M&A Deal Summary

BlackRock Capital Investment Acquires Rx30

On May 17, 2021, business development company BlackRock Capital Investment acquired software company Rx30 from Golub Capital and GTCR

Acquisition Highlights
  • This is BlackRock Capital Investment’s 2nd transaction in the Software sector.
  • This is BlackRock Capital Investment’s 27th transaction in the United States.
  • This is BlackRock Capital Investment’s 1st transaction in Florida.

M&A Deal Summary

Date 2021-05-17
Target Rx30
Sector Software
Buyer(s) BlackRock Capital Investment
Sellers(s) Golub Capital
GTCR
Deal Type Secondary Buyout
Advisor(s) Harris Williams & Co.
William Blair & Co. LLC (Financial)
Kirkland & Ellis LLP (Legal)

Target

Rx30

Orlando, Florida, United States
website
Rx30 is a developer and supplier of pharmacy management software solutions to the independent, hospital, long-term care, and specialty pharmacy markets across the United States, Mexico, and the Caribbean. Rx30 offers a suite of market-leading software solutions to enable insurance claims processing, e-prescription connectivity, pharmacy workflow management, and other critical functions for its pharmacist customers. Rx30 was formed in 1977 and is based in Orlando, Florida.

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Buyer(S) 1

Buyer

BlackRock Capital Investment

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Business Development Company
Founded 2005
PE ASSETS 1.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


DEAL STATS #
Overall 34 of 34
Sector (Software) 2 of 2
Type (Secondary Buyout) 12 of 12
State (Florida) 1 of 1
Country (United States) 27 of 27
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-06 Red Apple Stores

Mississauga, Ontario, Canada

Red Apple Stores operates 140 extreme value stores throughout Canada (excluding Quebec) which serve middle-income consumers in rural secondary and tertiary markets and select urban markets. Red Apple Stores is based in Mississauga, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-04 Crockett Cogeneration

Crockett, California, United States

Crockett Cogeneration is a 240 MW gas-fired cogeneration facility that sells capacity and energy to Pacific Gas and Electric Company and steam to C&H Sugar Company, Inc. pursuant to long-term contracts. Crockett Cogeneration was founded in 1996 and is based in Crockett, California.

Sell -

Seller(S) 2

SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 1994
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 28 of 31
Sector (Software) 2 of 2
Type (Secondary Buyout) 14 of 15
State (Florida) 2 of 3
Country (United States) 28 of 31
Year (2021) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 West Marine

Watsonville, California, United States

West Marine is an omnichannel specialty retailer exclusively offering boating gear, apparel, footwear and other waterlife-related products. With more than 250 stores located in 38 states and Puerto Rico and an eCommerce website reaching domestic, international and professional customers. West Marine was founded in 1968 and is based in Watsonville, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Flexan

Lincolnshire, Illinois, United States

Flexan is a global manufacturer of custom, high-precision silicone, thermoplastic, and specialty rubber components for a broad array of product and industry applications, primarily used in medical devices, but also in hearing technology, miniature pneumatics, industrial controls, and aerospace & defense industries, among others. Founded in 1946, the Company has over 900 employees located across manufacturing facilities in the greater Chicago area, Salt Lake City, and Suzhou, China.

Sell -
SELLER

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 81 of 81
Sector (Software) 4 of 4
Type (Secondary Buyout) 19 of 19
State (Florida) 5 of 5
Country (United States) 78 of 78
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Vivid Seats

Chicago, Illinois, United States

Vivid Seats is an online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Vivid Seats was founded in 2001 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-26 Global Claims Services

Jacksonville, Florida, United States

Global Claims Services is an insurance service provider that helps property insurance companies effectively settle claims worldwide. GCS is committed to custom-fitting its service offering to meet the unique needs of each international insurance market. Global Claims Services is based in Jacksonville, Florida.

Buy -