’s €7 per share offer with an €8 bid that valued the company at around $1.17 billion in January. Bain Capital said it wouldn’t raise its bid, which remains valid until mid-April, but added that it has the right to demand up to $10 million in bid-related costs from Caverion since its directors withdrew their support.

Restaurant-focused Capdesia Group Ltd. is joining with Tokyo-listed food-services company Toridoll in an offer to take private Fulham Shore PLC, which operates 97 restaurants in the U.K., through a newly formed company called Great Sea Kitchens Ltd. The deal offers investors 14.15 pence per Fulham share in cash, valuing the business at about £93.4 million, or roughly $116.8 million, Ian Walker reports for Dow Jones Newswires. Fulham’s brands include Franco Manca pizza and The Real Greek. The agreement calls for Toridoll to hold at least a 51% stake in Great Sea alongside Capdesia and its investors, according to a regulatory filing.

NGP Energy Capital Management in Dallas may sell oil  businesses worth more than $7 billion, Reuters reports, citing people familiar with the matter. The Permian Basin producers, Tap Rock Resources and Hibernia Resources, may be put up for auction, the people said.

Main Street Capital Corp. in New York said it has recapitalized portable lighting provider Infinity X1 LLC with $22 million in debt and equity investments. The San Diego company designs and manufactures headlamps, flashlights, utility lights and other similar products, according to a news release.

Crestview Partners is backing startup investment advisory firm Modern Wealth Management, which is led by former United Capital Financial Partners co-founders and executives Gary Roth and Mike Capelle as co-chief executives with Jason Gordo as president, according to a news release. The trio set up the new California-based investment adviser after leaving Goldman Sachs Group Inc., which acquired United in 2019.

Audax Group in Boston said it has acquired manufacturing products distributor Krayden Inc. from Quad-C Management, a private-equity firm in Charlottesville, Va. Krayden distributes supplies such as sealants, adhesives, encapsulates and solder to customers in the aerospace, defense, electronics and industrial sectors. Audax invested through its private-equity strategy.

Mill Rock Capital said it has acquired Asbury Carbons Inc. through a new roll-up platform called Mill Rock Advanced Materials LLC, purchasing the company from the Riddle family and company employees. The Asbury, N.J.-based business specializes in carbon additives, graphites and cokes.

Infrastructure-focused DIF Capital Partners said it has agreed to back Pinnacle Power Ltd., a U.K. district heating service provider, with a growth investment that will give it a majority interest in the business. DIF said it is buying the company from Pinnacle Group Ltd.

Blue Point Capital Partners in Cleveland said it is recapitalizing frame maker Europa Eyewear. The Vernon Hills, Ill. company supplies independent optometrists across the U.S., according to a news release.

Bridgepoint Group PLC is backing cybersecurity services company DataExpert BV, including by acquiring a stake from Interstellar Group BV. The U.K. firm is investing in the Netherlands-based business through its Bridgepoint Development Capital IV fund.

Private equity firm Aurelius has agreed to buy what is left of airline company Deutsche Lufthansa AG’s catering business, Mauro Orru reports for Dow Jones Newswires. The deal includes all classic catering, onboard retail and food commerce activities and brands of the LSG Group. The group had sold its European LSG Sky Chefs activities in 2019 to Swiss firm Gategroup.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

Infrastructure investor H.R.L. Morrison & Co. said it has hired Melissa Richards as a partner and global head of strategy, product & growth, based in New York. She was most recently a senior vice president and head of product strategy and client solutions at Brookfield Oaktree Wealth Solutions, according to an emailed news release.

Raine Group, a merchant bank focused on media, technology and telecommunications deals, agreed to acquire San Francisco boutique investment bank Code Advisors, in a bid to strengthen its footing in Silicon Valley, Lauren Thomas reports for The Wall Street Journal. Code Advisors co-founder Quincy Smith is set to join Raine’s San Francisco office as a partner, while fellow co-founder Michael Marquez will become a special adviser helping manage Code’s existing investment portfolio while exploring new initiatives within Raine, the companies said.

For months, the recession risks that everyone on Wall Street seemed concerned about looked far off. Jobs data remained strong and Americans kept spending, defying expectations of an imminent downturn, Gunjan Banerji reports for The Wall Street Journal. But disappointing data this week – showing that the private-sector has lost its job-growth momentum – has left investors on high alert.

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Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Rod James; Laura Kreutzer; Chitra Vemuri.

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