Parthenon Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Parthenon Capital has acquired 4 companies. It has also invested in 1 other.

Parthenon Capital’s most common sectors for investment arebusiness services (23%) and financial services (22%) . The Firm’s most common investment types include growth capital (28%) and buyout (lbo, mbo, mbi) (20%). In total, Parthenon Capital has invested in 20 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Kroll Bond Rating Agency for $900M.

In the last 3 years, Parthenon Capital has exited 6 companies. The Firm’s most common exit type is trade sale (45%). Parthenon Capital’s largest (disclosed) exit occurred in 2012 when it sold AmWINS Group for $1.3B.

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M&A Summary

  • M&A Total Activity94
    • M&A Buy Activity60
    • M&A Sell Activity34
  • Total Sectors Invested 14
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 44
  • M&A Advisors 11

Parthenon Capital

Parthenon Capital

399 Boylston Street, 13th Floor,
Boston, Massachusetts 02116
United States
(617) 960-4000
www.parthenoncapital.com
info@parthenoncapital.com

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Distribution, Education, Environmental, Financial Services, Healthcare Services, Information Services, Information Technology, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Safety/Security, Software, Staffing, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 -
Investment Size 20 80
Enterprise Value 75 750
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.6/yr) # 52 3 2 2 1 - 60
vol $762M $900M $1.7B
Sell (2.0/yr) # 24 4 5 - - 1 34
vol $4.3B $503M $785M $5.6B
  94

Most Recent M&A

Company Date Value Type
Institutional Cash Distributors LLC 2024-04-08 785M USD Trade Sale
San Francisco, California · www.icdportal.com
Titan Wealth Holdings Ltd. 2023-11-21 - Secondary Buyout
London, Virginia · www.titanwh.com
Cherry Bekaert LLP 2022-06-30 - Growth Capital
Richmond, Virginia · www.cbh.com
Choreo LLC 2022-01-05 - Divestiture
Indianapolis, Indiana · www.choreogroup.com
Kroll Bond Rating Agency LLC 2021-12-13 900M USD Buyout (LBO, MBO, MBI)
New York, New York · www.kbra.com
Trinity 2021-11-30 - Recapitalization
Waltham, Massachusetts · www.trinitylifesciences.com
Envysion, Inc. 2021-11-02 - Trade Sale
Superior, Colorado · www.envysion.com
Smart Data Solutions 2021-10-04 - Recapitalization
Eagan, Massachusetts · www.sdata.us
Periscope Holdings, Inc. 2021-08-11 - Trade Sale
Austin, Texas · www.periscopeholdings.com
Electronic Payment Providers, Inc. 2021-05-10 503M USD Trade Sale
Scottsdale, Arizona · www.mybillingtree.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Choreo LLC 2022-01-05 BDO USA - Wealth Management Business 2023-11-01 3
Indianapolis, Indiana · www.choreogroup.com Chicago, Illinois
CardWorks, Inc. 2017-08-01 GreenSky, Inc. 2023-10-11 2
Woodbury, New York · www.cardworks.com Atlanta, Georgia · www.greensky.com
Choreo LLC 2022-01-05 GreerWalker Wealth LLC 2022-12-12 2
Indianapolis, Indiana · www.choreogroup.com Charlotte, North Carolina
Kroll Bond Rating Agency LLC 2021-12-13 Axis Technical Group 2022-09-14 2
New York, New York · www.kbra.com Anaheim, California · www.axistechnical.com
DaySmart Software, Inc. 2019-10-16 StormSource Software LLC 2020-12-22 6
Ann Arbor, Michigan · www.daysmart.com Scottsdale, Arizona · www.appointment-plus.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (25%) - 14 (23%) 167M (10%)
Financial Services 5 (25%) - 13 (21%) 80M (5%)
Information Technology 3 (15%) - 8 (13%) -
Internet Software and Services 3 (15%) 115M (11%) 5 (8%) 115M (7%)
Life Science - - 4 (7%) -
Healthcare Services - - 3 (5%) -
Insurance 1 (5%) - 3 (5%) -
Software 1 (5%) - 3 (5%) -
Information Services 2 (10%) 900M (89%) 2 (3%) 900M (54%)
Technology Hardware - - 2 (3%) -
Automotive - - 1 (2%) 400M (24%)
Education - - 1 (2%) -
Leisure - - 1 (2%) -
Safety/Security - - 1 (2%) -
Total 20 $1.0B 61 $1.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (95%) 1.0B (100%) 60 (98%) 1.7B (100%)
  Massachusetts 4 (20%) 115M (11%) 9 (15%) 115M (7%)
  California 2 (10%) - 9 (15%) 80M (5%)
  Florida 1 (5%) - 6 (10%) 167M (10%)
  Texas - - 5 (8%) -
  New York 2 (10%) 900M (89%) 4 (7%) 900M (54%)
  Illinois - - 4 (7%) 400M (24%)
  Pennsylvania 2 (10%) - 3 (5%) -
  Indiana 2 (10%) - 3 (5%) -
  North Carolina 1 (5%) - 3 (5%) -
  Georgia 1 (5%) - 3 (5%) -
  New Jersey 1 (5%) - 2 (3%) -
  Virginia 1 (5%) - 1 (2%) -
  Utah 1 (5%) - 1 (2%) -
  Michigan 1 (5%) - 1 (2%) -
  Tennessee - - 1 (2%) -
  Missouri - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Maryland - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arizona - - 1 (2%) -
United Kingdom 1 (5%) - 1 (2%) -
  Virginia 1 (5%) - 1 (2%) -
Domestic 19 (95%) 1.0B (100%) 60 (98%) 1.7B (100%)
Cross-border 1 (5%) - 1 (2%) -
Total 20 $1.0B 61 $1.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 5 (25%) - 17 (28%) -
Buyout (LBO, MBO, MBI) 3 (15%) 900M (89%) 12 (20%) 900M (54%)
Recapitalization 4 (20%) - 12 (20%) 167M (10%)
Secondary Buyout 5 (25%) 115M (11%) 7 (11%) 115M (7%)
Divestiture 2 (10%) - 4 (7%) -
Going Private - - 3 (5%) 480M (29%)
Consolidation - - 2 (3%) -
PIPE 1 (5%) - 2 (3%) -
Stake Purchase - - 2 (3%) -
Total 20 $1.0B 61 $1.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 11 (32%) 3.4B (61%)
Secondary Sale 8 (24%) -
IPO 5 (15%) -
Trade Sale 4 (12%) 910M (16%)
Recapitalization 3 (9%) 1.3B (23%)
Merger 2 (6%) -
Unknown 1 (3%) -
Total 34 $5.6B

Top M&A Advisors

Financial Deals
Financial Technology Partners - FT Partners
 2
William Blair
 1
Deloitte
 1
Legal Deals
Kirkland & Ellis
 12
BakerHostetler
 1
Greenberg Glusker Fields Claman & Machtinger
 1

Deal Values

buy # Total
$100M to $1B 4 $1.6B
< $100M 1 $80M
TOTAL $1.7B
Largest Kroll Bond Rating Agency LLC
$900M (2021-12-13)
sell # Total
> $1B 2 $2.4B
$100M to $1B 6 $3.2B
< $100M 1 $73M
TOTAL $5.6B
Largest AmWINS Group, Inc.
$1.3B (2012-04-17)

M&A Connections

Deals
Acquired from
Investor(s)
13%
8 (13%)
Strategic(s)
7%
4 (7%)
Exited to
Investor(s)
32%
11 (32%)
Strategic(s)
50%
17 (50%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

5.5B USD

Established

1998

Specialist/Generalist

Generalist

Leadership

Andrew Dodson

Managing Partner

Brian Golson

Managing Partner & Co-CEO

David Ament

Managing Partner & Co-CEO

Joseph Taveira

CFO

Anthony Orazio

Partner

FAQ

When was Parthenon Capital founded?

Parthenon Capital was founded in 1998.

What type of investor is Parthenon Capital?

Parthenon Capital is a private equity firm.

Where is Parthenon Capital headquartered?

Parthenon Capital is headquartered in Boston, Massachusetts.

How much capital does Parthenon Capital have under management?

Parthenon Capital has 5.5B USD under management.

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