Every February 2 in the small Pennsylvania town of Punxsutawney, a groundhog named Phil emerges to inform the assembled masses whether they’re due six more weeks of winter. For more than a century, it was a unique local tradition. Then, with the release of the movie “Groundhog Day” in 1993, Punxsutawney Phil turned into a national celebrity. He chilled with Bill Murray. He went on Oprah. After more snow than expected in early February one year, a New Hampshire police department issued a warrant for his arrest.
The rise hasn’t been quite so meteoric, but the past decade has brought a decided increase in private equity activity in Phil’s home state. After PE investors completed 80 deals in Pennsylvania in 2009, that number climbed to 175 in 2015, according to the PitchBook Platform, before falling to 140 last year as part of a larger PE lull. Deals in the B2B space account for the plurality, but the healthcare sector has been home to nearly 20% of all transactions in the state.
Here are the PE investors most active in Pennsylvania since the start of 2008, including add-ons: