Turn/River Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

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

Turn/River Capital’s most common sectors for investment aresoftware (42%) and information technology (34%) . The Firm’s most common investment types include venture (50%) and growth capital (17%). In total, Turn/River Capital has invested in 5 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired Tufin for $570M.

In the last 3 years, Turn/River Capital has exited 1 company. The Firm’s most common exit type is trade sale (72%).

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M&A Summary

  • M&A Total Activity19
    • M&A Buy Activity12
    • M&A Sell Activity7
  • Total Sectors Invested 4
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 6
  • M&A Advisors 4

Turn/River Capital

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 10 - 1 1 - - 12
vol $89M $570M $659M
Sell (0.4/yr) # 5 1 1 - - - 7
  19

Most Recent M&A

Company Date Value Type
Tufin 2022-04-06 570M USD Going Private
Boston, Massachusetts · www.tufin.com
Redwood Technology B.V. 2021-05-11 - Growth Capital
Houten, Netherlands · www.redwood.com
Airbrake.io 2021-02-23 - Trade Sale
San Francisco, California · www.airbrake.io
Ninian Solutions Ltd. 2020-12-23 - Trade Sale
London, United Kingdom · www.huddle.com
test IO 2019-07-01 - Trade Sale
San Francisco, California · www.test.io
Mailgun Technologies, Inc. 2019-04-01 - Secondary Sale
San Antonio, Texas · www.pathwire.com
Magnus Health LLC 2019-01-01 - Trade Sale
Raleigh, North Carolina · www.magnushealth.com
Netsparker Ltd. 2018-03-08 - Growth Capital
Austin, Texas · www.netsparker.com
Ninian Solutions Ltd. 2017-08-10 89M USD Secondary Buyout
London, United Kingdom · www.huddle.com
Mailgun Technologies, Inc. 2017-02-22 - Divestiture
San Antonio, Texas · www.pathwire.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 1 (25%) - 5 (42%) -
Information Technology 3 (75%) 570M (100%) 4 (33%) 570M (86%)
Internet Software and Services - - 2 (17%) 89M (14%)
E-Commerce - - 1 (8%) -
Total 4 $570M 12 $659M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (75%) 570M (100%) 10 (83%) 570M (86%)
  California - - 5 (42%) -
  Texas 1 (25%) - 2 (17%) -
  Massachusetts 1 (25%) 570M (100%) 1 (8%) 570M (86%)
  Iowa 1 (25%) - 1 (8%) -
  North Carolina - - 1 (8%) -
Netherlands 1 (25%) - 1 (8%) -
United Kingdom - - 1 (8%) 89M (14%)
Total 4 $570M 12 $659M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 1 (25%) - 6 (50%) -
Growth Capital 2 (50%) - 2 (17%) -
Going Private 1 (25%) 570M (100%) 1 (8%) 570M (86%)
Secondary Buyout - - 1 (8%) 89M (14%)
Buyout (LBO, MBO, MBI) - - 1 (8%) -
Divestiture - - 1 (8%) -
Total 4 $570M 12 $659M

Exits by Deal Type

Type Total # Value
Trade Sale 4 (57%) -
Trade Sale - Public Company 2 (29%) -
Secondary Sale 1 (14%) -
Total 7 -

Top M&A Advisors

Financial Deals
Lincoln International
1
Legal Deals
Orrick
1
Kirkland & Ellis
1
CMS Legal
1

Deal Values

buy # Total
$100M to $1B 1 $570M
< $100M 1 $89M
TOTAL $659M
Largest Tufin
$570M (2022-04-06)

M&A Connections

Deals
Acquired from
Investor(s)
8%
1 (8%)
Strategic(s)
8%
1 (8%)
Exited to
Investor(s)
14%
1 (14%)
Strategic(s)
71%
5 (71%)

FAQ

When was Turn/River Capital founded?

Turn/River Capital was founded in 2012.

What type of investor is Turn/River Capital?

Turn/River Capital is a private equity firm.

Where is Turn/River Capital headquartered?

Turn/River Capital is headquartered in San Francisco, California.

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