M&A Deal Summary

CIVC Partners Acquires Highstreet IT Solutions

On February 15, 2024, private equity firm CIVC Partners acquired information technology company Highstreet IT Solutions from Petra Capital Partners and Transition Capital Partners

Acquisition Highlights
  • This is CIVC Partners’ 7th transaction in the Information Technology sector.
  • This is CIVC Partners’ 72nd transaction in the United States.
  • This is CIVC Partners’ 3rd transaction in Maryland.

M&A Deal Summary
Date 2024-02-15
Target Highstreet IT Solutions
Sector Information Technology
Buyer(s) CIVC Partners
Sellers(s) Petra Capital Partners
Transition Capital Partners
Deal Type Secondary Buyout

Target

Highstreet IT Solutions

Rockville, Maryland, United States
Highstreet IT Solutions is a provider of cloud-oriented managed IT services and enterprise software implementation services. Through a complete service portfolio, Highstreet assists enterprise clients as they transition to Cloud-based IT infrastructure and applications and supports their Cloud-based technologies on an ongoing basis. Highstreet IT Solutions was founded in 1996 and is based in Rockville, Maryland.

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Buyer(S) 1

Buyer

CIVC Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1970
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CIVC Partners is a private equity firm that provides buyout and growth capital to middle-market businesses located in the US and Canada. CIVC invests in companies generating sales of $40 - $300 million with an EBITDA of $5 to $25 million. Sectors of interest include Business Services, Information Services, Facility Services, Insurance Services, Transportation & Logistics, Tech-enabled Services, BPO, SaaS, Compliance Services, Corporate Training, IT Services, and Utility Services. The firm invests in the range of $20 - $100 million per transaction. CIVC prefers to be the lead equity sponsor and will consider both majority and minority investment situations. CIVC Partners was formed in 1970 and is based in Chicago, Illinois.

DEAL STATS #
Overall 76 of 76
Sector (Information Technology) 7 of 7
Type (Secondary Buyout) 15 of 15
State (Maryland) 3 of 3
Country (United States) 72 of 72
Year (2024) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-26 HR Green

Cedar Rapids, Iowa, United States

HR Green provides infrastructure design, engineering, and consulting services to public and private sector clients across transportation, water, municipal advisory, broadband, and land development end markets. HR Green brings engineering, technical, and management solutions to clients across the Midwest, South, Mountain West, and California regions. HR Green was formed in 1913 and is based in Cedar Rapids, Iowa.

Buy -

Seller(S) 2

SELLER

Petra Capital Partners

Nashville, Tennessee, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Petra Capital Partners is a private investment firm that invests in US-based, high-growth businesses operating in the business services, healthcare services, media/publishing, telecom, IT, and information services sectors. Target companies are generally cash-flow positive with revenues in excess of $10 million and growth rates above 20%. Petra can commit up to $20 million per transaction. The Firm typically invests in subordinated debentures with warrants to purchase equity securities. Petra Capital Partners is licensed as a SBIC. The Firm was formed in 1996 and is based in Nashville, Tennessee.

DEAL STATS #
Overall 30 of 30
Sector (Information Technology) 4 of 4
Type (Secondary Buyout) 8 of 8
State (Maryland) 2 of 2
Country (United States) 30 of 30
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-28 Viva Day + Med

Austin, Texas, United States

Viva Day Spa + Med Spa offers a full menu of spa and med spa treatments including botox, fillers, body contouring, laser hair removal, massages, facials, waxing, manicures, pedicures. Viva Day Spa + Med Spa was founded in 2005 and is based in Austin, Texas.

Buy -
SELLER

Transition Capital Partners

Southlake, Texas, United States

Investor Investor Investor Investor

Category Family Office
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Transition Capital Partners is a private investment firm focused on leveraged recapitalizations of entrepreneurial service-based businesses. Transition generally looks for high-growth companies with $2 million to $8 million of EBITDA where the firm can help position the company for the next level of growth. Sectors of interest include healthcare services, non-asset based logistics, retail, alternative energy and services, security services, direct marketing, software, branded food/beverage, education, telecom, oil/gas services, and outsourcing. The Firm is affiliated with family office Patterson Thoma Investments. Transition Capital Partners was formed in 1993 and is based in Dallas, Texas.

DEAL STATS #
Overall 29 of 29
Sector (Information Technology) 1 of 1
Type (Secondary Buyout) 10 of 10
State (Maryland) 1 of 1
Country (United States) 29 of 29
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Petroflex

Gainesville, Texas, United States

Petroflex manufactures superior quality, continuous length HDPE (High Density Polyethylene) conduit and accessories for the Electric Utility, Renewables (Wind & Solar), Irrigation, Telecommunications and Data/Voice industries. Petroflex was founded in 1983 and is based in Gainesville, Texas.

Sell -
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