M&A Deal Summary

Astorg Partners and Nordic Capital Acquire Cytel

On December 21, 2020, private equity firms Astorg Partners and Nordic Capital acquired software company Cytel from New Mountain Capital

Acquisition Highlights
  • This is Astorg Partners’ 4th and Nordic Capital’s 6th transaction in the Software sector.
  • This is Astorg Partners’ 3rd and Nordic Capital’s 9th transaction in the United States.
  • This is Astorg Partners’ 2nd and Nordic Capital’s 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2020-12-21
Target Cytel
Sector Software
Buyer(s) Astorg Partners
Nordic Capital
Sellers(s) New Mountain Capital
Deal Type Secondary Buyout

Target

Cytel

Cambridge, Massachusetts, United States
Cytel is a provider of analytical software and services for the life sciences sector. Cytel helps leading pharmaceutical, biotech, and medical device companies improve clinical success rates via optimal study design, effective data management, and accurate statistical analysis. Cytel was founded in 1987 and is based in Cambridge, Massachusetts.

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Buyer(S) 2

Buyer

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.

DEAL STATS #
Overall 47 of 67
Sector (Software) 4 of 5
Type (Secondary Buyout) 23 of 37
State (Massachusetts) 2 of 4
Country (United States) 3 of 5
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-07 Surfaces Group

Cenate Sotto, Italy

Surfaces Group is a global developer and manufacturer of value-add abrasive tools and other consumables sold to manufacturers of high-end ceramic, engineered stone, glass and niche mechanical applications. The company offers a complete set of tools and abrasives for post-production value-add operations, including lapping, polishing, coating, cutting and squaring. Surfaces Group is based in Cenate Sotto, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-13 Third Bridge

London, United Kingdom

Third Bridge provides private equity firms, hedge funds, and strategy consultants with the information that they need to understand the value of their investment opportunities. Every month, company receive thousands of requests from clients, who trust to deliver on their most complex information needs. Third Bridge was founded in 2007 and is based in London, United Kingdom.

Buy -
Buyer

Nordic Capital

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 31.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Nordic Capital is a private equity investment firm that targets mid to large-sized company investments located in Northern Europe as well as the US. Nordic seeks investments across a wide range of industries and prefers situations where there are 'opportunities for new industrial combinations, strategic repositioning, international expansion and operational improvements'. Nordic Capital was formed in 1989 and is based in Stockholm, Sweden.

DEAL STATS #
Overall 110 of 140
Sector (Software) 6 of 12
Type (Secondary Buyout) 32 of 45
State (Massachusetts) 2 of 3
Country (United States) 9 of 15
Year (2020) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-04 Regnology

Frankfurt, Germany

Regnology is a provider of unique software solutions across the regulatory value chain. Regnology was founded in 1994 and is based in Frankfurt, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-11 Max-Inf

Ningbo, China

Max-Inf is a brand operator and manufacturer in safety technology specializes in innovative car seats, strollers, travel systems, and other baby care related products. Max-Inf was founded in 1998 and is based in Ningbo, China.

Sell -

Seller(S) 1

SELLER

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 30 of 45
Sector (Software) 3 of 7
Type (Secondary Buyout) 7 of 11
State (Massachusetts) 2 of 3
Country (United States) 27 of 42
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Inframark

Katy, Texas, United States

Inframark is an infrastructure services company focused on the operation and maintenance of water and wastewater systems, management of community infrastructure, and back-office services. With more than 40 years of experience in managing water-related infrastructure, the company employs in excess of 1,500 people serving more than 400 clients in 19 states. Its North American operations manage facilities that can treat over 900 million gallons of drinking water and wastewater daily. It also manages more than 7,000 miles of wastewater collection and water distribution networks. Its infrastructure management services group serves 220 clients with financial, administrative, and specialized support services. Inframark is based in Katy, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-22 Sparta Systems

Hamilton, New Jersey, United States

Sparta Systems is a provider of quality management software to the pharmaceutical, medical device, and consumer products industries. Sparta’s software solutions help improve quality outcomes and incident response, with improved regulatory compliance and lower administrative costs. Its flagship platform, TrackWise, is used by 35 of the top 40 pharma companies and 13 of the top 15 medical device manufacturers. Sparta has over 825,000 individual users overall across more than 30 countries. Sparta Systems was formed in 1994 and is based in Hamilton, New Jersey.

Sell $1.3B
Mergr

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