Investment Summary

Respida Capital, Summit Partners, General Atlantic and HGGC Invest In Mi9 Retail

On January 1, 2014, search fund Respida Capital, growth capital firm Summit Partners, growth capital firm General Atlantic and private equity firm HGGC invested in software company Mi9 Retail

Investment Highlights
  • This is Respida Capital’s 1st, Summit Partners’ 49th, General Atlantic’s 7th and HGGC’s 3rd transaction in the Software sector.
  • This is Respida Capital’s 1st, Summit Partners’ 235th, General Atlantic’s 61st and HGGC’s 12th transaction in the United States.
  • This is Respida Capital’s 1st, Summit Partners’ 18th, General Atlantic’s 3rd and HGGC’s 3rd transaction in Florida.

Investment Summary

Date 2014-01-01
Target Mi9 Retail
Sector Software
Investor(s) Respida Capital
Summit Partners
General Atlantic
HGGC
Deal Type Growth Capital
Advisor(s) Tequity Advisors (Financial)

Target

Mi9 Retail

Miami, Florida, United States
Mi9 Retail is a provider of an enterprise retail merchandising, business intelligence, and store operations software. The company has developed the only enterprise-grade Merchandising and Business Intelligence solution on the market available as a single solution. Mi9 Retail was founded in 2001 and is based in Miami, Florida.

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Investor(S) 4

Investor

Respida Capital

Miami, Florida, United States

Category Search Fund
Size Small
Type Sector Focused
DESCRIPTION

Respida Capital is a is a search fund focused on the technology sector. Respida Capital is based in Miami, Florida.


DEAL STATS #
Overall 1 of 1
Sector (Software) 1 of 1
Type (Growth Capital) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
Investor

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 263 of 386
Sector (Software) 49 of 68
Type (Growth Capital) 154 of 218
State (Florida) 18 of 25
Country (United States) 235 of 319
Year (2014) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-20 Tippmann Sports

Buffalo Grove, Illinois, United States

Tippmann Sports LLC is manufactures high-performance paintball markers and accessories. Its products are sold through specialty paintball dealers, distributors, and the mass merchant channel.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-09 Snap Fitness 24/7

Chanhassen, Minnesota, United States

Snap Fitness 24/7 is a franchisor of compact, 24/7 fitness centers in North America, Australia, New Zealand, and India. The company offers franchisees a proven, turnkey business model and provides members a convenient and affordable workout alternative to big-box health clubs. Snap Fitness 24/7 was established in 2003 and is based in Chanhassen, Minnesota.

Sell -
Investor

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B 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 Greenwich, Connecticut.


DEAL STATS #
Overall 124 of 340
Sector (Software) 7 of 27
Type (Growth Capital) 48 of 128
State (Florida) 3 of 6
Country (United States) 61 of 161
Year (2014) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 Gusto

San Francisco, California, United States

Gusto is on a mission to build a world where work empowers a better life. Gusto reimagines payroll, benefits, HR, and personal finance by streamlining and simplifying the most complicated, impersonal business tasks and making them delightful. Gusto was founded in 2012 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-10 CareCore National

Bluffton, South Carolina, United States

CareCore National is a healthcare specialty benefits management company that ensures the appropriate utilization of healthcare services across several medical disciplines, improving the quality of care for patients and reducing waste in U.S. healthcare spending.

Buy -
Investor

HGGC

Palo Alto, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 6.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HGGC (formerly Huntsman Gay Global Capital) focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks for companies with at least $100 million in revenue. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.


DEAL STATS #
Overall 14 of 46
Sector (Software) 3 of 8
Type (Growth Capital) 4 of 15
State (Florida) 3 of 4
Country (United States) 12 of 40
Year (2014) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-11 MyWebGrocer

Colchester, Vermont, United States

MyWebGrocer, Inc. is a software-as-a-service company providing online commerce, communications and digital media services to grocery store chains and consumer packaged goods companies. MyWebGrocer, Inc. was founded in 1999 and is based in Colchester, Vermont.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-10 Serena

Redwood City, California, United States

Serena is a provider of enterprise application lifecycle management software. Serena is one of the largest independent ALM vendors and the only one that orchestrates DevOps, the processes that bring together application development and operations. Serena was formed in 1980 and is based in Redwood City, California.

Buy $450M