Parthenon Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Parthenon Capital has acquired 5 companies. It has also invested in 2 others.

Parthenon Capital’s most common sectors for investment arebusiness services (25%) and financial services (20%) . The Firm’s most common investment types include growth capital (29%) and buyout (lbo, mbo, mbi) (20%). In total, Parthenon Capital has invested in 19 US states. 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 12 companies. The Firm’s most common exit type is trade sale (43%). 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 Activity89
    • M&A Buy Activity56
    • M&A Sell Activity33
  • Total Sectors Invested 13
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 42
  • M&A Advisors 11

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 $50 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 50 750
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.2/yr) # 45 4 2 2 1 2 56
vol $762M $900M $1.7B
Sell (2.4/yr) # 21 - 3 4 5 - 33
vol $4.3B $503M $4.9B
  89

Most Recent M&A

Company Date Value Type
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 - Add-on Acquisition
Superior, Colorado · www.envysion.com
Periscope Holdings, Inc. 2021-08-11 - Add-on Acquisition
Austin, Texas · www.periscopeholdings.com
Electronic Payment Providers, Inc. 2021-05-10 503M USD Add-on Acquisition
Scottsdale, Arizona · www.mybillingtree.com
loanDepot.com LLC 2021-02-11 - IPO
Foothill Ranch, California · www.loandepot.com
abeo Management Corp. 2020-12-10 - Unknown
Dallas, Texas · www.abeo.com
Allworth Financial 2020-10-20 - Secondary Buyout
Sacramento, California · www.allworthfinancial.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 3
Ann Arbor, Michigan · www.daysmart.com Scottsdale, Arizona · www.appointment-plus.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (18%) - 14 (25%) 567M (34%)
Financial Services 4 (24%) - 11 (19%) 80M (5%)
Information Technology 2 (12%) - 8 (14%) -
Internet Software and Services 3 (18%) 115M (11%) 5 (9%) 115M (7%)
Healthcare Services 1 (6%) - 4 (7%) -
Life Science - - 3 (5%) -
Software 2 (12%) - 3 (5%) -
Information Services 2 (12%) 900M (89%) 2 (4%) 900M (54%)
Insurance - - 2 (4%) -
Technology Hardware - - 2 (4%) -
Education - - 1 (2%) -
Leisure - - 1 (2%) -
Safety/Security - - 1 (2%) -
Total 17 $1.0B 57 $1.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 17 (100%) 1.0B (100%) 57 (100%) 1.7B (100%)
  California 3 (18%) - 10 (18%) 247M (15%)
  Massachusetts 3 (18%) 115M (11%) 8 (14%) 115M (7%)
  Texas - - 5 (9%) -
  New York 2 (12%) 900M (89%) 4 (7%) 900M (54%)
  Illinois - - 4 (7%) 400M (24%)
  Florida - - 4 (7%) -
  Indiana 2 (12%) - 3 (5%) -
  Pennsylvania 2 (12%) - 3 (5%) -
  Georgia 1 (6%) - 3 (5%) -
  North Carolina 1 (6%) - 3 (5%) -
  New Jersey 1 (6%) - 2 (4%) -
  Michigan 1 (6%) - 1 (2%) -
  Virginia 1 (6%) - 1 (2%) -
  Maryland - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arizona - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Missouri - - 1 (2%) -
  Minnesota - - 1 (2%) -
Total 17 $1.0B 57 $1.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 5 (29%) - 16 (28%) -
Buyout (LBO, MBO, MBI) 2 (12%) 900M (89%) 11 (19%) 900M (54%)
Recapitalization 3 (18%) - 11 (19%) 167M (10%)
Secondary Buyout 4 (24%) 115M (11%) 6 (11%) 115M (7%)
Divestiture 2 (12%) - 4 (7%) -
Going Private - - 3 (5%) 480M (29%)
Consolidation - - 2 (4%) -
PIPE 1 (6%) - 2 (4%) -
Stake Purchase - - 2 (4%) -
Total 17 $1.0B 57 $1.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 10 (30%) 2.6B (54%)
Secondary Sale 8 (24%) -
IPO 5 (15%) -
Trade Sale 4 (12%) 910M (19%)
Recapitalization 3 (9%) 1.3B (27%)
Merger 2 (6%) -
Unknown 1 (3%) -
Total 33 $4.9B

Top M&A Advisors

Financial Deals
Raymond James - Investment Banking
 1
Deloitte
 1
William Blair & Co. LLC
 1
Legal Deals
Kirkland & Ellis LLP
 11
Baker & Hostetler LLP
 1
Greenberg Glusker Fields Claman & Machtinger LLP
 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 5 $2.4B
< $100M 1 $73M
TOTAL $4.9B
Largest AmWINS Group, Inc.
$1.3B (2012-04-17)

M&A Connections

Deals
Acquired from
Investor(s)
12%
7 (12%)
Strategic(s)
7%
4 (7%)
Exited to
Investor(s)
33%
11 (33%)
Strategic(s)
48%
16 (48%)

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

Anthony Orazio

Partner

Kurt Brumme

Partner

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