M&A Deal Summary

KKR Acquires BMC

On May 29, 2018, private equity firm KKR acquired software company BMC from Bain Capital Private Equity, Golden Gate Capital, Insight Partners and Elliott

Acquisition Highlights
  • This is KKR’s 10th transaction in the Software sector.
  • This is KKR’s 119th transaction in the United States.
  • This is KKR’s 16th transaction in Texas.

M&A Deal Summary
Date 2018-05-29
Target BMC
Sector Software
Buyer(s) KKR
Sellers(s) Bain Capital Private Equity
Golden Gate Capital
Insight Partners
Elliott
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Credit Suisse Investment Banking
Morgan Stanley (Financial)
Kirkland & Ellis (Legal)

Target

BMC

Houston, Texas, United States
BMC's corporate headquarters in Houston, Texas.
BMC's corporate headquarters in Houston, Texas.
BMC is a systems software provider which helps enterprise organizations manage and optimize information technology across cloud, hybrid, on-premise, and mainframe environments. BMC was established in 1980 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

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 275 of 483
Sector (Software) 10 of 23
Type (Secondary Buyout) 54 of 107
State (Texas) 16 of 27
Country (United States) 119 of 210
Year (2018) 15 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-29 Firstup

San Francisco, California, United States

Firstup is a workforce communications platform that enables organizations to accelerate and accomplish their business initiatives by reaching, aligning, and mobilizing every worker. Firstup is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-11 Envision Healthcare

Nashville, Tennessee, United States

Envision Healthcare is a provider of physician-led services and post-acute care, and ambulatory surgery services. Envision Healthcare was founded in 1992 and is based in Nashville, Tennessee.

Buy $9.9B

Seller(S) 4

SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 117 of 147
Sector (Software) 7 of 10
Type (Secondary Buyout) 24 of 31
State (Texas) 5 of 6
Country (United States) 70 of 85
Year (2018) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Viewpoint Construction Software

Portland, Oregon, United States

Viewpoint, Inc. is a provider of software solutions and services to the construction industry, meeting the collaboration and information needs of a variety of professionals including small, medium, large and enterprise contractors. Viewpoint, Inc. was established in 1976 and is based in Portland, Oregon.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 TriTech Software Systems

San Diego, California, United States

TriTech Software Systems is a provider of enterprise and mobile communication software and services to public safety customers. TriTech’s solutions are used by 911 call centers and police, fire and emergency medical services agencies to respond to, process, dispatch and communicate emergency responses.

Buy -
SELLER

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.

DEAL STATS #
Overall 58 of 84
Sector (Software) 8 of 9
Type (Secondary Buyout) 9 of 18
State (Texas) 7 of 7
Country (United States) 52 of 76
Year (2018) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Springs Window Fashions

Montgomery, Pennsylvania, United States

Springs Window Fashions is a manufacturer and marketer of custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors, and decorators. Springs Window Fashions was founded in 1939 and is based in Montgomery, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-01 Pluribus Labs

San Francisco, California, United States

Pluribus Labs is a quantitative investment manager that utilizes novel data science applications to create unique, exposure-driven investment solutions for its clients. Pluribus Labs was founded in 2018 and is based in San Francisco, California.

Buy -
SELLER

Insight Partners

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1995
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Insight Partners is a growth capital investment firm focused on early to later stage investments principally in the software sector. Insight Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 11 of 40
Sector (Software) 5 of 18
Type (Secondary Buyout) 4 of 17
State (Texas) 2 of 4
Country (United States) 11 of 33
Year (2018) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-22 Virgin Pulse

Providence, Rhode Island, United States

Virgin Pulse is a provider of employee-centric solutions that drive wellbeing, culture and productivity across organizations around the world. Virgin Pulse platform is purpose built to deliver a personalized, consumer-grade user experience designed to promote health, productivity, and culture across organizations and employees. Virgin Pulse was founded in 2004 and is based in Providence, Rhode Island.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 TriTech Software Systems

San Diego, California, United States

TriTech Software Systems is a provider of enterprise and mobile communication software and services to public safety customers. TriTech’s solutions are used by 911 call centers and police, fire and emergency medical services agencies to respond to, process, dispatch and communicate emergency responses.

Sell -
SELLER

Elliott

Category Asset Manager
Founded 1977
PE ASSETS 59.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Elliott Management is a diversified investment management firm consisting of private equity, distressed, and hedge funds. The Firm's private equity group looks to acquire majority or minority stakes in private companies. In addition to private equity investing, Elliott looks to acquire positions in public companies, distressed assets, real estate, and commodities. Elliott Management was formed in 1977 and is headquartered in West Palm Beach, Florida.

DEAL STATS #
Overall 1 of 4
Sector (Software) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Texas) 1 of 1
Country (United States) 1 of 2
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-31 Eliantus Energy

Madrid, Spain

Eliantus Energy is a fully-operating portfolio of solar power plants functioning under the Spanish regulatory regime. Eliantus Energy is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-30 Channel

Minnetonka, Minnesota, United States

Channel is a provider of equipment finance and working capital solutions through partnerships with equipment finance companies. Channel products and services utilize customized technology and business processes to help these companies provide their customers access to broader financing options and capital needed to grow their businesses. Channel was founded in 2009 and is based in Minnetonka, Minnesota.

Buy -
Mergr

Product

Company

Legal