M&A Deal Summary

TA Associates Acquires eCircle

On January 11, 2010, private equity firm TA Associates acquired marketing company eCircle from Borromin Capital Management and Cipio Partners for 60M EUR

Acquisition Highlights
  • This is TA Associates’ 5th transaction in the Marketing sector.
  • This is TA Associates’ 21st largest (disclosed) transaction.
  • This is TA Associates’ 2nd transaction in Germany.
Investment Fate
  • eCircle was sold to a publicly-traded strategic buyer in 2012.

M&A Deal Summary
Date 2010-01-11
Target eCircle
Sector Marketing
Buyer(s) TA Associates
Sellers(s) Borromin Capital Management
Cipio Partners
Deal Type Secondary Buyout
Deal Value 60M EUR

Target

eCircle

Munich, Germany
eCircle GmbH is a provider of direct marketing technology in Europe. eCircle provides a SaaS email marketing platform, permission marketing databases and professional services for email marketing to some of the world’s biggest brands and online retailers.

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Buyer(S) 1

Buyer

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 165 of 364
Sector (Marketing) 5 of 6
Type (Secondary Buyout) 7 of 69
Country (Germany) 2 of 9
Year (2010) 3 of 8
Size (of disclosed) 21 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Ubiquiti

New York, New York, United States

Ubiquiti is a provider of networking products and solutions for service providers and enterprises. Ubiquiti was founded in 2003 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-02 Advisory Research

Chicago, Illinois, United States

Advisory Research is a value-oriented investment firm that manages public equity assets for major corporations, pension plans, foundations, endowments and high net worth individuals. The company uses a long-term and value-based investment style, coupled with a traditional, bottom-up approach to security analysis.

Sell $220M

Seller(S) 2

SELLER

Borromin Capital Management

Frankfurt am Main, Germany

Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 626M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Borromin Capital Management GmbH is a private equity firm specializing in management buyouts, spin-offs of mid-sized companies located throughout German-speaking Europe. Borromin Capital Management GmbH focuses on cash-flow positive companies with proven business models and strong market positions. Borromin Capital Management GmbH will not invest in turnaround situations. Borromin Capital Management GmbH was formerly known as BHF Private Equity GmbH. Borromin Capital Management GmbH was formed in 2001 and is based in Frankfurt.

DEAL STATS #
Overall 2 of 11
Sector (Marketing) 1 of 1
Type (Secondary Buyout) 1 of 7
Country (Germany) 2 of 9
Year (2010) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-01 Falk&Ross

Sembach, Germany

Falk&Ross engages in the B2B distribution of branded promotional textiles offering more than 50 well-known brands (e.g. Gildan). Falk & Ross serves more than 30,000 customers with products that are mainly used for workwear and promotional purposes. Falk&Ross offers private label products taking responsibility for their design and production. Falk&Ross was founded in 1981 and is based in Sembach, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-01 proFagus

Bodenfelde, Germany

proFagus is a manufacturer of high-quality beech wood charcoal and briquettes. In addition, an increasingly important part of the business is the production of "Natural Additive" such as smoke flavors or acetic acids, which are sold to the food or pharmaceutical industries. Natural Additives are a side product to the charcoal production in proFagus' unique pyrolysis process. proFagus was founded in 1896 and is based in Bodenfelde, Germany.

Buy -
SELLER

Cipio Partners

Munich, Germany

Investor Investor Investor Investor Investor

Category Secondary Investor
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Cipio Partners is an investment management firm focused on secondary investments, as well as early and later-stage venture capital transactions. Sectors of interest include technology, media, and communications. Cipio Partners was formed in 2003 and is based in Munich, Germany.

DEAL STATS #
Overall 34 of 68
Sector (Marketing) 1 of 1
Type (Secondary Buyout) 2 of 6
Country (Germany) 12 of 22
Year (2010) 1 of 5
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-30 Dune Networks

Sunnyvale, California, United States

Dune Networks, Inc. is a fabless semiconductor supplier of networking devices that facilitate the building of data center, and enterprise and carrier Ethernet switching platforms.

Sell $178M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 Polychromix

Wilmington, Massachusetts, United States

Ahura Scientific Thermo Scientific portable optical analyzers are rugged, ultra-compact, field-enabled spectroscopy instruments for rapid identification, authentication and screening of chemicals.

Sell -
Mergr

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