M&A Deal Summary

LLR Partners Acquires TrueLearn

On May 29, 2020, private equity firm LLR Partners acquired internet software and services company TrueLearn from Kian Capital Partners

Acquisition Highlights
  • This is LLR Partners’ 13th transaction in the Internet Software and Services sector.
  • This is LLR Partners’ 102nd transaction in the United States.
  • This is LLR Partners’ 1st transaction in North Carolina.

M&A Deal Summary

Date 2020-05-29
Target TrueLearn
Sector Internet Software and Services
Buyer(s) LLR Partners
Sellers(s) Kian Capital Partners
Deal Type Secondary Buyout
Advisor(s) DC Advisory (Financial)

Target

TrueLearn

Charlotte, North Carolina, United States
TrueLearn is a SaaS-based educational company that provides test preparation software for high-stakes standardized exams in various fields of medicine. TrueLearn is based in Charlotte, North Carolina.

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Buyer(S) 1

Buyer

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 103 of 129
Sector: Internet Software and Services M&A 13 of 19
Type: Secondary Buyout M&A Deals 9 of 16
State: North Carolina M&A 1 of 2
Country: United States M&A 102 of 128
Year: 2020 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 ePayPolicy

Austin, Texas, United States

ePayPolicy provides electronic payment solutions for the independent insurance industry. Specifically, the company has been on a mission to replace paper checks by enabling policyholders to pay electronically via credit card or ACH. ePayPolicy was founded in 2014 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-13 WorldAware

Annapolis, Maryland, United States

WorldAware, Inc. is a provider of intelligence-driven operational risk management solutions to enable multinational companies and government organizations to operate globally with confidence. WorldAware’s end-to-end, tailored solution integrates world-class threat intelligence, innovative technology, and global response services that help enterprises protect their people and operational assets and mitigate operational risk. WorldAware was founded in 1999 and is based in Annapolis, Maryland.

Sell -

Seller(S) 1

SELLER

Kian Capital Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Kian Capital Partners is a private equity firm focused on providing equity and junior capital to support growth, buyouts, shareholder liquidity needs, recapitalizations, divestitures, and refinancings of profitable lower middle-market companies with up to $150 million in revenue. Kian will consider opportunities throughout the US and seeks businesses operating in the business services, distribution, healthcare services, and niche manufacturing sectors. Kian Capital Partners was formed in 2011 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 4 of 11
Sector: Internet Software and Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 3 of 4
State: North Carolina M&A 3 of 4
Country: United States M&A 4 of 11
Year: 2020 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-07 Empire Equipment

Goldsboro, North Carolina, United States

Empire Equipment is a wholesale distributor of commercial foodservice equipment and genuine OEM parts into diverse markets, including food service equipment dealers, service organizations, buying groups, and national chain accounts. Empire Equipment was founded in 1985 and is based in Goldsboro, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-04 Smart Choice

Greensboro, North Carolina, United States

Smart Choice is an insurance distribution company with a network of more than 4,000 independent agents and 80 insurance carriers with markets in nearly 40 states. Smart Choice was founded in 1997 and is based in Greensboro, North Carolina.

Sell -