M&A Deal Summary

TowerBrook Capital Partners Acquires CarTrawler

On May 19, 2020, private equity firm TowerBrook Capital Partners acquired internet software and services company CarTrawler from BC Partners and Insight Partners

Acquisition Highlights
  • This is TowerBrook Capital Partners’ 3rd transaction in the Internet Software and Services sector.
  • This is TowerBrook Capital Partners’ 2nd transaction in Ireland.

M&A Deal Summary

Date 2020-05-19
Target CarTrawler
Sector Internet Software and Services
Buyer(s) TowerBrook Capital Partners
Sellers(s) BC Partners
Insight Partners
Deal Type Secondary Buyout
Advisor(s) PJT Partners, Inc.
Liberty Corporate Finance
PwC Corporate Finance LLC
Ernst & Young Capital Advisors LLC (Financial)
Kirkland & Ellis
McCann FitzGerald (Legal)

Target

CarTrawler

Dublin, Ireland
CarTrawler is a technology company providing fully managed online car rental solutions to travel partners in 174 countries. Working across all travel industry segments and geographic markets, CarTrawler enables online travel retailers to add car rental to their portfolio of products and services, creating an additional revenue stream that requires no investment on their part. CarTrawler was formed in 2004 and is headquartered in Dublin, Ireland.

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Buyer(S) 1

Buyer

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 17.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.


DEAL STATS #
Overall 68 of 99
Sector (Internet Software and Services) 3 of 3
Type (Secondary Buyout) 19 of 28
Country (Ireland) 2 of 2
Year (2020) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-16 Acacium Group

London, United Kingdom

Acacium Group is a healthcare workforce solutions and services partner dedicated to offering staffing, managed services, and innovative delivery models to health and social care systems and the life sciences industry. The company's specialist brands enable to combine workforce, services, deep clinical expertise, and technology to deliver better outcomes for clients and patients alike. Its experience of working end-to-end, from clinical trials to hospital and community-based services for example gives a unique insight into how best to support clients and make a positive difference.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-01 ASK Central

Herts, United Kingdom

ASK Central operates with ASK and Zizzi are names in the UK casual Italian dining market with about 120 and 90 locations respectively across the UK. ASK restaurants are situated in prime positions with each restaurant generally having a unique design. ASK Central was founded in Herts, United Kingdom.

Buy -

Seller(S) 2

SELLER

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a large investment group focused on private equity, credit, real estate, and co-investment strategies. The Firm's private equity group looks to make control investments in European and North American businesses valued above €300 million. Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and is based in London, England.


DEAL STATS #
Overall 48 of 54
Sector (Internet Software and Services) 2 of 2
Type (Secondary Buyout) 15 of 20
Country (Ireland) 2 of 2
Year (2020) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-25 GFL Environmental

Vaughan, Ontario, Canada

GFL Environmental is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of more than 5,000 employees and provides its broad range of environmental services to more than 60,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households. GFL Environmental was founded in 2007 and is based in Vaughan, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-28 Cote Restaurants

London, United Kingdom

Formed in 2007, Cote Restaurants is a fastest growing and innovative restaurant businesses in the UK, providing consistently high-quality, freshly-prepared food in a modern bistro inspired setting. The restaurants are committed to sourcing seasonal and high-quality ingredients, and to providing an exceptional dining experience for customers.

Sell -
SELLER

Insight Partners

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1995
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Insight Partners is a growth capital investment firm focused on early to later stage investments principally in the software sector. Insight Partners was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 24 of 40
Sector (Internet Software and Services) 7 of 10
Type (Secondary Buyout) 10 of 17
Country (Ireland) 1 of 3
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-16 Checkmarx

Ramat Gan, Israel

Checkmarx is a provider of Application Security Testing (AST) software that helps developers identify and address critical vulnerabilities in an application’s code. Checkmarx was founded in 2006 and is based in Ramat Gan, Israel.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-17 Keeper

Chicago, Illinois, United States

Keeper transforms the way organizations and individuals protect their passwords and sensitive digital assets to significantly reduce cyber theft and data breaches. The company is a provider of zero-trust and zero-knowledge security and encryption software covering enterprise password management, role-based access control, event tracking, dark web monitoring, secure file storage, secrets management, and encrypted messaging. Keeper was formed in 2011 and is based in Chicago, Illinois.

Buy -