M&A Deal Summary

Bain Capital Private Equity, Macquarie Capital, BayPine, Two Sigma Impact and Everberg Capital Acquire Penn Foster

On May 1, 2018, private equity firms Bain Capital Private Equity, Macquarie Capital, BayPine, Two Sigma Impact and Everberg Capital acquired education company Penn Foster from Vistria Group

Acquisition Highlights
  • This is Bain Capital Private Equity’s 4th, Macquarie Capital’s 1st, BayPine’s 1st, Two Sigma Impact’s 1st and Everberg Capital’s 1st transaction in the Education sector.
  • This is Bain Capital Private Equity’s 91st, Macquarie Capital’s 2nd, BayPine’s 1st, Two Sigma Impact’s 1st and Everberg Capital’s 5th transaction in the United States.
  • This is Bain Capital Private Equity’s 8th, Macquarie Capital’s 1st, BayPine’s 1st, Two Sigma Impact’s 1st and Everberg Capital’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2018-05-01
Target Penn Foster
Sector Education
Buyer(s) Bain Capital Private Equity
Macquarie Capital
BayPine
Two Sigma Impact
Everberg Capital
Sellers(s) Vistria Group
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

Penn Foster

Scranton, Pennsylvania, United States
website
Penn Foster is a leading provider of high school diploma, workforce education, and training solutions. The business focuses on adult learners who seek forms of higher education to improve their career skills and employment status. Penn Foster was founded in 1890 and is based in Scranton, Pennsylvania.

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Buyer(S) 5

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 169 of 227
Sector (Education) 4 of 4
Type (Secondary Buyout) 36 of 63
State (Pennsylvania) 8 of 8
Country (United States) 91 of 120
Year (2018) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Viewpoint Construction Software

Portland, Oregon, United States

Viewpoint, Inc. is a provider of software solutions and services to the construction industry, meeting the collaboration and information needs of a variety of professionals including small, medium, large and enterprise contractors. Viewpoint, Inc. was established in 1976 and is based in Portland, Oregon.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-29 BMC

Houston, Texas, United States

BMC is a systems software provider which helps enterprise organizations manage and optimize information technology across cloud, hybrid, on-premise, and mainframe environments. BMC was established in 1980 and is based in Houston, Texas.

Sell -
DESCRIPTION

Macquarie Capital is the principal investing arm of financial services company Macquarie Group. Macquarie Capital has global capability in advisory, capital raising services, and provides clients with specialist expertise, advice and flexible capital solutions across a range of sectors and products including investing alongside partners and clients. Macquarie Capital is based in Sydney, Australia.


DEAL STATS #
Overall 10 of 27
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 7
State (Pennsylvania) 1 of 1
Country (United States) 2 of 10
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 INEA S.A

Poznan, Poland

INEA Joint Stock Company is the largest telecommunications operator in Western Poland – the Wielkopolska region, which provides advanced telecommunication services based on NGN (New Generation Network), including fiber-to-the-home networks (FTTH) and broadband network in WiMAX technology in the standard IEEE 802.16e.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-25 Techem

Eschborn, Germany

Techem caters to a global client base of real estate operators and private home owners from its 150 branches in more than 20 countries. Its principal Energy Services business provides services and devices for the metering and billing of energy and water, plus device sales, hire and maintenance. In addition, its Energy Contracting business delivers heat, cooling, flow energy and light, as well as the planning, set-up, financing and operation of energy systems and energy monitoring and controlling services. Techem is the market leader in Germany, the largest sub-metering market in the world, as well as in an additional 13 European markets. Techem solutions today account for 6.9 million tons of CO2 emission savings per year, thus contributing to global climate protection objectives. Techem was founded in 1952 and is based in Eschborn, Germany.

Sell €4.6B
Buyer

BayPine

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2019
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BayPine is a private investment firm that seeks to invest in and acquire market-leading businesses across traditional sectors of the economy. BayPine has a particular interest in businesses where digital transformation can have a big impact on the future growth. BayPine was formed in 2020 and is headquartered Boston, Massachusetts.


DEAL STATS #
Overall 1 of 5
Sector (Education) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-05 Mavis Discount Tire

Millwood, New York, United States

Mavis Discount Tire is an independent tire and service provider in the United States, with more than 1,100 service centers across 27 states. In addition to its core offering of tires from over 20 major brands, Mavis offers a menu of repair and maintenance services including brakes, alignments, suspension, shocks, and exhaust. Mavis Discount Tire was founded in 1972 and is based in Millwood, New York.

Buy -
DESCRIPTION

Two Sigma is a private investment group focused on opportunities in education & training, healthcare, consumer services, and business services. The Firm prefers growth businesses and will consider opportunities throughout the US. Two Sigma is headquartered in New York City.


DEAL STATS #
Overall 1 of 7
Sector (Education) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Pennsylvania) 1 of 1
Country (United States) 1 of 7
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-29 Wholesale Supplies Plus

Independence, Ohio, United States

Wholesale Supplies Plus is a provider of high-quality raw materials, supplies, and packaging for soap, skincare, and candle artisans. The company’s broad product assortment and complementary support enable an expanding artisan community to meet growing consumer demand for authentic, local, and clean label personal products. Wholesale Supplies Plus was founded in 1999 and is based in Independence, Ohio.

Buy -
DESCRIPTION

Everberg Capital is a private investment firm that looks to partner with family-owned businesses, entrepreneurs, and financial sponsors with capital for acquisition financing, leveraged buyouts, growth opportunities, and recapitalizations. Broad areas of interest include industrials, business services, consumer products/services, and healthcare. Everberg can invest across the capital structure and seeks to commit $10 to $100 million per transaction. Everberg Capital was formed in 2019 and is based in New York City.


DEAL STATS #
Overall 6 of 18
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Pennsylvania) 1 of 1
Country (United States) 5 of 16
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-13 Wpromote

El Segundo, California, United States

Wpromote is a digital marketing agency that provides a range of services including paid search, search engine optimization, social media, Amazon marketing, programmatic advertising, email marketing, and video and digital intelligence services. Wpromote was founded in 2001 and is based in El Segundo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-19 Comar

Voorhees, New Jersey, United States

Comar is a designer and manufacturer of rigid plastic solutions, serving the Medical, Pharmaceutical, Consumer Healthcare, Personal & Home Care, Food & Beverage, and other niche markets. We have a longstanding reputation for developing creative, industry-compliant packaging and dispensing solutions for customers who count on us for quality driven engineering and manufacturing. Comar was founded in 1949 and is based in Voorhees, New Jersey.

Buy -

Seller(S) 1

DESCRIPTION

The Vistria Group is a middle-market private equity firm focused on the education, healthcare, and financial services industries. Vistria was formed in 2013 and is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 5
Sector (Education) 1 of 2
Type (Secondary Buyout) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 CareMetx

Bethesda, Maryland, United States

CareMetx is a pharmaceutical, biotechnology and device manufacturers with technology and specialty hub services to support patient access. CareMetx was founded in 2011 and is based in Bethesda, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-14 Catapult Learning

Philadelphia, Pennsylvania, United States

Catapult Learning is an outsourced K-12 educational services platform in the U.S. The Company serves more than 300,000 K-12 students across 300+ districts, including 16 of the 20 largest districts, in 38 states and the District of Columbia. Catapult Learning was founded in 1976 and is based in Philadelphia, Pennsylvania.

Buy -