M&A Deal Summary

New Mountain Capital and Stone Point Capital Acquire Beeline

On July 26, 2018, private equity firms New Mountain Capital and Stone Point Capital acquired internet software and services company Beeline from GTCR

Acquisition Highlights
  • This is New Mountain Capital’s 3rd and Stone Point Capital’s 8th transaction in the Internet Software and Services sector.
  • This is New Mountain Capital’s 50th and Stone Point Capital’s 77th transaction in the United States.
  • This is New Mountain Capital’s 6th and Stone Point Capital’s 5th transaction in Florida.

M&A Deal Summary
Date 2018-07-26
Target Beeline
Sector Internet Software and Services
Buyer(s) New Mountain Capital
Stone Point Capital
Sellers(s) GTCR
Deal Type Secondary Buyout
Advisor(s) William Blair
Lazard Ltd. (Financial)

Target

Beeline

Jacksonville, Florida, United States
Beeline is an independent provider of cloud solutions for sourcing and managing the complex world of contingent labor that enables companies to increase profitability and flexibility by utilizing an agile mix of employee and non-employee talent. The company's software helps procurement, sourcing, and human resources professionals optimize costs, reduce risks, and add value to their services procurement and contingent workforce programs. It delivers innovative technology, end-to-end global and localized customer engagement services, and value-added capabilities which help many of the world's largest enterprises meet their most critical talent needs. Beeline was formed in 1999 and is based in Jacksonville, Florida.

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Buyer(S) 2

Buyer

New Mountain Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 54 of 95
Sector (Internet Software and Services) 3 of 4
Type (Secondary Buyout) 18 of 38
State (Florida) 6 of 6
Country (United States) 50 of 90
Year (2018) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-18 Pivvot

Kansas City, Missouri, United States

Pivvot is a software company that delivers intelligent asset management systems to infrastructure organizations. Pivvot streamlines projects with geospatial location intelligence, including renewable energy siting and suitability, electric transmission and pipeline routing, environmental impact analysis, and custom data acquisition. Pivvot was founded in 2018 and is based in Kansas City, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-29 National HME

Richland Hills, Texas, United States

National HME is a provider of outsourced medical equipment management solutions to the hospice market. National HME delivers medical equipment to hospice caregivers either directly through its full-service locations or through its credentialed network of local providers. The company also provides consolidated ordering and invoicing as well as data on utilization, cost trends, and network management for reporting and analytics. National HME was formed in 2006 and is based in Richland Hills, Texas.

Buy -
Buyer

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 89 of 114
Sector (Internet Software and Services) 8 of 11
Type (Secondary Buyout) 16 of 26
State (Florida) 5 of 7
Country (United States) 77 of 101
Year (2018) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-25 Focus Financial Partners

New York, New York, United States

Focus Financial Partners is a partnership of independent, fiduciary wealth management firms. Focus provides superior access to best practices, resources, and continuity planning for its partner firms that serve individuals, families, employers, and institutions with wealth management, benefits consulting, and investment consulting services. Focus Financial Partners is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 Genex

Wayne, Pennsylvania, United States

Genex is the trusted provider of managed care services enabling clients to transform their bottom lines while enhancing the lives of injured and disabled workers. The company serves the top underwriters of workers’ compensation, automobile, disability insurance, third-party administrators, and a significant number of Fortune 500 employers. In addition, Genex is the only company that delivers high-quality clinical services enhanced by intelligent systems and 360-degree data analysis. The company consistently drives superior results related to medical, wage loss, and productivity costs associated with claims in the workers’ compensation, disability, automobile, and health care systems. Genex was formed in 1978 and is based in Wayne, Pennsylvania.

Sell -

Seller(S) 1

SELLER

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 68 of 84
Sector (Internet Software and Services) 3 of 5
Type (Secondary Buyout) 18 of 21
State (Florida) 4 of 6
Country (United States) 65 of 81
Year (2018) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-21 Rithum

Atlanta, Georgia, United States

Rithum is a distributed commerce network connecting supply, demand and delivery that helps retailers and brands increase sales by expanding product assortments, promoting products on the channels that perform, and enabling rapid, on-time customer delivery. Rithum was founded in 1997 and is based in Atlanta, Georgia.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-15 GreatCall

San Diego, California, United States

GreatCall, Inc. is a provider of connected health and personal emergency response services (PERS) for active aging, serving over 800,000 subscribers across the United States. GreatCall's product offering includes senior-friendly hardware combined with one-touch connectivity to trained agents who can answer questions, dispatch emergency personnel, connect to family caregivers and provide additional concierge services. GreatCall is headquartered in San Diego, California.

Sell $800M
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