M&A Deal Summary

Hellman & Friedman, Polaris Partners and JMI Equity Acquire Internet Brands

On September 20, 2010, private equity firm Hellman & Friedman, growth capital firm Polaris Partners and private equity firm JMI Equity acquired digital media company Internet Brands from Battery Ventures for 640M USD

Acquisition Highlights
  • This is Hellman & Friedman’s 2nd, Polaris Partners’ 1st and JMI Equity’s 1st transaction in the Digital Media sector.
  • This is Hellman & Friedman’s 34th, Polaris Partners’ and JMI Equity’s 7th largest (disclosed) transaction.
  • This is Hellman & Friedman’s 31st, Polaris Partners’ 23rd and JMI Equity’s 52nd transaction in the United States.
  • This is Hellman & Friedman’s 6th, Polaris Partners’ 3rd and JMI Equity’s 12th transaction in California.
Investment Fate
  • Internet Brands was sold to a consortium of financial buyers in 2014.

M&A Deal Summary
Date 2010-09-20
Target Internet Brands
Sector Digital Media
Buyer(s) Hellman & Friedman
Polaris Partners
JMI Equity
Sellers(s) Battery Ventures
Deal Type Going Private
Deal Value 640M USD
Advisor(s) Jefferies (Financial)
Munger Tolles & Olson
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Internet Brands

El Segundo, California, United States
Internet Brands is an internet media company that owns and operates online media, community, and e-commerce websites in vertical markets. Internet Brands was founded in 1998 and is based in El Segundo, California.

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Buyer(S) 3

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 43 of 88
Sector (Digital Media) 2 of 2
Type (Going Private) 9 of 17
State (California) 6 of 11
Country (United States) 31 of 61
Year (2010) 3 of 3
Size (of disclosed) 34 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-15 Axel Springer

Berlin, Germany

Axel Springer is a publisher of newspapers and magazines. Axel Springer was founded in 1946 and is based in Berlin, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-17 LPL Financial

San Diego, California, United States

LPL Financial is the exclusive provider of investment advisory, marketing, administrative, distribution and information systems services to the largest independent financial advisor network in the United States. LPL Financial was founded in 1989 and is based in San Diego, California.

Sell -
Buyer

Polaris Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1996
PE ASSETS 5.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Polaris Partners is primarily a seed, first round, and early stage venture capital investor in information technology and life science businesses. However, Polaris also focuses on private equity investments in established companies. In this area, Polaris targets high growth middle market companies in industries including technology, healthcare, digital media, consumer products and services, and business services. The firm's investments include minority growth equity investments, recapitalizations with liquidity, and leveraged buyouts. Polaris Partners was formed in 1996 and has offices in Seattle, Washington and Waltham, Massachusetts.

DEAL STATS #
Overall 25 of 87
Sector (Digital Media) 1 of 1
Type (Going Private) 1 of 1
State (California) 3 of 14
Country (United States) 23 of 78
Year (2010) 3 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-06 Alimera Sciences

Alpharetta, Georgia, United States

Alimera Sciences is a biopharmaceutical company specializes in the research, development, and commercialization of prescription ophthalmic pharmaceuticals. The company is focused on diseases affecting the back of the eye, or retina, because these diseases are not well treated with current therapies. Alimera Sciences was founded in 2003 and is based in Alpharetta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-18 WHI Solutions

Rye Brook, New York, United States

WHI Solutions is a provider of e-commerce tools for the automotive aftermarket. The company facilitates the sale of millions of brand name auto and truck parts, accessories, performance products, and consumer items.

Sell -
Buyer

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.

DEAL STATS #
Overall 58 of 127
Sector (Digital Media) 1 of 1
Type (Going Private) 6 of 7
State (California) 12 of 25
Country (United States) 52 of 111
Year (2010) 3 of 3
Size (of disclosed) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-07 Intergraph

Madison, Alabama, United States

Intergraph Corp. is a provider of spatial information management software and services. Security organizations, businesses, and governments use Intergraph's software to turn vast amounts of complex data into visual representations, allowing for faster, more effective operational decisions. Intergraph was formed in 1969 and is based in Mobile, Alabama.

Sell $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-12 QuIC Financial Technologies

Vancouver, British Columbia, Canada

QuIC Financial Technologies, Inc. is a provider of enterprise solutions for risk management, pricing and financial analytics. The QuIC engine provides speed, accuracy and flexibility for pricing and risk calculations that is able to handle the most complex models, instruments and analytics.

Sell -

Seller(S) 1

SELLER

Battery Ventures

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 13.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Battery Ventures is a private investment firm focused on opportunities in the technology and related-sectors. Battery will invest at all company stages, from seed and early-stage capital situations to leveraged buyouts, PIPEs, spin outs, rollups and take-privates of established companies. Battery's private equity group focuses on investments in companies with revenue of $5 to $200 million and EBITDA up to $25 million. Battery can commit up to $100 million in equity per transaction. Specific areas of interest include software; IT services and outsourcing; communications components, systems, and services; and financial services and tech-enabled businesses. Battery will consider investments throughout North America, Europe, and Asia. Battery Ventures was formed in 1983 and is headquartered in Menlo Park, California.

DEAL STATS #
Overall 9 of 63
Sector (Digital Media) 1 of 1
Type (Going Private) 1 of 1
State (California) 1 of 12
Country (United States) 9 of 51
Year (2010) 4 of 4
Size (of disclosed) 5 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-11 RealPage

Richardson, Texas, United States

RealPage is a provider of comprehensive property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries. RealPage was founded in 1998 and is based in Richardson, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-12 Data Innovations

South Burlington, Vermont, United States

Data Innovations LLC is a clinical and blood laboratory middleware company. Through more than 40 industry business partnerships and directly with laboratory end users, DI has installed over 6,500 middleware systems in 65 countries. The company’s Instrument Manager (IM) and Laboratory Production Manager (LPM) represent the most complete offerings in the market for pre-analytical, analytical, and post-analytical sample processing and non analytical tasks such as equipment maintenance. With a focus solely on laboratory data management and offices in the United States, Belgium, Brazil, China, France, and the United Kingdom, DI is the only middleware company with a true global scope.

Buy -
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