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M&A Deal Summary

HGGC and Audax Private Debt Acquire Monotype

On July 26, 2019, private equity firm HGGC and mezzanine finance firm Audax Private Debt acquired software company Monotype for 825M USD

Acquisition Highlights
  • This is HGGC’s 7th and Audax Private Debt’s 2nd transaction in the Software sector.
  • This is HGGC’s and Audax Private Debt’s largest (disclosed) transaction.
  • This is HGGC’s 32nd and Audax Private Debt’s 60th transaction in the United States.
  • This is HGGC’s 1st and Audax Private Debt’s 6th transaction in Massachusetts.

M&A Deal Summary
Date 2019-07-26
Target Monotype
Sector Software
Buyer(s) HGGC
Audax Private Debt
Deal Type Going Private
Deal Value 825M USD
Advisor(s) J.P. Morgan Securities (Financial)
Goodwin Procter (Legal)

Target

Monotype

Woburn, Massachusetts, United States
Monotype is a provider of typefaces, technology, and expertise that enable the best user experience and ensure brand integrity. Monotype provides customers worldwide with typeface solutions for a broad range of creative applications and consumer devices. Monotype was founded in 1887 and is based in Woburn, Massachusetts.

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Buyer(S) 2

Buyer

HGGC

Palo Alto, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HGGC focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks for companies with at least $100 million in revenue. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.

DEAL STATS #
Overall 36 of 52
Sector: Software M&A 7 of 8
Type: Going Private M&A Deals 3 of 3
State: Massachusetts M&A 1 of 1
Country: United States M&A 32 of 43
Year: 2019 M&A 3 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 AMI

Duluth, Georgia, United States

AMI is a provider of out-of-band server management firmware, and UEFI and BIOS firmware, with its products deployed in a high proportion of all servers, data centers, embedded devices, and personal computers worldwide. AMI was founded in 1985 and is based in Duluth, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-28 Integrity Marketing Group

Dallas, Texas, United States

Integrity Marketing Group is a distributor of life and health insurance products focused on serving the senior market. Integrity Marketing Group was founded in 2006 and headquartered in Dallas, Texas.

Sell -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.

DEAL STATS #
Overall 61 of 120
Sector: Software M&A 2 of 8
Type: Going Private M&A Deals 2 of 2
State: Massachusetts M&A 6 of 8
Country: United States M&A 60 of 118
Year: 2019 M&A 5 of 9
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-17 Allied Power Group

Houston, Texas, United States

Allied Power Group is an independent provider of aftermarket maintenance and repair solutions for heavy-frame IGTs, primarily serving the electric utility industry. APG’s fully-integrated offering includes engineered inspections and repairs, specialized coatings, precision manufacturing of replacement components, experienced field service professionals, multi-faceted rotor repair, and an expansive inventory of refurbished parts. Allied Power Group was founded in 2005 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Regenity Biosciences develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Regenity Biosciences also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Buy -
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