Divestiture • Business Services

Parthenon Capital Acquires Choreo

On January 5, 2022, private equity firm Parthenon Capital acquired business services company Choreo from RSM US

Acquisition Context
  • This is Parthenon Capital’s 13th transaction in the Business Services sector.
  • This is Parthenon Capital’s 59th transaction in the United States.
  • This is Parthenon Capital’s 3rd transaction in Indiana.

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M&A Deal Summary

Date January 5, 2022
Target Choreo
Sector Business Services
Buyer(s) Parthenon Capital
Sellers(s) RSM US
Deal Type Divestiture

Target Company

Choreo

Indianapolis, Indiana, United States
Choreo is a change management consulting firm that transforms workplaces into spaces that foster increased productivity, cost containment and improved effectiveness. Choreo was founded in 2008 and is based in Indianapolis, Indiana.
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Buyer Overview 1

Buyer

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


Deal Context for Buyer #
Overall 59 of 63
Sector: Business Services 13 of 15
Type: Divestiture 4 of 4
State: Indiana 3 of 3
Country: United States 59 of 62
Year: 2022 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 KBRA

New York, New York, United States

KBRA provides credit ratings across a variety of CFG sectors and Structured Finance. The former includes Corporates, Financial Institutions, Funds, Insurance, Project and Infrastructure, Public Finance, and Sovereigns. Structured Finance offerings include all major sectors, including ABS, CMBS, RMBS, and Structured Credit. In addition to ratings, the firm provides insightful credit information and data through its KBRA Analytics Service. KBRA was founded in 2010 and is based in New York City.

Buy $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-30 Cherry Bekaert

Richmond, Virginia, United States

Cherry Bekaert is a provider of auditing and accounting services. Cherry Bekaert was founded in 1947 and is based in Richmond, Virginia.

Buy -

Seller Profile 1

SELLER

RSM US

Bloomington, Minnesota, United States

Category Company
Founded 1927
Sector Business Services
DESCRIPTION

RSM US LLP is an accounting firm serving mid-sized to large businesses. RSM US offers audit, tax, and consulting services to a variety of organizations around the US.


Deal Context for Seller #
Overall 1 of 1
Sector: Business Services 1 of 1
Type: Divestiture 1 of 1
State: Indiana 1 of 1
Country: United States 1 of 1
Year: 2022 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-05 Rego Consulting - ServiceNow Practice

Centerville, Utah, United States

Rego Consulting's ServiceNow Practice is a consulting provider for IT Business Management.

Buy -