M&A Deal Summary

STG Acquires CAI

On December 13, 2021, private equity firm STG acquired software company CAI from Iron Creek Partners and Main Street Capital

Acquisition Highlights
  • This is STG’s 22nd transaction in the Software sector.
  • This is STG’s 38th transaction in the United States.
  • This is STG’s 1st transaction in Rhode Island.

M&A Deal Summary

Date 2021-12-13
Target CAI
Sector Software
Buyer(s) STG
Sellers(s) Iron Creek Partners
Main Street Capital
Deal Type Secondary Buyout
Advisor(s) Evercore Group (Financial)
Weil Gotshal & Manges
Locke Lord (Legal)

Target

CAI

Smithfield, Rhode Island, United States
website
CAI is a provider of specialized enterprise resource planning (ERP) software with industry expertise in several industry sectors, including seafood and other food processing and distribution, lumber and building materials, precious metal refining, and jewelry manufacturing. CAI was founded in 1977 and is based in Smithfield, Rhode Island.

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Buyer(S) 1

Buyer

STG

Menlo Park, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

STG is a private equity firm focused on making investments in software and services companies. STG looks to leverage operational expertise in helping its portfolio companies 'increase customer value' and grow. In addition to its focus within the software/services sectors, STG also has interest in healthcare, pharmaceuticals manufacturing, consumer packaged goods, retail, financial services, and communications. STG was formed in 2002 and is based in Menlo Park, California.


DEAL STATS #
Overall 52 of 63
Sector (Software) 22 of 26
Type (Secondary Buyout) 10 of 11
State (Rhode Island) 1 of 1
Country (United States) 38 of 47
Year (2021) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-10 Celtra

Mansfield, Massachusetts, United States

Celtra, believe scaling marketing creativity is transformative - for businesses, and for culture. So Celtra is transforming creative work - across people, data, and media. Today, Celtra makes enterprise software solutions that help businesses stay creative at scale. Celtra was founded in 2006 and is based in Mansfield, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 eProductivity Software

Pittsburgh, Pennsylvania, United States

eProductivity Software is a global provider of industry-specific business and production software technology for the packaging and print industries. The company's integrated and automated software offerings and point solutions are designed to enable revenue growth and drive operating and production efficiencies. eProductivity Software was formed in 2021 and is based in Pittsburgh, Pennsylvania.

Buy -

Seller(S) 2

DESCRIPTION

Iron Creek Partners is a private investment partnership focused on partnering with management teams to pursue divestitures, fundless sponsor acquisitions, and select public market investments. Iron Creek Partners was formed in 2009 and is headquartered in Santa Fe, New Mexico.


DEAL STATS #
Overall 4 of 4
Sector (Software) 3 of 3
Type (Secondary Buyout) 2 of 2
State (Rhode Island) 1 of 1
Country (United States) 4 of 4
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-03 Credential Check

Troy, Michigan, United States

Credential Check is a provider of employment background screening and drug testing services to employers across the country. CredentialCheck has thousands of customers across the finance, manufacturing, food and retail, healthcare, and staffing industries. Credential Check was founded in 1984 and is based in Troy, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 Career Team

North Haven, Connecticut, United States

Career Team is a provider of workforce development services and learning and case management software solutions to regional workforce development boards, federally and state-funded work programs, and higher learning institutions across the country. Career Team was founded in 1996 and North Haven, Connecticut.

Buy $25M
SELLER

Main Street Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Main Street Capital Holdings is a public investment firm that invests in mid-market companies to support ownership transitions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Main Street looks for businesses opearting in basic industries with positive cash-flow and and defensible competitive advantages. Main Street generally invests $5 to $75 million in companies with $10 to $150 million of revenue and EBITDA of $3 to $20 million. Investments are usually in the form of term debt and/or direct equity. Main Street Capital Corporation was formed in 1997 and is based in Houston, Texas.


DEAL STATS #
Overall 44 of 44
Sector (Software) 4 of 4
Type (Secondary Buyout) 11 of 11
State (Rhode Island) 1 of 1
Country (United States) 44 of 44
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-07 Valley Vet

Marysville, Kansas, United States

Valley Vet provides customers with animal health solutions. Valley Vet Supply serves equine, livestock and pet owners with thousands of medications, vaccines and quality products through its e-commerce website, catalog circulation program, phone sales department and brick & mortar retail store. Valley Vet was founded in 1985 and is based in Marysville, Kansas.

Buy $42M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-16 Johnson Downie

Houston, Texas, United States

Johnson Downie is a retained search firm that specializes in placing lateral partners and groups at the most prestigious law firms in the world. Johnson Downie was founded in 2006 and is based in Houston, Texas.

Buy -