Investment Summary

GTCR and Clearlake Capital Exit Lytx

On January 8, 2020, private equity firms Permira and HarbourVest Partners invested in information technology company Lytx from GTCR and Clearlake Capital

Investment Highlights
  • This is Permira’s 8th and HarbourVest Partners’ 23rd transaction in the Information Technology sector.
  • This is Permira’s 32nd and HarbourVest Partners’ 123rd transaction in the United States.
  • This is Permira’s 10th and HarbourVest Partners’ 15th transaction in California.

Investment Summary

Date 2020-01-08
Target Lytx
Sector Information Technology
Investor(s) Permira
HarbourVest Partners
Sellers(s) GTCR
Clearlake Capital
Deal Type Stake Purchase
Advisor(s) Rothschild Global Advisory (Financial)
Kirkland & Ellis (Legal)

Target

Lytx

San Diego, California, United States
Lytx is a provider of all-in-one video telematics, analytics, safety, and productivity solutions for commercial, public sector, and field services fleets. Lytx customizable services and programs span driver safety, risk detection, fleet tracking, compliance, and fuel management. Lytx was founded in 1998 and is based in San Diego, California.

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Investor(S) 2

Investor

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 133 of 170
Sector: Information Technology M&A 8 of 12
Type: Stake Purchase M&A Deals 8 of 13
State: California M&A 10 of 14
Country: United States M&A 32 of 47
Year: 2020 M&A 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-23 P&I

Wiesbaden, Germany

P&I is an internationally operating, full suite provider of cloud-based HR software solutions and a driver of innovation in HR technology. P&I’s scalable subscription-based platform exhibits characteristics that resonate with Hg Saturn’s core focus, with a broad, diversified and loyal customer base, and has delivered an exceptional historical operating performance. P&I was founded in 1968 and is based in Wiesbaden, Germany.

Sell €2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-22 Kroll

New York, New York, United States

Kroll is an independent financial advisory and investment banking firm, offering a broad range of consulting and advisory services to public and private companies. Kroll was founded in 1932 and is based in New York, New York.

Sell $4.2B
Investor

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 204 of 214
Sector: Information Technology M&A 23 of 24
Type: Stake Purchase M&A Deals 6 of 7
State: California M&A 15 of 15
Country: United States M&A 123 of 130
Year: 2020 M&A 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 CRS Solutions

Houston, Texas, United States

CRS Solutions is a technology-enabled provider of comprehensive point-of-sale (“POS”) solutions to established single and multi-unit operators in the restaurant, retail, and other hospitality end markets. CRS delivers its highly customized front-of-the-house technology solutions through a recurring service and solutions model for merchants who have complex service needs. CRS Solutions was formed in 1972 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-02 NSI Industries

Huntersville, North Carolina, United States

NSI Industries is a provider of a wide variety of electrical connectors including insulated connectors and mechanical, digital time controls, time switches, wire management products, and related electrical components for construction, maintenance, and repair applications. NSI Industries was established in 1975 and is based in Huntersville, North Carolina.

Buy -

Seller(S) 2

SELLER

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 73 of 87
Sector: Information Technology M&A 8 of 10
Type: Stake Purchase M&A Deals 1 of 1
State: California M&A 5 of 7
Country: United States M&A 70 of 84
Year: 2020 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 Cole-Parmer Instrument

Vernon Hills, Illinois, United States

Cole-Parmer Instrument is a global supplier of fluid handling, test & measurement, environmental, and biosciences instrumentation with expertise in peristaltic technologies, temperature control, electrochemistry, water and air testing, and chromatography. Its portfolio includes brands such as Masterflex, Environmental Express, and Traceable, serving research and production needs across life sciences, healthcare, environmental, and industrial markets. Cole-Parmer Instrument was founded in 1955 and is based in Vernon Hills, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-05 XiFin

San Diego, California, United States

XiFin is a provider of cloud-based software and services to diagnostic service providers. XiFin's technology platform enables end-to-end connectivity from patient to payor, linking together the many stakeholders in healthcare delivery and optimizing for the best business and patient outcomes. XiFin was founded in 1997 and is based in San Diego, California.

Sell -
SELLER

Clearlake Capital

Santa Monica, California, United States

Category Private Equity Firm
Founded 2006
PE ASSETS 90.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.


DEAL STATS #
Overall 27 of 39
Sector: Information Technology M&A 3 of 3
Type: Stake Purchase M&A Deals 1 of 1
State: California M&A 6 of 7
Country: United States M&A 25 of 36
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-16 DigiCert

Lehi, Utah, United States

DigiCert is a provider of high-assurance digital certificates, certificate management software solutions, and public-key infrastructure solutions, which enable authentication and encryption for web servers and internet of things devices. DigiCert was founded in 2003 and is headquartered in Lehi, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-15 Pretium Packaging

St. Louis, Missouri, United States

Pretium Packaging is a provider of custom, high-performance rigid plastic bottles, and containers, serving a diverse base of customers in the food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets. Pretium Packaging was established in 1992 and is based in St. Louis, Missouri.

Buy -