M&A Deal Summary

Pamplona Capital Management - Private Equity, BlackRock Capital Investment, Aldrich Capital Partners and Adams Street Partners Acquire Cofense

On February 27, 2018, private equity firm Pamplona Capital Management - Private Equity, business development company BlackRock Capital Investment, growth capital firm Aldrich Capital Partners and asset manager Adams Street Partners acquired internet software and services company Cofense from Paladin Capital Group for 400M USD

Acquisition Highlights
  • This is Pamplona Capital Management - Private Equity’s 3rd, BlackRock Capital Investment’s 1st, Aldrich Capital Partners’ 1st and Adams Street Partners’ 23rd transaction in the Internet Software and Services sector.
  • This is Pamplona Capital Management - Private Equity’s 7th, BlackRock Capital Investment’s 2nd, Aldrich Capital Partners’ and Adams Street Partners’ 4th largest (disclosed) transaction.
  • This is Pamplona Capital Management - Private Equity’s 19th, BlackRock Capital Investment’s 23rd, Aldrich Capital Partners’ 3rd and Adams Street Partners’ 105th transaction in the United States.
  • This is Pamplona Capital Management - Private Equity’s 2nd, BlackRock Capital Investment’s 1st, Aldrich Capital Partners’ 1st and Adams Street Partners’ 4th transaction in Virginia.

M&A Deal Summary

Date 2018-02-27
Target Cofense
Sector Internet Software and Services
Buyer(s) Pamplona Capital Management - Private Equity
BlackRock Capital Investment
Aldrich Capital Partners
Adams Street Partners
Sellers(s) Paladin Capital Group
Deal Type Secondary Buyout
Deal Value 400M USD

Target

Cofense

Leesburg, Virginia, United States
website
Cofense is a provider of human-driven phishing defense solutions world-wide. Cofense delivers a collaborative approach to cybersecurity by enabling organization-wide engagement to active email threats. Company collective defense suite combines timely attack intelligence sourced from employees with best-in-class incident response technologies to stop attacks faster and stay ahead of breaches.  Cofense was founded in 2007 and is based in Leesburg, Virginia.

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Buyer(S) 4

Buyer

Pamplona Capital Management - Private Equity

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pamplona Capital Management - Private Equity, is the private equity unit of asset manager Pamplona, which also provides hedge funds and hedge fund-of-funds products. Pamplona PE invests in 'market leading' companies in a variety of industry sectors. The Group will consider opportunities throughout North America and Europe. Pamplona PE was established in 2005 and is based in London and New York.


DEAL STATS #
Overall 35 of 41
Sector (Internet Software and Services) 3 of 3
Type (Secondary Buyout) 15 of 21
State (Virginia) 2 of 2
Country (United States) 19 of 21
Year (2018) 2 of 3
Size (of disclosed) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 GetWellNetwork

Bethesda, Maryland, United States

GetWellNetwork, Inc. is a provider of patient engagement solutions that help health care providers engage, educate and empower patients along the care continuum. Our patient-centered platform, delivered across multiple technology platforms including mobile devices, computers and televisions, enables providers to implement a revolutionary care delivery model called Interactive Patient Care™ to improve performance and patient outcomes. The company further extends the value of existing IT investments by integrating seamlessly with electronic medical record and patient portal applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-26 Partner in Pet Food

Budaörs, Hungary

Partner in Pet Food (PPF) is a pet food manufacturer with nine manufacturing operations across Europe. PPF supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists. Its product range covers the main categories of dog and cat food including wet and dry food including single serve products. Partner in Pet Food was founded in 1999 and is based in Budaörs, Hungary.

Sell -
Buyer

BlackRock Capital Investment

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Business Development Company
Founded 2005
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


DEAL STATS #
Overall 27 of 33
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 9 of 11
State (Virginia) 1 of 1
Country (United States) 23 of 26
Year (2018) 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 LegalShield

Ada, Oklahoma, United States

LegalShield is a provider of legal plans and identity theft solutions to families and small businesses across the US and Canada. LegalShield was founded in 1972 and is based in Ada, Oklahoma.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-14 Trustly

Stockholm, Sweden

Trustly is an online payment provider that enables direct account-to-account payments, in partnership with merchants across Europe. The Company processes more than 3.5 million payments with payment volumes of ~SEK 6 billion each month. Trustly was founded in 2008 and is based in Stockholm, Sweden.

Buy -
DESCRIPTION

Aldrich Capital Partners is a growth capital firm focused on acquiring minority or control positions in growth companies with at least $10 million in revenue. The Firm primarily targets tech-enabled service companies including software, healthcare IT, and financial technology. Prospective companies generally exhibit committed management, proprietary software/solutions, and entrepreneurs looking for a financial partner to pursue growth opportunities. Aldrich Capital Partners was formed in 2014 and is headquartered in Vienna, Virginia.


DEAL STATS #
Overall 3 of 10
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Virginia) 1 of 3
Country (United States) 3 of 10
Year (2018) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Woundtech

Hollywood, Florida, United States

Woundtech provides technology-enabled wound management services. The company provides the patient with the most advanced wound healing dressings and products available. These products have been selected because of their effective, evidence-based wound-healing properties. Woundtech was founded in 1999 and is based in Hollywood, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-19 Paymerang

Richmond, Virginia, United States

Paymerang delivers a solution that would facilitate electronic supplier payments for businesses and generate profit in the process. Through its revolutionary simplicity, the company enables clients to pay all their vendors electronically with a single payment file. By handling the entire process, from secure vendor enrollment to payment processing to payment reconciliation and customer service, it is able to offer efficiency that saves hundreds of hours of finance time, security that protects all types of payments from fraud, and financial rewards that turn accounts payable into a profit center. Paymerang was formed in 2010 and is based in Richmond, Virginia.

Buy -
Buyer

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1972
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 116 of 147
Sector (Internet Software and Services) 23 of 33
Type (Secondary Buyout) 4 of 7
State (Virginia) 4 of 6
Country (United States) 105 of 135
Year (2018) 5 of 10
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-14 Hightail

Campbell, California, United States

Hightail, Inc. is a provider of online file storage and management capabilities. Hightail, Inc. was established in 2004 and is based in Campbell, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-12 Corvus Pharmaceuticals

Burlingame, California, United States

Corvus Pharmaceuticals a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies. Its lead product candidate is CPI-006, an anti-CD73 monoclonal antibody, which is in Phase I/Ib clinical trial that inhibits the production of adenosine and activate various immune cells, as Phase III clinical trial of CPI-006 for COVID-19. Corvus Pharmaceuticals was founded in 2014 and is based in Burlingame, California.

Sell -

Seller(S) 1

SELLER

Paladin Capital Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Paladin Capital Group is a growth capital firm focused on early and expansion stage businesses related to homeland security, defense, and business continuity. Specific areas of interest include identity management, antimicrobial solutions, mesh networks, IT services, data storage, business process software, network management software and detection, biometrics, and protective equipment. Paladin Capital Group was formed in 2001 and is headquartered in Washington DC.


DEAL STATS #
Overall 30 of 38
Sector (Internet Software and Services) 4 of 5
Type (Secondary Buyout) 5 of 5
State (Virginia) 3 of 4
Country (United States) 26 of 33
Year (2018) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-17 Anomali

Redwood City, California, United States

Anomali delivers intelligence-driven cybersecurity solutions, including ThreatStream, Match, and Lens. Companies use Anomali to enhance threat visibility, automate threat processing and detection, and accelerate threat investigation, response, and remediation. Anomali was founded in 2013 and is based in Redwood City, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-17 DPOrganizer

Stockholm, Sweden

DPOrganizer is a data protection company, which helps organisations across the world grow, and live, with GDPR, will use the financing for continued product development. DPOrganizer has grown quickly and now serves customers in 17 countries around the world. ”An easy-to-use data protection management software is an essential piece of a company’s GDPR compliance toolkit.

Buy -