M&A Deal Summary

CVC Capital Partners Acquires Icario

On May 4, 2021, private equity firm CVC Capital Partners acquired information technology company Icario from TT Capital Partners

Acquisition Highlights
  • This is CVC Capital Partners’ 9th transaction in the Information Technology sector.
  • This is CVC Capital Partners’ 37th transaction in the United States.
  • This is CVC Capital Partners’ 2nd transaction in Minnesota.

M&A Deal Summary
Date 2021-05-04
Target Icario
Sector Information Technology
Buyer(s) CVC Capital Partners
Sellers(s) TT Capital Partners
Deal Type Secondary Buyout
Advisor(s) Triple Tree LLC (Financial)

Target

Icario

Minneapolis, Minnesota, United States
Icario is a health action company focused on connecting people to health. Icario uses pioneering behavioral research, data science, and our adaptive multi-channel platform to deliver personalization at scale for the most trusted healthcare organizations in all 50 states, including seven of the 10 largest health plans. Icario was founded in 2006 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.

DEAL STATS #
Overall 275 of 323
Sector (Information Technology) 9 of 12
Type (Secondary Buyout) 60 of 76
State (Minnesota) 2 of 2
Country (United States) 37 of 44
Year (2021) 12 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 Acronis

Schaffhausen, Switzerland

Acronis is a provider of virtualization, the explosion of data creation and the opportunities Cloud services offer are bringing new challenges to maintaining effective backup and disaster recovery programs for critical data. Acronis was founded in 2003 and is based in Schaffhausen, Switzerland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-10 Ngern Tid Lor

Bangkok, Thailand

Ngern Tid Lor is the microfinance arm of Krungsri, which provides affordable credit and insurance solutions to Thailand’s underbanked and self-employed population. Ngern Tid Lor was founded in 2006 and is based in Bangkok, Thailand.

Sell -

Seller(S) 1

SELLER

TT Capital Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2011
Size Small
Type Sector Focused
DESCRIPTION

TT Capital Partners is the investment arm of financial advisory firm TripleTree. TT Capital Partners invests in emerging healthcare technology and services companies with the potential to be market leaders across disruptive themes in healthcare. TT Capital Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 3 of 6
Sector (Information Technology) 2 of 3
Type (Secondary Buyout) 1 of 1
State (Minnesota) 2 of 2
Country (United States) 3 of 6
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-23 The Emily Program

St. Paul, Minnesota, United States

The Emily Program provides personalized eating disorder treatment for teens, young adults, and adults. It offers comprehensive psychological, nutritional, medical, and psychiatric care at multiple locations across the Minneapolis-St. Paul area, Duluth, MN, Spokane, WA, South Sound (Lacey), WA and Seattle, WA, Pittsburgh, PA, and Cleveland, OH. The Emily Program was founded in 1993 and is based in St. Paul, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-15 Propio

Overland Park, Kansas, United States

Propio is a provider of phone, video, and in-person interpretation, as well as document translation services. Propio offers superior interpreter quality to its clients and uses technology-oriented solutions to drive the highest value in the industry. Propio was founded in 1998 and is based in Overland Park, Kansas.

Buy -
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