M&A Deal Summary

L Squared Capital Partners Acquires Sterling Trading Tech

On September 8, 2021, private equity firm L Squared Capital Partners acquired financial services company Sterling Trading Tech from LLR Partners

Acquisition Highlights
  • This is L Squared Capital Partners’ 1st transaction in the Financial Services sector.
  • This is L Squared Capital Partners’ 11th transaction in the United States.
  • This is L Squared Capital Partners’ 1st transaction in Illinois.

M&A Deal Summary
Date 2021-09-08
Target Sterling Trading Tech
Sector Financial Services
Buyer(s) L Squared Capital Partners
Sellers(s) LLR Partners
Deal Type Secondary Buyout

Target

Sterling Trading Tech

Chicago, Illinois, United States
Sterling Trading Tech is a solutions provider for active and professional traders as well as hedge funds and prop trading groups. Sterling provides fast, stable, state-of-the-art products and services to the active trading community. Sterling Trading Tech was established in 2009 and is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

L Squared Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
PE ASSETS 550M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

L Squared Capital Partners is a private investment group focused on long-term investments in lower middle-market growth companies with $15 to $100 million in revenue. The Firm looks to commit $30 to $100 million per transaction and will consider opportunities throughout North America. Sectors of interest include tech-enabled services, industrial technology, and education. L Squared Capital was established in 2014 and is headquartered in Newport Beach, California.

DEAL STATS #
Overall 11 of 16
Sector (Financial Services) 1 of 1
Type (Secondary Buyout) 4 of 5
State (Illinois) 1 of 3
Country (United States) 11 of 16
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-16 Crane 1

West Chester, Ohio, United States

Crane 1 is a provider of overhead crane services and equipment that maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity. Crane 1 offers a full suite of services, including inspections, maintenance, repair, design, and installation of overhead crane systems and below-the-hook lifting devices. Crane 1 was founded in 2007 and is based in West Chester, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-29 Heggerty

Oak Park, Illinois, United States

Heggerty is an early childhood literacy solutions provider offering a comprehensive suite of phonemic and phonological awareness solutions. Heggerty’s product offering is anchored by its daily systematic phonemic and phonological awareness curriculum delivered in print and digital modalities that are used by more than 250,000 educators spanning from early pre-K to 5th grade. Heggerty was founded in 2003 and is based in Oak Park, Illinois.

Buy -

Seller(S) 1

SELLER

LLR Partners

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

LLR is a private equity firm that makes growth capital, buyout, and recapitalization investments in mid-sized growth companies with sustainable competitive advantages. LLR looks to invest $30 to $150 million per transaction and will consider both control and minority situations. Target companies generally have at least $10 million in annual sales and are valued up to $250 million. Broad industry sectors of interest include general business services, financial services, healthcare services, education, manufacturing, consumer/retail and information technology/software. LLR will consider investments throughout the US with an emphasis on opportunities located in the Eastern and Mid-Atlantic regions of the US. LLR Partners was formed in 1999 and is based in Philadelphia, Pennsylvania.

DEAL STATS #
Overall 59 of 76
Sector (Financial Services) 7 of 7
Type (Secondary Buyout) 12 of 14
State (Illinois) 2 of 3
Country (United States) 58 of 75
Year (2021) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 WizeHive

Conshohocken, Pennsylvania, United States

WizeHive provides a secure, cloud platform ZengineTM along with services and support to mission-based organizations including corporate social responsibility teams, government entities, universities, and other non-profits. WizeHive’s technology enables the application, review, and full lifecycle management of the grants, scholarships, fellowships, and other awards that lie at the heart of their clients’ missions. Zengine offers unmatched flexibility and adaptability to support each client’s unique mission objectives and processes. WizeHive was formed in 2008 and is based in Conshohocken, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-19 PhishLabs

Charleston, South Carolina, United States

PhishLabs is a provider of 24/7 managed security services that protect against phishing attacks. PhishLabs delivers curated threat intelligence and complete threat mitigation across the digital risk landscape. PhishLabs was founded in 2008 and is based in Charleston, South Carolina.

Sell -
Mergr

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