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  6. BGH Capital, Sixth Street Partners and CPP Investments Acquire Pushpay

M&A Deal Summary

BGH Capital, Sixth Street Partners and CPP Investments Acquire Pushpay

On October 31, 2022, private equity firm BGH Capital, asset manager Sixth Street Partners and pension CPP Investments acquired internet software and services company Pushpay for 898M USD

Acquisition Highlights
  • This is BGH Capital’s 1st, Sixth Street Partners’ 3rd and CPP Investments’ 13th transaction in the Internet Software and Services sector.
  • This is BGH Capital’s 2nd, Sixth Street Partners’ 5th and CPP Investments’ 56th largest (disclosed) transaction.
  • This is BGH Capital’s 1st, Sixth Street Partners’ 17th and CPP Investments’ 68th transaction in the United States.
  • This is BGH Capital’s 1st, Sixth Street Partners’ 1st and CPP Investments’ 1st transaction in Washington.

M&A Deal Summary
Date 2022-10-31
Target Pushpay
Sector Internet Software and Services
Buyer(s) BGH Capital
Sixth Street Partners
CPP Investments
Deal Type Going Private
Deal Value 898M USD

Target

Pushpay

Redmond, Washington, United States
Pushpay is a provider of mobile commerce tools that facilitate non-point-of-sale payments between consumers and merchants. It also specialises in non-profit organisations and churches. Pushpa was founded in 2011 and is based in Redmond, Washington.

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Buyer(S) 3

Buyer

BGH Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2017
PE ASSETS 2.6B AUD
Size Large
Type Sector Agnostic
DESCRIPTION

BGH Capital is a private equity firm that partners with entrepreneurs and management teams in Australia and New Zealand to build strong, sustainable, market-leading businesses. The Firm pursues mid-market companies and does not have any sector preferences. BGH Capital was formed in 2017 and is headquartered in Melbourne.

DEAL STATS #
Overall 8 of 8
Sector: Internet Software and Services M&A 1 of 1
Type: Going Private M&A Deals 4 of 4
State: Washington M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2022 M&A 2 of 2
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 Virtus Health

Greenwich, Australia

Virtus Health is a provider of clinical, scientific, diagnostic and day surgery services. Virtus Health was founded in 2008 and is based in Greenwich, Australia.

Buy $515M
Buyer

Sixth Street Partners

Category Asset Manager
Founded 2009
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.

DEAL STATS #
Overall 19 of 28
Sector: Internet Software and Services M&A 3 of 3
Type: Going Private M&A Deals 2 of 4
State: Washington M&A 1 of 1
Country: United States M&A 17 of 25
Year: 2022 M&A 5 of 5
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-30 Blueprint Medicines

Cambridge, Massachusetts, United States

Blueprint Medicines is a bio pharmaceutical company focused on improving the lives of patients with genomically defined diseases driven by abnormal kinase activation. Blueprint Medicines was founded in 2008 and is based in Cambridge, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-04 National Women’s Soccer League

New York City, New York, United States

National Women’s Soccer League is an operator of professional women's soccer league at the top of the United States league system. National Women’s Soccer League was founded 2012 and is based in New York City.

Buy -
Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
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 STATS #
Overall 138 of 176
Sector: Internet Software and Services M&A 13 of 17
Type: Going Private M&A Deals 22 of 34
State: Washington M&A 1 of 1
Country: United States M&A 68 of 82
Year: 2022 M&A 12 of 12
Size (of disclosed) 56 of 60
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-15 Patties Food Group

Melbourne, Australia

Patties Food Group is a provider of frozen savoury and frozen dessert pies, with key products including meat pies, sausage rolls and fruit pies. The company is known for some of Australia’s best-loved brands, including Four’N Twenty, Herbert Adams, Boscastle and Nanna’s, and Leader. Patties Food Group was founded in 1966 and is based in Melbourne, Victoria.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 Human Interest

San Francisco, California, United States

Human Interest is an affordable, full-service 401(k) and 403(b) provider that seeks to make it easy for businesses in the United States to assist their employees with investing for retirement. Human Interest was founded in 2015 and in San Francisco, California.

Buy -
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