M&A Deal Summary

Partners Group AG and CVC Capital Partners Acquire Forterro

On March 1, 2022, asset manager Partners Group AG and private equity firm CVC Capital Partners acquired software company Forterro from Battery Ventures for 1.0B EUR

Acquisition Highlights
  • This is Partners Group AG’s 6th and CVC Capital Partners’ 5th transaction in the Software sector.
  • This is Partners Group AG’s 7th and CVC Capital Partners’ 28th largest (disclosed) transaction.
  • This is Partners Group AG’s 5th and CVC Capital Partners’ 56th transaction in the United Kingdom.

M&A Deal Summary

Date 2022-03-01
Target Forterro
Sector Software
Buyer(s) Partners Group AG
CVC Capital Partners
Sellers(s) Battery Ventures
Deal Type Secondary Buyout
Deal Value 1.0B EUR
Advisor(s) Arma Partners LLP (Financial)

Target

Forterro

London, United Kingdom
website
Forterro is a group of companies that deliver ERP software to SMEs in specialized geographical or vertical markets. Forterro operates business units in Sweden, Switzerland and France, as well as regional office locations and research and development centers around the world. Forterro was founded in 2012 and is headquartered in London, United Kingdom.

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Buyer(S) 2

DESCRIPTION

Partners Group is a global investment management firm with a variety of funds and institutional clients. The Firm's direct investment group looks to invest in or acquire market leading companies with growth opportunities linked to technology. Partners is a hands-on investor and looks to actively support its portfolio companies with expansion, operational, and governance structure support. Partners Group was established in 1996 and is headquartered in Zug, Switzerland.


DEAL STATS #
Overall 82 of 87
Sector (Software) 6 of 6
Type (Secondary Buyout) 46 of 51
Country (United Kingdom) 5 of 6
Year (2022) 2 of 5
Size (of disclosed) 7 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-10 Forefront Dermatology

Manitowoc, Wisconsin, United States

Forefront Dermatology delivers medical dermatology, fully integrated surgery and pathology services through more than 130 clinics across 16 U.S. states. Forefront Dermatology was formed in 1980 and is based in Manitowoc, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 Version 1

London, United Kingdom

Version 1 is an IT consulting and managed services company. Version 1 delivers technology-enabled solutions and services that transform their customers’ businesses. They bring in-depth domain experience, breadth of technology competence, and a relentless focus on service excellence and customer satisfaction to address the business challenges of enterprise customers across all industry sectors. Version 1 was founded in 1996 and is based in London, England.

Buy -
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 301 of 319
Sector (Software) 5 of 6
Type (Secondary Buyout) 68 of 74
Country (United Kingdom) 56 of 59
Year (2022) 4 of 15
Size (of disclosed) 28 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Ligue de Football Professionnel

Paris, France

Ligue de Football Professionnel is a French governing body that runs the major professional football leagues in France. The league is responsible for overseeing, organising, and managing the top two leagues in France, Ligue 1 and Ligue 2, and is also responsible for the 44 professional football clubs that contest football in France. Ligue de Football Professionnel is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-10 RGI Group

Milan, Italy

RGI Group is an Independent Software Vendor, a European leader in the digital transformation of Insurers. RGI Group has been committed for more than 30 years to the Insurance industry. RGI Group was founded in 1987 and is based in Milan, Italy.

Buy -

Seller(S) 1

SELLER

Battery Ventures

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 13.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Battery Ventures is a private investment firm focused on opportunities in the technology and related-sectors. Battery will invest at all company stages, from seed and early-stage capital situations to leveraged buyouts, PIPEs, spin outs, rollups and take-privates of established companies. Battery's private equity group focuses on investments in companies with revenue of $20 to $200 million and EBITDA up to $25 million. Battery can commit up to $100 million in equity per transaction. Specific areas of interest include software; IT services and outsourcing; communications components, systems, and services; and financial services and tech-enabled businesses. Battery will consider investments throughout North America, Europe, and Asia. Battery Ventures was formed in 1983 and is headquartered in Menlo Park, California.


DEAL STATS #
Overall 53 of 59
Sector (Software) 19 of 22
Type (Secondary Buyout) 6 of 8
Country (United Kingdom) 5 of 8
Year (2022) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-28 StreamSets

San Francisco, California, United States

StreamSets provides an innovative data operations platform that reinvents how enterprises deliver timely and trustworthy data to their critical applications. StreamSets Data Collector is an open source software for the development of any-to-any dataflows. StreamSets Dataflow Performance Manager provides a comprehensive control panel for managing the day-to-day operation of complex dataflow topologies. StreamSets was founded in 2014 and is based in San Francisco, California.

Sell €524M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-22 SPT Labtech

Melbourn, United Kingdom

SPT Labtech is a manufacturer of liquid-handling instrumentation and sample- storage systems for sample-preparation and sample-management applications. The company’s products are used for process control and to optimize workflow efficiency across a variety of tasks in the pharmaceutical, biotechnology and academic-research markets. SPT Labtech was founded in 2001 and is based in Melbourn, United Kingdom.

Sell £650M