Good day. A holiday-shortened week is sure to bring a deluge of news once people get back to work and this week is no exception, as the slew of deals we summarize below shows. It's almost as certain as a bit of rain coming down within hours after I wash my ungaraged car.

Our Maria Armental leads off the deals parade today with a report on TPG's latest take-private transaction, this one involving Convey Health Solutions. Interestingly, TPG still holds about 75% of Convey's equity after the company's IPO about a year ago and is paying more than double the most-recent closing price for the shares. 

In other deal news, our WSJ Pro Venture Capital colleague Marc Vartabedian reports on a $150 million commitment to cryptocurrency company FalconX led by GIC and B Capital. Finally, our Journal colleague Miriam Gottfried writes on Clayton Dubilier & Rice's hiring of Procter & Gamble Executive Chairman David Taylor as a senior operating advisor.

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

TPG Inc. is reversing course to take private Convey Health Solutions Holdings Inc. about a year after backing a public listing for the medical payments technology company as its majority owner, Maria Armental reports for WSJ Pro Private Equity. The private-equity firm remained Convey’s majority shareholder through its TPG Capital arm even after the initial public offering in June 2021. On Tuesday, TPG offered to pay $10.50 a share to buy the roughly 25% of the company’s outstanding stock that it doesn’t already own in a deal with an enterprise value of about $1.1 billion. The offer represents more than twice the stock’s previous closing price of $4.32 a share on Friday, before it was announced.

Singapore sovereign-wealth fund GIC and B Capital Group led a $150 million investment in FalconX, a cryptocurrency trading platform geared toward institutional investors, highlighting how some established investment firms remain bullish in the long term on a crypto sector that’s currently in a financial tailspin, Marc Vartabedian reports for WSJ Pro Venture Capital. The financing valued FalconX at $8 billion, more than double the valuation it received as part of a capital raise in August 2021 when crypto markets were surging.

Clayton Dubilier & Rice is adding David Taylor, a former chief executive officer of Procter & Gamble Co., as a senior operating adviser, Miriam Gottfried reports for The Wall Street Journal. Mr. Taylor stepped down as CEO of the consumer-products company last November after a long career there but remained executive chairman. He will cede that role before starting at CD&R on July 1. The New York firm has long employed a model of pairing investing professionals with experts in running companies—known as operating partners or advisers—to buy businesses and attempt to improve their performances.

Join us on July 19 for a members-only virtual event to discuss portfolio management in turbulent markets with industry specialists and journalists from WSJ Pro Private Equity. The event will feature two panel discussions–one on how limited partners are adapting to current market conditions, the other looking at trends in the secondaries market. You can register here.

Ares Management Corp. is providing as much as $1 billion in credit to EQT AB-backed data center company EdgeConneX Inc., according to a news release. The sustainability-linked facility will be used to refinance debt and for growth of Herndon, Va.-based EdgeConneX, which operates more than 50 data centers across North America, Europe, South America and Asia. Ares said the lending facility includes a margin adjustment tied to pre-determined sustainability targets for EdgeConneX.

Italian firm Tamburi Investment Partners and other investors have signed a binding agreement to sell a 43.2% stake in publicly traded technology consulting company Be Shaping the Future to Engineering Ingegneria Informatica for about €201.1 million, equivalent to $211.4 million, according to a securities filing in Milan. The buyer is backed by Bain Capital and NB Renaissance Partners, Reuters reports, citing a statement from Tamburi. An agreement over the 3.45 euros per share, or $3.63 per share, deal was announced in February.

Great Hill Partners is acquiring two European sales and marketing software companies, Echobot Media Technologies GmbH and Liidio Oy, which operates as Leadfeeder Inc., investing €180 million, or about $189.2 million, and combining the companies, while committing another €50 million in growth capital to the merged operation, according to a news release. Echobot is based in Germany while Leadfeeder is in Helsinki.

Angeles Equity Partners, joined by KJM Capital, is backing refrigerated transport and freight brokerage company OBS Holdings LLC, acquiring a majority stake in the business which operates as Freymiller, according to a news release. The Oklahoma City, Okla.-based refrigerated trucking business operates a fleet of more than 600 tractors serving retailers, suppliers and others in need of temperature-controlled logistics services.

Vista Equity Partners has entered the ring as interested firms contend to take private Australian software-as-a-service provider Infomedia Ltd., according to a securities filing by the company. New South Wales-based Infomedia said Vista portfolio company Solera Holdings LLC has proposed a buyout at 1.70 Australian dollars per share, equivalent to $1.22 per share, matching an earlier proposal from a group that includes TA Associates. The price indicates a market value of about A$638.8 million for the business. Infomedia said it has also received an indicative proposal at A$1.75 a share from Battery Ventures. All three have been granted access to Infomedia information to conduct due diligence, and the company said it is open to proposals from other would-be acquirers. The company’s shares closed Tuesday at A$1.60 each.

Capital Square Partners has about $20 million available to finance its proposed acquisition of the remaining shares of StarTek Inc. that it doesn’t already own, according to a news release from the Denver-based business process outsourcing company. Capital Square indicated that it would pay $5.40 per share in a December securities filing. StarTek said it was poised for further discussion once Capital Square provides “reliable indications” of the willingness of finance providers to back the deal. StarTek shares gained around 3.2% in late afternoon trading on the New York Stock Exchange Tuesday.

Macquarie Group Ltd. investment unit Macquarie Capital Principal Finance led a $50 million investment in Autobooks Inc., joined by other investors including Baird Capital and Commerce Ventures, according to a news release. The Detroit-based company provides a payments and bookkeeping system used by smaller businesses to connect directly to customers and banks.

Warburg Pincus has invested $200 million in the Fortegra Group Inc. specialty insurance unit of publicly traded Tiptree Inc., giving the New York private equity firm a 24% interest in Fortegra, according to a news release. Tiptree said about $60 million of the investment will be used to expand the Jacksonville, Fla.-based insurance business and the rest will go toward repaying debt and general expenses. Tiptree said Fortegra underwrites more than $2.3 billion of gross written premiums and premium equivalents annually.

Ardian has acquired a majority stake in Spanish telecommunications network operator Aire Networks del Mediterráneo SLU from Magnum Capital, according to a news release. Paris-based Ardian made the growth investment through its latest buyout fund.

Healthcare-focused Linden Capital Partners in Chicago has agreed to acquire a majority interest in revenue cycle management company Aspirion Health Resources LLC from Aquiline Capital Partners, with both Aquiline and company management remaining as minority investors in the business, according to a news release.  The Columbus, Ga.-based company has been backed by Aquiline as majority owner since 2018 and has made five acquisitions of peer businesses over that period and now serves more than 140 hospitals and physician groups across 45 states.

Align Capital Partners has recapitalized geographic information system business Schneider Geospatial LLC, joining the Schneider family in backing the company, which was spun out of Schneider Engineering Corp. in 2018, according to an emailed news release. The Indianapolis-based company’s cloud-based systems manage more than 500 million information queries from over 23 million users.

RFE Investment Partners in New Canaan, Conn., has recapitalized Max Home Inspectors Inc. and plans to move the company’s headquarters to Austin, Texas, from Davie, Fla., according to an emailed news release. The firm is investing in the company, which operates under the Max Home Inspection brand, through its RFE Investment Partners IX fund while the company’s founders and management remain as investors.

Rubicon Technology Partners is backing supply-chain management company Bamboo Rose LLC, according to a news release. The Gloucester, Mass.-based enterprise software company works with more than 600 brands supplying retailers such as Walmart Inc., providing systems to manage sourcing and other aspects of their businesses.

Keensight Capital is backing environmental and health compliance management software maker Lisam Systems, according to an emailed news release. The Belgian software-as-a-service company employs more than 230 people and works with more than 2,000 client organizations in sectors including industrial chemicals and gasses.

Main Capital Partners has purchased a majority stake in enterprise architecture software company Bizzdesign BV in the Netherlands, according to a news release. Main Capital characterized the deal as a growth investment in the Utrecht-based company.

Shore Capital Partners in Chicago has formed water-treatment company H2O Care Partners in Boston, with locations in several eastern Massachusetts communities, according to a news release.

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

Swedish electric-vehicle maker Polestar expects shareholders in a special-purpose acquisition company backed by private-equity firm Gores Group to approve its combination with the SPAC in a deal that will bring Polestar around $850 million in fresh capital and help fund its future model development, Sean McLain reports for The Wall Street Journal. Polestar is owned by Chinese car maker Zhejiang Geely Holding Group Co. The SPAC, Gores Guggenheim Inc., is also backed by asset manager Guggeheim Partners.

Two of Asia's financial hubs aimed to reinvent the SPAC. So far, it is proving slow going, Jing Yang reports for The Wall Street Journal. Exchanges in Hong Kong and Singapore have always said they aim for quality, not quantity, with their rules for blank-check companies, touting better investor protection than in the U.S. But as the U.S. special-purpose acquisition company business has lost momentum, global banks and international investors have grown more cautious about their involvement in SPACs. And market turmoil brought on by Russia's invasion of Ukraine and the Federal Reserve's interest-rate increases has made it harder to sell new listings to investors.

Behrman Capital in New York is selling contract-research organization Emmes Co. to New Mountain Capital, according to a news release. The firm initially backed the Rockville, Md.-based company in 2019. Emmes works with drug developers, academic researchers and government agencies in developing and testing biopharmaceuticals.

Sterling Partners is selling Platinum Dermatology Partners to Sun Capital Partners, which is merging the business with its Newport Beach, Calif.-based West Dermatology portfolio company, according to an emailed news release. Sterling formed Platinum about six years ago with Dallas Associated Dermatologists to serve the Dallas-Fort Worth markets in Texas

Matrix Partners is seeking to raise $800 million for its Matrix Partners XII LP and $450 for its Matrix Partners India IV LP venture funds, WSJ Pro Venture Capital reports, citing regulatory filings. In 2018, the firm secured $450 million for its preceding U.S. fund and $300 million for its third India-focused fund.

KKR & Co. has appointed Andy Silvernail as an executive advisor to evaluate investment opportunities in the Americas across multiple sectors, including industrials, health care and consumer products, according to a news release. Mr. Silvernail, a former chief executive of Idex Corp. and Madison Industries, will spend some of his time advising on investments for KKR Ascendant, which targets middle-market companies.

Rothschild & Co. has hired Michael Buchbinder and Patrick Mastan as managing directors on the U.S. technology team of  its global advisory business, according to a news release. Mr. Mastan is focusing on software transactions while Mr. Buchbinder is concentrating on education technology.

BKM Capital Partners has created an advisory board and tapped Nicki Livanos, a real estate investment director with Equitable Life Insurance Co., and Rodney Johnson, a former Equitable Real Estate manager, as initial members, according to an emailed news release. The board is led by Paul Dolinoy, a former head of Equitable Real Estate Institutional Advisors, as chair. The firm invests in multi-use logistics and light industrial properties in the western U.S.

Vida Capital has appointed John Jureller as chief financial officer succeeding Chris Munson, who is stepping down after some 13 years in the post, according to a news release. The New York firm, backed by RedBird Capital Partners and Reverence Capital Partners, is focused on areas such as insurance and credit and has about $3.9 billion in assets under management. Mr. Jureller joins from flexible workspace company Knotel Inc.

Kellogg Co. is splitting off its slower-growing North American cereal business and smaller plant-based food brands into two separate companies, leaving a faster-growing food company focused on selling snacks around the world, Annie Gasparro and Will Feuer report for The Wall Street Journal. The plan would shift some classic American food brands, from Corn Flakes and Rice Krispies cereals, to Eggo waffles and Pop-Tarts, and Cheez-It and Pringles snacks, to new homes. Kellogg said the spinoffs are intended to result in tax-free distributions of shares in the North American cereal company and plant-based food company to current shareholders.

Elon Musk’s $44 billion bid to buy social media giant Twitter Inc. remains stalled over issues that include financing for the deal, the billionaire entrepreneur said on Tuesday at a forum in Qatar, Alyssa Lukpat reports for The Wall Street Journal. He also listed two other issues: Getting shareholder approval and determining how many fake accounts are on the widely used system.

The $75.9 billion Pennsylvania Public School Employees’ Retirement System reported preliminary net investment returns of 1.14% for the quarter ended in March and 8.60% for the first three quarters of the fiscal year that ends this month, according to a news release. Also, the state’s biggest public pension removed the “interim” from the title of Terrill Sanchez, who has been named the system’s permanent executive director. A former longtime employee of the system who most recently held a similar role with the Pennsylvania State Employees’ Retirement System, she replaced Glen Grell at PSERS on an interim basis in early January after he stepped back at the end of 2021, a year marked by FBI and the Securities and Exchange Commission investigations into the teachers fund.

Private-equity firms are increasingly looking at private and direct lending to finance deals as rates rise, as these lenders generally provide floating-rate loans, WSJ Pro Private Equity’s Maria Armental reports for Dow Jones Newswires, citing KPMG LLP's Glenn Mincey. In some cases, buyout firms turn to their own credit arms, he said.

Send us your tips, suggestions and feedback. Write to:

Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Laura Kreutzer; Preeti Singh; Chitra Vemuri.

Follow us on Twitter:@wsjpe, @LHVGarcia, @LauraKreutzer