M&A Deal Summary

CVC Capital Partners, PSG and Providence Equity Partners Acquire Worldwide Express

On July 27, 2021, private equity firm CVC Capital Partners, growth capital firm PSG and private equity firm Providence Equity Partners acquired transportation company Worldwide Express from Ridgemont Equity Partners

Acquisition Highlights
  • This is CVC Capital Partners’ 4th, PSG’s 1st and Providence Equity Partners’ 3rd transaction in the Transportation sector.
  • This is CVC Capital Partners’ 39th, PSG’s 41st and Providence Equity Partners’ 78th transaction in the United States.
  • This is CVC Capital Partners’ 2nd, PSG’s 2nd and Providence Equity Partners’ 8th transaction in Texas.

M&A Deal Summary

Date 2021-07-27
Target Worldwide Express
Sector Transportation
Buyer(s) CVC Capital Partners
PSG
Providence Equity Partners
Sellers(s) Ridgemont Equity Partners
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target

Worldwide Express

Dallas, Texas, United States
Worldwide Express is a provider of third-party logistics services, including small parcel, LTL, FTL, and air freight shipping services to small and medium-sized businesses through a national presence of company-owned and franchise locations. Worldwide Express was established in 1995 and is based in Dallas, Texas.

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Buyer(S) 3

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 285 of 323
Sector (Transportation) 4 of 5
Type (Secondary Buyout) 67 of 76
State (Texas) 2 of 2
Country (United States) 39 of 44
Year (2021) 22 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Panzani

Lyon, France

Panzani is involved in making dry pasta, semolina, couscous, and sauces under the Lustucru and Taureau Ailé brands. Panzani was formed in 1940 and is based in Lyon, France.

Buy €550M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-01 Plus Company

Québec, Quebec, Canada

Plus Company offers a broad range of marketing services, award-winning creative ideas, deep digital expertise, and a global footprint. Plus Company was founded in 2021 and is based in Québec City.

Buy -
Buyer

PSG

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2014
PE ASSETS 14.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

PSG is a growth equity investment firm focused on the software sector. The Firm looks to partner with software and technology-enabled service companies to capitalize on opportunities and accelerate growth. PSG looks to leverage its network and best practice knowledge developed from its history of investing, to implement and execute strategies on guiding companies to the next level. PSG was established in 2014 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 58 of 108
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 6 of 8
State (Texas) 2 of 5
Country (United States) 41 of 74
Year (2021) 12 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-19 Visualfabriq

Maarssen, Netherlands

Visualfabriq is a provider of Revenue Growth Management Solutions with applied AI capabilities. An agile 100% SaaS solution company, Visualfabriq aims to Unleash excellence. Visualfabriq’s goal is to bring back the craftsmanship to the hands of its clients and provide them with the tools Visualfabriq’s management was missing during their own careers in CPG. Visualfabriq was founded in 2013 and is based in Maarssen, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 LogicGate

Chicago, Illinois, United States

LogicGate is a creator of the Risk Cloud platform and Risk Cloud Exchange (RCX), which is helping redefine the way businesses think about risk. Through the proactive management of governance, risk, and compliance (GRC) processes, hundreds of customers rely on Risk Cloud to improve organizational efficiency, reduce costs and enable revenue generation and retention. LogicGate was launched in 2015 and is based in Chicago, Illinois.

Buy -
Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 122 of 135
Sector (Transportation) 3 of 3
Type (Secondary Buyout) 29 of 38
State (Texas) 8 of 8
Country (United States) 78 of 85
Year (2021) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Sweetwater

Fort Wayne, Indiana, United States

Sweetwater is an online retailer of musical instruments and audio gear. Sweetwater retailer serving musicians, recording studios, broadcast, education, and houses of worship. Sweetwater was founded in 1979 and is based in Fort Wayne, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-25 Propertybase

Boulder, Colorado, United States

Propertybase is a provider of software, online marketing and design services to real estate companies looking to be the technology leaders in their marketplace. Propertybase platform combines CRM, websites, content management, marketing automation and data management into one easy platform for real estate companies to manage their leads and digital marketing with ease. Propertybase was formed in 2004 in Boston, Colorado.

Sell -

Seller(S) 1

SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 85 of 91
Sector (Transportation) 3 of 4
Type (Secondary Buyout) 23 of 24
State (Texas) 19 of 20
Country (United States) 74 of 80
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-02 Indigo Natural Resources

Houston, Texas, United States

Indigo Natural Resources is an independent natural gas and natural gas liquids company. Indigo Natural Resources is based in headquartered in Houston, Texas.

Sell $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-03 Sparus

Peachtree Corners, Georgia, United States

Sparus is a provider of outsourced utility field services and project management outsourcing services through its wholly-owned subsidiaries, Southern Cross Corporation and The Spear Group. Sparus was founded in 1946 and is based in Peachtree Corners, Georgia.

Buy -