M&A Deal Summary

General Atlantic, HgCapital, Alberta Investment Management and TPG Acquire Benevity

On January 24, 2018, growth capital firm General Atlantic, private equity firm HgCapital, pension Alberta Investment Management and private equity firm TPG acquired software company Benevity from JMI Equity

Acquisition Highlights
  • This is General Atlantic’s 12th, HgCapital’s 24th, Alberta Investment Management’s 2nd and TPG’s 18th transaction in the Software sector.
  • This is General Atlantic’s 4th, HgCapital’s 1st, Alberta Investment Management’s 2nd and TPG’s 6th transaction in Canada.
  • This is General Atlantic’s 1st, HgCapital’s 1st, Alberta Investment Management’s 2nd and TPG’s 1st transaction in Alberta.

M&A Deal Summary
Date 2018-01-24
Target Benevity
Sector Software
Buyer(s) General Atlantic
HgCapital
Alberta Investment Management
TPG
Sellers(s) JMI Equity
Deal Type Secondary Buyout

Target

Benevity

Calgary, Alberta, Canada
Benevity is a provider of corporate social responsibility and employee engagement software that allows companies to automate processes for online workplace giving, volunteering, and community investment with a social mission of “doing well by doing good.” Benevity was founded in 2008 and is based in Calgary, Alberta.

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Buyer(S) 4

Buyer

General Atlantic

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 188 of 343
Sector (Software) 12 of 27
Type (Secondary Buyout) 16 of 26
State (Alberta) 1 of 1
Country (Canada) 4 of 5
Year (2018) 3 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Ziroom

Beijing, China

Ziroom is a decentralized apartment rental service provider. Through innovative online and offline platform, Ziroom leases and renovates apartments from individual owners to provide higher-quality apartments and services to renters. Ziroom was founded in 2011 and is based in Beijing, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-22 NuCom Group

Unterfohring, Germany

NuCom Group is an omnichannel platform for consumer services and lifestyle brands. The company is comprised of 10 market-leading businesses in the areas of price comparison, matchmaking, experience gift vouchers, and e-commerce. NuCom Group was formed in 2018 and is based in Unterfohring, germany.

Buy -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.

DEAL STATS #
Overall 98 of 152
Sector (Software) 24 of 48
Type (Secondary Buyout) 30 of 50
State (Alberta) 1 of 1
Country (Canada) 1 of 4
Year (2018) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-09 MeinAuto

Cologne, Germany

MeinAuto is a B2C online platform for new car purchases. The Company is one of Germany‘s leading online platforms for new car sales with over 16 million visitors per year and more than 9,000 dealers connected. MeinAuto was founded in 2007 and is based in Cologne, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-26 Register

Florence, Italy

Register is a provider of digital services for professionals and SMBs such as domain registration, hosting, servers, website creation, e-commerce, brand protection. Register provides domain and hosting services under Register.it, Sfera, Etinet, Dominiando, Namesco, Simply Hosting, Tagadab, LCN Register365, LetsHost, Hosting Ireland, Nominalia, Dominios.pt, Iberweb, and Amen brands. Register was founded in 1995 and is based in Florence, Italy.

Buy -
Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor

Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.

DEAL STATS #
Overall 13 of 30
Sector (Software) 2 of 3
Type (Secondary Buyout) 6 of 12
State (Alberta) 2 of 2
Country (Canada) 2 of 5
Year (2018) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-19 Belron

Surrey, United Kingdom

Belron is a provider of glass repair and replacement, trading under more than 10 major brands including Carglass, Safelite AutoGlass, and Autoglass. In addition, it manages vehicle glass and other insurance claims on behalf of insurance customers. Belron is also expanding its services to focus on solving problems for people who need assistance with repairs to their vehicles and homes. Belron is based in Surrey, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 Fortra

Eden Prairie, Minnesota, United States

Fortra provides security, systems and network management, automation, business intelligence and compliance solutions. The Company’s software and services monitor and automate processes, encrypt and secure data, and provide access to the information that large organizations need every day. Fortra was founded in 1982 and is based in Eden Prairie, Minnesota.

Buy -
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 314 of 421
Sector (Software) 18 of 35
Type (Secondary Buyout) 43 of 72
State (Alberta) 1 of 1
Country (Canada) 6 of 7
Year (2018) 4 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-19 TRACE

Clichy, France

TRACE is a global multi-platform media and entertainment company that is recognized as the leading youth media brand in Sub-Saharan Africa. TRACE was founded in 2003 and is based in Clichy, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-09 Nintex

Bellevue, Washington, United States

Nintex is a provider of intelligent process automation (IPA) with more than 7,500 enterprise clients and 1,700 partners in 90 countries who have built and published millions of workflow applications. With its unmatched breadth of capability and platform support delivered by unique architectural capabilities, Nintex empowers the line of business and IT departments to quickly automate, orchestrate and optimize hundreds of manual processes to progress on the journey to digital transformation. Nintex workflow cloud, the company’s cloud platform, connects with all content repositories, systems of record, and people to consistently fuel successful business outcomes. Nintex was founded in 2006 and is based in Bellevue, Washington.

Buy -

Seller(S) 1

SELLER

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.

DEAL STATS #
Overall 83 of 106
Sector (Software) 43 of 54
Type (Secondary Buyout) 14 of 18
State (Alberta) 1 of 1
Country (Canada) 6 of 8
Year (2018) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 AppNeta

Boston, Massachusetts, United States

AppNeta is a provider of proactive application and network monitoring solutions built for the distributed, cloud-connected, digital enterprise. AppNeta was founded in 2011 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-13 HackerRank

Cupertino, California, United States

HackerRank is a developer skills platform that helps businesses evaluate software developers based on skill. HackerRank is based in Mountain View, California.

Buy -
Mergr

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