M&A Deal Summary

GTCR Acquires Foundation Source

On September 13, 2023, private equity firm GTCR acquired business services company Foundation Source from Incline Equity Partners

Acquisition Highlights
  • This is GTCR’s 16th transaction in the Business Services sector.
  • This is GTCR’s 134th transaction in the United States.
  • This is GTCR’s 3rd transaction in Connecticut.

M&A Deal Summary

Date 2023-09-13
Target Foundation Source
Sector Business Services
Buyer(s) GTCR
Sellers(s) Incline Equity Partners
Deal Type Secondary Buyout
Advisor(s) Baird
Lincoln International (Financial)
K&L Gates (Legal)

Target

Foundation Source

Fairfield, Connecticut, United States
Foundation Source is a provider of comprehensive support services for private foundations. Foundation Source complete outsourced solutions include foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax, and legal expertise, and online foundation management tools. Foundation Source provides its services to more than 1,600 family, corporate, and professionally staffed foundations, of all sizes, nationwide. Foundation Source was founded in 2001 and is based in Fairfield, Connecticut.

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Buyer(S) 1

Buyer

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 139 of 157
Sector: Business Services M&A 16 of 17
Type: Secondary Buyout M&A Deals 33 of 40
State: Connecticut M&A 3 of 3
Country: United States M&A 134 of 148
Year: 2023 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-05 EaglePicher Technologies

Joplin, Missouri, United States

EaglePicher Technologies is a provider of batteries and energetic devices for the defense, space and commercial industries, and provides the most experience and broadest capability in battery electrochemistry of any battery supplier. EaglePicher Technologies offers a wide range of battery technology including thermal, nickel hydrogen, lithium carbonmono-fluoride, lithium thionyl chloride, lithium manganese dioxide, lithium sulfur dioxide, lithium ion, reserve lithium oxyhalide, custom battery assemblies and silver zinc batteries. EaglePicher Technologies was founded in 1942 and is based in Joplin, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-16 Equiti

Sunrise, Florida, United States

Equiti provides technology-enabled language services to the healthcare market. The company provides remote medical interpretation services through multiple modalities and serves customers across various healthcare end-markets, including health systems/hospitals, FQHCs, ambulatory practices, lab/pharmacy, post-acute and payors. Equiti was founded in 2003 and is based in Sunrise, Florida.

Buy $180M

Seller(S) 1

SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 38 of 43
Sector: Business Services M&A 5 of 6
Type: Secondary Buyout M&A Deals 23 of 25
State: Connecticut M&A 1 of 1
Country: United States M&A 37 of 42
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-25 Cosmetic Skin & Laser Center

Petoskey, Michigan, United States

Cosmetic Skin & Laser Center is a multi-location aesthetic medical practice, providing aesthetic procedures such as cosmetic injectables, skin rejuvenation & tightening and body contouring & liposuction, to patients in Northern Michigan and Southwest Florida. Cosmetic Skin & Laser Center was founded in 2001 and is based in Petoskey, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-24 White Label Communications

McMurray, Pennsylvania, United States

White Label Communications is a provider of private label communication solutions to Managed Service Providers. White Label Communications is based in McMurray, Pennsylvania.

Buy -