M&A Deal Summary

Thoma Bravo and Alberta Investment Management Acquire RealPage

On December 21, 2020, private equity firm Thoma Bravo and pension Alberta Investment Management acquired software company RealPage for 10.2B USD

Acquisition Highlights
  • This is Thoma Bravo’s 44th and Alberta Investment Management’s 3rd transaction in the Software sector.
  • This is Thoma Bravo’s 3rd and Alberta Investment Management’s 2nd largest (disclosed) transaction.
  • This is Thoma Bravo’s 90th and Alberta Investment Management’s 10th transaction in the United States.
  • This is Thoma Bravo’s 13th and Alberta Investment Management’s 2nd transaction in Texas.

M&A Deal Summary
Date 2020-12-21
Target RealPage
Sector Software
Buyer(s) Thoma Bravo
Alberta Investment Management
Deal Type Going Private
Deal Value 10.2B USD
Advisor(s) BofA Securities (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

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.

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Buyer(S) 2

Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 98 of 140
Sector (Software) 44 of 59
Type (Going Private) 22 of 39
State (Texas) 13 of 18
Country (United States) 90 of 120
Year (2020) 11 of 11
Size (of disclosed) 3 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Zipari

Brooklyn, New York, United States

Zipari is a healthcare technology company that develops products for health insurance carriers to engage with consumers in new and innovative ways. Zipari was founded in 2014 and is based in Brooklyn, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-25 Segall Bryant & Hamill

Chicago, Illinois, United States

Segall Bryant & Hamill (SBH) is an independent firm headquartered in Chicago, with offices in Denver, St. Louis, Philadelphia, and Naples, Florida. The firm was established in 1994. SBH offers a range of investment strategies and customized solutions for institutional, advisor and wealth management clients, including domestic, international and global equity, fixed income and alternatives. The firm has approximately $20 billion of assets under management or advisement.

Sell -
Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor

Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.

DEAL STATS #
Overall 22 of 30
Sector (Software) 3 of 3
Type (Going Private) 1 of 3
State (Texas) 2 of 3
Country (United States) 10 of 15
Year (2020) 3 of 3
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-19 nThrive - Technology Division

Alpharetta, Georgia, United States

nThrive's Technology Division is a healthcare revenue cycle management ("RCM") software-as-a-service ("SaaS") platform. nThrive's Technology Division is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 Recipharm

Stockholm, Sweden

Recipharm is a global Pharma CDMO providing a full-service offering to leading Pharmaceutical companies and Biotechs globally. Recipharm was founded in 1995 and is based in Stockholm, Sweden.

Buy -
Mergr

Product

Company

Legal