M&A Deal Summary

Hellman & Friedman, Bain Capital Private Equity, Bain Capital Tech Opportunities and Bain Capital Double Impact Acquire athenahealth

On November 22, 2021, private equity firm Hellman & Friedman, private equity firm Bain Capital Private Equity, growth capital firm Bain Capital Tech Opportunities and private equity firm Bain Capital Double Impact acquired internet software and services company athenahealth from Veritas Capital and Evergreen Coast Capital for 17.0B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 9th, Bain Capital Private Equity’s 8th, Bain Capital Tech Opportunities’ 6th and Bain Capital Double Impact’s 3rd transaction in the Internet Software and Services sector.
  • This is Hellman & Friedman’s 2nd, Bain Capital Private Equity’s 4th, Bain Capital Tech Opportunities’ and Bain Capital Double Impact’s largest (disclosed) transaction.
  • This is Hellman & Friedman’s 58th, Bain Capital Private Equity’s 110th, Bain Capital Tech Opportunities’ 7th and Bain Capital Double Impact’s 13th transaction in the United States.
  • This is Hellman & Friedman’s 5th, Bain Capital Private Equity’s 12th, Bain Capital Tech Opportunities’ 1st and Bain Capital Double Impact’s 3rd transaction in Massachusetts.

M&A Deal Summary

Date 2021-11-22
Target athenahealth
Sector Internet Software and Services
Buyer(s) Hellman & Friedman
Bain Capital Private Equity
Bain Capital Tech Opportunities
Bain Capital Double Impact
Sellers(s) Veritas Capital
Evergreen Coast Capital
Deal Type Secondary Buyout
Deal Value 17.0B USD
Advisor(s) Evercore Group
Goldman Sachs (Financial)
Milbank LLP (Legal)

Target

athenahealth

Watertown, Massachusetts, United States
website
athenahealth is a provider of Internet-based business services for physician practices. The Company's service offerings are based on proprietary web-native practice management and electronic health record (EHR) software, a continuously updated payer knowledge-base, integrated back-office service operations, and live patient communications services. athenahealth was founded in 1997 and is based in Watertown, Massachusetts.

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Buyer(S) 4

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 85 of 87
Sector (Internet Software and Services) 9 of 10
Type (Secondary Buyout) 25 of 25
State (Massachusetts) 5 of 5
Country (United States) 58 of 60
Year (2021) 9 of 9
Size (of disclosed) 2 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-25 zooplus

Munich, Germany

zooplus is an online retailer of pet products in 24 European countries particularly pet food and accessories for all important types of pets. zooplus was founded in 1999 and is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 NPD

Port Washington, New York, United States

NPD offers data, industry expertise, and prescriptive analytics to help clients grow their businesses in a changing world. NPD helps to measure, predict, and improve performance across all channels, including brick-and-mortar, e-commerce, and B2B. NPD was established in 1966 and is based in Port Washington, New York.

Sell -
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 207 of 228
Sector (Internet Software and Services) 8 of 8
Type (Secondary Buyout) 55 of 63
State (Massachusetts) 12 of 12
Country (United States) 110 of 121
Year (2021) 15 of 15
Size (of disclosed) 4 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-19 InnovaCare Health

Orlando, Florida, United States

InnovaCare Health improves the lives of patients and physicians through innovative solutions for value-based healthcare. Throughout its 20+ year history, InnovaCare Health has owned, operated, and managed an integrated portfolio of medical groups, health plans, medical service organizations, clinical networks, and more. InnovaCare Health was founded in 1998 is based in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-02 Imperial Dade

Jersey City, New Jersey, United States

Imperial Dade is an independent distributor of consumable paper and plastic packaging and supplies sold primarily to the restaurant and retail industries in the New York Tri-State area. Imperial Dade sells foodservice products, healthcare supplies, bags and liners, chemicals, janitorial goods, and safety supplies. Imperial Dade was founded in 1932 and is based in Jersey City, New Jersey.

Sell -
DESCRIPTION


DEAL STATS #
Overall 11 of 19
Sector (Internet Software and Services) 6 of 6
Type (Secondary Buyout) 1 of 3
State (Massachusetts) 1 of 1
Country (United States) 7 of 11
Year (2021) 6 of 6
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-16 Mixpanel

San Francisco, California, United States

Mixpanel is a product analytics provider with UI and product-led growth strategy, empowering companies to answer more than 70M product questions monthly about how users engage with their websites and apps. Mixpanel was founded in 2009 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-06 Blackpoint Cyber

Ellicott City, Maryland, United States

Blackpoint Cyber offers world-class, nation state-grade cybersecurity ecosystem serving the MSP community. Blackpoint Cyber was founded in 2014 and is based in Ellicott City, Maryland.

Buy -
DESCRIPTION

Bain Capital Double Impact is the social and wellness investment arm of Bain Capital. The Firm looks to invest in mission-driven companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact is based in Boston, Massachusetts.


DEAL STATS #
Overall 14 of 17
Sector (Internet Software and Services) 3 of 3
Type (Secondary Buyout) 4 of 6
State (Massachusetts) 3 of 3
Country (United States) 13 of 16
Year (2021) 6 of 6
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-12 ConvenientMD

Portsmouth, New Hampshire, United States

ConvenientMD is an urgent care provider dedicated to delivering the best medical care and patient experience throughout Maine, New Hampshire, and Massachusetts. All state-of-the-art urgent care centers are staffed with expert medical professionals and certified lead providers who are committed to providing high-quality, convenient, and affordable treatment for patients of all ages. ConvenientMD was founded in 2012 and is based in Portsmouth, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-26 AqueoUS Vets

Redding, California, United States

AqueoUS Vets is a provider and servicer of water treatment systems that address long-standing and emerging contaminants in the U.S. water infrastructure. The Company offers a turnkey approach to building, installing, and servicing custom water treatment systems that leverage advanced design technology and ensure long-term operational reliability. AV currently treats an estimated 168 million gallons per day for local, state, and federal government entities with more than 290 million gallons per day of treatment capacity in production, including the Los Angeles Department of Water & Power, Orange County Water District, and the City of Anaheim in California, as well as private industrial and commercial customers. AqueoUS Vets was founded in 2015 and is based in Redding, California.

Buy -

Seller(S) 2

SELLER

Veritas Capital

New York, New York, United States

website


Category Private Equity Firm
Founded 1992
PE ASSETS 40.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


DEAL STATS #
Overall 24 of 26
Sector (Internet Software and Services) 2 of 2
Type (Secondary Buyout) 8 of 9
State (Massachusetts) 3 of 3
Country (United States) 23 of 25
Year (2021) 3 of 4
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Arcfield

Chantilly, Virginia, United States

Arcfield is a provider of full lifecycle, mission-focused systems engineering and integration capabilities to the U.S. Intelligence Community, Department of Defense and other agencies. The company has more than 60 years of proven experience providing advanced engineering and analysis, IT and C5ISR capabilities to support our nation’s most critical national security missions. Arcfield is headquartered in Chantilly, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Finalsite

Glastonbury, Connecticut, United States

Finalsite is a SaaS-based learning and communications platform for K-12 independent and public schools and higher education institutions in the U.S. and internationally. The platform manages all aspects of a school’s web presence and facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. Finalsite was founded in 1998 and is based in Glastonbury, Connecticut.

Buy -
DESCRIPTION

Evergreen Coast Capital is a private equity firm that invests in a variety of industries and situations throughout the US. Evergreen Coast Capital is headquartered in Menlo Park, California.


DEAL STATS #
Overall 1 of 3
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 3
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-08 DreamBox Learning

Bellevue, Washington, United States

DreamBox Learning provides a deeply personalized learning experience that guides and engages students at all levels with a combination of a rigorous K-8 math curriculum and a motivating learning environment that work seamlessly with pioneering Intelligent Adaptive technology. DreamBox Learning was founded in 2006 and is based in Bellevue, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-31 Citrix

Fort Lauderdale, Florida, United States

Citrix develops and sells products and services that enable the secure and reliable delivery of applications and data over public, private, or hybrid clouds or networks, to virtually any type of device. The Company markets and licenses its products directly to customers, over the Web, and through systems integrators, or SIs, in addition, to indirectly through value-added resellers, or VARs, value-added distributors, or VADs, original equipment manufacturers, or OEMs and service providers. Citrix was established in 1989 and is based in Ft. Lauderdale, Florida.

Buy $16.5B