M&A Deal Summary

GI Partners and Genstar Capital Acquire Daxko

On September 6, 2016, private equity firms GI Partners and Genstar Capital acquired internet software and services company Daxko from Pamlico Capital

Acquisition Highlights
  • This is GI Partners’ 4th and Genstar Capital’s 6th transaction in the Internet Software and Services sector.
  • This is GI Partners’ 24th and Genstar Capital’s 54th transaction in the United States.
  • This is GI Partners’ 1st and Genstar Capital’s 2nd transaction in Alabama.

M&A Deal Summary
Date 2016-09-06
Target Daxko
Sector Internet Software and Services
Buyer(s) GI Partners
Genstar Capital
Sellers(s) Pamlico Capital
Deal Type Secondary Buyout
Advisor(s) Credit Suisse Investment Banking
William Blair (Financial)
Ropes & Gray (Legal)

Target

Daxko

Birmingham, Alabama, United States
Daxko provides SaaS solutions to organizations including YMCA/YWCAs, JCCs, health clubs, wellness centers and recreation facilities. The Company’s products help more than 1,200 organizations manage their scheduling and daily operations, member management and engagement, accounting, event registration, payment services, and mobile applications. Daxko was founded in 1998 and is based in Birmingham, Alabama.

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Buyer(S) 2

Buyer

GI Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 42.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GI Partners (Global Innovation Partners) is a private equity firm focused on control oriented investments in asset-backed businesses and properties located throughout North America and Western Europe. GI looks to invest up to $1500 million in companies generating predictable, recurring cash flows; underperforming businesses with intrinsic value; and direct asset investments with operational complexity. Sectors of interest include energy, education, healthcare services, leisure, retail, logistics, media, entertainment, financial services, technology, and telecommunications. GI Partners was formed in 2001 and has offices in San Francisco, Greenwich, and Chicago.

DEAL STATS #
Overall 33 of 59
Sector (Internet Software and Services) 4 of 7
Type (Secondary Buyout) 11 of 22
State (Alabama) 1 of 1
Country (United States) 24 of 47
Year (2016) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-29 The Duckhorn Portfolio

Saint Helena, California, United States

The Duckhorn Portfolio produces and sells wines under a portfolio of brands, including Duckhorn Vineyards, Decoy, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Canvasback, Greenwing, and Postmark. The company sells its products directly to California retailers and restaurants; and to distributors and agents located in other states throughout the United States, as well as to export distributors that sell internationally. The Duckhorn Portfolio was founded in 1976 and is based in Saint Helena, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-13 Rectangle Health

Valhalla, New York, United States

Rectangle Health is a provider of payment technology and merchant services to healthcare providers. Retriever is one of the payments companies focused exclusively on the healthcare provider market, serving 15,000 physician practices, dental practices, veterinary clinics and hospitals throughout the U.S. Rectangle Health was founded in 1993 and is based in Valhalla, New York.

Buy -
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 59 of 109
Sector (Internet Software and Services) 6 of 8
Type (Secondary Buyout) 22 of 49
State (Alabama) 2 of 4
Country (United States) 54 of 101
Year (2016) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-01 Sphera Solutions

Chicago, Illinois, United States

Sphera Solutions is a global provider of Operational Excellence software and information services with a focus on Operational Risk, Environmental Health & Safety (EH&S), and Product Stewardship. Sphera Solutions is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-04 ConnectiveRx

Whippany, New Jersey, United States

ConnectiveRx is a provider of outsourced commercialization services to over 140 drug manufacturers. The Company works as a strategic partner to pharmaceutical brand teams, offering solutions that improve patient affordability, access, and adherence to traditional and specialty prescription medications. ConnectiveRx was founded in 2005 and is based in Whippany, New Jersey.

Buy -

Seller(S) 1

SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 37 of 61
Sector (Internet Software and Services) 2 of 6
Type (Secondary Buyout) 13 of 21
State (Alabama) 2 of 3
Country (United States) 35 of 59
Year (2016) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-22 PE GI Solutions

Jamison, Pennsylvania, United States

PE GI Solutions is a developer, manager, and owner of freestanding, single-specialty endoscopic Ambulatory Surgery Centers in partnership with practicing physicians and hospitals. PE GI Solutions was founded in 1998 and is based in Jamison, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-26 DayNine Consulting

Pleasanton, California, United States

DayNine Consulting, Inc. is a workday consulting and implementation partner, assisting enterprise clients with the deployment and optimization of the Workday human capital management, payroll, financial management, and recruiting SaaS solutions. DayNine serves clients across a wide range of industries including consumer goods, healthcare providers, pharmaceuticals, financial services, and communications, media and technology.

Sell -
Mergr

Product

Company

Legal