M&A Deal Summary

Quad Partners and Summit Partners Acquire Ruffalo Noel Levitz

On May 30, 2013, private equity firm Quad Partners and growth capital firm Summit Partners acquired software company Ruffalo Noel Levitz from Aavin Equity Advisors, WestView Capital Partners and Guidepost Growth Equity

Acquisition Highlights
  • This is Quad Partners’ 1st and Summit Partners’ 44th transaction in the Software sector.
  • This is Quad Partners’ 11th and Summit Partners’ 228th transaction in the United States.
  • This is Quad Partners’ 1st and Summit Partners’ 1st transaction in Iowa.

M&A Deal Summary

Date 2013-05-30
Target Ruffalo Noel Levitz
Sector Software
Buyer(s) Quad Partners
Summit Partners
Sellers(s) Aavin Equity Advisors
WestView Capital Partners
Guidepost Growth Equity
Deal Type Secondary Buyout
Advisor(s) Lazard Middle Market (Financial)

Target

Ruffalo Noel Levitz

Cedar Rapids, Iowa, United States
Ruffalo Noel Levitz is a provider of fundraising, membership and enrollment management services and software for institutions of higher education and high-affinity nonprofit organizations. Ruffalo Noel Levitz was founded in 1991 and is based in Cedar Rapids, Iowa.

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Buyer(S) 2

Buyer

Quad Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Focused
DESCRIPTION

Quad Partners is a specialist private investment firm that makes investments in the education industry. Quad will invest in a broad range of transactions; including buyouts, growth capital financings, recapitalizations, and refinancings. Prospective businesses are typically growth oriented and cash-flow positive. Specific areas of interest include postsecondary schools, K-12 proprietary schools, childcare, tutoring, educational products and services, professional education and journals, corporate training, and online journals. Quad Partners was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 11 of 26
Sector (Software) 1 of 6
Type (Secondary Buyout) 2 of 6
State (Iowa) 1 of 1
Country (United States) 11 of 22
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-24 Stratford School

Campbell, California, United States

Stratford School is a provider of academic programs for preschool, elementary, middle school and distance learning students. The company offers preschool, pre-kindergarten and grade one to eight classes. Stratford School was founded in 1999 and is based in Campbell, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-21 Noel-Levitz

Coralville, Iowa, United States

Noel-Levitz provides enrollment, retention and financial aid services and products to over 1,000 nonprofit colleges and universities. Since its founding 40 years ago, the company has served over 2,800 institutions and is a thought leader in higher education services.

Sell -
Buyer

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 254 of 387
Sector (Software) 44 of 68
Type (Secondary Buyout) 11 of 27
State (Iowa) 1 of 2
Country (United States) 228 of 320
Year (2013) 6 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-30 Visier

Vancouver, British Columbia, Canada

Visier is a provider of SaaS-based business intelligence applications focused on workforce analytics for HR departments. Visier’s solutions are preconfigured to provide intuitive, highly visual, and interactive content out of the box. Visier was formed in 2010 and is based in Vancouver, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-04 Peak Well Systems Pty

Perth, Australia

Peak Well Systems Pty Ltd. is a provider of downhole well intervention technology to the global oil & gas industry. The company’s advanced tools extend well life, restore well integrity and enhance well performance.

Buy -

Seller(S) 3

SELLER

Aavin Equity Advisors

Cedar Rapids, Iowa, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 275M USD
Size Small
Type Sector Agnostic
DESCRIPTION

AAVIN Private Equity is a private investment firm that targets investments in smaller companies at all stages of development from early stage to later stage/buyouts. AAVIN typically looks for opportunities located in the Midwest and typically commits $1 to $5 million of capital per transaction. Sectors of interest include medical services & devices, telecommunications, manufacturing & distribution, industrial products & services and computer & software. AAVIN was formed in 1999 and is based in Cedar Rapids, Iowa.


DEAL STATS #
Overall 6 of 13
Sector (Software) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Iowa) 3 of 3
Country (United States) 6 of 13
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-28 PMT Industries

Surgoinsville, Tennessee, United States

PMT Industries is a forger of complex steel parts for the heavy truck, automotive, construction, and marine industries. The plant's design features an efficient straight-line process flow that minimizes material handling and inventory requirements.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-02 Celleration

Eden Prairie, Minnesota, United States

Celleration, Inc. is a privately held medical device company. Celleration develops and markets a proprietary technology that has been proven to accelerate healing in wounds by delivering therapeutic, low frequency ultrasound without direct contact of the delivery device to the wound surface. Celleration's core product, the MIST Therapy System, has been clinically shown to positively impact all critical aspects of the wound healing process providing clinical and economic benefits to institutions treating nonresponding wounds.

Sell $30M
SELLER

WestView Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

WestView Capital Partners is a private equity firm focused on investing in lower middle-market companies. WestView looks to commit between $20 and $100 million in a variety of recapitalization, growth financing, buyout and consolidation transactions. Prospective companies generally exhibit consistent growth and financial performance as well as sustainable competitive advantages and market position. Sectors of interest include business services, industrial and manufacturing, distribution and logistics, consumer products and retail, healthcare services, environmental services, and media/publishing. The Firm's geographic preference is North America. WestView Capital Partners was formed in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 8 of 34
Sector (Software) 3 of 6
Type (Secondary Buyout) 3 of 13
State (Iowa) 1 of 1
Country (United States) 8 of 34
Year (2013) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-07 Park Place Technologies

Cleveland, Ohio, United States

Park Place Technologies is a third-party maintenance (TPM) provider that offers organizations an alternative to post-warranty storage, server and networking hardware maintenance and support in the data center. Park Place Technologies supports EMC, Dell, IBM, Cisco, Hitachi, NetApp, HP, Sun/Oracle and other data center hardware equipment in over 70 countries. Park Place Technologies was founded in 1991 and is based in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-31 L Anza

Santa Monica, California, United States

L'Anza is an independent hair care company exclusively dedicated to the professional salon channel. The Company develops and markets a complete line of high-performance premium salon hair care products incorporating proprietary formulations and advanced ingredient complexes designed specifically to heal, seal and protect the hair. The Company’s portfolio is comprised of salon retail products including shampoos, conditioners, hair sprays and styling products and a rapidly growing line of service-based products, including hair color and treatment systems. L'Anza was founded in 2002 and is based in Santa Monica, California.

Buy -
DESCRIPTION

North Bridge is an investment firm focused on providing seed, venture, and growth capital to technology enabled companies. Specific areas of interest include communications and infrastructure, software, materials, and digital media. For later stage growth transactions, North Bridge generally looks to acquire majority (or minority) positions to help fund liquidity needs, growth initiatives, or acquisitions. North Bridge was formed in 1994 and has offices in Waltham, Massachusetts and Palo Alto, California.


DEAL STATS #
Overall 2 of 20
Sector (Software) 1 of 7
Type (Secondary Buyout) 1 of 6
State (Iowa) 1 of 1
Country (United States) 2 of 19
Year (2013) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-02 Dyn

Manchester, New Hampshire, United States

Dyn, Inc. is a cloud based Internet Performance and DNS provider that monitors, controls, and optimizes Internet applications and cloud services to deliver faster access, reduced page load times, and higher end-user satisfaction.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-19 iMakeNews

Waltham, Massachusetts, United States

iMakeNews, Inc. is a digital marketing company that delivers newsletters and content for automotive and other vertical markets.

Sell -