M&A Deal Summary

Comvest Partners, Siris Capital Group and Vector Capital Acquire Tekelec Global

On January 27, 2012, private equity firms Comvest Partners, Siris Capital Group and Vector Capital acquired software company Tekelec Global for 780M USD

Acquisition Highlights
  • This is Comvest Partners’ 2nd, Siris Capital Group’s 1st and Vector Capital’s 8th transaction in the Software sector.
  • This is Comvest Partners’ , Siris Capital Group’s 10th and Vector Capital’s 5th largest (disclosed) transaction.
  • This is Comvest Partners’ 26th, Siris Capital Group’s 2nd and Vector Capital’s 18th transaction in the United States.
  • This is Comvest Partners’ 2nd, Siris Capital Group’s 1st and Vector Capital’s 1st transaction in North Carolina.
Investment Fate
  • Tekelec Global was sold to a publicly-traded strategic buyer in 2013.

M&A Deal Summary

Date 2012-01-27
Target Tekelec Global
Sector Software
Buyer(s) Comvest Partners
Siris Capital Group
Vector Capital
Deal Type Going Private
Deal Value 780M USD

Target

Tekelec Global

Morrisville, North Carolina, United States
Tekelec Global, Inc. is a provider of signaling and session control systems and software to both wireless and wireline carriers as well as cable network operators.

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Buyer(S) 3

Buyer

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


DEAL STATS #
Overall 26 of 60
Sector (Software) 2 of 2
Type (Going Private) 1 of 1
State (North Carolina) 2 of 4
Country (United States) 26 of 59
Year (2012) 1 of 5
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-06 Lemon-X

Huntington, New York, United States

Lemon-X Corp. is a manufactures and sells a diverse variety of juices, teas, lemonades, and cocktail mixes in numerous concentrations and pack sizes.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-08 United States Pipe and Foundry

Birmingham, Alabama, United States

United States Pipe and Foundry Co., LLC is a manufacturer of ductile iron pipe products, fittings and joint restraints used in drinking water and wastewater systems. U.S. Pipe operates 20 manufacturing and fabrication facilities throughout the United States and Mexico. U.S. Pipe has a comprehensive product portfolio supported by strong brand recognition among customers through product innovation and a reputation for quality and service.

Buy -
Buyer

Siris Capital Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Siris Capital Group is a private equity firm focused on control investments in technology, telecommunications, and healthcare companies. Siris looks to acquire large companies valued from $250 million to $2 billion. The Firm was spun out of hedge fund SAC Capital Advisors in 2011. Siris Capital Group is based in New York City.


DEAL STATS #
Overall 2 of 20
Sector (Software) 1 of 3
Type (Going Private) 2 of 10
State (North Carolina) 1 of 1
Country (United States) 2 of 18
Year (2012) 1 of 2
Size (of disclosed) 10 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-18 Airvana

Chelmsford, Massachusetts, United States

Airvana LP is a provider of 4G LTE and 3G small cell solutions that enable people to access communications, information and entertainment in the most challenging and high-value environments—offices, public venues and homes.

Buy $530M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-11 Transaction Network Services

Reston, Virginia, United States

Transaction Network Services is a provider of fast, reliable data communications services for transaction-oriented applications. TNS combines innovation, advanced technology, and industry expertise to provide a range of authorization and communications solutions to support the credit card and ATM transaction processing industry. The Company also provides secure and highly reliable data network services to the telecommunications and securities industries. Transaction Network Services was formed in 1990 and is based in Reston, Virginia.

Buy $862M
Buyer

Vector Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Vector Capital is a private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector targets both public and private company investments. Prospective businesses typically have strong customer bases, high gross margins, and at least $30 million in sales. Vector Capital was formed in 1997, after spinning out from Ziff Brothers Investments. The Firm is based in San Francisco, California.


DEAL STATS #
Overall 20 of 48
Sector (Software) 8 of 16
Type (Going Private) 10 of 15
State (North Carolina) 1 of 1
Country (United States) 18 of 40
Year (2012) 1 of 3
Size (of disclosed) 5 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-03 Tidel

Carrollton, Texas, United States

Tidel is a provider of cash management solutions that empower retail institutions across the globe to better manage their daily cash operations, reduce risk, and increase profits. Customers rely on Tidel to provide reliable solutions that help secure, optimize, and streamline their cash environment. Tidel is based in Carrollton, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-21 Vantiva

Paris, France

Vantiva is a provider in digital media technology. Vantiva provides movie film processor, servicing all segments of the motion picture and television industries. Vantiva was founded in 1985 and is based in Paris, France.

Buy -