M&A Deal Summary

Harvest Partners Structured Capital and Harvest Partners Acquires MRI Software

On February 10, 2020, private equity firms Harvest Partners Structured Capital and Harvest Partners acquired software company MRI Software from TA Associates

Acquisition Highlights
  • This is Harvest Partners Structured Capital’s 3rd and Harvest Partners’ 1st transaction in the Software sector.
  • This is Harvest Partners Structured Capital’s 24th and Harvest Partners’ 39th transaction in the United States.
  • This is Harvest Partners Structured Capital’s 1st and Harvest Partners’ 6th transaction in Ohio.

M&A Deal Summary

Date 2020-02-10
Target MRI Software
Sector Software
Buyer(s) Harvest Partners Structured Capital
Harvest Partners
Sellers(s) TA Associates
Deal Type Secondary Buyout
Advisor(s) UBS Investment Bank (Financial)
Kirkland & Ellis LLP
Goodwin Procter LLP (Legal)

Target

MRI Software

Solon, Ohio, United States
website
MRI Software is a provider of real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. MRI develops lasting client relationships based on nearly five decades of expertise and insight. MRI Software was established in 1971 and is based in Solon, Ohio.

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Buyer(S) 2

Buyer

Harvest Partners Structured Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2014
SizeLarge
Type Sector Agnostic
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 25 of 31
Sector (Software) 3 of 3
Type (Secondary Buyout) 10 of 11
State (Ohio) 1 of 1
Country (United States) 24 of 30
Year (2020) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 8th Avenue Food & Provisions

Edina, Minnesota, United States

8th Avenue Food & Provisions is a manufacturer of private brand food products, with a focus on organic and conventional peanut and tree nut butters, dry pasta, and organic and non-GMO granola. 8th Avenue Food & Provisions was founded in 2018 and is based in Edina, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 ConnectiveRx

Whippany, New Jersey, United States

ConnectiveRx is a provider of outsourced commercialization services to over 140 drug manufacturers. The Company works as a strategic partner to pharmaceutical brand teams, offering solutions that improve patient affordability, access, and adherence to traditional and specialty prescription medications. ConnectiveRx was founded in 2005 and is based in Whippany, New Jersey.

Buy -
Buyer

Harvest Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 42 of 47
Sector (Software) 1 of 1
Type (Secondary Buyout) 23 of 25
State (Ohio) 6 of 6
Country (United States) 39 of 44
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-09 Lazer Spot

Alpharetta, Georgia, United States

Lazer Spot is a provider of comprehensive yard management solutions, including trailer spotting, shuttling and other complementary transportation and logistics services. Lazer Spot was founded in 1996 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-19 Galway Insurance

Chicago, Illinois, United States

Galway Insurance is a vertically integrated property and casualty insurance and employee benefits. Galway Insurance operates over 100 offices throughout the US and manages $7bn of premium for clients. Galway Insurance was founded in 2020 and is based in Chicago, Illinois.

Buy -

Seller(S) 1

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
PE ASSETS 36.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TA Associates Management LP is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $50 and $500 million per transaction. TA currently manages approximately $24 billion of capital and proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $150 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments up to $75 million. TA's geographic preference is North America and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 221 of 244
Sector (Software) 46 of 52
Type (Secondary Buyout) 38 of 44
State (Ohio) 4 of 4
Country (United States) 189 of 203
Year (2020) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-23 Intelerad

Montreal, Quebec, Canada

Intelerad is a medical imaging software provider that specializes in diagnostic viewing, reporting, and collaboration solutions. Intelerad was founded in 1999 and is based in Montreal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-14 Proxibid

Omaha, Nebraska, United States

Proxibid, Inc. is an online marketplace for buying and selling highly valued items. Proxibid’s Marketplace supports 16 categories, including heavy equipment, industrial machinery, real estate, fine art, antiques and collectibles, and more. Proxibid was established in 2001 and is based in Omaha, Nebraska.

Buy -