M&A Deal Summary

Permira, General Atlantic and CPP Investments Acquire Boats Group

On December 29, 2020, private equity firm Permira, growth capital firm General Atlantic and pension CPP Investments acquired internet software and services company Boats Group from Apax

Acquisition Highlights
  • This is Permira’s 14th, General Atlantic’s 59th and CPP Investments’ 8th transaction in the Internet Software and Services sector.
  • This is Permira’s 36th, General Atlantic’s 123rd and CPP Investments’ 29th transaction in the United States.
  • This is Permira’s 1st, General Atlantic’s 5th and CPP Investments’ 2nd transaction in Florida.

M&A Deal Summary

Date 2020-12-29
Target Boats Group
Sector Internet Software and Services
Buyer(s) Permira
General Atlantic
CPP Investments
Sellers(s) Apax
Deal Type Secondary Buyout
Advisor(s) Evercore Group (Financial)
Kirkland & Ellis (Legal)

Target

Boats Group

Miami, Florida, United States
Boats Group operates online marketplaces and software products that support buying, selling, and managing boats and marine equipment. Boats Group was founded in 1999 and is based in Miami, Florida.

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Buyer(S) 3

Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 142 of 171
Sector: Internet Software and Services M&A 14 of 22
Type: Secondary Buyout M&A Deals 37 of 45
State: Florida M&A 1 of 1
Country: United States M&A 36 of 48
Year: 2020 M&A 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 Versaterm

Ottawa, Ontario, Canada

Versaterm provides CAD and records systems to public safety agencies in North America and the Caribbean. It offers records management systems, fire records management systems, computer-aided dispatch systems, mobile workstations, law enforcement information sharing portal, and crime analysis package. Versaterm was formed in 1977 and is based in Ottawa, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-29 Dr. Martens

London, United Kingdom

Dr. Martens is a global brand with a rich and diverse heritage and contemporary relevance. Its product segments include originals, fusion, kids, and casual, as well as accessories. Dr. Martens was founded in 1945 and is headquartered in London, England.

Sell -
Buyer

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


DEAL STATS #
Overall 264 of 364
Sector: Internet Software and Services M&A 59 of 78
Type: Secondary Buyout M&A Deals 22 of 30
State: Florida M&A 5 of 7
Country: United States M&A 123 of 175
Year: 2020 M&A 29 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-22 Liftoff Mobile

Redwood City, California, United States

Liftoff Mobile is a complete mobile app marketing platform that helps companies acquire and retain high quality mobile app users at scale. Liftoff uses prediction intelligence and unbiased ML to find engaged users at scale for mobile app marketers, creative testing to deliver the most engaging ad experience and a unique cost per revenue model to optimize for LTV goals. Liftoff Mobile was founded in 2012 and is based in Redwood City, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-05 Chronosphere

New York, New York, United States

Chronosphere is a cloud-native data monitoring platform built on M3. Chronosphere was founded in 2019 and is based in New York, New York.

Buy -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 72 of 119
Sector: Internet Software and Services M&A 8 of 12
Type: Secondary Buyout M&A Deals 13 of 27
State: Florida M&A 2 of 2
Country: United States M&A 29 of 48
Year: 2020 M&A 13 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 Viking Cruises

Woodland Hills, California, United States

Viking Cruises offers destination-focused journeys on rivers, oceans, and lakes around the world. Designed for experienced travelers with interests in science, history, culture, and cuisine. Viking Cruises was founded in 1997 and is based in Woodland Hills, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Resilience

La Jolla, California, United States

Resilience is a manufacture and technology company dedicated to broadening access to complex medicines and protecting biopharmaceutical supply chains against disruption. The company is building a sustainable network of high-tech, end-to-end manufacturing solutions to ensure the medicines of today and tomorrow can be made quickly, safely, and at scale. Resilience was founded in 2020 and is based in La Jolla, California.

Buy -

Seller(S) 1

SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 146 of 174
Sector: Internet Software and Services M&A 9 of 16
Type: Secondary Buyout M&A Deals 53 of 61
State: Florida M&A 2 of 4
Country: United States M&A 55 of 66
Year: 2020 M&A 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-28 Azentio

Singapore, Singapore

Azentio provides core software to BFSI customers and ERP solutions to SMB enterprises primarily across Middle East and Africa, Asia Pacific, and India. The company's flagship products include Premia Astra (Core Insurance Solution), Kastle (Universal Banking Solution), AMLOCK (Financial Crime Detection and Management Solution), MFund Plus (Wealth & Asset Management Solution), and Orion (Enterprise Resource Planning Solution). Azentio was formed in 2020 and is based in Singapore.

Buy Rs10.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Comax

Bnei Brak, Israel

Comax is a Software as a Service (SaaS) based retail ERP system that primarily serves the food retail space in Israel. Comax is based in Bnei Brak, Israel.

Buy -