M&A Deal Summary

LLR Partners and Parthenon Capital Acquire DaySmart Software

On October 16, 2019, private equity firms LLR Partners and Parthenon Capital acquired software company DaySmart Software from SFW Capital Partners

Acquisition Highlights
  • This is LLR Partners’ 19th and Parthenon Capital’s 3rd transaction in the Software sector.
  • This is LLR Partners’ 93rd and Parthenon Capital’s 51st transaction in the United States.
  • This is LLR Partners’ 1st and Parthenon Capital’s 1st transaction in Michigan.

M&A Deal Summary

Date 2019-10-16
Target DaySmart Software
Sector Software
Buyer(s) LLR Partners
Parthenon Capital
Sellers(s) SFW Capital Partners
Deal Type Secondary Buyout
Advisor(s) Raymond James - Investment Banking (Financial)
Kirkland & Ellis (Legal)

Target

DaySmart Software

Ann Arbor, Michigan, United States
website
DaySmart Software is a provider of business management software to consumer-facing small and medium sized enterprises. DaySmart offers software and supporting services that provide owners and managers of small, consumer-focused service establishments the information and workflow capabilities required to operate their businesses effectively. DaySmart Software was founded in 1999 and is based in Ann Arbor, Michigan.

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Buyer(S) 2

Buyer

LLR Partners

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

LLR is a private equity firm that makes growth capital, buyout, and recapitalization investments in mid-sized growth companies with sustainable competitive advantages. LLR looks to invest $15 to $100 million per transaction and will consider both control and minority situations. Target companies generally have at least $10 million in annual sales and are valued up to $250 million. Broad industry sectors of interest include general business services, financial services, healthcare services, education, manufacturing, consumer/retail and information technology/software. LLR will consider investments throughout the US with an emphasis on opportunities located in the Eastern and Mid-Atlantic regions of the US. LLR Partners was formed in 1999 and is based in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 94 of 117
Sector (Software) 19 of 25
Type (Secondary Buyout) 8 of 15
State (Michigan) 1 of 2
Country (United States) 93 of 116
Year (2019) 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-10 Stealth Monitoring

Addison, Texas, United States

Stealth Monitoring is a provider of live video monitoring solutions focused on designing, installing and providing pro-active remote video monitoring solutions to multi-family residential, commercial and industrial businesses across the United States. Stealth Monitoring was founded in 2003 and is based in Addison, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-19 eLocal USA

Conshohocken, Pennsylvania, United States

eLocal USA LLC currently offers a performance-based advertising solution in over 75 consumer-facing verticals with a heavy emphasis on home services. By utilizing cutting edge technology and a robust network of publishers, eLocal reaches ready-to-buy consumers and intelligently routes over 3M calls and leads per year to its network of over 11.5K local, regional and national service providers.

Sell -
Buyer

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $50 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


DEAL STATS #
Overall 51 of 60
Sector (Software) 3 of 3
Type (Secondary Buyout) 5 of 6
State (Michigan) 1 of 1
Country (United States) 51 of 59
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 RedCard

St. Louis, Missouri, United States

RedCard is a provider of claims communications, payments and enrollment technology and solutions to healthcare payors, providers and members. RedCard was founded in 2006 and is based in St. Louis, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 MRO

Norristown, Pennsylvania, United States

MRO is a provider of release of information (ROI) solutions. In addition to ROI, MRO’s suite of PHI disclosure management solutions is comprised of government and commercial payer audit management and accounting of disclosures services and technologies. MRO’s technology-driven services reduce the risk of improper disclosure of PHI, ensure unmatched accuracy and enhance turnaround times. MRO was founded in 2002 and is based in Norristown, Pennsylvania.

Buy -

Seller(S) 1

SELLER

SFW Capital Partners

Rye, New York, United States

website


Category Private Equity Firm
Founded 2007
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

SFW Capital Partners is a private equity firm that seeks investments in US based, lower middle market companies that provide analytical tools or related outsourced analytical services. Specific areas of interest include test, measurement, and control instruments, as well as analytical software and information services. SFW primarily seeks control positions where the firm can commit $25 to $200 million per transaction. SFW Capital Partners was formed in 2007 and is based in Rye, New York.


DEAL STATS #
Overall 10 of 10
Sector (Software) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Michigan) 2 of 2
Country (United States) 10 of 10
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-10 Keypoint Intelligence

Fairfield, New Jersey, United States

Keypoint Intelligence is a provider of test-based information, competitive intelligence, sales enablement solutions, strategic market analysis, and advisory services to the global digital imaging industry. Keypoint Intelligence was established in 2005 and is based in Fairfield, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 Micromeritics Instrument

Norcross, Georgia, United States

Micromeritics Instrument Corp. is a provider of analytical instrumentation for particle and materials characterization. Micromeritics offers market-leading technologies for the characterization of surface area and porosity, density and volume, physical and chemical adsorption, and size and shape of particles. Micromeritics Instrument was established in 1962 and is based in Norcross, Georgia.

Buy -