M&A Deal Summary

Level Equity Management and Prairie Capital Acquire Upshop

On February 17, 2024, private equity firms Level Equity Management and Prairie Capital acquired information technology company Upshop from Prairie Capital

Acquisition Highlights
  • This is Level Equity Management’s 6th and Prairie Capital’s 4th transaction in the Information Technology sector.
  • This is Level Equity Management’s 50th and Prairie Capital’s 75th transaction in the United States.
  • This is Level Equity Management’s 3rd and Prairie Capital’s 7th transaction in Florida.

M&A Deal Summary

Date 2024-02-17
Target Upshop
Sector Information Technology
Buyer(s) Level Equity Management
Prairie Capital
Sellers(s) Prairie Capital
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Reed Smith (Legal)

Target

Upshop

Tampa, Florida, United States
Upshop is a provider of a Software as a Service (SaaS) platform designed to streamline forecasting, ordering, production, and inventory optimization processes for food retailers. The unified platform simplifies and enhances associate tasks, fostering smarter and more interconnected operations across fresh, center-aisle, direct store delivery, and eCommerce departments. Upshop was founded in 1989 and is based in Tampa, Florida.

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Buyer(S) 2

Buyer

Level Equity Management

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2009
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.


DEAL STATS #
Overall 59 of 60
Sector (Information Technology) 6 of 6
Type (Secondary Buyout) 8 of 9
State (Florida) 3 of 4
Country (United States) 50 of 51
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-14 Groove

San Francisco, California, United States

Groove is a SaaS-based sales automation platform for account-based sales teams looking to run multi-touch campaigns. Groove was founded in 2014 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 DocuPhase

Clearwater, Florida, United States

DocuPhase is a SaaS business that provides market-leading enterprise automation platform solutions that improve the efficiency of enterprise operations. DocuPhase was founded in 2000 and is based in Clearwater, Florida.

Buy -
Buyer

Prairie Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 525M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prairie Capital is a private investment firm that provides equity and/or mezzanine capital to support buyouts and recapitalization of lower middle-market companies generating sales of $20 - $100 million with an EBITDA of $4 - $12 million. Areas of interest include niche manufacturers, business services, consumer products, marketing services, specialty chemical, and food businesses. The firm invests in the range of $25 - $45 million per transaction. Prairie Capital was formed in 1997 and is based in Chicago, Illinois.


DEAL STATS #
Overall 77 of 78
Sector (Information Technology) 4 of 4
Type (Secondary Buyout) 5 of 5
State (Florida) 7 of 7
Country (United States) 75 of 76
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-19 Blue Alliance

Cincinnati, Ohio, United States

Blue Alliance is an operator-led, growth platform that provides outsourced managed IT services to small, medium and enterprise clients in the healthcare, architectural & construction, education and manufacturing industries. Blue Alliance is based in Cincinnati, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-20 Kashi Clinical Laboratories

Portland, Oregon, United States

Kashi Clinical Laboratories is a clinical laboratory providing specialized solutions to academic institutions, biopharma, hospitals, long-term care facilities, and transplant centers worldwide. The company offers HLA typing for transplant donor matching including post-transplant monitoring, genomic sequencing, and other diagnostic testing. Kashi Clinical Laboratories was formed in 2006 and is based in Portland, Oregon.

Buy -

Seller(S) 1

SELLER

Prairie Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 525M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prairie Capital is a private investment firm that provides equity and/or mezzanine capital to support buyouts and recapitalization of lower middle-market companies generating sales of $20 - $100 million with an EBITDA of $4 - $12 million. Areas of interest include niche manufacturers, business services, consumer products, marketing services, specialty chemical, and food businesses. The firm invests in the range of $25 - $45 million per transaction. Prairie Capital was formed in 1997 and is based in Chicago, Illinois.


DEAL STATS #
Overall 55 of 55
Sector (Information Technology) 2 of 2
Type (Secondary Buyout) 26 of 26
State (Florida) 4 of 4
Country (United States) 54 of 54
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-19 Blue Alliance

Cincinnati, Ohio, United States

Blue Alliance is an operator-led, growth platform that provides outsourced managed IT services to small, medium and enterprise clients in the healthcare, architectural & construction, education and manufacturing industries. Blue Alliance is based in Cincinnati, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-20 Kashi Clinical Laboratories

Portland, Oregon, United States

Kashi Clinical Laboratories is a clinical laboratory providing specialized solutions to academic institutions, biopharma, hospitals, long-term care facilities, and transplant centers worldwide. The company offers HLA typing for transplant donor matching including post-transplant monitoring, genomic sequencing, and other diagnostic testing. Kashi Clinical Laboratories was formed in 2006 and is based in Portland, Oregon.

Buy -