M&A Deal Summary

Thoma Bravo and HeidelbergCement Acquire Command Alkon

On March 31, 2020, private equity firm Thoma Bravo and HeidelbergCement acquired information technology company Command Alkon from Quilvest Capital Partners and Pegasus Capital Advisors

Acquisition Highlights
  • This is Thoma Bravo’s 23rd and HeidelbergCement’s 1st transaction in the Information Technology sector.
  • This is Thoma Bravo’s 79th and HeidelbergCement’s 1st transaction in the United States.
  • This is Thoma Bravo’s 1st and HeidelbergCement’s 1st transaction in Alabama.

M&A Deal Summary

Date 2020-03-31
Target Command Alkon
Sector Information Technology
Buyer(s) Thoma Bravo
HeidelbergCement
Sellers(s) Quilvest Capital Partners
Pegasus Capital Advisors
Deal Type Secondary Buyout
Advisor(s) Dechert (Legal)

Target

Command Alkon

Birmingham, Alabama, United States
website
Command Alkon solutions deliver supply chain integration and frictionless digital collaboration across the heavy construction ecosystem. CONNEX, a many-to-many technology platform purpose-built for the industry that enables business partners to automate inter-enterprise operations, capture real-time visibility into heavy material orders and deliveries, leverage leading-edge software experiences to achieve mutually beneficial goals, and share knowledge to manage by exception and promote certainty of outcomes. Command Alkon was founded in 1970 and is based in Birmingham, Alabama.

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Buyer(S) 2

Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 87 of 136
Sector (Information Technology) 23 of 35
Type (Secondary Buyout) 24 of 31
State (Alabama) 1 of 1
Country (United States) 79 of 118
Year (2020) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-02 Compuware

Detroit, Michigan, United States

Compuware Corp. empowers the world’s largest companies to excel in the digital economy by taking full advantage of their mainframe investments. Compuware Corp. does this by delivering innovative software that enables IT, professionals, with mainstream skills to develop, deliver and support mainframe applications with ease and agility. Our modernized solutions uniquely automate mainframe work, integrate into a cross-platform DevOps toolchain and measure software delivery quality, velocity and efficiency.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 IDaptive

Santa Clara, California, United States

IDaptive LLC delivers Next-Gen Access, a more advanced version of traditional access management technologies, to protect organizations from data breaches. IDaptive products are built on Zero Trust, an IT architecture based on the principle of “never trust, always verify.” Unlike other providers of access management, IDaptive uniquely combines leading capabilities to seamlessly integrate single-sign-on (SSO), multi-factor authentication (MFA), enterprise mobility management (EMM), and user behavior analytics (UBA). Its solutions intelligently determine the authenticity of a digital user and the user’s device, govern access across an organization’s resources, and react when risky behavior is detected. IDaptive was formed in 2018 and is based in Santa Clara, California.

Sell $70M
Buyer

HeidelbergCement

Heidelberg, Germany

website


Category Company
Founded 1873
Sector Building Materials
Employees50,780
Revenue 21.1B EUR (2022)
DESCRIPTION

HeidelbergCement is a German multinational building materials company headquartered in Heidelberg, Germany. HeidelbergCement a market leader in aggregates and a prominent player in the fields of cement, concrete and other downstream activities, making it one of the world’s largest manufacturers of building materials. HeidelbergCement was founded in 1873 and is based in Heidelberg, Germany.


DEAL STATS #
Overall 4 of 6
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Alabama) 1 of 1
Country (United States) 1 of 2
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-02 Cementir Italia

Rome, Italy

Cementir Italia SpA business includes 5 integrated cement plants and 2 cement grinding units with a total cement capacity of 5.5 million tonnes per year, as well as a network of terminals and concrete plants, all operating in Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-10 Giatec

Ottawa, Ontario, Canada

Giatec is a global company revolutionizing the construction industry by bringing smart testing technologies and real-time data collection to the forefront of every construction site. The company's suite of hardware and software products has leveraged advanced technologies, such as AI and the Internet of Things (IoT), including wireless concrete sensors, mobile apps, and advanced non-destructive testing technologies (NDT), to drive innovation throughout concrete's lifecycle and reduce concrete's carbon footprint. Giatec is based in Ottawa, Ontario.

Buy -

Seller(S) 2

SELLER

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 60 of 68
Sector (Information Technology) 4 of 4
Type (Secondary Buyout) 22 of 25
State (Alabama) 2 of 2
Country (United States) 29 of 34
Year (2020) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-13 21st Century Oncology

Fort Myers, Florida, United States

21st Century Oncology is a provider of cancer care services across multiple modalities, the largest radiation oncology provider and one of the largest groups of urologists in the U.S. 21st Century Oncology was founded in 1983 and is based in Fort Myers, Florida.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-15 Royalty Pharma

New York, New York, United States

Royalty Pharma is a funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals, and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly - directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 45 commercial products, including AbbVie and J&J’s Imbruvica, Astellas and Pfizer’s Xtandi, Biogen’s Tysabri, Gilead’s HIV franchise, Merck’s Januvia, Novartis’ Promacta, and Vertex’s Kalydeco, Symdeko and Trikafta, and three development-stage product candidates. Royalty Pharma was formed in 1996 and is based in New York, New York.

Sell -
DESCRIPTION

Pegasus Capital Advisors is a private equity firm focused on providing equity and junior capital to middle-market companies across a wide variety of industries. Pegasus looks to commit between $50 and $150 million per transaction. Sectors of interest include building materials, consumer products/services, energy, financial services/insurance, IT, marketing/communications, metals/minerals, and safety/security. Pegasus was formed in 1995 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 14 of 14
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Alabama) 1 of 1
Country (United States) 9 of 9
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-13 Six Senses Hotels Resorts Spas

Bangkok, Thailand

Six Senses Resorts and Spas is an eco-conscious luxury resort and spa management company with branded properties in Asia, the Middle East, the Americas, and Europe. In all, Six Senses manages 10 resorts and 27 spas in 20 countries around the world under the Six Senses and Evason brands.

Sell $300M