M&A Deal Summary

KKR and HarbourVest Partners Acquire Therapy Brands

On April 7, 2021, private equity firms KKR and HarbourVest Partners acquired software company Therapy Brands from Lightyear Capital and Providence Equity Partners

Acquisition Highlights
  • This is KKR’s 19th and HarbourVest Partners’ 26th transaction in the Software sector.
  • This is KKR’s 163rd and HarbourVest Partners’ 126th transaction in the United States.
  • This is KKR’s 1st and HarbourVest Partners’ 1st transaction in Alabama.

M&A Deal Summary

Date 2021-04-07
Target Therapy Brands
Sector Software
Buyer(s) KKR
HarbourVest Partners
Sellers(s) Lightyear Capital
Providence Equity Partners
Deal Type Secondary Buyout
Advisor(s) William Blair
Triple Tree LLC (Financial)
Davis Polk & Wardwell (Legal)

Target

Therapy Brands

Birmingham, Alabama, United States
Therapy Brands is a provider of fully-integrated practice management software and EHR solutions for mental and behavioral health providers. Therapy Brand's mission is to provide the best software and tools to manage your practice. Therapy Brands is based in Birmingham, Alabama.

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Buyer(S) 2

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B 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 381 of 484
Sector (Software) 19 of 23
Type (Secondary Buyout) 76 of 107
State (Alabama) 1 of 1
Country (United States) 163 of 210
Year (2021) 13 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-07 Open Dutch Fiber

Bunnik, Netherlands

Open Dutch Fiber build and manage fiber optic networks in mainly urban areas. Open Dutch Fiber work together with municipalities, utility companies, housing associations, associations of owners (VvE) and contractors. Open Dutch Fiber was founded in 2021 and is based in Bunnik, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-08 Box

Redwood City, California, United States

Box is a provider of online file sharing and cloud content management solutions. Content on Box can be shared internally and externally, accessed through iPad, iPhone, Android and Windows Phone applications, among others, and extended to partner applications such as Google Apps, NetSuite and Salesforce. Box was founded in 2005 and is based in Redwood City, California.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 213 of 223
Sector (Software) 26 of 26
Type (Secondary Buyout) 53 of 55
State (Alabama) 1 of 1
Country (United States) 126 of 134
Year (2021) 3 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 VIX

Coral Gables, Florida, United States

VIX, Inc. is an independent digital media company, that creates content that sparks curiosity and adds value to millions of people every day. Our content lives at VIX.com and across a variety of social platforms such as Facebook, Instagram, and YouTube. VIX was formed in 1999 and is based in Coral Gables, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-16 HyTest

Turku, Finland

HyTest produces antibodies and antigens for the IVD industry for use as key components of various laboratory assays and kits. HyTest’s customer base includes a large number of companies that supply IVD equipment, including many of the global leaders in the IVD market. The company is active across the globe, including US, Asia and Europe. HyTest was founded in 1994 and is based in Turku, Finland.

Buy €545M

Seller(S) 2

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 27 of 30
Sector (Software) 2 of 2
Type (Secondary Buyout) 7 of 7
State (Alabama) 1 of 1
Country (United States) 21 of 24
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-20 Allworth Financial

Sacramento, California, United States

Allworth Financial is an independent investment financial advisory firm that specializes in retirement planning, investment advising, and 401(k) management with a direct approach to financial planning. The company delivers long- and short-term investment planning solutions and advice to help clients achieve goals and plan strategically for retirement. Allworth Financial was formed in 1993 and is based in Sacramento, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Datalot

Brooklyn, New York, United States

Datalot is a provider of mobile and web marketing technology solutions for the insurance industry, Datalot connects consumers with insurance carriers and agents. The company has built a marketplace for insurance shoppers by leveraging its technology platform and integrated contact center operations to qualify and efficiently route consumer inquiries for, primarily, auto, home, health, and life insurance products. Datalot was founded in 2009 and is based in Brooklyn, New York.

Sell -
SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 90 of 100
Sector (Software) 6 of 9
Type (Secondary Buyout) 26 of 31
State (Alabama) 1 of 1
Country (United States) 61 of 68
Year (2021) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-25 Pineapple Payments

Pittsburgh, Pennsylvania, United States

Pineapple Payments is a payment processing technology company that provides omni-channel payment acceptance tools for merchants of all shapes and sizes, from startups to large scale enterprises. Pineapple Payments brings versatile payment enablement technology and payment concierge services to merchants of all sizes in an ever-changing payment processing landscape. Pineapple Payments was founded in 2016 and is based in Pittsburgh, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-21 DoubleVerify

New York, New York, United States

DoubleVerify is a provider of online media verification, offering a comprehensive suite of advertising verification monitoring, blocking and compliance solutions. DoubleVerify was incorporated in 2008 and is based in New York, New York.

Sell -