M&A Deal Summary

HGGC, First Analysis, Argentum Capital Partners and Level Equity Management Acquire Aventri

On May 9, 2017, private equity firm HGGC, venture capital firm First Analysis, growth capital firm Argentum Capital Partners and private equity firm Level Equity Management acquired internet software and services company Aventri from Level Equity Management and Argentum Capital Partners

Acquisition Highlights
  • This is HGGC’s 6th, First Analysis’ 6th, Argentum Capital Partners’ 5th and Level Equity Management’s 12th transaction in the Internet Software and Services sector.
  • This is HGGC’s 23rd, First Analysis’ 47th, Argentum Capital Partners’ 27th and Level Equity Management’s 13th transaction in the United States.
  • This is HGGC’s 2nd, First Analysis’ 2nd, Argentum Capital Partners’ 2nd and Level Equity Management’s 2nd transaction in Connecticut.
Investment Fate
  • Aventri merged with another company in 2022.

M&A Deal Summary

Date 2017-05-09
Target Aventri
Sector Internet Software and Services
Buyer(s) HGGC
First Analysis
Argentum Capital Partners
Level Equity Management
Sellers(s) Level Equity Management
Argentum Capital Partners
Deal Type Secondary Buyout

Target

Aventri

Norwalk, Connecticut, United States
website
Aventri is a provider of cloud-based analytics and data-driven end-to-end event management and venue sourcing solutions. Open-source platform delivers innovative technology solutions to streamline the event process, providing real-time data and analytics on event performance, customer engagement, and increasing measurable event ROI. Aventri was formed in 2008 and is based in Norwalk, Connecticut.

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Buyer(S) 4

Buyer

HGGC

Palo Alto, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
PE ASSETS 6.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HGGC (formerly Huntsman Gay Global Capital) focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks for companies with at least $100 million in revenue. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.


DEAL STATS #
Overall 27 of 46
Sector (Internet Software and Services) 6 of 9
Type (Secondary Buyout) 8 of 12
State (Connecticut) 2 of 2
Country (United States) 23 of 40
Year (2017) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-30 Davies

Stoke-on-Trent, United Kingdom

Davies is a specialist professional service and technology business serving the global insurance market. The company delivers professional services and technology solutions across the risk and insurance value chain, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation, and change management. Davies was formed in 1968 and is based in Stoke-on-Trent, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-22 Better Being

Palo Alto, California, United States

Better Being is a whole-body wellness enterprise that develops, manufactures, markets and distributes trusted and beneficial vitamins, supplements, minerals and personal care products through a portfolio of differentiated brands. Better Being was founded in 1993 and is based in Palo Alto, California.

Buy $446M
Buyer

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


DEAL STATS #
Overall 49 of 60
Sector (Internet Software and Services) 6 of 9
Type (Secondary Buyout) 1 of 1
State (Connecticut) 2 of 2
Country (United States) 47 of 57
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-05 AdvancePath Academics

Williamsburg, Virginia, United States

AdvancePath Academics, Inc. is a provider of alternative education solutions for out-of-school youth and those students who are disengaged or at risk of dropping out of high school. The company creates innovative partnerships with districts and high schools to operate in-school Academies that provide high-quality education services to recover, educate, and graduate out-of-school youth and those students at risk of not earning their high school diplomas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-21 ViralGains

Boston, Massachusetts, United States

ViralGains is a video ad journey platform that enables marketers to engage people with relevant brand stories in the contexts that people most favor. Using the platform to engage in a two-way conversation, brands discover exactly what people want and how they feel and build a unique journey that connects highly qualified consumers with relevant messages that generate awareness, motivate intent, and impact purchase decisions. ViralGains was formed in 2012 and is based in Boston, Massachusetts.

Buy -
Buyer

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 29 of 43
Sector (Internet Software and Services) 5 of 11
Type (Secondary Buyout) 1 of 2
State (Connecticut) 2 of 2
Country (United States) 27 of 40
Year (2017) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-22 Community Education Centers

West Caldwell, New Jersey, United States

Community Education Centers is a national provider of rehabilitative services for offenders through reentry and in-custody treatment programs as well as comprehensive management services for county, state, and federal correctional and detention facilities. CEC provides evidence-based programming for residential and non-residential clients through reentry and correctional facilities, in-prison treatment services, and outpatient and day reporting programs.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-15 NuORDER

Los Angeles, California, United States

NuORDER is a cloud & mobile B2B eCommerce solution that empowers brands and retailers to streamline their business operations. The company provides brands and retailers with a central hub to browse products and catalogs, access real-time inventory data, and place orders from a computer or mobile app 24/7/365. NuORDER was founded in 2011 and is based in Los Angeles, California.

Buy -
Buyer
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.


DEAL STATS #
Overall 17 of 59
Sector (Internet Software and Services) 12 of 30
Type (Secondary Buyout) 1 of 9
State (Connecticut) 2 of 2
Country (United States) 13 of 49
Year (2017) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-20 CloudCheckr

Rochester, New York, United States

CloudCheckr is a cloud management platform, which use the funds to bolster its market major platform for modern enterprises, government agencies and managed service providers who demand a comprehensive and scalable multi-cloud management platform that satisfies cost, security, utilization and compliance concerns. CloudCheckr was founded in 2011 and is based in Rochester, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-07 Riskonnect

Kennesaw, Georgia, United States

Riskonnect is a provider of integrated risk management software. The Company develops and markets a suite of software solutions on a cloud computing model, helping clients elevate their risk management programs, safety solutions, and programs for the management of risks across the enterprise. It provides the risk management industry with the configurable solutions needed to reduce losses, control risk, and affect shareholder value. Riskonnect was formed in 2007 and is based in Kennesaw, Georgia.

Sell -

Seller(S) 2

SELLER
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.


DEAL STATS #
Overall 1 of 16
Sector (Internet Software and Services) 1 of 11
Type (Secondary Buyout) 1 of 4
State (Connecticut) 1 of 2
Country (United States) 1 of 15
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-20 CloudCheckr

Rochester, New York, United States

CloudCheckr is a cloud management platform, which use the funds to bolster its market major platform for modern enterprises, government agencies and managed service providers who demand a comprehensive and scalable multi-cloud management platform that satisfies cost, security, utilization and compliance concerns. CloudCheckr was founded in 2011 and is based in Rochester, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-07 Riskonnect

Kennesaw, Georgia, United States

Riskonnect is a provider of integrated risk management software. The Company develops and markets a suite of software solutions on a cloud computing model, helping clients elevate their risk management programs, safety solutions, and programs for the management of risks across the enterprise. It provides the risk management industry with the configurable solutions needed to reduce losses, control risk, and affect shareholder value. Riskonnect was formed in 2007 and is based in Kennesaw, Georgia.

Sell -
SELLER

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 32 of 43
Sector (Internet Software and Services) 1 of 6
Type (Secondary Buyout) 5 of 6
State (Connecticut) 1 of 2
Country (United States) 30 of 41
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-22 Community Education Centers

West Caldwell, New Jersey, United States

Community Education Centers is a national provider of rehabilitative services for offenders through reentry and in-custody treatment programs as well as comprehensive management services for county, state, and federal correctional and detention facilities. CEC provides evidence-based programming for residential and non-residential clients through reentry and correctional facilities, in-prison treatment services, and outpatient and day reporting programs.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-15 NuORDER

Los Angeles, California, United States

NuORDER is a cloud & mobile B2B eCommerce solution that empowers brands and retailers to streamline their business operations. The company provides brands and retailers with a central hub to browse products and catalogs, access real-time inventory data, and place orders from a computer or mobile app 24/7/365. NuORDER was founded in 2011 and is based in Los Angeles, California.

Buy -