M&A Deal Summary

Genstar Capital, Audax Private Debt and Lightyear Capital Acquire Cerity Partners

On June 13, 2022, private equity firm Genstar Capital, mezzanine finance firm Audax Private Debt and private equity firm Lightyear Capital acquired financial services company Cerity Partners from Lightyear Capital

Acquisition Highlights
  • This is Genstar Capital’s 11th, Audax Private Debt’s 1st and Lightyear Capital’s 18th transaction in the Financial Services sector.
  • This is Genstar Capital’s 96th, Audax Private Debt’s 57th and Lightyear Capital’s 37th transaction in the United States.
  • This is Genstar Capital’s 7th, Audax Private Debt’s 4th and Lightyear Capital’s 4th transaction in New York.

M&A Deal Summary
Date 2022-06-13
Target Cerity Partners
Sector Financial Services
Buyer(s) Genstar Capital
Audax Private Debt
Lightyear Capital
Sellers(s) Lightyear Capital
Deal Type Recapitalization
Advisor(s) Raymond James - Investment Banking (Financial)
Davis Polk & Wardwell (Legal)

Target

Cerity Partners

New York, New York, United States
Cerity Partners is a provider of comprehensive financial management services to a diverse spectrum of High Net Worth (“HNW”) individuals and their families, businesses and their executives, and nonprofit organizations. Clarity Partners is based in New York City.

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Buyer(S) 3

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 104 of 109
Sector (Financial Services) 11 of 11
Type (Recapitalization) 7 of 7
State (New York) 7 of 8
Country (United States) 96 of 101
Year (2022) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-10 Advarra

Columbia, Maryland, United States

Advarra is a provider of IRB, IBC, and compliance consulting services in North America. Fully accredited by AAHRPP, the company serves pharmaceutical, biotechnology, and medical device research sponsors and contract research organizations (CROs), as well as academic medical centers, hospital systems, investigative site networks, and patient advocacy groups. Advarra was founded in 1983 and is based in Columbia, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-06 Abracon

Rancho Santa Margarita, California, United States

Abracon is a manufacturer of frequency control, signal conditioning, clock distribution and magnetic components. Abracon offers a wide selection of Quartz Timing Crystals, Crystal and MEMS Oscillators, Real Time Clocks, Antennas, Bluetooth Modules, Ceramic Resonators, SAW Filters and Resonators, Inductors, Transformers, Circuit Protection Components and Wireless RF Antennas. Abracon was founded in 1992 and is based in Rancho Santa Margarita, California.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.

DEAL STATS #
Overall 59 of 67
Sector (Financial Services) 1 of 1
Type (Recapitalization) 3 of 4
State (New York) 4 of 5
Country (United States) 57 of 65
Year (2022) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-14 TriMech Solutions

Glen Allen, Virginia, United States

TriMech Solutions is a provider of computer-aided design and engineering software, additive and subtractive manufacturing solutions, and associated training, consulting, implementation, and staff augmentation services to customers across a variety of industries. TriMech Solutions was founded in 1998 and is based in Glen Allen, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-13 Roto-Rooter

Vista, California, United States

Roto-Rooter provides plumbing, drain, and flood restoration services to both commercial and residential property owners. Roto-Rooter was founded in 1974 and is based in Vista, California.

Buy -
Buyer

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 43 of 45
Sector (Financial Services) 18 of 18
Type (Recapitalization) 2 of 2
State (New York) 4 of 4
Country (United States) 37 of 39
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-06 PracticeTek

San Diego, California, United States

PracticeTek provides practice management, patient engagement, integrated payments and other software solutions to the retail healthcare market. The PracticeTek platform helps retail healthcare practices digitally manage their business and the entire patient journey process including client acquisition, engagement, visits, and billing and payments. PracticeTek was founded in 2020 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-01 Pathlight Capital

Hingham, Massachusetts, United States

Pathlight Capital is a commercial finance company dedicated to providing creative financing solutions to fund growth, acquisitions, debt refinancings, or restructurings. Pathlight Capital was formed in 2012 and is based in Hingham, Massachusetts.

Sell -

Seller(S) 1

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 29 of 30
Sector (Financial Services) 12 of 13
Type (Recapitalization) 1 of 1
State (New York) 4 of 4
Country (United States) 23 of 24
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-06 PracticeTek

San Diego, California, United States

PracticeTek provides practice management, patient engagement, integrated payments and other software solutions to the retail healthcare market. The PracticeTek platform helps retail healthcare practices digitally manage their business and the entire patient journey process including client acquisition, engagement, visits, and billing and payments. PracticeTek was founded in 2020 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-01 Pathlight Capital

Hingham, Massachusetts, United States

Pathlight Capital is a commercial finance company dedicated to providing creative financing solutions to fund growth, acquisitions, debt refinancings, or restructurings. Pathlight Capital was formed in 2012 and is based in Hingham, Massachusetts.

Sell -
Mergr

Product

Company

Legal