M&A Deal Summary

Aldrich Capital Partners, BlackRock Capital Investment, Pamplona Capital Management - Private Equity and Adams Street Partners Acquire Cofense

On February 27, 2018, growth capital firm Aldrich Capital Partners, business development company BlackRock Capital Investment, private equity firm Pamplona Capital Management - Private Equity and asset manager Adams Street Partners acquired internet software and services company Cofense from Paladin Capital Group for 400M USD

Acquisition Highlights
  • This is Aldrich Capital Partners’ 1st, BlackRock Capital Investment’s 1st, Pamplona Capital Management - Private Equity’s 3rd and Adams Street Partners’ 24th transaction in the Internet Software and Services sector.
  • This is Aldrich Capital Partners’ , BlackRock Capital Investment’s 2nd, Pamplona Capital Management - Private Equity’s 6th and Adams Street Partners’ 4th largest (disclosed) transaction.
  • This is Aldrich Capital Partners’ 3rd, BlackRock Capital Investment’s 23rd, Pamplona Capital Management - Private Equity’s 18th and Adams Street Partners’ 110th transaction in the United States.
  • This is Aldrich Capital Partners’ 1st, BlackRock Capital Investment’s 1st, Pamplona Capital Management - Private Equity’s 2nd and Adams Street Partners’ 5th transaction in Virginia.

M&A Deal Summary

Date 2018-02-27
Target Cofense
Sector Internet Software and Services
Buyer(s) Aldrich Capital Partners
BlackRock Capital Investment
Pamplona Capital Management - Private Equity
Adams Street Partners
Sellers(s) Paladin Capital Group
Deal Type Secondary Buyout
Deal Value 400M USD

Target

Cofense

Ashburn, Virginia, United States
Cofense is a provider of human-driven phishing defense solutions world-wide. Cofense delivers a collaborative approach to cybersecurity by enabling organization-wide engagement to active email threats. Company collective defense suite combines timely attack intelligence sourced from employees with best-in-class incident response technologies to stop attacks faster and stay ahead of breaches.  Cofense was founded in 2011 and is based in Ashburn, Virginia.

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Buyer(S) 4

Buyer
DESCRIPTION

Aldrich Capital Partners is a growth capital firm focused on acquiring minority or control positions in growth companies with at least $10 million in revenue. The Firm primarily targets tech-enabled service companies including software, healthcare IT, and financial technology. Prospective companies generally exhibit committed management, proprietary software/solutions, and entrepreneurs looking for a financial partner to pursue growth opportunities. Aldrich Capital Partners was formed in 2014 and is headquartered in Vienna, Virginia.


DEAL STATS #
Overall 3 of 10
Sector: Internet Software and Services M&A 1 of 2
Type: Secondary Buyout M&A Deals 1 of 1
State: Virginia M&A 1 of 3
Country: United States M&A 3 of 10
Year: 2018 M&A 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Woundtech

Hollywood, Florida, United States

Woundtech provides technology-enabled wound management services. The company provides the patient with the most advanced wound healing dressings and products available. These products have been selected because of their effective, evidence-based wound-healing properties. Woundtech was founded in 1999 and is based in Hollywood, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-19 Paymerang

Richmond, Virginia, United States

Paymerang offers advanced solutions that integrate AI, data capture technologies, and electronic document workflows to address complex AP challenges. Paymerang was formed in 2010 and is based in Richmond, Virginia.

Buy -
Buyer

BlackRock Capital Investment

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 2005
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


DEAL STATS #
Overall 27 of 33
Sector: Internet Software and Services M&A 1 of 2
Type: Secondary Buyout M&A Deals 9 of 11
State: Virginia M&A 1 of 1
Country: United States M&A 23 of 26
Year: 2018 M&A 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 LegalShield

Ada, Oklahoma, United States

LegalShield is a provider of legal plans and identity theft solutions to families and small businesses across the US and Canada. LegalShield was founded in 1972 and is based in Ada, Oklahoma.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-14 Trustly

Stockholm, Sweden

Trustly is an online payment provider that enables direct account-to-account payments, in partnership with merchants across Europe. The Company processes more than 3.5 million payments with payment volumes of ~SEK 6 billion each month. Trustly was founded in 2008 and is based in Stockholm, Sweden.

Buy -
Buyer

Pamplona Capital Management - Private Equity

London, United Kingdom

Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pamplona Capital Management - Private Equity, is the private equity unit of asset manager Pamplona, which also provides hedge funds and hedge fund-of-funds products. Pamplona PE invests in 'market leading' companies in a variety of industry sectors. The Group will consider opportunities throughout North America and Europe. Pamplona PE was established in 2005 and is based in London and New York.


DEAL STATS #
Overall 34 of 39
Sector: Internet Software and Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 15 of 20
State: Virginia M&A 2 of 2
Country: United States M&A 18 of 20
Year: 2018 M&A 2 of 3
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 GetWellNetwork

Bethesda, Maryland, United States

GetWellNetwork is a provider of patient engagement solutions that help health care providers engage, educate and empower patients along the care continuum. Our patient-centered platform, delivered across multiple technology platforms including mobile devices, computers and televisions, enables providers to implement a revolutionary care delivery model called Interactive Patient Care™ to improve performance and patient outcomes. The company further extends the value of existing IT investments by integrating seamlessly with electronic medical record and patient portal applications. GetWellNetwork was founded in 2000 and is based in Bethesda, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-26 PPF

Budaörs, Hungary

Partner in Pet Food (PPF) is a pet food manufacturer with nine manufacturing operations across Europe. PPF supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists. Its product range covers the main categories of dog and cat food including wet and dry food including single serve products. Partner in Pet Food was founded in 1999 and is based in Budaörs, Hungary.

Sell -
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 121 of 152
Sector: Internet Software and Services M&A 24 of 32
Type: Secondary Buyout M&A Deals 4 of 7
State: Virginia M&A 5 of 6
Country: United States M&A 110 of 140
Year: 2018 M&A 6 of 11
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-14 Hightail

Campbell, California, United States

Hightail, Inc. is a provider of online file storage and management capabilities. Hightail, Inc. was established in 2004 and is based in Campbell, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-12 Corvus Pharmaceuticals

Burlingame, California, United States

Corvus Pharmaceuticals a clinical-stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies. Its lead product candidate is CPI-006, an anti-CD73 monoclonal antibody, which is in Phase I/Ib clinical trial that inhibits the production of adenosine and activate various immune cells, as Phase III clinical trial of CPI-006 for COVID-19. Corvus Pharmaceuticals was founded in 2014 and is based in Burlingame, California.

Sell -

Seller(S) 1

SELLER

Paladin Capital Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2001
PE ASSETS 1.5B USD
Size Large
Type Sector Focused
DESCRIPTION

Paladin Capital Group is a growth capital firm focused on early and expansion stage businesses related to homeland security, defense, and business continuity. Specific areas of interest include identity management, antimicrobial solutions, mesh networks, IT services, data storage, business process software, network management software and detection, biometrics, and protective equipment. Paladin Capital Group was formed in 2001 and is headquartered in Washington DC.


DEAL STATS #
Overall 33 of 44
Sector: Internet Software and Services M&A 5 of 6
Type: Secondary Buyout M&A Deals 5 of 5
State: Virginia M&A 4 of 7
Country: United States M&A 29 of 38
Year: 2018 M&A 1 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-27 CyberCore Technologies

Elkridge, Maryland, United States

CyberCore Technologies is a provider of information technology services to a variety of federal government agencies with a focus on intelligence and security. CyberCore Technologies was founded in 2000 and is based in Elkridge, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-12 Digital Signal

Chantilly, Virginia, United States

Digital Signal is a video biometric system that leverages the proprietary technology of coherent lidar and high resolution video to provide stand-off 3D facial recognition capability of moving targets for identification and surveillance purposes. Digital Signal was founded in 2001 and is based in Chantilly, Virginia.

Sell -