M&A Deal Summary

Starr Investment Holdings, Partners Group AG, Ardian and Quilvest Capital Partners Acquire MultiPlan

On February 17, 2014, asset manager Starr Investment Holdings, asset manager Partners Group AG, private equity firm Ardian and private equity firm Quilvest Capital Partners acquired information technology company MultiPlan from Stockwell Capital, BC Partners, Silver Lake and Quilvest Capital Partners for 4.4B USD

Acquisition Highlights
  • This is Starr Investment Holdings’ 1st, Partners Group AG’s 2nd, Ardian’s 7th and Quilvest Capital Partners’ 6th transaction in the Information Technology sector.
  • This is Starr Investment Holdings’ , Partners Group AG’s 2nd, Ardian’s 14th and Quilvest Capital Partners’ 2nd largest (disclosed) transaction.
  • This is Starr Investment Holdings’ 1st, Partners Group AG’s 7th, Ardian’s 23rd and Quilvest Capital Partners’ 39th transaction in the United States.
  • This is Starr Investment Holdings’ 1st, Partners Group AG’s 2nd, Ardian’s 2nd and Quilvest Capital Partners’ 8th transaction in New York.
Investment Fate
  • MultiPlan was sold to a consortium of financial buyers in 2016.
  • MultiPlan was sold to a consortium of financial buyers in 2020.

M&A Deal Summary

Date 2014-02-17
Target MultiPlan
Sector Information Technology
Buyer(s) Starr Investment Holdings
Partners Group AG
Ardian
Quilvest Capital Partners
Sellers(s) Stockwell Capital
BC Partners
Silver Lake
Quilvest Capital Partners
Deal Type Secondary Buyout
Deal Value 4.4B USD
Advisor(s) LionTree Advisors LLC
Bank of America Merrill Lynch (BofA Securities)
Credit Suisse Investment Banking
Goldman Sachs Investment Banking Division
Dean Bradley Osborne Partners (DBO Partners)
The Raine Group LLC (Financial)

Target

MultiPlan

New York, New York, United States
website
MultiPlan is a provider of technology-enabled healthcare cost management solutions. The company provides a single gateway to a host of analytics- and network-based solutions for managing the financial risks associated with medical claims, as well as solutions that improve payment integrity by resolving waste, abuse and fraud before payments are made. MultiPlan was founded in 1980 and is based in New York city.

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Buyer(S) 4

DESCRIPTION

Starr Investment Holdings is a private investment firm focused on acquiring and investing in companies with market leadership, stable EBITDA, and strong cash-flow. The Firm seeks opportunities throughout the US and does not have any stated industry preferences. Starr Investment was formed in 2007 and is a subsidiary of C.V. Starr & Co., Inc. The Firm is based in New York City.


DEAL STATS #
Overall 1 of 3
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 1 of 2
State (New York) 1 of 2
Country (United States) 1 of 3
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-05 MultiPlan

New York, New York, United States

MultiPlan is a provider of technology-enabled healthcare cost management solutions. The company provides a single gateway to a host of analytics- and network-based solutions for managing the financial risks associated with medical claims, as well as solutions that improve payment integrity by resolving waste, abuse and fraud before payments are made. MultiPlan was founded in 1980 and is based in New York city.

Sell -
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 17 of 87
Sector (Information Technology) 2 of 8
Type (Secondary Buyout) 10 of 51
State (New York) 2 of 2
Country (United States) 7 of 33
Year (2014) 1 of 5
Size (of disclosed) 2 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-23 Universal Services of America

Santa Ana, California, United States

Universal Services of America is a facility services companies in the U.S., combining an innovative mix of tradition with cutting edge systems and technology to keep pace with the ever - evolving needs of today’s business environments. Headquartered in Santa Ana, Calif., today, Universal is a $2.5 billion company with more than 80,000 employees on staff. The company is now the second largest manned guarding security company in North America and employs a hands-on, highly experienced management team and continuous training to deliver consistent, high quality security solutions. Universal has four unique divisions: Universal Protection Service, Universal Protection Security Systems, Universal Fire/Life Safety Services and Universal Building Maintenance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-06 Voyage Care

Staffordshire, United Kingdom

Voyage Care provides specialist care and support to people with learning and physical difficulties, brain injuries, autism, and other complex needs across the UK. Voyage Care was founded in 1988 and is based in Staffordshire, United Kingdom.

Buy £375M
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 205 of 412
Sector (Information Technology) 7 of 23
Type (Secondary Buyout) 57 of 133
State (New York) 2 of 3
Country (United States) 23 of 58
Year (2014) 1 of 22
Size (of disclosed) 14 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-12 Puukeskus Oy

Helsinki, Finland

Puukeskus Oy is a market leader in the distribution of wood-based building materials in Finland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-20 Micropross SAS

Villeneuve d'Ascq, France

Micropross SAS is a provider of test and personalization solutions for the business of RFID, smartcard and NFC.

Buy -
Buyer

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 85 of 97
Sector (Information Technology) 6 of 6
Type (Secondary Buyout) 13 of 15
State (New York) 8 of 8
Country (United States) 39 of 43
Year (2014) 1 of 3
Size (of disclosed) 2 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-03 Mid-Atlantic Convenience Stores

Richmond, Virginia, United States

Mid-Atlantic Convenience Stores (MACS) is a convenience store operator in Maryland and Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-01 Crown Health Care Laundry Services

Pensacola, Florida, United States

Crown Health Care Laundry Services LLC is a provider of healthcare linen management solutions and products across the Southeast. Crown provides laundering, packaging, delivery and additional value-added services to healthcare facilities. Crown is based in Pensacola, Florida.

Buy -

Seller(S) 4

SELLER

Stockwell Capital

Austin, Texas, United States

Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


DEAL STATS #
Overall 19 of 41
Sector (Information Technology) 1 of 2
Type (Secondary Buyout) 3 of 9
State (New York) 2 of 3
Country (United States) 15 of 33
Year (2014) 1 of 6
Size (of disclosed) 4 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-09 Best PumpWorks

Houston, Texas, United States

Best PumpWorks is one of the largest and respected pump distributor, supplier and remanufacturer in the world. In business for over three decades, the company has built its reputation on superior pump engineering, inventory, delivery and service.

Sell $285M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-10 Serena Software

Redwood City, California, United States

Serena Software, Inc. is a provider of enterprise application lifecycle management software. Serena has 29 offices in 14 countries and helps IT departments capitalize on its software development initiatives.

Sell $450M
SELLER

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 17.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a mega private equity firm that invests in high quality businesses with leading market positions. BC does not specialize in any particular sector and makes only a select number of investments per year (3 in 2008, 2 in 2007, 3 in 2006). Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and has offices in London, Paris, Hamburg, and New York.


DEAL STATS #
Overall 32 of 52
Sector (Information Technology) 3 of 4
Type (Secondary Buyout) 11 of 18
State (New York) 2 of 3
Country (United States) 4 of 8
Year (2014) 1 of 4
Size (of disclosed) 1 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-29 Acuris

London, United Kingdom

Acuris is a provider of global corporate financial news, intelligence, and analysis to advisory firms, investments banks, law firms, hedge funds, private equity firms and corporations operating in 65 countries. Acuris was formed in 2000 and is based in London, United Kingdom.

Buy £382M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-24 CarTrawler

Dublin, Ireland

CarTrawler is a technology company providing fully managed online car rental solutions to travel partners in 174 countries. Working across all travel industry segments and geographic markets, CarTrawler enables online travel retailers to add car rental to their portfolio of products and services, creating an additional revenue stream that requires no investment on their part. CarTrawler was formed in 2004 and is headquartered in Dublin, Ireland.

Buy -
SELLER

Silver Lake

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 21 of 54
Sector (Information Technology) 3 of 6
Type (Secondary Buyout) 2 of 9
State (New York) 2 of 4
Country (United States) 14 of 42
Year (2014) 1 of 6
Size (of disclosed) 6 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-14 WPEngine

Austin, Texas, United States

WPEngine provides managed WordPress cloud hosting solutions for individuals and small and medium-sized companies. The Company was formed in 2010 and is headquartered in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-10 Serena Software

Redwood City, California, United States

Serena Software, Inc. is a provider of enterprise application lifecycle management software. Serena has 29 offices in 14 countries and helps IT departments capitalize on its software development initiatives.

Sell $450M
SELLER

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 34 of 67
Sector (Information Technology) 2 of 4
Type (Secondary Buyout) 10 of 23
State (New York) 1 of 4
Country (United States) 15 of 34
Year (2014) 1 of 3
Size (of disclosed) 2 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-03 Mid-Atlantic Convenience Stores

Richmond, Virginia, United States

Mid-Atlantic Convenience Stores (MACS) is a convenience store operator in Maryland and Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-01 Crown Health Care Laundry Services

Pensacola, Florida, United States

Crown Health Care Laundry Services LLC is a provider of healthcare linen management solutions and products across the Southeast. Crown provides laundering, packaging, delivery and additional value-added services to healthcare facilities. Crown is based in Pensacola, Florida.

Buy -