Happy Friday! It’s no secret that private-equity industry faces a succession problem as more founders age and their investors demand a clearer gameplan for how they plan to ensure continuity on their investment teams.

TowerBrook Capital Partners is the latest firm to map out its succession plan with executive promotions and the creation of a co-president leadership model. The co-president model appears to be increasingly popular among private-equity firms. General Atlantic disclosed the promotion of three of its executives to co-president roles earlier this week.

In other news, private-equity backed Totes Isotoner Corp. is nearing an out-of-court deal to restructure its balance sheet.

Finally, as you read this, I will be attending the third annual career forum put together by the Women’s Association of Venture and Equity (WAVE). The event seeks to educate young women on how to build a career in alternative investing. Stay tuned for more details from that event. 

Now, onto the news of the day...

TowerBrook Capital Partners, the former buyout unit of George Soros’s family office, has become the latest private-equity firm to make changes in its senior management team, WSJ Pro Private Equity's Will Louch reports. TowerBrook told investors this week it promoted managing directors Jonathan Bilzin and Karim Saddi to the newly created co-president role, according to a spokesman for the firm. Andrew Rolfe and Gordon Holmes, also both managing directors, took up new positions as vice chairman and chief investment officer, respectively.

Totes Isotoner, one of the world’s largest suppliers of umbrellas, is nearing an out-of-court deal to restructure its balance sheet, Alexander Gladstone and Soma Biswas report for WSJ Pro Bankruptcy, citing people familiar with the matter. Totes Isotoner, whose roots date to 1924, is owned by private-equity firms Freeman Spogli & Co. and Bahrain’s Investcorp, which acquired the company in 2014 for $525 million.

Deerfield Management’s blank-check company, sponsored with Richard Barasch, has won shareholder approval to acquire AdaptHealth Holdings LLC in a deal that will make the distributor of home medical equipment a publicly traded enterprise. The transaction is expected to close on Friday. AdaptHealth Corp., as the company will be renamed, will have an initial enterprise value of $1 billion and a market capitalization of $800 million, Deerfield has said. Mr. Barasch, a former chief executive of insurer and health-care provider Universal American, will be the company’s chairman. AdaptHealth will trade on the Nasdaq exchange under the symbol AHCO.

BC Partners-backed United Group, a major provider of telecommunications services and media, has agreed to acquire Vivacom, Bulgaria’s biggest telecommunications company. Reuters said United agreed to pay €1.2 billion ($1.33 billion) for Vivacom, citing two sources familiar with the matter. 

Kaljabi, a platform helping individuals and small and midsize businesses create and monetize online courses, training materials, and other content, has received a minority growth investment from Spectrum Equity. The investment represents Irvine, Calif.-based Kajabi's first institutional capital. In conjunction with the transaction, Spectrum Equity Principal John Connolly and Managing Director Steve LeSieur will join Kajabi's board.

Saudi Arabia’s sovereign-wealth fund has pumped $400 million into Travis Kalanick’s new company CloudKitchens, The Wall Street Journal reported, citing people familiar with the situation, in a deal that could value the operator of so-called ghost kitchens at about $5 billion and reunites the former Uber Technologies Inc. chief with one of his biggest backers.

Edison Partners has led a $12 million growth investment round into Anonos, a provider of privacy rights management software based in Boulder, Colo. The investment is expected to finance international expansion, fueled by new regulations such as those regarding data privacy in California and Europe.

Shorehill Capital LLC said it acquired a stake in Triad Technologies, LLC in partnership with the company’s management team and the Wissman family.

A project being developed by Ares Management Corp.-backed wind-energy developer Apex Clean Energy has inked a 220-megawatt virtual renewable power purchase agreement with McDonald’s Corp., Ares said. Under the agreement, McDonald’s will buy power produced by the 525-megawatt Aviator Wind West project, under development by Apex in Coke County, Texas, and owned Ares Infrastructure and Power funds. The amount of power under contract would be enough to keep 1,300 McDonald’s stores operating, or almost 10% of its U.S. restaurants. The project is expected to become operational next year.

Hanover Partners has acquired agricultural machinery maker Westside Equipment Co. The Madera, Calif.-based company makes harvesting machines that collect tomatoes and pistachio nuts. Westside also distributes products in Chile. Greyrock Capital Group co-invested in the deal alongside Hanover.

Austrian sensor maker AMS has reiterated its bid for German lighting manufacturer Osram at €41 ($45) per share, after the shareholder acceptance threshold was reduced to 55% from 62.5%, MarketWatch.com reported. Last month, AMS won over 51.6% of Osram investors while a rival bidding group led by Bain Capital and Advent International Corp. remained on the sidelines.

EW Healthcare Partners, joined by other investors including HealthQuest Capital and SEDCO Capital, has invested $28 million in Venus Concept Inc., a medical aesthetics technology company in Toronto. The investment immediately followed Venus’s combination with Restoration Robotics Inc. The combined operation is now expected to produce 2019 revenue of $123 million to $126 million.

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.

Gridiron Capital said it has hired Jeff Steinhorn as an operating partner to focus on new technology opportunities both at the firm itself and among its portfolio companies. Mr. Steinhorn previously held positions at a number of companies, including most recently Johnson & Johnson, where he was chief information officer of the company’s consumer and consumer medical devices businesses. 

Tikehau Capital has named Olga Kosters as head of private debt secondaries, based in New York. She will report to Tim Grell, head of Tikehau Capital North America, and Cécile Mayer-Lévi, head of private debt activity. Before joining the firm, Mrs. Kosters worked for StepStone Global advising institutional investors on U.S. private credit strategies.

Madison Square Garden Co.’s directors have decided to split the company into a non-sports entertainment business and its original sports-related company, with no cross ownership. Previously, the owner of the National Basketball Association’s New York Knicks and National Hockey League’s New York Rangers had said it would spin off two-thirds of its sports holdings to shareholders, with the entertainment group retaining the rest. On Thursday, MSG said it would spin out the entertainment company, which includes the Manhattan arena where both teams play home games, along with New York’s Radio City Music Hall, Beacon Theatre and other venues in Inglewood, Calif. and Chicago. The entertainment group also includes the Radio City Rockettes production and bookings and concerts, as well as about $1 billion in cash. The separation is expected to be concluded next year, pending various approvals. The company said the move stemmed in part from progress in creating a new venue, called MSG Sphere, in Las Vegas and a follow-on project in London.

Newbury Partners has returned to the fundraising trail with its latest secondary fund, which is seeking $1.75 billion, according to a filing with the Securities and Exchange Commission. The offering amount for Newbury Equity Partners V LP and an affiliated vehicle is slightly higher than the $1.45 billion the firm raised for its prior secondary offering, which closed last year.

Ironwood Capital said it has exited its investment in BrandFX Body Co. with the company’s sale to Time Manufacturing Holdings LLC. Fort Worth, Texas-based BrandFX Body manufactures composite fiberglass vehicles for the power and telephone industries.

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