Turn/River Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Turn/River has acquired 2 companies. It has also invested in 1 other.

Turn/River’s most common sectors for investment aresoftware (50%) and information technology (25%) . The Firm’s most common investment types include venture (38%) and growth capital (32%). In total, Turn/River has invested in 7 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2025 when it acquired SolarWinds for $4.4B.

In the last 3 years, Turn/River has exited 1 company. The Firm’s most common exit type is trade sale (63%).

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M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity16
    • M&A Sell Activity8
  • Total Sectors Invested 4
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 7
  • M&A Advisors 10

Turn/River

Turn/River Management LP

535 Mission St. ,
San Francisco, California 94105
United States
(415) 858-0910
www.turnriver.com
contact@turnrivercapital.com

Turn/River is a private investment firm that specializes in growth capital investments, buyouts, spin-outs, and recapitalizations of small-scale technology, web and Saas companies. The Firm has a particular interest in bootstrapped companies. Turn/River Capital is based in San Francisco, California.


Investment Criteria

Sectors of Interest: E-Commerce, Information Technology, Internet Software and Services, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Venture

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.0/yr) # 11 2 1 - 1 1 16
vol $89M $570M $4.4B $5.1B
Sell (0.4/yr) # 6 1 - - 1 - 8
  24
+80161820222414260

Most Recent M&A

Company Date Value Type
SolarWinds Corporation 2025-02-07 4.4B USD Going Private
Austin, Texas · www.solarwinds.com
Redwood Software, Inc. 2024-09-10 - Secondary Sale
Frisco, Texas · www.redwood.com
Paessler AG 2024-05-23 - Growth Capital
Nuremberg, Germany · www.paessler.com
Tufin 2022-04-06 570M USD Going Private
Boston, Massachusetts · www.tufin.com
Redwood Software, Inc. 2021-05-11 - Growth Capital
Frisco, Texas · www.redwood.com
Airbrake.io 2021-02-23 - Trade Sale
San Francisco, California · www.airbrake.io
Paramount Technologies, Inc. 2021-01-19 - Growth Capital
Walled Lake, Michigan · www.pairsoft.com
Ninian Solutions Ltd. 2020-12-23 - Trade Sale
London, United Kingdom · www.huddle.com
Advanced Systems Concepts, Inc. 2019-11-14 - Growth Capital
Morristown, New Jersey · www.advsyscon.com
test IO 2019-07-01 - Trade Sale
San Francisco, California · www.test.io
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 3 (50%) 4.4B (89%) 8 (50%) 4.4B (87%)
Information Technology 2 (33%) 570M (11%) 4 (25%) 570M (11%)
Internet Software and Services 1 (17%) - 3 (19%) 89M (2%)
E-Commerce - - 1 (6%) -
Total 6 $5.0B 16 $5.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (83%) 5.0B (100%) 14 (88%) 5.0B (98%)
  California - - 5 (31%) -
  Texas 2 (33%) 4.4B (89%) 4 (25%) 4.4B (87%)
  Massachusetts 1 (17%) 570M (11%) 1 (6%) 570M (11%)
  New Jersey 1 (17%) - 1 (6%) -
  Michigan 1 (17%) - 1 (6%) -
  North Carolina - - 1 (6%) -
  Iowa - - 1 (6%) -
Germany 1 (17%) - 1 (6%) -
United Kingdom - - 1 (6%) 89M (2%)
Total 6 $5.0B 16 $5.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture - - 6 (38%) -
Growth Capital 4 (67%) - 5 (31%) -
Going Private 2 (33%) 5.0B (100%) 2 (13%) 5.0B (98%)
Secondary Buyout - - 1 (6%) 89M (2%)
Buyout (LBO, MBO, MBI) - - 1 (6%) -
Divestiture - - 1 (6%) -
Total 6 $5.0B 16 $5.1B

Exits by Deal Type

Type Total # Value
Trade Sale 4 (50%) -
Secondary Sale 2 (25%) -
Trade Sale - Public Company 2 (25%) -
Total 8 -

Top M&A Advisors

Financial Deals
J.P. Morgan Securities
1
RBC Capital Markets
1
William Blair
1
Legal Deals
Orrick
4
Kirkland & Ellis
2
CMS Legal
1

Deal Values

buy # Total
> $1B 1 $4.4B
$100M to $1B 1 $570M
< $100M 1 $89M
TOTAL $5.1B
Largest SolarWinds Corporation
$4.4B (2025-02-07)

M&A Connections

Deals
Acquired from
Investor(s)
6%
1 (6%)
Strategic(s)
6%
1 (6%)
Exited to
Investor(s)
25%
2 (25%)
Strategic(s)
63%
5 (63%)

FAQ

When was Turn/River founded?

Turn/River was founded in 2012.

What type of investor is Turn/River?

Turn/River is a private equity firm.

Where is Turn/River headquartered?

Turn/River is headquartered in San Francisco, California.

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