M&A Deal Summary

H.I.G. Private Equity and Francisco Partners Acquire RBmedia

On July 26, 2023, private equity firms H.I.G. Private Equity and Francisco Partners acquired internet software and services company RBmedia from KKR

Acquisition Highlights
  • This is H.I.G. Private Equity’s 12th and Francisco Partners’ 25th transaction in the Internet Software and Services sector.
  • This is H.I.G. Private Equity’s 225th and Francisco Partners’ 117th transaction in the United States.
  • This is H.I.G. Private Equity’s 5th and Francisco Partners’ 2nd transaction in Maryland.

M&A Deal Summary
Date 2023-07-26
Target RBmedia
Sector Internet Software and Services
Buyer(s) H.I.G. Private Equity
Francisco Partners
Sellers(s) KKR
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
LionTree Advisors LLC (Financial)
Simpson Thacher & Bartlett (Legal)

Target

RBmedia

Landover, Maryland, United States
RBmedia is a provider in spoken audio content and digital media distribution technology that reaches millions of consumers – at home, in the car, and wherever their mobile devices take them. RBmedia produces exclusive titles and delivers the finest digital content and information – including audiobooks, educational courses, entertainment titles, and much more. RBmedia is based in Landover, Maryland.

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Buyer(S) 2

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 341 of 369
Sector (Internet Software and Services) 12 of 12
Type (Secondary Buyout) 57 of 68
State (Maryland) 5 of 6
Country (United States) 225 of 245
Year (2023) 10 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-05 Jenny Craig

Carlsbad, California, United States

Jenny Craig is a weight management services company. The Company provides consumers with a comprehensive weight management program that emphasizes personal support to help clients develop a healthy relationship with food, build an active lifestyle, and create a more balanced approach to living. Jenny Craig was founded in 1983 and is based in Carlsbad, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-14 Worksuite

San Francisco, California, United States

Worksuite is a smart, user-friendly Freelancer Management System (FMS). Worksuite makes it easy for small and large companies to onboard, manage and pay external workers in over 200 countries with just a few clicks. Take care of compliance, reporting, and project management in a fraction of the time. Worksuite is a complete solution providing powerful features and flexibility for every stage of business growth. Worksuite was founded in 2015 and is based in San Francisco, California.

Buy -
Buyer

Francisco Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 45.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Francisco Partners' headquarters in San Francisco, California.
Francisco Partners' headquarters in San Francisco, California.

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.

DEAL STATS #
Overall 141 of 149
Sector (Internet Software and Services) 25 of 28
Type (Secondary Buyout) 23 of 24
State (Maryland) 2 of 2
Country (United States) 117 of 124
Year (2023) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-10 Macrobond

Malmö, Sweden

Macrobond is a provider of macroeconomic and financial time series data from primary and third-party sources with proprietary software focused on workflow efficiency. Macrobond was founded in 2008 and is based in Malmö, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-31 New Relic

San Francisco, California, United States

New Relic is a SaaS provider focused on analytics services. New Relic was founded in 2007 and is based in San Francisco, California.

Buy $6.5B

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 192 of 204
Sector (Internet Software and Services) 16 of 17
Type (Secondary Buyout) 31 of 35
State (Maryland) 3 of 3
Country (United States) 84 of 89
Year (2023) 9 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-21 Chase

Westwood, Massachusetts, United States

Chase manufactures and sells protective materials for various applications in the United States and internationally. Chase was incorporated in 1946 and is based in Westwood, Massachusetts.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-02 LEAP

Mumbai, India

Leading Enterprise in Asset Pooling (LEAP) is a provider of sustainable supply chain solutions. Specializing in the design, manufacture, and management of wooden pallets, reusable packaging, and containers, the company primarily operates in the asset pooling space, offering cutting-edge supply chain solutions to businesses throughout India. Its mission is to provide cost-effective and sustainable solutions that help businesses reduce waste and lower costs while minimizing the environmental impact of their operations. LEAP was formed in 2013 and is based in Mumbai, India.

Buy -
Mergr

Product

Company

Legal