M&A Deal Summary

Clearlake Capital and CPP Investments Acquire ModMed

On March 3, 2025, private equity firm Clearlake Capital and pension CPP Investments acquired information technology company ModMed from Summit Partners and Warburg Pincus

Acquisition Highlights
  • This is Clearlake Capital’s 10th and CPP Investments’ 18th transaction in the Information Technology sector.
  • This is Clearlake Capital’s 86th and CPP Investments’ 78th transaction in the United States.
  • This is Clearlake Capital’s 6th and CPP Investments’ 4th transaction in Florida.

M&A Deal Summary

Date 2025-03-03
Target ModMed
Sector Information Technology
Buyer(s) Clearlake Capital
CPP Investments
Sellers(s) Summit Partners
Warburg Pincus
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs (Financial)
Kirkland & Ellis
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

ModMed

Boca Raton, Florida, United States
ModMed is a provider of specialty-specific health information technology. Its flagship product, the EMA, is a cloud-based, specialty-specific EHR system. The company’s suite of products also includes practice management and revenue cycle management solutions as well as telehealth for dermatology and analytics. ModMed was founded in 2009 and is based in Boca Raton, Florida.

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Buyer(S) 2

Buyer

Clearlake Capital

Santa Monica, California, United States

Category Private Equity Firm
Founded 2006
PE ASSETS 90.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.


DEAL STATS #
Overall 91 of 93
Sector: Information Technology M&A 10 of 10
Type: Secondary Buyout M&A Deals 40 of 40
State: Florida M&A 6 of 7
Country: United States M&A 86 of 88
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-25 Team Technologies

Knoxville, Tennessee, United States

Team Technologies is a manufacturing solutions provider for medical and dental products. From conceptualization to completion, TEAM Technologies offers the technology and solutions for every stage of the development and manufacturing processes all under ISO 13485 and FDA-regulated guidelines. Team Technologies was founded in 1988 and is based in Knoxville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-12 Appriss Retail

Irvine, California, United States

Appriss Retail is a provider of real-time decisioning solutions to help omnichannel retailers minimize fraud, mitigate risks, and drive improved shopper experiences to maximize profitability across online and offline channels. Appriss Retail was founded in 1994 and is based in Irvine, California.

Sell -
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 STATS #
Overall 168 of 176
Sector: Information Technology M&A 18 of 18
Type: Secondary Buyout M&A Deals 43 of 46
State: Florida M&A 4 of 4
Country: United States M&A 78 of 82
Year: 2025 M&A 5 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-30 nVent Electric - Thermal Management Business

United Kingdom

nVent Electric's Thermal Management Business is a provider of mission-critical electrical heat management solutions.

Buy $1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-13 407 ETR

Woodbridge, Ontario, Canada

407 ETR is an all-electronic, barrier-free, toll highway spanning 108km in the Greater Toronto Area. 407 ETR is based in Woodbridge, Ontario.

Buy -

Seller(S) 2

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 291 of 298
Sector: Information Technology M&A 23 of 24
Type: Secondary Buyout M&A Deals 62 of 64
State: Florida M&A 19 of 19
Country: United States M&A 251 of 258
Year: 2025 M&A 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-26 Animal Supply Company

Grand Prairie, Texas, United States

Animal Supply Company is a pet food and supply distributor that provides weekly service to customers nationwide. With more than 1,000,000 square feet of warehouse space and some of the most advanced distribution technologies available, the company delivers over 15,000 unique SKUs to more than 9,000 customers with market-leading efficiency and accuracy. Animal Supply Company was formed in 1987 and is based in Grand Prairie, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-31 One Point Advisory Services

Sussex, United Kingdom

One Point Advisory Services is a platform of regional accounting and independent financial adviser firms. One Point Advisory Services is based in Sussex, United Kingdom.

Buy -
SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 254 of 265
Sector: Information Technology M&A 13 of 16
Type: Secondary Buyout M&A Deals 45 of 47
State: Florida M&A 4 of 6
Country: United States M&A 140 of 150
Year: 2025 M&A 3 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-03 Kestra Financial

Austin, Texas, United States

Kestra Financial is a provider of independent advisor platforms that empowers sophisticated independent financial professionals, including traditional and hybrid RIAs, to prosper, grow and provide superior client service. Kestra Financial was founded in 1997 and is based in Austin, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-04 Sundyne

Arvada, Colorado, United States

Sundyne is a manufacturer of precision-engineered, highly reliable, safe, and efficient centrifugal pumps and compressors for use in the hydrocarbon processing, chemical processing, power generation, industrial, and high-pressure water applications. Sundyne was established in 1970 and is based in Arvada, Colorado.

Sell $2.2B