M&A Deal Summary

capital D, Keyhaven Capital Partners and Morgan Stanley Expansion Capital Acquire Phrasee

On March 16, 2022, private equity firm capital D, private equity firm Keyhaven Capital Partners and growth capital firm Morgan Stanley Expansion Capital acquired software company Phrasee

Acquisition Highlights
  • This is capital D’s 1st, Keyhaven Capital Partners’ 1st and Morgan Stanley Expansion Capital’s 11th transaction in the Software sector.
  • This is capital D’s 1st, Keyhaven Capital Partners’ 6th and Morgan Stanley Expansion Capital’s 2nd transaction in the United Kingdom.

M&A Deal Summary

Date 2022-03-16
Target Phrasee
Sector Software
Buyer(s) capital D
Keyhaven Capital Partners
Morgan Stanley Expansion Capital
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Results International Group (Financial)
Orrick (Legal)

Target

Phrasee

London, United Kingdom
Phrasee is an AI-powered SaaS platform that revolutionizes customer communication through brand language optimization. The company is disrupting the traditional role of the human copywriter/marketer using data science and a powerful proprietary natural language generation engine to generate, automate and optimize marketing language in real-time with superior performance. Phrasee’s platform optimizes e-mail, SMS, web, and social media campaigns, by providing AI-generated optimized and brand-safe language to clients, driving higher open and click-through rates, and sales. its clients are typically large, well-known enterprises across multiple business sectors in the United States of America and Europe. Phrasee was founded in 2015 and is based in London, United Kingdom.

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Buyer(S) 3

DESCRIPTION

capital D is a private equity firm focused on growth-oriented buyouts of founder led businesses. The Firm does not have any sector preferences and will consider opportunities throughout Europe. capital D's seeks to invest €20 to 60 million in businesses valued up to €250m. capital D was formed in 2017 and is based in London, United Kingdom.


DEAL STATS #
Overall 3 of 3
Sector: Software M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 3
Country: United Kingdom M&A 1 of 1
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-31 Invincible Brands

Berlin, Germany

Invincible Brands is a social commerce platform that operates within the beauty, health, fitness & nutrition sectors. Converting connections into spending, IB developed a unique formula of product development methods to test and ensure products are top notch and to live up to the highest customer expectations. Its brands include HelloBody (Skin Care), Natural Mojo (Superfoods / Nutrition), Banana Beauty (Color Cosmetics), and Mermaid + Me (Hair Care). Invincible Brands was formed in 2015 and is based in Berlin, Germany.

Sell -
Buyer

Keyhaven Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Keyhaven Capital Partners is a private equity firm focused on small cap company acquisitions in Europe. The Firm does not have any sector preferences and generally targets companies valued less then €100 million. Keyhaven Capital Partners was formed in 2003 and is based in London.


DEAL STATS #
Overall 16 of 16
Sector: Software M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 10 of 10
Country: United Kingdom M&A 6 of 6
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-05 Real Good Dental

Edinburgh, United Kingdom

Real Good Dental is a dental group servicing over 350,000 patients across 46 practices. Alongside routine dental care, the group also provides aesthetic services under its Westerwood Health brand. Real Good Dental was founded in 2012 and is based in Edinburgh, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Steer Automotive Group

Aylesbury, United Kingdom

Steer Automotive Group is a network of B2B specialist vehicle repair centres in the UK. The business repairs over 12,000 cars per year for its insurance, accident management and dealership clients and has approvals with major brands including Porsche, JLR, Ford and Nissan. Steer Automotive Group was founded in 2003 and is based in Aylesbury, United Kingdom. ,

Sell -
DESCRIPTION

Morgan Stanley Expansion Capital is a division of Morgan Stanley that looks to make growth equity and credit investments in expanding companies operating in the healthcare, digital media, e-commerce, consumer and business services sectors. The unit will consider opportunities throughout North America and Western Europe and primarily targets companies with established products/services looking to scale. Morgan Stanley Expansion Capital is headquartered in New York City.


DEAL STATS #
Overall 42 of 48
Sector: Software M&A 11 of 13
Type: Buyout (LBO, MBO, MBI) M&A Deals 4 of 5
Country: United Kingdom M&A 2 of 3
Year: 2022 M&A 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Rocket Lawyer

San Francisco, California, United States

Rocket Lawyer is an online legal destination website for individuals and small businesses. Rocket Lawyer is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-30 Gozio

Atlanta, Georgia, United States

Gozio offers an end-to-end, customizable digital health platform exclusively for healthcare systems. Gozio’s extensible mobile platform enables seamless consumer interactions and provides an anytime, anywhere connection to patients that improves their overall experience and access to care. Gozio was founded in 2013 and is based in Atlanta, Georgia.

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