M&A Deal Summary

Norwest Equity Partners Acquires Coretelligent

On October 25, 2021, private equity firm Norwest Equity Partners acquired information technology company Coretelligent from VSS Capital Partners

Acquisition Highlights
  • This is Norwest Equity Partners’ 6th transaction in the Information Technology sector.
  • This is Norwest Equity Partners’ 67th transaction in the United States.
  • This is Norwest Equity Partners’ 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2021-10-25
Target Coretelligent
Sector Information Technology
Buyer(s) Norwest Equity Partners
Sellers(s) VSS Capital Partners
Deal Type Secondary Buyout
Advisor(s) Drake Star Partners (Financial)

Target

Coretelligent

Needham, Massachusetts, United States
Coretelligent is a full-service provider of private cloud and end-to-end IT managed services and support to small and midsized businesses, predominantly financial services and life sciences. The company develops innovative technology solutions and provides a full suite of services to ensure clients receive exceptional business performance, data protection, and security. Coretelligent was formed in 2006 and is based in Needham, Massachusetts.

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Buyer(S) 1

Buyer

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 70 of 75
Sector (Information Technology) 6 of 6
Type (Secondary Buyout) 25 of 29
State (Massachusetts) 2 of 2
Country (United States) 67 of 72
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Pentec Health

Glen Mills, Pennsylvania, United States

Pentec Health is a provider of specialty infusion services to patients who require access to complex pharmaceutical products and services outside of the hospital setting. Pentec Health was founded in 1983 and is based in Glen Mills, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-10 Thibaut

Union, New Jersey, United States

Thibaut is an operator of wallpaper and fabric company. Thibaut is a designer and global distributor of branded wallpapers, fabrics, and furniture sold through the interior design channel. Thibaut goes to market through two highly regarded brands, Thibaut and Anna French. Thibaut was founded in 1886 and is based in Union, New Jersey.

Buy -

Seller(S) 1

SELLER

VSS Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

VSS Capital Partners is a private equity firm that targets investments in the media, communications, education, and information services sectors. VSS looks for opportunities with valuable brand franchises, stable cash flows, and infrastructure to support add-ons. The Firm will consider businesses throughout North America and Europe valued between $50 and $750 million. Prospective investment situations include management buyouts/buy-ins, expansion or acquisition financings, recapitalizations, build-ups, going private transactions, and partnerships. VSS was formed in 1981 and is based in New York City.

DEAL STATS #
Overall 54 of 56
Sector (Information Technology) 4 of 4
Type (Secondary Buyout) 23 of 23
State (Massachusetts) 1 of 1
Country (United States) 41 of 43
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-16 Tax Credit

Los Angeles, California, United States

Tax Credit is a provider of tax incentive consulting, administration and technology, serving clients from Fortune 100 to small business. The Company uses proprietary processes, software and expertise to assist the most respected regional and national companies in identifying valuable federal and state tax incentives, including state and federal research and development tax credits, state enterprise zone tax credits, national hiring incentives such as the Work Opportunity Tax Credit (WOTC) and other state and federal programs. Tax Credit was founded in 2012 and is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-09 HFW

St. Louis, Missouri, United States

HFW is an AEC industry professional services company investing in architecture and engineering firms that serve metropolitan and infrastructure markets and are open to aligning with a partner for growth. HFW was formed in 2020 and is based in St. Louis, Missouri.

Buy -
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