Parthenon Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Parthenon Capital has acquired 3 companies. It has also invested in 4 others.

Parthenon Capital’s most common sectors for investment are business services (23%) and financial services (19%). The Firm’s most common investment types include growth capital (27%) and recapitalization (21%). In total, Parthenon Capital has invested in 18 US states. Its largest (disclosed) acquisition occurred in 2005 when it acquired Insurance Auto Auctions for $400M.

In the last 3 years, Parthenon Capital has exited 8 companies. The Firm’s most common exit type is trade sale (38%). 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 Activity81
    • M&A Buy Activity52
    • M&A Sell Activity29
  • Total Sectors Invested 14
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 36
  • M&A Advisors 9

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 41 4 3 2 2 - 52
vol $762M $762M
Sell (2.2/yr) # 18 3 - 3 3 2 29
vol $3.1B $1.2B $503M $4.9B
  81

Most Recent M&A

Company Date Value Type
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
340B Technologies, Inc. 2020-07-22 - Recapitalization
Mount Laurel, New Jersey · www.nuvemhealth.com
RxSense LLC 2020-05-12 - Growth Capital
Boston, Massachusetts · www.rxsense.com
ScentAir Technologies, Inc. 2020-02-19 - Secondary Buyout
Charlotte, North Carolina · www.scentair.com
MRO Corp. 2019-10-30 - Secondary Buyout
King of Prussia, Pennsylvania · www.mrocorp.com
DaySmart Software, Inc. 2019-10-16 - Secondary Buyout
Ann Arbor, Michigan · www.daysmart.com
RedCard 2019-08-01 - Merger
St. Louis, Missouri · www.redcard.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
DaySmart Software, Inc. 2019-10-16 StormSource Software LLC 2020-12-22 2
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%) - 12 (23%) 567M (74%)
Financial Services 4 (24%) - 10 (19%) 80M (10%)
Information Technology 2 (12%) - 8 (15%) -
Internet Software and Services 2 (12%) 115M (100%) 4 (8%) 115M (15%)
Healthcare Services 1 (6%) - 4 (8%) -
Life Science 1 (6%) - 3 (6%) -
Software 3 (18%) - 3 (6%) -
Insurance - - 2 (4%) -
Technology Hardware - - 2 (4%) -
Distribution - - 1 (2%) -
Education - - 1 (2%) -
Information Services 1 (6%) - 1 (2%) -
Leisure - - 1 (2%) -
Safety/Security - - 1 (2%) -
Total 17 $115M 53 $762M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 17 (100%) 115M (100%) 53 (100%) 762M (100%)
  California 2 (12%) - 9 (17%) 247M (32%)
  Massachusetts 4 (24%) 115M (100%) 8 (15%) 115M (15%)
  Texas 1 (6%) - 5 (9%) -
  Florida 1 (6%) - 4 (8%) -
  Illinois - - 4 (8%) 400M (53%)
  Pennsylvania 2 (12%) - 3 (6%) -
  North Carolina 1 (6%) - 3 (6%) -
  New York 1 (6%) - 3 (6%) -
  Georgia 1 (6%) - 3 (6%) -
  New Jersey 1 (6%) - 2 (4%) -
  Indiana 1 (6%) - 2 (4%) -
  Michigan 1 (6%) - 1 (2%) -
  Colorado 1 (6%) - 1 (2%) -
  Tennessee - - 1 (2%) -
  Missouri - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Maryland - - 1 (2%) -
  Arizona - - 1 (2%) -
Total 17 $115M 53 $762M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 6 (35%) - 14 (26%) -
Recapitalization 4 (24%) - 11 (21%) 167M (22%)
Buyout (LBO, MBO, MBI) 1 (6%) - 10 (19%) -
Secondary Buyout 4 (24%) 115M (100%) 6 (11%) 115M (15%)
Going Private - - 3 (6%) 480M (63%)
Divestiture 1 (6%) - 3 (6%) -
Consolidation - - 2 (4%) -
PIPE 1 (6%) - 2 (4%) -
Stake Purchase - - 2 (4%) -
Total 17 $115M 53 $762M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 8 (28%) 2.6B (54%)
Secondary Sale 8 (28%) -
IPO 5 (17%) -
Trade Sale 3 (10%) 910M (19%)
Recapitalization 2 (7%) 1.3B (27%)
Merger 2 (7%) -
Unknown 1 (3%) -
Total 29 $4.9B

Top M&A Advisors

Financial Deals
White Peak Capital LLC
 1
Robert W. Baird & Co., Inc.
 1
Raymond James - Investment Banking
 1
Legal Deals
Kirkland & Ellis LLP
 9
Greenberg Glusker Fields Claman & Machtinger LLP
 1

Deal Values

buy # Total
$100M to $1B 3 $682M
< $100M 1 $80M
TOTAL $762M
Largest Insurance Auto Auctions, Inc.
$400M (2005-05-26)
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)
13%
7 (13%)
Strategic(s)
6%
3 (6%)
Exited to
Investor(s)
34%
10 (34%)
Strategic(s)
45%
13 (45%)

Investor Summary

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

Zachary Sadek

Partner

William Winterer

Partner & Head of Capital Markets

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