Secondary Buyout • Internet Software and Services

Marlin Equity Partners Acquires Baxter Planning

On May 21, 2024, private equity firm Marlin Equity Partners acquired internet software and services company Baxter Planning from Polaris Partners

Acquisition Context
  • This is Marlin Equity Partners’ 40th transaction in the Internet Software and Services sector.
  • This is Marlin Equity Partners’ 83rd transaction in the United States.
  • This is Marlin Equity Partners’ 13th transaction in Texas.

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M&A Deal Summary

Date May 21, 2024
Target Baxter Planning
Sector Internet Software and Services
Buyer(s) Marlin Equity Partners
Sellers(s) Polaris Partners
Deal Type Secondary Buyout
Advisor(s) Guggenheim Securities (Financial)
Morris, Manning & Martin (Legal)

Target Company

Baxter Planning

Austin, Texas, United States
Baxter Planning is a supply chain software company, providing AI-powered solutions for service parts planning, execution, and resolution. The company serves industries such as high-tech, life sciences, telecommunications, aerospace and defense, oil and gas, and industrial machinery, helping clients optimize inventory, reduce costs, and enhance customer satisfaction. Its flagship platform, BaxterPredict, integrates predictive analytics and automation to streamline service operations and improve supply chain performance. Baxter Planning was formed in 1993 and is based in Austin, Texas.
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Buyer Overview 1

Buyer

Marlin Equity Partners

Hermosa Beach, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Marlin Equity's headquarters in Hermosa Beach, California.
Marlin Equity's headquarters in Hermosa Beach, California.

Marlin Equity Partners is a private investment firm focused on acquiring distressed businesses with sales of $10 million to $2 billion. Marlin has a special interest in non-core or underperforming divisions of larger corporations, as well as companies facing some sort of financial, operational or market-related transition. Marlin is a generalist investor and will consider opportunities in technology (software, IT, payment systems, hardware, communications, internet), healthcare, consumer (apparel, retail, consumer products, food/beverage), services (business, financial, consumer, education), manufacturing (automotive, industrial, metals, plastics), aerospace, defense, and media. Marlin prefers businesses with scalable business models, strong installed customer bases, defensible market positions, and barriers to entry. Marlin Equity Partners was formed in 2005 and is based in Hermosa Beach, California with an additional office in London.


Deal Context for Buyer #
Overall 115 of 118
Sector: Internet Software and Services 40 of 40
Type: Secondary Buyout 22 of 22
State: Texas 13 of 13
Country: United States 83 of 83
Year: 2024 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-06 Inkling

San Francisco, California, United States

Inkling is an enterprise software platform for field operations management that helps customers drive superior operating performance. As more businesses put mobile devices in the hands of their field teams, the company's mission is to transform and improve the way field teams operate. With two complementary products that allow end-to-end delivery of both content and tasks, Inkling's platform drives increased success in the field while providing new levels of visibility into critical operating metrics. Inkling was founded in 2009 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-16 Challenger

Arlington, Virginia, United States

Challenger is a global performance improvement platform that delivers a comprehensive portfolio of solutions focused on sales marketing and customer service training through in-person workshops, eLearning and workflow tools, diagnostic and assessment offerings, and other sales acceleration modules. Underpinned by the world-renowned, research-based Challenger and Effortless Experience methodologies, its solutions help enterprises adopt, develop, communicate, and implement more effective commercial strategies on a global scale. Challenger was founded in 1979 and is based in Arlington, Virginia.

Sell -

Seller Profile 1

SELLER

Polaris Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1996
PE ASSETS 5.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Polaris Partners is primarily a seed, first round, and early stage venture capital investor in information technology and life science businesses. However, Polaris also focuses on private equity investments in established companies. In this area, Polaris targets high growth middle market companies in industries including technology, healthcare, digital media, consumer products and services, and business services. The firm's investments include minority growth equity investments, recapitalizations with liquidity, and leveraged buyouts. Polaris Partners was formed in 1996 and has offices in Seattle, Washington and Waltham, Massachusetts.


Deal Context for Seller #
Overall 34 of 40
Sector: Internet Software and Services 5 of 5
Type: Secondary Buyout 9 of 9
State: Texas 4 of 4
Country: United States 31 of 36
Year: 2024 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-30 Tectonic Therapeutic /old/

Watertown, Massachusetts, United States

Tectonic Therapeutic aims to transform the discovery of novel drugs addressing targets in the GPCR family. Tectonic Therapeutic was founded in 2019 and is based in Watertown, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-01 Jnana Therapeutics

Boston, Massachusetts, United States

Jnana Therapeutics is developing drugs against a broad family of metabolite transport proteins to treat high unmet needs in auto-immune, immuno-metabolism, and other diseases. Jnana Therapeutics was founded in 2017 and is based in Boston, Massachuserrs.

Sell $800M