Secondary Buyout • Internet Software and Services

Marlin Equity Partners Acquires Puzzel

On May 6, 2019, private equity firm Marlin Equity Partners acquired internet software and services company Puzzel from Herkules Capital

Acquisition Context
  • This is Marlin Equity Partners’ 19th transaction in the Internet Software and Services sector.
  • This is Marlin Equity Partners’ 1st transaction in Norway.

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M&A Deal Summary

Date May 6, 2019
Target Puzzel
Sector Internet Software and Services
Buyer(s) Marlin Equity Partners
Sellers(s) Herkules Capital
Deal Type Secondary Buyout

Target Company

Puzzel

Oslo, Norway
Puzzel is a provider of cloud-based contact center software to support smaller enterprises and global corporations. Puzzel was founded in 2016 and is based in Oslo, Norway.
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Buyer Overview 1

Buyer

Marlin Equity Partners

Hermosa Beach, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Marlin Equity's headquarters in Hermosa Beach, California.
Marlin Equity's headquarters in Hermosa Beach, California.

Marlin Equity Partners is a private investment firm focused on acquiring distressed businesses with sales of $10 million to $2 billion. Marlin has a special interest in non-core or underperforming divisions of larger corporations, as well as companies facing some sort of financial, operational or market-related transition. Marlin is a generalist investor and will consider opportunities in technology (software, IT, payment systems, hardware, communications, internet), healthcare, consumer (apparel, retail, consumer products, food/beverage), services (business, financial, consumer, education), manufacturing (automotive, industrial, metals, plastics), aerospace, defense, and media. Marlin prefers businesses with scalable business models, strong installed customer bases, defensible market positions, and barriers to entry. Marlin Equity Partners was formed in 2005 and is based in Hermosa Beach, California with an additional office in London.


Deal Context for Buyer #
Overall 76 of 118
Sector: Internet Software and Services 19 of 40
Type: Secondary Buyout 10 of 22
Country: Norway 1 of 2
Year: 2019 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-16 Skuid

Chattanooga, Tennessee, United States

Skuid is a no-code, design-first, extensible cloud application development platform for rapidly creating and optimizing enterprise applications. Skuid's simple-to-use and robust front-end design-and-deploy cloud platform allows customers to connect to disparate data sources, assemble highly complex, made-to-order applications, and instantly make changes all without writing code. Skuid was founded in 2013 and is based in Chattanooga, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-20 EditShare

Watertown, Massachusetts, United States

EditShare offers networked shared storage and tapeless, end-to-end workflow solutions for the post-production, TV and film industries. EditShare groundbreaking products improve efficiency and workflow collaboration every step of the way. EditShare includes video capture and playout servers, high-performance EFS central shared storage, AQC, archiving and backup software, media asset management, and Lightworks – the world’s first three-platform (Windows/OS X/Linux) professional non-linear video editing application. EditShare was established in 2003 and is based in Watertown, Massachusetts.

Buy -

Seller Profile 1

SELLER

Herkules Capital

Oslo, Norway

Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 15.1B NOK
Size Large
Type Sector Agnostic
DESCRIPTION

Herkules Capital is a private equity firm focused on acquiring controlling interests in established companies located in Norway and other Nordic countries. Herkules looks to commit NOK 100 to NOK 1200 million of equity capital per transaction and will consider investing in public and private companies. Sectors of interest include oil services, healthcare, consumer, trade/retail, services and telecom. The Firm's investment horizon is typically five to seven years. Herkules was formerly known as Fer Private Equity. The Firm is based in Lysaker, Norway.


Deal Context for Seller #
Overall 24 of 34
Sector: Internet Software and Services 2 of 2
Type: Secondary Buyout 9 of 10
Country: Norway 19 of 28
Year: 2019 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-10 Avonova

Oslo, Norway

Avonova is a provider of occupational health services in Norway and Sweden. The company offers a comprehensive range of services to promote wellbeing and reduce absences, including medical checks, sick-leave follow-up and organizational development. Avonova is based in Oslo, Norway.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-13 Ocean Technologies Group

Horten, Norway

Ocean Technologies Group is a provider of technology-enabled training and compliance tools for the maritime, oil and gas industries. Ocean Technologies Group was founded in 1996 and is based in Horten, Norway.

Sell -