M&A Deal Summary

Harvest Partners Private Equity, Harvest Partners Structured Capital, GI Partners and Bregal Sagemount Acquire MRI Software

On February 10, 2020, private equity firm Harvest Partners Private Equity, private equity firm Harvest Partners Structured Capital, private equity firm GI Partners and growth capital firm Bregal Sagemount acquired software company MRI Software from TA Associates

Acquisition Highlights
  • This is Harvest Partners Private Equity’s 1st, Harvest Partners Structured Capital’s 3rd, GI Partners’ 3rd and Bregal Sagemount’s 12th transaction in the Software sector.
  • This is Harvest Partners Private Equity’s 39th, Harvest Partners Structured Capital’s 25th, GI Partners’ 32nd and Bregal Sagemount’s 37th transaction in the United States.
  • This is Harvest Partners Private Equity’s 6th, Harvest Partners Structured Capital’s 1st, GI Partners’ 3rd and Bregal Sagemount’s 4th transaction in Ohio.

M&A Deal Summary
Date 2020-02-10
Target MRI Software
Sector Software
Buyer(s) Harvest Partners Private Equity
Harvest Partners Structured Capital
GI Partners
Bregal Sagemount
Sellers(s) TA Associates
Deal Type Secondary Buyout
Advisor(s) UBS Investment Bank (Financial)
Kirkland & Ellis
Goodwin Procter (Legal)

Target

MRI Software

Solon, Ohio, United States
MRI Software is a provider of real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. MRI develops lasting client relationships based on nearly five decades of expertise and insight. MRI Software was established in 1971 and is based in Solon, Ohio.

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Buyer(S) 4

Buyer

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.

DEAL STATS #
Overall 42 of 49
Sector (Software) 1 of 1
Type (Secondary Buyout) 23 of 27
State (Ohio) 6 of 6
Country (United States) 39 of 46
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-09 Lazer Logistics

Alpharetta, Georgia, United States

Lazer Logistics is a provider of comprehensive yard management solutions, including trailer spotting, shuttling and other complementary transportation and logistics services. Lazer Logistics was founded in 1996 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-19 Galway Insurance

Chicago, Illinois, United States

Galway Insurance is a vertically integrated property and casualty insurance and employee benefits. Galway Insurance operates over 100 offices throughout the US and manages $7bn of premium for clients. Galway Insurance was founded in 2020 and is based in Chicago, Illinois.

Buy -
Buyer

Harvest Partners Structured Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
Size Large
Type Sector Agnostic
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.

DEAL STATS #
Overall 26 of 31
Sector (Software) 3 of 3
Type (Secondary Buyout) 10 of 12
State (Ohio) 1 of 1
Country (United States) 25 of 30
Year (2020) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 8th Avenue Food & Provisions

Edina, Minnesota, United States

8th Avenue Food & Provisions is a manufacturer of private brand food products, with a focus on organic and conventional peanut and tree nut butters, dry pasta, and organic and non-GMO granola. 8th Avenue Food & Provisions was founded in 2018 and is based in Edina, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-10 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 -
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 43 of 59
Sector (Software) 3 of 3
Type (Secondary Buyout) 15 of 22
State (Ohio) 3 of 3
Country (United States) 32 of 47
Year (2020) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-16 DR Fortress

Honolulu, Hawaii, United States

DR Fortress is a carrier-neutral data center and cloud services provider. DR Fortress assists both international and local companies with maintaining and securing their mission-critical IT systems. DR Fortress was founded in 2001 and is based in Honolulu, Hawaii.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-02 Blue Stream Fiber

Coral Springs, Florida, United States

Blue Stream Fiber provides customers with advanced broadband and television products all over 100% gigabit-capable networks. The Company offers customers with local and high-touch customer service. Blue Stream Fiber was founded in 1978 and is based in Coral Springs, Florida.

Buy -
Buyer

Bregal Sagemount

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2012
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bregal Sagemount is a growth-focused private capital firm. The Firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $8 to $150 million per transaction in a variety of sectors including software, digital infrastructure, healthcare IT, healthcare services, business and consumer services, financial technology, and specialty finance. Bregal Sagemount was formed in 2012 and is headquartered in New York City.

DEAL STATS #
Overall 39 of 65
Sector (Software) 12 of 17
Type (Secondary Buyout) 4 of 7
State (Ohio) 4 of 4
Country (United States) 37 of 61
Year (2020) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-07 Options

London, United Kingdom

Options provides outsourced financial technology and managed IT services to the global capital markets. Its clients include the leading global investment banks, hedge funds, funds of funds, proprietary trading firms, market makers, broker/dealers, private equity houses, and exchanges. Options was founded in 1993 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-07 Kiteworks

San Mateo, California, United States

Kiteworks provides enterprise-class mobile file sharing solutions to enable secure, anytime, anywhere access to information while ensuring enterprise security and compliance. Kiteworks was established in 1999 and is based in San Mateo, California.

Buy -

Seller(S) 1

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 224 of 255
Sector (Software) 47 of 55
Type (Secondary Buyout) 39 of 49
State (Ohio) 4 of 5
Country (United States) 188 of 206
Year (2020) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-23 Intelerad

Montreal, Quebec, Canada

Intelerad is a medical imaging software provider that specializes in diagnostic viewing, reporting, and collaboration solutions. Intelerad was founded in 1999 and is based in Montreal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-14 Auction Technology Group

London, United Kingdom

Auction Technology Group is an online marketplace that provides online auction platforms in multiple verticals. ATG's platform powers live and timed auctions across multiple verticals including art and antiques, classic cars, industrial & commercial, and consumer retail returns. Auction Technology Group was incorporated in 1971 and is based in London, United Kingdom.

Buy -
Mergr

Product

Company

Legal