M&A Deal Summary

Apax Acquires Cadence Education

On February 12, 2020, private equity firm Apax acquired education company Cadence Education from Morgan Stanley Capital Partners

Acquisition Highlights
  • This is Apax’s 4th transaction in the Education sector.
  • This is Apax’s 85th transaction in the United States.
  • This is Apax’s 2nd transaction in Arizona.

M&A Deal Summary
Date 2020-02-12
Target Cadence Education
Sector Education
Buyer(s) Apax
Sellers(s) Morgan Stanley Capital Partners
Deal Type Secondary Buyout

Target

Cadence Education

Scottsdale, Arizona, United States
Cadence Education is a premier early childhood educator in the United States, operating more than 225 private preschools across the country. With more than 27 years in business, Cadence has developed unparalleled expertise in preparing students to thrive in the next step of their childhood. It provides parents with peace of mind by giving children an exceptional education every fun-filled day in a place as nurturing as home. Cadence Education was formed in 1969 and is based in Scottsdale, Arizona.

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Buyer(S) 1

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 220 of 262
Sector (Education) 4 of 5
Type (Secondary Buyout) 48 of 66
State (Arizona) 2 of 2
Country (United States) 85 of 105
Year (2020) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-05 Engineering Ingegneria Informatica

Roma, Italy

Engineering Ingegneria Informatica is an IT services provider focused on digital transformation with more than 11,000 professionals in 65 locations across the world. The Group designs develops and manages innovative IT solutions for business areas where digitalization is having the biggest impact. Engineering Ingegneria Informatica was founded in 1980 and is based in Roma, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-26 Openlane

Carmel, Indiana, United States

Openlane provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. Openlane’s unique end-to-end platform supports whole car, financing, logistics, and other ancillary and related services. Its integrated physical, online and mobile marketplaces reduce risk, improve transparency, and streamline transactions for customers in more than 80 countries. Openlane was formed in 2006 and is headquartered in Carmel, Indiana.

Buy -

Seller(S) 1

SELLER

Morgan Stanley Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
Size Large
Type Sector Agnostic
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.

DEAL STATS #
Overall 18 of 25
Sector (Education) 1 of 1
Type (Secondary Buyout) 5 of 9
State (Arizona) 1 of 1
Country (United States) 14 of 21
Year (2020) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-18 Contanda

Houston, Texas, United States

Contanda is a premier provider of storage and logistics services to owners of bulk liquids in North America. Contanda has over seven million barrels of storage capacity across 15 terminals in North America. The business is focused on growth in the petrochemical, hydrocarbon, and renewable markets while maintaining a leading market position in the refined products, renewable fuels, chemical, and agricultural sectors. Contanda is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-03 Pathway Partners Vet Holding

Austin, Texas, United States

Pathway Partners Vet Holding LLC is a veterinary hospital owner and operator with over 270 general, specialty and emergency practice locations, over 85 THRIVE Affordable Vet Care locations, and the Management Services Organization, Veterinary Growth Partners, which supports over 5,500 affiliated and unaffiliated member hospitals. Pathway’s mission is for its team members to be change agents for good, who support people doing what they love so, together, they can transform the veterinary industry and the world – for the better. Pathway looks for practices and doctors seeking opportunities to grow and provides personalized management support to help them focus on providing the best possible care to their patients. Pathway has differentiated itself by focusing on the unique needs of each practice and partnering with the local team to implement their vision and work with their values, as well as building out an integrated pet care ecosystem that meets the needs of pets, pet families and pet care providers nationwide.

Sell -
Mergr

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