Parthenon Capital Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Parthenon Capital Partners has acquired 2 companies. It has also invested in 6 others.

Parthenon Capital Partners’ most common sectors for investment are business services (25%) and financial services (18%). The Firm’s most common investment types include growth capital (27%) and buyout (lbo, mbo, mbi) (20%). In total, Parthenon Capital Partners has invested in 19 US states. Its largest (disclosed) acquisition occurred in 2005 when it acquired Insurance Auto Auctions for $400M.

In the last 3 years, Parthenon Capital Partners has exited 3 companies. The Firm’s most common exit type is trade sale (42%). Parthenon Capital Partners’ largest (disclosed) exit occurred in 2012 when it sold AmWINS Group for $1.3B.

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M&A Summary

  • M&A Total Activity75
    • M&A Buy Activity51
    • M&A Sell Activity24
  • Total Sectors Invested 14
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 34
  • M&A Advisors 7

Parthenon Capital Partners

1 Federal Street, 21st Floor,
Boston, Massachusetts 02110
United States
(617) 960-4000
www.parthenoncapitalpartners.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 $500 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 Technology, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Safety/Security, 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 35 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 40 1 4 3 2 1 51
vol $762M $762M
Sell (1.0/yr) # 19 - 3 - 2 - 24
vol $3.1B $1.2B $4.3B
  75

Most Recent M&A

Company Date Value Type
RxSense LLC 2020-05-12 - Growth Capital
Boston, Massachusetts · www.rxsense.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
Relation Insurance Services, Inc. 2019-02-21 - Secondary Buyout
Walnut Creek, California · www.relationinsurance.com
Millennium Trust Co. 2019-01-04 - Secondary Buyout
Oak Brook, Illinois · www.mtrustcompany.com
Trinity Partners 2018-03-16 - Growth Capital
Waltham, Massachusetts · www.trinitypartners.com
Mid Atlantic Capital Group, Inc. 2018-03-14 - Growth Capital
Pittsburgh, Pennsylvania · www.macg.com
RedCard 2018-02-26 - Growth Capital
St. Louis, Missouri · www.redcard.com
Cayan LLC 2017-12-18 1.1B USD Add-on Acquisition
Boston, Massachusetts · www.cayan.com
Institutional Cash Distributors LLC 2017-10-10 - Growth Capital
San Francisco, California · www.icdportal.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Etix, Inc. 2017-07-20 TicketForce LLC 2019-11-06 5
Raleigh, North Carolina · www.etix.com Gilbert, Arizona · www.ticketforce.com
Etix, Inc. 2017-07-20 Star Ticket 2019-11-06 4
Raleigh, North Carolina · www.etix.com , Michigan
BlueSnap, Inc. 2011-08-08 Armatic Technologies, Inc. 2019-10-28 1
Waltham, Massachusetts · www.home.bluesnap.com Irvine, California · www.armatic.com
ScentAir Technologies, Inc. 2014-01-01 ScentHD 2019-08-10 3
Charlotte, North Carolina · www.scentair.com , United States · www.scenthd.com
Etix, Inc. 2017-07-20 Interactive Ticketing 2017-12-05 3
Raleigh, North Carolina · www.etix.com Seattle, Washington · www.interactiveticketing.com
Etix, Inc. 2017-07-20 TicketBiscuit LLC 2017-10-26 2
Raleigh, North Carolina · www.etix.com Birmingham, Alabama · www.ticketbiscuit.com
Etix, Inc. 2017-07-20 ExtremeTix, Inc. 2017-10-25 1
Raleigh, North Carolina · www.etix.com Houston, Texas · www.extremetix.com
Triad Isotopes, Inc. 2007-01-16 Triad Isotopes, Inc. - Radiopharmacy Business 2017-05-05 1
Orlando, Florida · www.triadisotopes.com , United States
ScentAir Technologies, Inc. 2014-01-01 Brandaroma 2017-03-06 2
Charlotte, North Carolina · www.scentair.com , Hong Kong
Periscope Holdings, Inc. 2014-01-01 BidSync 2014-12-10 1
Austin, Texas · www.periscopeholdings.com , United States · www.bidsync.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (16%) - 13 (25%) 567M (74%)
Financial Services 6 (24%) 80M (41%) 9 (17%) 80M (10%)
Information Technology 3 (12%) - 7 (13%) -
Internet Software and Services 4 (16%) 115M (59%) 5 (10%) 115M (15%)
Healthcare Services 1 (4%) - 4 (8%) -
Life Science 2 (8%) - 3 (6%) -
Insurance - - 2 (4%) -
Software 2 (8%) - 2 (4%) -
Technology Hardware - - 2 (4%) -
Distribution 1 (4%) - 1 (2%) -
Education 1 (4%) - 1 (2%) -
Information Services 1 (4%) - 1 (2%) -
Leisure - - 1 (2%) -
Safety/Security - - 1 (2%) -
Total 25 $195M 52 $762M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 25 (100%) 195M (100%) 52 (100%) 762M (100%)
  California 4 (16%) 80M (41%) 9 (17%) 247M (32%)
  Massachusetts 4 (16%) 115M (59%) 8 (15%) 115M (15%)
  Texas 2 (8%) - 5 (10%) -
  Florida 2 (8%) - 4 (8%) -
  Illinois 1 (4%) - 4 (8%) 400M (53%)
  Pennsylvania 2 (8%) - 3 (6%) -
  North Carolina 2 (8%) - 3 (6%) -
  New York 2 (8%) - 3 (6%) -
  Georgia 1 (4%) - 3 (6%) -
  Michigan 1 (4%) - 1 (2%) -
  Colorado 1 (4%) - 1 (2%) -
  Arizona 1 (4%) - 1 (2%) -
  Virginia 1 (4%) - 1 (2%) -
  Missouri 1 (4%) - 1 (2%) -
  Maryland - - 1 (2%) -
  Indiana - - 1 (2%) -
  Tennessee - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Minnesota - - 1 (2%) -
Total 25 $195M 52 $762M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 9 (36%) - 14 (27%) -
Recapitalization 4 (16%) - 10 (19%) 167M (22%)
Buyout (LBO, MBO, MBI) 2 (8%) - 10 (19%) -
Secondary Buyout 5 (20%) 115M (59%) 6 (12%) 115M (15%)
Going Private 1 (4%) 80M (41%) 3 (6%) 480M (63%)
Divestiture 1 (4%) - 3 (6%) -
Consolidation 2 (8%) - 2 (4%) -
PIPE 1 (4%) - 2 (4%) -
Stake Purchase - - 2 (4%) -
Total 25 $195M 52 $762M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 7 (29%) 2.1B (49%)
Secondary Sale 6 (25%) -
IPO 5 (21%) -
Trade Sale 3 (13%) 910M (21%)
Recapitalization 2 (8%) 1.3B (30%)
Merger 1 (4%) -
Total 24 $4.3B

Top M&A Advisors

Financial Deals
Deloitte
1
Robert W. Baird & Co., Inc.
1
FTP Securities LLC (FT Partners)
1
Legal Deals
Kirkland & Ellis LLP
8
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 4 $1.9B
< $100M 1 $73M
TOTAL $4.3B
Largest AmWINS Group, Inc.
$1.3B (2012-04-17)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
6 67%
Strategic(s)
33%
3 33%
Exited to
PE Firm(s)
52%
12 52%
Strategic(s)
48%
11 48%

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