M&A Deal Summary

Silver Lake, Onex Partners, Ardian and Weld North Acquire Imagine Learning

On January 4, 2018, private equity firms Silver Lake, Onex Partners, Ardian and Weld North acquired education company Imagine Learning from KKR

Acquisition Highlights
  • This is Silver Lake’s 2nd, Onex Partners’ 2nd, Ardian’s 2nd and Weld North’s 5th transaction in the Education sector.
  • This is Silver Lake’s 65th, Onex Partners’ 35th, Ardian’s 41st and Weld North’s 9th transaction in the United States.
  • This is Silver Lake’s 2nd, Onex Partners’ 1st, Ardian’s 2nd and Weld North’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2018-01-04
Target Imagine Learning
Sector Education
Buyer(s) Silver Lake
Onex Partners
Ardian
Weld North
Sellers(s) KKR
Deal Type Secondary Buyout
Advisor(s) Macquarie Capital (Financial)
Latham & Watkins (Legal)

Target

Imagine Learning

Stamford, Connecticut, United States
website
Imagine Learning operates a platform of digital and SaaS educational solution businesses and makes control investments in high potential businesses in the education industry. By attracting highly motivated and distinctly talented professionals, Imagine Learning looks to accelerate growth through an obsessive focus on enhancing the customer experience, operational excellence, marketing expertise, and disciplined financial management. Imagine Learning was formed in 2010 and is based in Stamford, Connecticut.

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Buyer(S) 4

Buyer

Silver Lake

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 102.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.

DEAL STATS #
Overall 88 of 126
Sector (Education) 2 of 2
Type (Secondary Buyout) 12 of 17
State (Connecticut) 2 of 2
Country (United States) 65 of 86
Year (2018) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 LightBox

New York, New York, United States

LightBox, Inc. is a provider of enterprise technology and information to the real estate sector. With its Collateral360 SaaS platform and a broader suite of software and data products, LightBox enables clients across the real estate value chain to manage due diligence processes in areas such as lender underwriting, property appraisals, environmental reviews, compliance and risk management.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Blackhawk Network

Pleasanton, California, United States

Blackhawk Network is a global financial technology company and a leader in connecting brands and people through branded value solutions. Blackhawk platforms and solutions enable the management of stored value products, promotions and rewards programs in retail, ecommerce, financial services and mobile wallets. Blackhawk’s Hawk Commerce division offers technology solutions to businesses and direct to consumers. The Hawk Incentives division offers enterprise, SMB and reseller partners an array of platforms and branded value products to incent and reward consumers, employees and sales channels. Headquartered in Pleasanton, Calif., Blackhawk operates in 26 countries.

Buy $3.5B
Buyer

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 23.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.

DEAL STATS #
Overall 44 of 57
Sector (Education) 2 of 3
Type (Secondary Buyout) 10 of 15
State (Connecticut) 1 of 1
Country (United States) 35 of 42
Year (2018) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-11 SMG Holdings

West Conshohocken, Pennsylvania, United States

SMG Holdings, Inc. is a global manager of convention centers, stadiums, arenas, theatres, performing arts centers and other venues. The company offers a comprehensive suite of services, allowing venue owners to outsource all facets of day-to-day operations, including facility staffing and training, food and beverage, event booking and management, event promotion, exhibitor services, financial management and ongoing maintenance services

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-14 Access2Care

Greenwood Village, Colorado, United States

American Medical Response, Inc., doing business as Access2Care provides medical transportation services in the United States.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 307 of 416
Sector (Education) 2 of 4
Type (Secondary Buyout) 98 of 135
State (Connecticut) 2 of 2
Country (United States) 41 of 58
Year (2018) 1 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-22 Fives

Paris, France

Fives is an international industrial engineering group that designs and produces equipment, primarily for the automotive, steel and aluminium industries. Fives has participated in the modernization of various global industries, including steel, aluminium, cement, energy, and more recently, the automotive and aerospace industries, as well as logistics. The group’s rich history is grounded in constant innovation, development of proprietary technologies, international expansion and a pioneering spirit. This enables Fives to have a comprehensive global vision of the various industries in which it operates, as well as strong expertise in the design of critical equipment and solutions for industrial processes. Fives was founded in 1812 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-09 RGI Group

Milan, Italy

RGI Group is an Independent Software Vendor, a European leader in the digital transformation of Insurers. RGI Group has been committed for more than 30 years to the Insurance industry. RGI Group was founded in 1987 and is based in Milan, Italy.

Sell -
Buyer

Weld North

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2010
Size Small
Type Sector Focused
DESCRIPTION

Weld North is a private investment firm focused on opportunities in the education sector. The Firm will consider venture opportunities as well as investments in mature businesses. Weld North was formed in 2010 by Jonathan Grayer - former CEO of Kaplan, Inc. and works in partnership with KKR. The Firm is based in New York City.

DEAL STATS #
Overall 9 of 9
Sector (Education) 5 of 5
Type (Secondary Buyout) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 9 of 9
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-07 Performance Matters

Sandy, Utah, United States

Performance Matters is a provider of SaaS-based K-12 talent management solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-01 Performance Matters

Sandy, Utah, United States

Performance Matters is a provider of SaaS-based K-12 talent management solutions.

Sell -

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 103 of 173
Sector (Education) 2 of 3
Type (Secondary Buyout) 15 of 34
State (Connecticut) 2 of 2
Country (United States) 49 of 81
Year (2018) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Headlands Research

Corte Madera, California, United States

Headlands Research is a globally integrated site organization with a mission of profoundly impacting the clinical trials process. Headlands Research is comprised of the highest quality dedicated and embedded research centers across North America. Headlands Research was formed in 2018 and is based in Corte Madera, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-08 Välinge Innovation Sweden AB

263 65, Sweden

Välinge Innovation Sweden AB is an R&D and IP company with particular strength in wood based technologies and the flooring and furniture industries. Founded in 1993, Välinge pioneered the concept of floating click floors and today, over 1bn m2 of flooring is sold with click systems every year, reducing the time and effort needed for floor installation as well as easing the environmental burden of the hundreds of millions liters of glue used for installations in the past.

Sell -
Mergr

Product

Company

Legal