Secondary Buyout • Internet Software and Services

Chicago Growth Partners Acquires WorkWave

On August 30, 2012, growth capital firm Chicago Growth Partners acquired internet software and services company WorkWave from Concentric Equity Partners

Acquisition Context
  • This is Chicago Growth Partners’ 2nd transaction in the Internet Software and Services sector.
  • This is Chicago Growth Partners’ 31st transaction in the United States.
  • This is Chicago Growth Partners’ 1st transaction in New Jersey.
Investment Fate
  • WorkWave was sold to a strategic buyer in 2017.
  • WorkWave was divested to a consortium of buyers in 2021.

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M&A Deal Summary

Date August 30, 2012
Target WorkWave
Sector Internet Software and Services
Buyer(s) Chicago Growth Partners
Sellers(s) Concentric Equity Partners
Deal Type Secondary Buyout

Target Company

WorkWave

Holmdel, New Jersey, United States
WorkWave is a provider of an intuitive cloud-based field service management and fleet management solutions that help enterprising organizations with a mobile workforce transform their businesses. WorkWave was founded in 1984 and is based in Holmdel, New Jersey.
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Buyer Overview 1

Buyer

Chicago Growth Partners

Chicago, Illinois, United States

Category Growth Capital Firm
Founded 2004
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Chicago Growth Partners LLC (CGP) was a Chicago-based based private equity firm that provided expansion and buyout capital to middle-market companies generating sales of $15 to $150 million. CGP sought to invest in business services, consumer services, healthcare products/services, and industrial companies. CGP was formed in 2004 as a spin-off of William Blair Capital Partners, the investment group of investment bank William Blair. In 2014, the Firm ceased operations.


Deal Context for Buyer #
Overall 32 of 34
Sector: Internet Software and Services 2 of 3
Type: Secondary Buyout 4 of 4
State: New Jersey 1 of 1
Country: United States 31 of 33
Year: 2012 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-27 Systems Engineering Solutions

Chesapeake, Virginia, United States

SESI is a provider of non-public educational services for children with learning and behavioral difficulties in Kindergarten–12th grade. SESI offers highly individualized, tutorial-based education at its schools and programs that serve over 1,700 students in seven states. SESI is based in Chesapeake, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-29 2Checkout

Columbus, Ohio, United States

2Checkout is a global payment processor that allows companies to accept online and mobile payments from buyers worldwide with localized payment options. 2Checkout was established in 2000 and is headquartered in Columbus, Ohio.

Buy -

Seller Profile 1

SELLER

Concentric Equity Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Concentric Equity Partners is a private equity firm that invests in profitable, growth-oriented middle-market companies. Concentric typically invests $10 to $30 million of capital per transaction, however, the Firm's historical investment range is $5 to $100 million. Areas of interest include business services, consumer services, financial services, and healthcare. Prospective transaction situations include management led buyouts, leveraged buyouts, and growth equity investments. Concentric will consider both majority and minority situations. Concentric is the direct investment arm of asset management firm, Financial Investments Corporation. Concentric Equity Partners was established in 2002 and is based in Chicago, Illinois.


Deal Context for Seller #
Overall 1 of 19
Sector: Internet Software and Services 1 of 2
Type: Secondary Buyout 1 of 4
State: New Jersey 1 of 1
Country: United States 1 of 19
Year: 2012 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Environmental Pest Service

Tampa, Florida, United States

Environmental Pest Service is a provider of pest control and lawn care maintenance services to residential and commercial customers. Environmental Pest Service is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-08 Microsystems

Downers Grove, Illinois, United States

Microsystems provides software and services that drive document quality and production efficiency in heavily regulated industries.

Buy -