Clearlake Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Clearlake Capital has acquired 18 companies. It has also invested in 2 others.

Clearlake Capital’s most common sectors for investment aresoftware (19%) and internet software and services (17%) . The Firm’s most common investment types include secondary buyout (44%) and buyout (lbo, mbo, mbi) (13%). In total, Clearlake Capital has invested in 23 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Quest Software Systems for $5.4B.

In the last 3 years, Clearlake Capital has exited 8 companies. The Firm’s most common exit type is trade sale (42%). Clearlake Capital’s largest (disclosed) exit occurred in 2022 when it sold Brightly Software for $1.6B.

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M&A Summary

  • M&A Total Activity118
    • M&A Buy Activity84
    • M&A Sell Activity34
  • Total Sectors Invested 22
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 41
  • M&A Advisors 37

Clearlake Capital

Clearlake Capital Group L.P.

233 Wilshire Boulevard, Suite 800,
Santa Monica, California 90401
United States
(310) 400-8800
www.clearlake.com
info@clearlake.com

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Consumer Products, Consumer Services, Energy Services and Equipment, Food, Information Technology, Internet Software and Services, Machinery, Manufacturing, Restaurants, Retail, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (5.8/yr) # 55 10 9 9 1 - 84
vol $3.1B $5.1B $10.6B $3.7B $4.4B $26.9B
Sell (1.8/yr) # 25 1 4 3 1 - 34
vol $1.5B $1.6B $3.1B
  118

Most Recent M&A

Company Date Value Type
Alteryx, Inc. 2023-12-18 4.4B USD Going Private
Irvine, California · www.alteryx.com
FloWorks International LLC 2023-01-24 - Secondary Sale
Pasadena, Texas · www.gofloworks.com
Knight Energy Services LLC 2022-11-03 - Secondary Sale
Houston, Texas · www.ke.services
Crash Champions LLC 2022-07-14 - Growth Capital
Westmont, Illinois · www.crashchampions.com
Brightly Software, Inc. 2022-06-27 1.6B USD Trade Sale
Cary, North Carolina · www.brightlysoftware.com
OnShift, Inc. 2022-06-22 - Trade Sale
Cleveland, Ohio · www.onshift.com
Chelsea Football Club Plc 2022-05-30 - Buyout (LBO, MBO, MBI)
London, United Kingdom · www.chelseafc.com
BBB Industries LLC 2022-05-19 - Secondary Buyout
Daphne, Alabama · www.bbbind.com
Kofax, Inc. 2022-04-26 - Secondary Buyout
Irvine, California · www.kofax.com
Concert Golf Partners 2022-04-21 - Growth Capital
Lake Mary, Florida · www.concertgolfpartners.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Perforce Software, Inc. 2018-01-10 Delphix, Inc. 2024-02-14 8
Minneapolis, Minnesota · www.perforce.com Redwood City, California · www.delphix.com
Discovery Education, Inc. 2022-03-09 DreamBox Learning, Inc. 2023-08-29 3
Charlotte, North Carolina · www.discoveryeducation.com Bellevue, Washington · www.dreambox.com
BBB Industries LLC 2022-05-19 Hydraulex International LLC 2023-07-17 1
Daphne, Alabama · www.bbbind.com Chesterfield, Michigan · www.hydraulex.com
RSA Security LLC 2020-02-18 Archer Technologies LLC 2023-04-13 2
Bedford, Massachusetts · www.rsa.com Overland Park, Kansas · www.archerirm.com
BetaNXT, Inc. 2022-03-21 Mediant Communications LLC 2023-03-01 1
New York, New York · www.betanxt.com New York, New York · www.mediant.com
Alkegen 2018-09-28 Lydall Thermal/Acoustical, Inc. 2023-02-09 1
Buffalo, New York · www.unifrax.com Hamptonville, North Carolina · www.lydallautomotive.com
Newfold Digital, Inc. 2020-11-02 MarkMonitor, Inc. 2022-09-12 4
Jacksonville, Florida · www.newfold.com Meridian, Idaho · www.markmonitor.com
Wheel Pros, Inc. 2018-04-10 Transamerican Auto Parts Co. 2022-06-16 11
Lakewood, Colorado · www.wheelpros.com Compton, California · www.transamericanautoparts.com
Cornerstone OnDemand, Inc. 2021-08-05 SumTotal Systems LLC 2022-06-13 2
Santa Monica, California · www.cornerstoneondemand.com Gainesville, Florida · www.sumtotalsystems.com
AMCS Group 2018-04-30 Quentic GmbH 2022-05-12 8
Limerick, Ireland · www.amcsgroup.com Berlin, Germany · www.quentic.com

M&A by Sector

Sector Current # Value All-time # Value
Software 9 (18%) 10.1B (41%) 16 (19%) 10.1B (38%)
Internet Software and Services 10 (20%) 8.8B (36%) 14 (16%) 9.0B (33%)
Information Technology 6 (12%) 2.1B (8%) 9 (11%) 2.6B (10%)
Automotive 4 (8%) - 7 (8%) -
Energy Services and Equipment 2 (4%) - 5 (6%) 135M (1%)
Business Services 1 (2%) 1.1B (4%) 4 (5%) 1.1B (4%)
Food 2 (4%) - 4 (5%) -
Consumer Products 2 (4%) - 3 (4%) 1.3B (5%)
Building Materials 2 (4%) - 3 (4%) -
Distribution 1 (2%) - 3 (4%) -
Media 1 (2%) - 3 (4%) -
Packaging 2 (4%) 2.6B (11%) 2 (2%) 2.6B (10%)
Communications - - 2 (2%) 125M (< 1%)
Manufacturing 2 (4%) - 2 (2%) -
Apparel/Textiles - - 1 (1%) -
E-Commerce - - 1 (1%) -
Education 1 (2%) - 1 (1%) -
Financial Services 1 (2%) - 1 (1%) -
Information Services 1 (2%) - 1 (1%) -
Leisure 1 (2%) - 1 (1%) -
Plastics 1 (2%) - 1 (1%) -
Retail - - 1 (1%) -
Total 49 $24.7B 85 $26.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 47 (96%) 24.7B (100%) 81 (95%) 26.9B (100%)
  California 8 (16%) 15.0B (61%) 15 (18%) 16.9B (63%)
  Texas 7 (14%) - 13 (15%) 135M (1%)
  New Jersey 3 (6%) 320M (1%) 7 (8%) 320M (1%)
  Massachusetts 5 (10%) 2.1B (8%) 6 (7%) 2.1B (8%)
  New York 4 (8%) 1.7B (7%) 5 (6%) 1.7B (6%)
  Florida 3 (6%) 5.6B (23%) 5 (6%) 5.6B (21%)
  Georgia 2 (4%) - 4 (5%) -
  Utah 3 (6%) - 3 (4%) -
  Pennsylvania 2 (4%) - 3 (4%) -
  Minnesota 1 (2%) - 3 (4%) 169M (1%)
  Washington 1 (2%) - 2 (2%) -
  North Carolina 1 (2%) - 2 (2%) -
  Missouri 1 (2%) - 2 (2%) -
  Illinois 1 (2%) - 2 (2%) -
  Wisconsin 1 (2%) - 1 (1%) -
  Tennessee 1 (2%) - 1 (1%) -
  Kentucky 1 (2%) - 1 (1%) -
  Colorado 1 (2%) - 1 (1%) -
  Alabama 1 (2%) - 1 (1%) -
  South Carolina - - 1 (1%) -
  Ohio - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Michigan - - 1 (1%) -
United Kingdom 1 (2%) - 2 (2%) -
Ireland 1 (2%) - 1 (1%) -
Australia - - 1 (1%) -
Domestic 47 (96%) 24.7B (100%) 81 (95%) 26.9B (100%)
Cross-border 2 (4%) - 4 (5%) -
Total 49 $24.7B 85 $26.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 28 (57%) 5.4B (22%) 37 (44%) 5.9B (22%)
Buyout (LBO, MBO, MBI) 2 (4%) - 11 (13%) -
Divestiture 6 (12%) 3.5B (14%) 8 (9%) 3.7B (14%)
Going Private 5 (10%) 15.8B (64%) 7 (8%) 17.1B (63%)
Growth Capital 4 (8%) - 7 (8%) -
Recapitalization - - 6 (7%) 135M (1%)
Consolidation 2 (4%) - 4 (5%) -
Special Situations/Distressed - - 2 (2%) -
PIPE - - 1 (1%) 125M (< 1%)
Stake Purchase 1 (2%) - 1 (1%) -
Venture 1 (2%) - 1 (1%) -
Total 49 $24.7B 85 $26.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 10 (29%) -
Trade Sale - Public Company 9 (26%) 2.9B (92%)
Trade Sale 6 (18%) 250M (8%)
Merger 5 (15%) -
IPO 2 (6%) -
Bankruptcy 1 (3%) -
Stake Sale 1 (3%) -
Total 34 $3.1B

Top M&A Advisors

Financial Deals
Evercore Group
 7
J.P. Morgan Securities
 7
UBS Investment Bank
 7
Legal Deals
Sidley
 11
Kirkland & Ellis
 5
Cooley LLP
 4

Deal Values

buy # Total
> $1B 8 $25.0B
$100M to $1B 6 $1.9B
TOTAL $26.9B
Largest Quest Software Systems, Inc.
$5.4B (2021-11-29)
sell # Total
> $1B 2 $2.6B
$100M to $1B 2 $482M
TOTAL $3.1B
Largest Brightly Software, Inc.
$1.6B (2022-06-27)

M&A Connections

Deals
Acquired from
Investor(s)
45%
38 (45%)
Strategic(s)
8%
7 (8%)
Exited to
Investor(s)
29%
10 (29%)
Strategic(s)
56%
19 (56%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

72.0B USD

Established

2006

Specialist/Generalist

Generalist

Leadership

Behdad Eghbali

Co-Founder and Managing Partner

José Feliciano

Co-Founder and Managing Partner

FAQ

When was Clearlake Capital founded?

Clearlake Capital was founded in 2006.

What type of investor is Clearlake Capital?

Clearlake Capital is a private equity firm.

Where is Clearlake Capital headquartered?

Clearlake Capital is headquartered in Santa Monica, California.

How much capital does Clearlake Capital have under management?

Clearlake Capital has 72.0B USD under management.

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