M&A Deal Summary

Sumeru Equity Partners, Riverside Partners, Oak Hill Capital and Golub Capital Acquire Calero Software

On November 19, 2019, private equity firm Sumeru Equity Partners, private equity firm Riverside Partners, private equity firm Oak Hill Capital and lender Golub Capital acquired software company Calero Software from Riverside Partners

Acquisition Highlights
  • This is Sumeru Equity Partners’ 6th, Riverside Partners’ 7th, Oak Hill Capital’s 2nd and Golub Capital’s 5th transaction in the Software sector.
  • This is Sumeru Equity Partners’ 13th, Riverside Partners’ 37th, Oak Hill Capital’s 54th and Golub Capital’s 59th transaction in the United States.
  • This is Sumeru Equity Partners’ 1st, Riverside Partners’ 5th, Oak Hill Capital’s 5th and Golub Capital’s 3rd transaction in New York.

M&A Deal Summary
Date 2019-11-19
Target Calero Software
Sector Software
Buyer(s) Sumeru Equity Partners
Riverside Partners
Oak Hill Capital
Golub Capital
Sellers(s) Riverside Partners
Deal Type Recapitalization
Advisor(s) Choate Hall & Stewart (Legal)

Target

Calero Software

Rochester, New York, United States
Calero Software is a provider of communications lifecycle management (CLM) solutions designed to turn communication data into actionable insight by simplifying the management of voice, mobile and other unified communications services and assets. Calero Software is based in Rochester, New York.

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Buyer(S) 4

Buyer

Sumeru Equity Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
Size Small
Type Sector Focused
DESCRIPTION

Sumeru Equity Partners, Inc. is a technology-focused private equity firm that makes investments in mid-market software, technology enabled services, and hardware companies with a focus on growth. Sumeru Equity Partners typically invests between $25 and $200 million in companies with revenues greater than $10 million. Sumeru Equity Partners was formed in 2014 and is based in Foster City, California.

DEAL STATS #
Overall 16 of 22
Sector (Software) 6 of 7
Type (Recapitalization) 1 of 1
State (New York) 1 of 2
Country (United States) 13 of 15
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-19 MDSL

Tunbridge Wells, United Kingdom

Market Data Services Ltd. is a provider of expense management software and solutions for communications, mobility and market data spend. Market Data Services was founded in 1995 and is based in Tunbridge Wells, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Locaweb

Sao Paulo, Brazil

Locaweb is a provider of Webhosting and cloud computing services to small/medium businesses. Locaweb was founded in 1998 and is based in Sao Paulo, Brazil.

Sell -
Buyer

Riverside Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Riverside Partners is a specialist private equity firm focused on investments in healthcare and technology companies located throughout North America. The Firm has a particular interest in companies that are founder or family owned. Target companies are generally profitable with $3 to $15 million of EBITDA. Specific areas of interest within healthcare include suppliers to biopharmaceutical and medical device companies, medical technology and equipment, medical instrumentation, dental products and services, diagnostics and disposables, and specialized healthcare services. Areas of interest within technology include, analytical instrumentation, semiconductor equipment, industrial communications, wireless components, homeland security, and power generation technology. Transaction situations include partial or complete buyouts, recapitalizations, growth equity, divestitures, take privates, and strategic add-ons. Riverside Partners was formed in 1989 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 37 of 42
Sector (Software) 7 of 8
Type (Recapitalization) 2 of 2
State (New York) 5 of 5
Country (United States) 37 of 42
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 3Play Media

Boston, Massachusetts, United States

3Play Media is a provider of high-quality, fast-turnaround video accessibility services at scale. 3Play Media provides video captioning, transcription, subtitling, and audio description services to more than 2,500 customers across multiple industries. 3Play Media’s technology solutions employ an innovative approach that combines human editors with natural language processing and machine learning to guarantee high accuracy and fast turnaround at scale. 3Play Media was founded in 2007 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-29 Syner-G BioPharma

Framingham, Massachusetts, United States

Syner-G BioPharma is a provider of customized science and risk-based CMC and regulatory solutions and services, supporting pharmaceutical and biotechnology companies across small molecule, large molecule, and cell and gene therapy products. Syner-G BioPharma is based in Framingham, Massachusetts.

Buy -
Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.

DEAL STATS #
Overall 61 of 76
Sector (Software) 2 of 3
Type (Recapitalization) 3 of 4
State (New York) 5 of 7
Country (United States) 54 of 69
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-23 VertexOne

Houston, Texas, United States

VertexOne is a provider of customer information system (“CIS”) software and integration services to the mid-market public and investor-owned utility industry. VertexOne was founded in 1996 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 Earth Fare

Asheville, North Carolina, United States

Earth Fare is a supermarket operator providing all-natural, organic, premium and specialty foods and products in the southeastern United States. Earth Fare was founded in 1975 and is based in Asheville, North Carolina.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 61 of 68
Sector (Software) 5 of 5
Type (Recapitalization) 9 of 11
State (New York) 3 of 3
Country (United States) 59 of 66
Year (2019) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-17 Marshall Retail Group

Las Vegas, Nevada, United States

Marshall Retail Group is a specialty retailer with a 60-year history of operating stores in high-foot-traffic marketplaces. MRG provides turnkey solutions to premier casino resort and airport operators by creating and managing a highly scalable portfolio of profitable stores and memorable brands, well-positioned to attract and accommodate hotel guests, visitors and local residents.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-07 TransAxle

Cinnaminson, New Jersey, United States

TransAxle is a remanufacturer of drivetrain related components (transmissions, differentials, hydraulic pumps, and motors) and is an authorized distribution partner of ArvinMeritor, Eaton, Dana, Bendix, and over 100 other OE product lines. Transaxle was founded in 1979 and is based in Cinnaminson, New Jersey.

Sell -

Seller(S) 1

SELLER

Riverside Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Riverside Partners is a specialist private equity firm focused on investments in healthcare and technology companies located throughout North America. The Firm has a particular interest in companies that are founder or family owned. Target companies are generally profitable with $3 to $15 million of EBITDA. Specific areas of interest within healthcare include suppliers to biopharmaceutical and medical device companies, medical technology and equipment, medical instrumentation, dental products and services, diagnostics and disposables, and specialized healthcare services. Areas of interest within technology include, analytical instrumentation, semiconductor equipment, industrial communications, wireless components, homeland security, and power generation technology. Transaction situations include partial or complete buyouts, recapitalizations, growth equity, divestitures, take privates, and strategic add-ons. Riverside Partners was formed in 1989 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 28 of 33
Sector (Software) 4 of 4
Type (Recapitalization) 1 of 1
State (New York) 4 of 4
Country (United States) 28 of 33
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 3Play Media

Boston, Massachusetts, United States

3Play Media is a provider of high-quality, fast-turnaround video accessibility services at scale. 3Play Media provides video captioning, transcription, subtitling, and audio description services to more than 2,500 customers across multiple industries. 3Play Media’s technology solutions employ an innovative approach that combines human editors with natural language processing and machine learning to guarantee high accuracy and fast turnaround at scale. 3Play Media was founded in 2007 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-29 Syner-G BioPharma

Framingham, Massachusetts, United States

Syner-G BioPharma is a provider of customized science and risk-based CMC and regulatory solutions and services, supporting pharmaceutical and biotechnology companies across small molecule, large molecule, and cell and gene therapy products. Syner-G BioPharma is based in Framingham, Massachusetts.

Buy -
Mergr

Product

Company

Legal