M&A Deal Summary

Great Hill Partners and Bain Capital Private Equity Acquire EnterpriseDB

On June 26, 2019, private equity firms Great Hill Partners and Bain Capital Private Equity acquired internet software and services company EnterpriseDB from NewSpring Capital, PeakEquity Partners and Milestone Partners

Acquisition Highlights
  • This is Great Hill Partners’ 25th and Bain Capital Private Equity’s 5th transaction in the Internet Software and Services sector.
  • This is Great Hill Partners’ 70th and Bain Capital Private Equity’s 100th transaction in the United States.
  • This is Great Hill Partners’ 10th and Bain Capital Private Equity’s 11th transaction in Massachusetts.

M&A Deal Summary

Date 2019-06-26
Target EnterpriseDB
Sector Internet Software and Services
Buyer(s) Great Hill Partners
Bain Capital Private Equity
Sellers(s) NewSpring Capital
PeakEquity Partners
Milestone Partners
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)

Target

EnterpriseDB

Bedford, Massachusetts, United States
EnterpriseDB is a provider of Postgres software and services that enable enterprises to reduce their reliance on costly proprietary solutions and slash their database spend by 90% or more. With powerful performance and security enhancements for PostgreSQL, sophisticated management tools for global deployments and database compatibility for Oracle, EnterpriseDB software supports both mission and non-mission critical enterprise applications. EnterpriseDB was founded in 2004 and is based in Bedford, Massachusetts.

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Buyer(S) 2

Buyer

Great Hill Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 12.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Great Hill Partners is a private equity firm focused on growth equity and recapitalization investments in well established public and private companies valued put to $1 billion. Great Hill targets companies within consumer services, business services, financial technology, healthcare, internet, logistics, media, communications, technology services, software and transaction processing. The Firm invests in the range of $25 to $500 million per transaction. Great Hill prefers companies located in the US, but will also consider opportunities in Europe and Latin America. Great Hill Partners was formed in 1998 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 80 of 98
Sector (Internet Software and Services) 25 of 31
Type (Secondary Buyout) 10 of 15
State (Massachusetts) 10 of 10
Country (United States) 70 of 82
Year (2019) 6 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-26 Symmetry

Brookfield, Wisconsin, United States

Symmetry Corp. is a SAP® service provider, Symmetry manages complex SAP implementations on a global scale for industries like healthcare, financial services, retail, manufacturing, automotive and more. Symmetry Corp. was founded in 1996 and is based in Brookfield, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-28 RealReal

San Francisco, California, United States

RealReal is an online marketplace for authenticated, consigned luxury goods. The Company provides an end-to-end service that unlocks supply from consignors and creates a trusted, curated online marketplace for buyers globally. The RealReal aggregates and curates unique, pre-owned luxury supply that is exclusive to The RealReal across multiple categories, including women’s, men’s, kids’, jewelry and watches, and home and art. The RealReal was established in 2011 and is based in San Francisco, California.

Sell -
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 184 of 237
Sector (Internet Software and Services) 5 of 8
Type (Secondary Buyout) 45 of 66
State (Massachusetts) 11 of 12
Country (United States) 100 of 124
Year (2019) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-06 Beacon Health Options

Boston, Massachusetts, United States

Beacon Health Options is a care management company that specializes in customized behavioral health solutions on behalf of health insurance companies, managed care organizations, and state and local governments. Beacon's suite of care management and population health programs helps individuals access timely, appropriate and effective mental health and substance abuse services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-12 Kantar

London, United Kingdom

Kantar is a data, research, consulting and analytics business which offers insights into the views of customers and consumers in over 100 countries. WPP launched Kantar by consolidating its existing market research businesses, and has added significantly to its reach and capabilities since then through a combination of acquisitions, partnerships and internal product development. Kantar was founded in 1993 and is based in London, United Kingdom.

Buy -

Seller(S) 3

SELLER

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 57 of 86
Sector (Internet Software and Services) 5 of 6
Type (Secondary Buyout) 11 of 20
State (Massachusetts) 5 of 8
Country (United States) 56 of 85
Year (2019) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-13 Zentech

Baltimore, Maryland, United States

Zentech is an engineering-driven electronics contract manufacturer specializing in the design and manufacture of highly-complex electronic and RF circuit cards and assemblies. Zentech was formed in 1998 and is based in Baltimore, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-27 Brown & Joseph

Itasca, Illinois, United States

Brown & Joseph is a provider of commercial accounts receivable management solutions, with a focus on the insurance industry. The Company principally specializes in B2B third-party collection services, but also provides first-party collection services and insurance premium audits. Brown & Joseph was founded in 1996 and is based in Itasca, Illinois.

Sell -
SELLER

PeakEquity Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2014
PE ASSETS 137M USD
Size Small
Type Sector Focused
DESCRIPTION

PeakEquity Partners is a private equity firm focused on acquiring enterprise software and solutions companies. Specific areas of interest include enterprise infrastructure software, enterprise application software, business analytics, business intelligence, big data, IoT, supply chain management, and information security. PeakEquity looks to invest at least $20 million per transaction and targets businesses with $10 to $50 million of revenue. PeakEquity Partners was formed in 2014 and is based in Radnor, Pennsylvania.


DEAL STATS #
Overall 1 of 5
Sector (Internet Software and Services) 1 of 4
Type (Secondary Buyout) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 5
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-12 Xeeva

Southfield, Michigan, United States

Xeeva is a provider of intelligent cloud-based procurement software and financial solutions for indirect spend and MRO. Used in over 45 countries and available in 18 languages, their software suite automates the source-to-pay process with open communication for e-invoicing, procurement, and sourcing. Xeeva was founded in 2014 and is based in Southfield, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-05 Valiant Solutions

Woodbury, New York, United States

Valiant Solutions, Inc. is a provider of Human Capital Management (“HCM”) solutions. Valiant’s solutions are delivered in a Software as a Service (“SaaS”) platform which powers a suite of integrated Payroll, Time & Labor Management, and Human Resources products. Valiant Solutions was established in 1993 and is based in Woodbury, New York.

Sell -
SELLER

Milestone Partners

Villanova, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Milestone Partners is a lower middle-market private equity firm specializing in investments in manufacturing, distribution, and service companies. Milestone looks for businesses valued up to $250 million with EBITDA of $5 to $50 million. The Firm's target revenue size is $10 to $250 million. Milestone prefers companies with growth potential and proven management. The Firm will not invest in businesses in high cyclical industries, with low barriers to entry, or have a high reliance on technology. Milestone Partners was formed in 1995 and is based in Villanova, Pennsylvania.


DEAL STATS #
Overall 22 of 28
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 9 of 9
State (Massachusetts) 1 of 2
Country (United States) 20 of 26
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-01 Fatz Cafe

Taylors, South Carolina, United States

Cafe Enterprises operates 43 company-owned full-service casual dining restaurants in North Carolina, South Carolina, Tennessee, Georgia and Virginia. Fatz Cafe is renowned for creating exceptional value for its guests with great food, friendly and efficient service, and a welcoming atmosphere, “Where Everyone’s a Regular”. Cafe Enterprises was founded in 1988 and is based in Taylors, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-07 Pancon

Stoughton, Massachusetts, United States

Pancon is a manufacturer of connectors and capacitors. The Connector business produces a variety of standard and custom connectors and is dedicated to developing innovative connectivity solutions by partnering with key customers and distributors. Pancon was founded in 2011 and is based in Stoughton, Massachusetts.

Sell -