Mainsail Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Mainsail Partners has acquired 1 company. It has also invested in 14 others.

Mainsail Partners’ most common sectors for investment areinternet software and services (37%) and software (35%) . The Firm’s most common investment types include growth capital (85%) and recapitalization (5%). In total, Mainsail Partners has invested in 20 US states and 2 different countries.

In the last 3 years, Mainsail Partners has exited 10 companies. The Firm’s most common exit type is trade sale (67%). Mainsail Partners’ largest (disclosed) exit occurred in 2014 when it sold Novus Biologicals for $60M.

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M&A Summary

  • M&A Total Activity71
    • M&A Buy Activity44
    • M&A Sell Activity27
  • Total Sectors Invested 11
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 25
  • M&A Advisors 4

Mainsail Partners

Mainsail Management Company, LLC

One Front Street, Suite 3000,
San Francisco, California 94111
United States
(415) 391-3150
www.mainsailpartners.com
mainsail@mainsailpartners.com

Mainsail Partners is a private equity firm that principally targets investments in North American bootstrapped software companies with proven business models and long-term growth potential. Mainsail looks commit $10 to $75 million of equity capital per transaction in businesses generating annual revenues of $4 to $25 million. Mainsail Partners was formed in 2003 and is based in San Francisco.


Investment Criteria

Sectors of Interest: Business Services, Education, Healthcare Services, Internet Software and Services, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 4 25
Target EBITDA - -
Investment Size 10 75
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.4/yr) # 27 2 3 7 3 2 44
Sell (2.6/yr) # 14 3 4 4 1 1 27
vol $117M $117M
  71

Most Recent M&A

Company Date Value Type
ServiceTitan, Inc. 2024-12-12 - IPO
Glendale, California · www.servicetitan.com
INNERGY 2024-08-01 - Growth Capital
Sauk Rapids, Minnesota · www.innergy.com
Teamfront LLC 2024-02-07 - Growth Capital
Austin, Texas · www.teamfront.com
LinenMaster, LLC 2023-11-01 - Growth Capital
Vero Beach, Florida · www.linenmaster.com
Adion Systems, Inc. 2023-07-18 - Growth Capital
Vancouver, British Columbia · www.proshoperp.com
Red Oak Compliance Solutions 2023-06-29 - Growth Capital
Cedar Park, Texas · www.redoakcompliance.com
GTreasury SS LLC 2023-05-18 - Secondary Sale
Buffalo Grove, Illinois · www.gtreasury.com
Instinct Science LLC 2022-11-28 - Growth Capital
Doylestown, Pennsylvania · www.instinct.vet
Nexus Systems, Inc. 2022-09-13 - Trade Sale
Falls Church, Virginia · www.nexussystems.com
SmartMoving Software LLC 2022-08-23 - Growth Capital
Dallas, Texas · www.smartmoving.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 10 (50%) - 16 (36%) -
Software 6 (30%) - 15 (34%) -
Information Technology 2 (10%) - 5 (11%) -
Business Services 1 (5%) - 1 (2%) -
Franchising - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Information Services 1 (5%) - 1 (2%) -
Life Science - - 1 (2%) -
Restaurants - - 1 (2%) -
Retail - - 1 (2%) -
Semiconductors - - 1 (2%) -
Total 20 - 44 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (95%) - 43 (98%) -
  California 2 (10%) - 9 (20%) -
  Texas 5 (25%) - 7 (16%) -
  Florida 2 (10%) - 3 (7%) -
  Kansas 1 (5%) - 3 (7%) -
  New York 1 (5%) - 2 (5%) -
  Georgia 1 (5%) - 2 (5%) -
  Colorado 1 (5%) - 2 (5%) -
  Tennessee - - 2 (5%) -
  North Carolina - - 2 (5%) -
  Washington 1 (5%) - 1 (2%) -
  Utah 1 (5%) - 1 (2%) -
  Pennsylvania 1 (5%) - 1 (2%) -
  New Jersey 1 (5%) - 1 (2%) -
  Minnesota 1 (5%) - 1 (2%) -
  Arizona 1 (5%) - 1 (2%) -
  Virginia - - 1 (2%) -
  Montana - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Illinois - - 1 (2%) -
Canada 1 (5%) - 1 (2%) -
  British Columbia 1 (5%) - 1 (2%) -
Domestic 19 (95%) - 43 (98%) -
Cross-border 1 (5%) - 1 (2%) -
Total 20 - 44 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 19 (95%) - 37 (84%) -
Recapitalization 1 (5%) - 2 (5%) -
Buyout (LBO, MBO, MBI) - - 1 (2%) -
Divestiture - - 1 (2%) -
Secondary Buyout - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Venture - - 1 (2%) -
Total 20 - 44 -

Exits by Deal Type

Type Total # Value
Trade Sale 13 (48%) -
Trade Sale - Public Company 5 (19%) 117M (100%)
Secondary Sale 5 (19%) -
IPO 3 (11%) -
Merger 1 (4%) -
Total 27 $117M

Top M&A Advisors

Financial Deals
Brookwood Associates
 1
Guggenheim Securities
 1
Legal Deals
Choate Hall & Stewart
 1
Wilson Sonsini Goodrich & Rosati
 1

Deal Values

sell # Total
< $100M 3 $117M
TOTAL $117M
Largest Novus Biologicals LLC
$60M (2014-07-02)

M&A Connections

Deals
Acquired from
Investor(s)
5%
2 (5%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
19%
5 (19%)
Strategic(s)
70%
19 (70%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Middle-Market

PE Assets

750M USD

Established

2003

Specialist/Generalist

Specialist

Leadership

Gavin Turner

Co-Founder & Managing Partner

C. Jason Payne

Co-Founder & Senior Advisor

Lynn Atkinson

COO

Chris Cassidy

Partner

David Farsai

Partner

FAQ

When was Mainsail Partners founded?

Mainsail Partners was founded in 2003.

What type of investor is Mainsail Partners?

Mainsail Partners is a growth capital firm.

Where is Mainsail Partners headquartered?

Mainsail Partners is headquartered in San Francisco, California.

How much capital does Mainsail Partners have under management?

Mainsail Partners has 750M USD under management.

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