Good day! One of the biggest challenges for private-equity teams that have spun out of larger financial organizations such as banks is proving they can successfully source and execute deals outside of the vast networks offered by their former parents. Investors may be willing to give a team some benefit of the doubt when pitching its first independent fund, but by the time the second one comes along the firm has to have demonstrated without question that it can stand and deliver.

One Equity Partners has cleared that hurdle with the final closing of its second fund since its team emerged as a stand-alone shop from its former parent JPMorgan. The firm has already backed nine platforms out of the new fund, which closed at its $1.75 billion target. Meanwhile, Sugarfina Inc., a private equity-backed candy retailer that recently filed for Chapter 11, may have found its savior in a separate private-equity firm that has emerged as a lead bidder for the company.

Read on for more details of these and other stories of the day...

One Equity Partners, the midmarket firm that traces its roots to JPMorgan Chase & Co.’s buyout arm, has collected $1.75 billion for its second fund since its 2015 spin out from the bank. The final tally for One Equity Partners VII LP came in just above the $1.65 billion the New York firm raised for the fund’s predecessor back in 2017. One investor that has disclosed commitments to the fund is the Teachers Insurance and Annuity Association of America.

Private-equity firm Bristol Capital Advisors LLC has made a $14 million offer to purchase boutique candy retailer Sugarfina Inc. out of bankruptcy. Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., on Monday approved Los Angeles-based Bristol as the stalking horse, or lead bidder, for Surgarfina’s assets. The offer is subject to higher offers at a proposed auction scheduled for later this month.

KKR & Co. and TPG are backing PropertyGuru Pte. Ltd.'s plans to raise about 363 Australian dollars ($245.7 million) through an initial public offering priced from A$3.70 to A$4.50 a share on the Australian Securities Exchange in Sydney. The Singapore real-estate company said the proceeds would be used to finance expansion, including the potential addition of access to mortgage financing through its online market. The company said it has a majority of the online listings markets in Singapore, Indonesia, Vietnam, Malaysia and Thailand.

Private-equity firm Cinven has agreed to invest in National Seating & Mobility, a Nashville, Tenn.-based provider of wheelchairs and other devices for rehabilitation and to assist people with physical issues that limit their mobility. The company works with assistive technology specialists from 149 offices across the U.S. and Canada.

Hamilton Robinson Capital Partners has recapitalized Austin, Texas-based Tanknology Inc., a provider of inspection, certification and compliance management services to fueling station operators. The Stamford, Conn.-based firm indicated that the investment would be used to expand its products and services.

Nova Capital Management has acquired Craig Electronics in Miami and added the maker of consumer electronics to its newly formed H2 Brands Group, which includes earlier acquisitions such as the firm’s Shur-Line and Bulldog brands. London-based Nova bought Shur-Line and Bulldog, which provide retail home improvement products, from Newell in 2013 along with other portfolio companies for more than $220 million.

Fulcrum Capital Partners has invested in signmaker Media Resources Inc., based in Oakville, Ont. Canada’s Fulcrum made the growth investment through its fifth private-equity fund, which collected $350 million in commitments.

WestView Capital Partners has recapitalized Receivable Solutions LLC, a Columbia, S.C., provider of revenue management services to hospitals, medical clinics and health-maintenance organizations. The midmarket-focused private-equity firm characterized the deal as a growth investment.

VSS Fund Management and founder and family-owned company investor Trivest Partners have invested in Quatrro Business Support Services and installed a new chief executive, C.M. Sharma, at the Marietta, Ga., company. Quatrro provides outsourced service for a variety of business processes, including accounting, billing, payroll and tax payments, particularly for restaurants and other types of retailers.

Paine Schwartz Partners has purchased a 30% stake in the specialty new fruit licensing unit of AM Fresh Group to set up an operating company to extend development and commercialization of patented table grape varieties. The joint venture will be majority owned by AM Fresh. The investment is intended to accelerate growth of the unit’s business.

Vestar Capital Partners said it has agreed to invest in Simple Mills Inc., a Chicago-based maker of baking mix, crackers and cookies, with the minority investment designed to fuel the company’s growth. New York-based Vestar said the deal is expected to close this month.

H.I.G. Capital Partners has invested $17.5 million in Nevakar Inc. to finance product development of five of the specialty pharmaceutical company’s injectable products. As part of the agreement with the Miami firm, Bridgewater, N.J.-based Nevakar has agreed to pursue U.S. Food and Drug Administration approval for the products. Under an earlier deal, a unit of Endo International PLC has the rights to distribute the products, once they obtain FDA approvals.

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

Blackstone Group Inc. has sold a portfolio of logistics holdings valued at about $3 billion to Nuveen Real Estate. The group of more than 100 properties spread over a dozen markets is comprised of nearly 29 million square feet of mostly warehouses and distribution centers, Nuveen said Monday. It is concentrated in southern California, northern New Jersey, Dallas, Chicago and the Baltimore-Washington markets.

Partners Group, the investment adviser to publicly traded Princess Private Equity Holding Ltd., has agreed to sell Vermaat Groep BV, a Dutch catering and hospitality services company, to Bridgepoint Group for estimated proceeds to Princess of €17.8 million ($19.5 million). The company had a carrying value of €14 million as recently as Aug. 31, Princess said in a regulatory filing Monday, adding that it would fully realize its investment through the deal. Partners said a minority stake would be retained. Partners acquired the business for clients from the founding family in 2015, when it had 231 outlets in the Netherlands and annual sales of €138 million. Through 10 add-on acquisitions and internal growth since then, the business has expanded to about 350 locations, including restaurants and shops, and is expected to have 2019 sales of close to €300 million.

Brookfield Business Partners LP has agreed to sell its 81% interest in North American Palladium Inc., a Canadian mining company, to Impala Platinum Holdings Ltd. of Johannesburg, South Africa for about $570 million. The publicly traded affiliate of Brookfield Asset Management acquired control of the mining company through a recapitalization in 2015. Impala is also seeking to acquire the shares not held by Brookfield by offering 19.74 Canadian dollars a share for the stock. The mining company operates the Lac des Iles Mine, near Thunder Bay, Ont. Palladium is used in catalytic converters in car and truck pollution control systems.

Health-care and technology investment firm Welsh, Carson, Anderson & Stowe has named Lee Cooper as an operating partner in the firm's health-care group. He joins the firm from General Electric Co., where he had worked for more than 25 years, including stints leading several business units.

Voya Financial Inc.’s Charlie Nelson has joined the board of directors of the Defined Contribution Alternatives Association, a nonprofit group that works on helping regulators understand the “benefits of including alternative investments” in investment choices offered by 401(k)-type retirement funds. The group recently encouraged the Securities and Exchange Commission to modify the definition of accredited investor to make such investments more broadly available. The letter was submitted as a comment on a concept release by the agency. Mr. Nelson is chief executive of retirement and employee benefits at Voya.

An academic study of private-equity buyouts between 1980 and 2013 shows that take-private deals typically lead to a 13% drop in employment at the target company over the following two years, while they result in a 13% gain when the target is privately held. The study, from the University of Chicago’s Steven Davis and five other researchers, including Harvard University’s Josh Lerner, also shows a 16% employment drop at corporate carve-outs. The researchers also noted a 1.7% drop in average earnings per worker following a buyout, while labor productivity typically gains 8% over two years after a deal closes. The authors say their findings suggest the effects of private-equity buyouts are more nuanced and complex than either critics or supporters of the industry have supposed.

The more investors learned about WeWork, the less they liked it. The details that were wrong or omitted from its financial disclosures played a part in weakening investor appetite and will pose risks if the company ever tries to go public again, The Wall Street Journal reported.

The National Association of Investment Companies has been given a $1.4 million grant from the Commerce Department’s Minority Business Development Agency to help it in an effort to collect and make available about $1 billion in growth capital to women- and minority-owned businesses. The organization will use the grant to fund the quantification of demand for capital by such businesses and the amount currently available to them.

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