M&A Deal Summary

BlackRock LTPC and GTCR Acquire Outcomes

On May 17, 2021, private equity firms BlackRock LTPC and GTCR acquired software company Outcomes from GTCR and Golub Capital

Acquisition Highlights
  • This is BlackRock LTPC’s 2nd and GTCR’s 7th transaction in the Software sector.
  • This is BlackRock LTPC’s 3rd and GTCR’s 117th transaction in the United States.
  • This is BlackRock LTPC’s 1st and GTCR’s 11th transaction in Florida.

M&A Deal Summary
Date 2021-05-17
Target Outcomes
Sector Software
Buyer(s) BlackRock LTPC
GTCR
Sellers(s) GTCR
Golub Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co.
William Blair (Financial)
Kirkland & Ellis (Legal)

Target

Outcomes

Orlando, Florida, United States
website
Outcomes is a developer and supplier of pharmacy management software solutions to the independent, hospital, long-term care, and specialty pharmacy markets across the United States, Mexico, and the Caribbean. Outcomes offers software solutions to enable insurance claims processing, e-prescription connectivity, pharmacy workflow management, and other critical functions for its pharmacist customers. Outcomes was formed in 1977 and is based in Orlando, Florida.

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Buyer(S) 2

Buyer

BlackRock LTPC

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 320M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

BlackRock LTPC is the direct investing arm of asset manager and financial services company BlackRock. The Group looks to make long-term, control investments of at least $500 million in large companies throughout North America and Western Europe. BlackRock LTPC is based in New York, New York.

DEAL STATS #
Overall 4 of 10
Sector (Software) 2 of 2
Type (Secondary Buyout) 1 of 5
State (Florida) 1 of 1
Country (United States) 3 of 7
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-12 Heywood Pension Technologies

Altrincham , United Kingdom

Heywood Pension Technologies is a provider of administration software for pension schemes, with a focus on serving the public sector. Heywood Pension Technologies was formed in 1975 and is based in Altrincham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-20 Summit Companies

Mendota Heights, Minnesota, United States

Summit Companies is a provider of fire and life safety service and installation company. Summit's end-to-end capabilities include inspection, testing and monitoring, service and repair, installation, and consulting services for fire protection, life safety, and security systems. Summit Companies was established in 1999 and is based in Mendota Heights, Minnesota.

Buy -
Buyer

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 121 of 140
Sector (Software) 7 of 10
Type (Secondary Buyout) 25 of 33
State (Florida) 11 of 13
Country (United States) 117 of 135
Year (2021) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Vivid Seats

Chicago, Illinois, United States

Vivid Seats is an online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Vivid Seats was founded in 2001 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-26 itel

Jacksonville, Florida, United States

itel is an insurance service provider that helps property insurance companies effectively settle claims worldwide. itel is committed to custom-fitting its service offering to meet the unique needs of each international insurance market. itel was founded in 1993 and is based in Jacksonville, Florida.

Buy -

Seller(S) 2

SELLER

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 82 of 84
Sector (Software) 4 of 4
Type (Secondary Buyout) 20 of 21
State (Florida) 6 of 6
Country (United States) 79 of 81
Year (2021) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Vivid Seats

Chicago, Illinois, United States

Vivid Seats is an online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Vivid Seats was founded in 2001 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-26 itel

Jacksonville, Florida, United States

itel is an insurance service provider that helps property insurance companies effectively settle claims worldwide. itel is committed to custom-fitting its service offering to meet the unique needs of each international insurance market. itel was founded in 1993 and is based in Jacksonville, Florida.

Buy -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 28 of 41
Sector (Software) 3 of 3
Type (Secondary Buyout) 14 of 20
State (Florida) 2 of 3
Country (United States) 28 of 39
Year (2021) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 West Marine

Fort Lauderdale, Florida, United States

West Marine is an omnichannel specialty retailer exclusively offering boating gear, apparel, footwear and other waterlife-related products. The Company has more than 250 stores located in 38 US states and Puerto Rico and an eCommerce website reaching domestic, international and professional customers. West Marine was founded in 1968 and is based in Fort Lauderdale, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Flexan

Lincolnshire, Illinois, United States

Flexan is a global manufacturer of custom, high-precision silicone, thermoplastic, and specialty rubber components for a broad array of product and industry applications, primarily used in medical devices, but also in hearing technology, miniature pneumatics, industrial controls, and aerospace & defense industries, among others. Founded in 1946, the Company has over 900 employees located across manufacturing facilities in the greater Chicago area, Salt Lake City, and Suzhou, China.

Sell -
Mergr

Product

Company

Legal