M&A Deal Summary

Leonard Green & Partners and CVC Capital Partners Acquire Veritext

On October 8, 2018, private equity firms Leonard Green & Partners and CVC Capital Partners acquired business services company Veritext from Pamplona Capital Management - Private Equity

Acquisition Highlights
  • This is Leonard Green & Partners’ 4th and CVC Capital Partners’ 14th transaction in the Business Services sector.
  • This is Leonard Green & Partners’ 67th and CVC Capital Partners’ 30th transaction in the United States.
  • This is Leonard Green & Partners’ 12th and CVC Capital Partners’ 5th transaction in California.

M&A Deal Summary

Date 2018-10-08
Target Veritext
Sector Business Services
Buyer(s) Leonard Green & Partners
CVC Capital Partners
Sellers(s) Pamplona Capital Management - Private Equity
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co. (Financial)

Target

Veritext

Costa Mesa, California, United States
website
Veritext is a pre-trial deposition services provider in the United States, offering end-to-end services for law firms and corporate clients. Veritext connects its clients to its network of independent court contractors, including court reporters, videographers, and interpreters, to help administer more depositions per year than any other provider. Veritext is based in Costa Mesa, California.

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Buyer(S) 2

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 72 of 88
Sector (Business Services) 4 of 6
Type (Secondary Buyout) 27 of 40
State (California) 12 of 12
Country (United States) 67 of 81
Year (2018) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-09 The Shade Store

Port Chester, New York, United States

The Shade Store is an omni-channel provider of custom window treatments in the United States with over 60 showrooms nationwide. The Shade Store offers a complete range of design, manufacturing, measuring and installation services for both consumers and design professionals. The Shade Store is based in Port Chester, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-29 Tecta America

Rosemont, Illinois, United States

Tecta America is a provider of commercial roofing services in the U.S. offering installation, replacement, and repair services. It services both local and national accounts across a spectrum of industries and end-markets including industrial, retail / office, non-government institutional, government, multi-family and other. Tecta America was founded in 2000 and is based in Rosemont, Illinois.

Buy -
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 229 of 319
Sector (Business Services) 14 of 18
Type (Secondary Buyout) 50 of 74
State (California) 5 of 7
Country (United States) 30 of 42
Year (2018) 12 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-20 UnitedLex

Overland Park, Kansas, United States

UnitedLex is an enterprise legal services provider that drives digital transformation throughout the corporate legal ecosystem. With attorneys, engineers, and consultants across four continents, UnitedLex deploys solutions to deliver unparalleled business impact for global corporations and law firms. UnitedLex was founded in 2006 and is based in Overland Park, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-20 Ngern Tid Lor

Bangkok, Thailand

Ngern Tid Lor is the microfinance arm of Krungsri, which provides affordable credit and insurance solutions to Thailand’s underbanked and self-employed population. Ngern Tid Lor is based in Bangkok, Thailand.

Buy -

Seller(S) 1

SELLER

Pamplona Capital Management - Private Equity

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pamplona Capital Management - Private Equity, is the private equity unit of asset manager Pamplona, which also provides hedge funds and hedge fund-of-funds products. Pamplona PE invests in 'market leading' companies in a variety of industry sectors. The Group will consider opportunities throughout North America and Europe. Pamplona PE was established in 2005 and is based in London and New York.


DEAL STATS #
Overall 16 of 20
Sector (Business Services) 3 of 3
Type (Secondary Buyout) 6 of 8
State (California) 1 of 2
Country (United States) 4 of 8
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-02 BBB Industries

Daphne, Alabama, United States

BBB Industries engages in remanufacturing of starters, alternators, hydraulic and air disc brake calipers, both hydraulic and electronic power steering products and turbochargers for the OEM, personal and commercial vehicle aftermarket industries. BBB Industries was founded in 1987 headquartered in Daphne, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-19 Latham International

Latham, New York, United States

Latham International, Inc. is a manufacturer of pool components and accessories in North America. The Company’s product offering includes in-ground vinyl pool liners, above-ground vinyl pool liners, polymer and steel pool wall systems, fiberglass pools, steps and ladders, pool safety covers, and other pool related accessories.

Buy $375M