Recapitalization • Software

BC Partners and CPP Investments Acquire NAVEX

On July 17, 2018, private equity firm BC Partners and pension CPP Investments acquired software company NAVEX from Vista Equity Partners

Acquisition Context
  • This is BC Partners’ 3rd and CPP Investments’ 6th transaction in the Software sector.
  • This is BC Partners’ 15th and CPP Investments’ 33rd transaction in the United States.
  • This is BC Partners’ 1st and CPP Investments’ 1st transaction in Oregon.

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M&A Deal Summary

Date July 17, 2018
Target NAVEX
Sector Software
Buyer(s) BC Partners
CPP Investments
Sellers(s) Vista Equity Partners
Deal Type Recapitalization
Advisor(s) Morgan Stanley (Financial)
Kirkland & Ellis (Legal)

Target Company

NAVEX

Lake Oswego, Oregon, United States
NAVEX is a provider of ethics and compliance software, content and services helps organizations protect their people, reputation and bottom line. NAVEX was founded in 2012 and is based in Lake Oswego, Oregon.
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Buyers Overview 2

Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a large investment group focused on private equity, credit, real estate, and co-investment strategies. The Firm's private equity group looks to make control investments in European and North American businesses valued above €300 million. 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 is based in London, England.


Deal Context for Buyer #
Overall 82 of 99
Sector: Software 3 of 3
Type: Recapitalization 2 of 3
State: Oregon 1 of 1
Country: United States 15 of 19
Year: 2018 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-13 Forno d Asolo

Maser, Italy

Forno d’Asolo, which makes frozen pastry and bakery products, is expected to report core profits of 25 million euros for this year. Forno d'Asolo was founded in 1985 and is based in Maser, Italy.

Buy €300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-07 VetPartners

York, Pennsylvania, United States

VetPartners is a nonprofit association of veterinary business specialists dedicated to serving the veterinary profession. VetPartners was founded in 2015 and is based in York, United Kingdom.

Buy £700M
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Buyer #
Overall 62 of 176
Sector: Software 6 of 12
Type: Recapitalization 1 of 4
State: Oregon 1 of 1
Country: United States 33 of 82
Year: 2018 14 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-17 Signant Health

Blue Bell, Pennsylvania, United States

Signant Health is a global provider of patient-centric clinical trial technology solutions, servicing pharmaceutical and biotechnology companies. Its platform includes eCOA, eConsent, RTSM, EDC, and data analytics to ensure reliable study outcomes. Signant Health was founded in 2018 and is based in Blue Bell, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-12 Sedgwick

Memphis, Tennessee, United States

Sedgwick is a global provider of technology-enabled risk, benefits and integrated business solutions. The Company provides technology-enabled claims management solutions for workers’ compensation, disability, liability, and property claims. Sedgwick was founded in 1969 and is based in Memphis, Tennessee.

Buy $6.7B

Seller Profile 1

SELLER

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


Deal Context for Seller #
Overall 36 of 72
Sector: Software 15 of 28
Type: Recapitalization 3 of 3
State: Oregon 3 of 4
Country: United States 33 of 68
Year: 2018 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-05 IAS

New York, New York, United States

IAS is a technology company specializing in measuring media quality to verify and optimize the placement of digital advertisements. IAS's capabilities include fraud detection, viewability assessment, brand safety assurance, and optimization services. IAS was founded in 2009 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-07 Alegeus

Boston, Massachusetts, United States

Alegeus is a provider of benefits administration software, debit cards, and transaction processing solutions for consumer directed healthcare accounts, including flexible spending accounts, health reimbursement arrangements, and health savings accounts. Alegeus was formed in 1995 and is based in Boston, Massachusetts.

Buy -