M&A Deal Summary

ABRY Partners and Adams Street Partners Acquire Inspira Financial

On January 4, 2019, private equity firm ABRY Partners and asset manager Adams Street Partners acquired financial services company Inspira Financial from Parthenon Capital

Acquisition Highlights
  • This is ABRY Partners’ 1st and Adams Street Partners’ 4th transaction in the Financial Services sector.
  • This is ABRY Partners’ 110th and Adams Street Partners’ 112th transaction in the United States.
  • This is ABRY Partners’ 3rd and Adams Street Partners’ 7th transaction in Illinois.

M&A Deal Summary
Date 2019-01-04
Target Inspira Financial
Sector Financial Services
Buyer(s) ABRY Partners
Adams Street Partners
Sellers(s) Parthenon Capital
Deal Type Secondary Buyout
Advisor(s) Raymond James - Investment Banking (Financial)

Target

Inspira Financial

Oak Brook, Illinois, United States
Inspira Financial is a provider of retirement and custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it’s the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients’ success. Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. Inspira Financial was founded in 2000 and is based in Oak Brook, Illinois.

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Buyer(S) 2

Buyer

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 126 of 171
Sector (Financial Services) 1 of 4
Type (Secondary Buyout) 28 of 41
State (Illinois) 3 of 6
Country (United States) 110 of 145
Year (2019) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-04 U.S. Legal Support

Houston, Texas, United States

U.S. Legal Support is a privately held company with over 85 offices located across the United States. As one of the leading providers of litigation services, U.S. Legal Support is the only litigation support company that provides a full suite of court reporting solutions, record retrieval, interpreting & translations, trial services, and transcription services to major insurance companies, corporations, and law firms nationwide. U.S. Legal Support was founded in 1996 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-16 Aduro

Redmond, Washington, United States

Aduro is a human performance company developing an app for a database that has wellness testing, measurement, and various layers of intervention. Aduro is based in Redmond, Washington.

Buy -
Buyer

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1972
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.

DEAL STATS #
Overall 123 of 148
Sector (Financial Services) 4 of 4
Type (Secondary Buyout) 6 of 7
State (Illinois) 7 of 7
Country (United States) 112 of 136
Year (2019) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 BioAgilytix

Durham, North Carolina, United States

BioAgilytix is a bioanalytical testing laboratory focused on large molecule bioanalysis for the pharmaceutical, biotechnology and agriculture industries. BioAgilytix Lab's mission is to provide outsourced analysis of biological samples that support the work of companies seeking regulatory approval of their biopharmaceutical and agricultural products. BioAgilytix was founded in 2008 and is based in Durham, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-10 PerimeterX

San Mateo, California, United States

PerimeterX is a web security platform that provide solutions that detect and stop the abuse of identity and account information on the web. Its cloud-native solutions detect risks to your web applications and proactively manage them, freeing you to focus on growth and innovation. PerimeterX was founded in 2014 and is based in San Mateo, California.

Buy -

Seller(S) 1

SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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 $75 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.

DEAL STATS #
Overall 22 of 34
Sector (Financial Services) 3 of 6
Type (Secondary Buyout) 5 of 8
State (Illinois) 2 of 2
Country (United States) 22 of 34
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-16 Trinity

Waltham, Massachusetts, United States

Trinity is a trusted life sciences strategy consulting firm that takes a personalized approach to work with pharmaceutical, biotech, medical device, and diagnostic clients worldwide to create evidence-based solutions that drive business strategy and impact bottom lines. Trinity was founded in 1996 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-21 Relation

Walnut Creek, California, United States

Relation is a premier insurance broker that offers superior risk-management and benefits-consulting services through its family of brands across the U.S. It is ranked by Insurance Journal within the top 45 largest agencies in the country by revenue and has nearly 500 employees in more than 30 locations nationwide. Relation was founded in 2007 and is based in Walnut Creek, California.

Sell -
Mergr

Product

Company

Legal