M&A Deal Summary

Hellman & Friedman, JMI Equity, The Blackstone Group, GIC and Lead Edge Capital Acquire UKG

On March 23, 2007, private equity firm Hellman & Friedman, private equity firm JMI Equity, private equity firm The Blackstone Group, sovereign wealth fund GIC and growth capital firm Lead Edge Capital acquired internet software and services company UKG for 1.8B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 2nd, JMI Equity’s 5th, The Blackstone Group’s 4th, GIC’s 1st and Lead Edge Capital’s 1st transaction in the Internet Software and Services sector.
  • This is Hellman & Friedman’s 20th, JMI Equity’s 3rd, The Blackstone Group’s 66th, GIC’s 11th and Lead Edge Capital’s 2nd largest (disclosed) transaction.
  • This is Hellman & Friedman’s 22nd, JMI Equity’s 38th, The Blackstone Group’s 77th, GIC’s 1st and Lead Edge Capital’s 1st transaction in the United States.
  • This is Hellman & Friedman’s 2nd, JMI Equity’s 6th, The Blackstone Group’s 3rd, GIC’s 1st and Lead Edge Capital’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2007-03-23
Target UKG
Sector Internet Software and Services
Buyer(s) Hellman & Friedman
JMI Equity
The Blackstone Group
GIC
Lead Edge Capital
Deal Type Going Private
Deal Value 1.8B USD
Advisor(s) Wilmer Cutler Pickering Hale and Dorr (Legal)

Target

UKG

Lowell, Massachusetts, United States
UKG is a provider of cloud-based workforce management solutions. Company solutions, which include time and labor, scheduling, talent management, human resources, payroll, absence management, labor activity tracking, data collection, self-service and workforce analytics are designed for a wide range of businesses and organizations from single-site to large multi-site enterprises. UKG was founded in 1977 and is based in Lowell, Massachusetts.

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Buyer(S) 5

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 29 of 88
Sector (Internet Software and Services) 2 of 10
Type (Going Private) 4 of 17
State (Massachusetts) 2 of 5
Country (United States) 22 of 61
Year (2007) 1 of 5
Size (of disclosed) 20 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Arch Capital

Pembroke, Bermuda

Arch Capital is a reinsurance and insurance company. The proceeds of this financing were used to launch a major underwriting initiative to meet current and future demand in the global insurance marketplace. Arch Capital was founded in 1995 and is based in Pembroke, Bermuda.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-28 Mitchell

San Diego, California, United States

Mitchell is a provider of information, workflow, and performance management solutions to the automotive insurance claims and collision repair industries. Mitchell was founded in 1946 and is based in San Diego, California.

Sell $500M
Buyer

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.

DEAL STATS #
Overall 42 of 127
Sector (Internet Software and Services) 5 of 41
Type (Going Private) 4 of 7
State (Massachusetts) 6 of 10
Country (United States) 38 of 111
Year (2007) 2 of 5
Size (of disclosed) 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-10 Nimsoft

Campbell, California, United States

Nimsoft is a provider of IT performance and availability monitoring solutions. Nimsoft is the premier provider of business-focused service level management solutions that customers can easily deploy and use.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-28 Mitchell

San Diego, California, United States

Mitchell is a provider of information, workflow, and performance management solutions to the automotive insurance claims and collision repair industries. Mitchell was founded in 1946 and is based in San Diego, California.

Sell $500M
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.

DEAL STATS #
Overall 110 of 340
Sector (Internet Software and Services) 4 of 23
Type (Going Private) 7 of 36
State (Massachusetts) 3 of 9
Country (United States) 77 of 211
Year (2007) 4 of 13
Size (of disclosed) 66 of 172
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-22 RGIS

Auburn Hills, Michigan, United States

RGIS is a provider of inventory counting and related services for retailers, including the supermarket, general merchandise, apparel, home improvement, and drug store segments. RGIS was founded in 1958 and is based in Auburn Hills, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-18 Extended Stay America

Charlotte, North Carolina, United States

Extended Stay America is an operator of moderate-price extended-stay hotels in North America, with 600+ hotels and approximately 76,000 rooms located in 44 states and Canada. The Company currently operates under five brands in the extended-stay segment: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland. Extended Stay America is headquartered in Charlotte, North Carolina.

Sell $8.0B
Buyer

GIC

Investor Investor Investor Investor Investor

Category Sovereign Wealth Fund
Founded 1981
Size Mega
Type Sector Agnostic
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.

DEAL STATS #
Overall 1 of 43
Sector (Internet Software and Services) 1 of 5
Type (Going Private) 1 of 5
State (Massachusetts) 1 of 1
Country (United States) 1 of 15
Year (2007) 1 of 1
Size (of disclosed) 11 of 15
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-31 Fleet Partners Pty

Richmond, Australia

Fleet Partners Pty Ltd. is a provider of passenger and commercial vehicle fleet management services in Australia and New Zealand. FleetPartners provides fully maintained and funded operating leases to its customers and typically takes on the residual value risk of the vehicle. It also provides a range of novated and finance leases and other niche products depending on the needs of its customers. Fleet Partners was established in 2006 and is based in Richmond, Australia.

Buy -
Buyer

Lead Edge Capital

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2009
PE ASSETS 5.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lead Edge Capital is a growth capital firm focused on software, internet, consumer, and tech-enabled services companies. The Firm has no geographic preferences and will consider both private and public company investments. Leading Edge's investment size is $10 to $200 million. Lead Edge Capital was established in 2009 and is headquartered in New York City.

DEAL STATS #
Overall 2 of 46
Sector (Internet Software and Services) 1 of 22
Type (Going Private) 1 of 1
State (Massachusetts) 1 of 4
Country (United States) 1 of 37
Year (2007) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-11 Alibaba Group

Hangzhou, China

Alibaba Group is a group of Chinese e-commerce businesses including Alibaba.com, Taobao, and Alipay. Alibaba Group was founded in 1999 and is based in Hangzhou, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-13 Red Ventures

Fort Mill, South Carolina, United States

Red Ventures operates a portfolio of influential brands, digital platforms, and strategic partnerships that work together to connect millions of people with expert advice. Red Ventures was founded in 2000 and is based in Fort Mill, South Carolina.

Buy -
Mergr

Product

Company

Legal