M&A Deal Summary

Clearlake Capital Acquires Quest

On November 29, 2021, private equity firm Clearlake Capital acquired software company Quest from Francisco Partners for 5.4B USD

Acquisition Highlights
  • This is Clearlake Capital’s 15th transaction in the Software sector.
  • This is Clearlake Capital’s largest (disclosed) transaction.
  • This is Clearlake Capital’s 71st transaction in the United States.
  • This is Clearlake Capital’s 13th transaction in California.

M&A Deal Summary
Date 2021-11-29
Target Quest
Sector Software
Buyer(s) Clearlake Capital
Sellers(s) Francisco Partners
Deal Type Secondary Buyout
Deal Value 5.4B USD
Advisor(s) Goldman Sachs
J.P. Morgan Securities (Financial)
Paul Hastings (Legal)

Target

Quest

Aliso Viejo, California, United States
website
Quest is a provider of a broad suite of integrated infrastructure software for managing systems, data, and applications. Quest helps organizations be IT resilient by protecting and powering users, endpoints and data, as well as by hardening cybersecurity systems. Quest is based in Aliso Viejo, California.

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Buyer(S) 1

Buyer

Clearlake Capital

Santa Monica, California, United States

website

Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.

DEAL STATS #
Overall 74 of 85
Sector (Software) 15 of 16
Type (Secondary Buyout) 33 of 37
State (California) 13 of 15
Country (United States) 71 of 81
Year (2021) 9 of 9
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-14 MRP

Plattsburgh, New York, United States

MRP designs and manufactures rigid plastic packaging components used by millions of consumers in a diverse set of end-markets, with a primary focus on the health and wellness verticals. The Company has a library of 900+ tools used to support a product offering of 10,000+ SKUs and the ability to create a meaningfully higher count of variations. MRP is based in Plattsburgh, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-03 ProVation Medical

Minneapolis, Minnesota, United States

ProVation Medical is a provider of healthcare software and SaaS solutions for clinical productivity, care coordination, quality reporting, and billing. ProVation Medical solutions are proven to improve clinical workflows, staff satisfaction, and the patient experience. ProVation Medical was founded in 1994 and is based in Minneapolis, Minnesota.

Sell -

Seller(S) 1

SELLER

Francisco Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 45.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Francisco Partners' headquarters in San Francisco, California.
Francisco Partners' headquarters in San Francisco, California.

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.

DEAL STATS #
Overall 75 of 79
Sector (Software) 27 of 27
Type (Secondary Buyout) 20 of 22
State (California) 18 of 19
Country (United States) 61 of 65
Year (2021) 9 of 10
Size (of disclosed) 1 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-13 Paradigm

New York, New York, United States

Paradigm offers a suite of legal software solutions to help lawyers manage, automate and grow their firms. With four legal practice management and payments solutions PracticePanther, Bill4Time, MerusCase, and Headnote managed under one roof, Paradigm empowers lawyers across the spectrum of practice area, geography, and business need. Paradigm is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-08 NZXT

City of Industry, California, United States

NZXT is dedicated to making PC gaming achievable for all of those with a passion for play. With design in mind, NZXT makes award-winning products that allow for a personalized approach to building PC’s. Their first products were computer cases and they have since expanded to include PC cooling solutions, RGB lighting kits, components, power supplies, and their free PC performance monitoring software, NZXT Cam. They have recently expanded to include new categories like Audio featuring the Capsule Microphone and BLD Kit-- an exclusive experience for first-time builders. NZXT also has launched their CRFT line of products, bringing their PC design mindset together with some of entertainment's most popular brands to create limited-edition cases and accessories for gaming enthusiasts. NZXT remains committed to serving the PC gaming community and keeping their needs at the core of who we are. NZXT was formed in 2004 and is based in City of Industry, California.

Buy -
Mergr

Product

Company

Legal