M&A Deal Summary

TPG Acquires Delinea

On January 28, 2021, private equity firm TPG acquired internet software and services company Delinea from Thoma Bravo and Golub Capital

Acquisition Highlights
  • This is TPG’s 27th transaction in the Internet Software and Services sector.
  • This is TPG’s 243rd transaction in the United States.
  • This is TPG’s 81st transaction in California.

M&A Deal Summary
Date 2021-01-28
Target Delinea
Sector Internet Software and Services
Buyer(s) TPG
Sellers(s) Thoma Bravo
Golub Capital
Deal Type Secondary Buyout
Advisor(s) DBO Partners (Financial)

Target

Delinea

San Francisco, California, United States
Delinea is a provider of Privileged Access Management (PAM) solutions for the modern, hybrid enterprise. The Delinea Platform seamlessly extends PAM by providing authorization for all identities, granting access to an organization's most critical hybrid cloud infrastructure and sensitive data to help reduce risk, ensure compliance, and simplify security. Delinea was formed in 2004 and is based in San Francisco, California.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 379 of 421
Sector (Internet Software and Services) 27 of 31
Type (Secondary Buyout) 59 of 72
State (California) 81 of 85
Country (United States) 243 of 276
Year (2021) 2 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Anew Climate

Houston, Texas, United States

Anew Climate is an independent marketer of renewable natural gas and environmental commodities in North America. Anew Climate uses differentiated environmental and market expertise to play a leading role in markets for low carbon fuel standard credits, renewable identification numbers, emission credits, and carbon credits. Anew Climate was founded in 2005 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-02 People2.0

King of Prussia, Pennsylvania, United States

People2.0 is a tech-enabled workforce deployment platform that provides employer of record/agent of record services and associated back-office support to staffing & recruiting firms, managed service providers, online recruitment platforms, recruitment process outsourcing, compliance service companies, and other talent acquisition service providers. People2.0 was founded in 2001 and is based in King of Prussia, Pennsylvania.

Buy -

Seller(S) 2

SELLER

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 55 of 79
Sector (Internet Software and Services) 4 of 12
Type (Secondary Buyout) 17 of 23
State (California) 15 of 21
Country (United States) 53 of 73
Year (2021) 2 of 9
PREVIOUS 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 -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-15 Aucerna

Calgary, Alberta, Canada

Aucerna is a provider of solutions for integrated planning, execution, and reserves in the energy industry. Aucerna is a global source of technology and expertise, serving more than 500 customers from 12 global offices including Calgary, Houston, London, and Singapore. Aucerna serves the energy industry’s largest base of customers, from super-majors and emerging operators to energy investors, consultants, and educational institutions. Aucerna is based in Calgary, Alberta.

Sell -
SELLER

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 24 of 41
Sector (Internet Software and Services) 2 of 2
Type (Secondary Buyout) 13 of 19
State (California) 3 of 6
Country (United States) 24 of 39
Year (2021) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-25 Pet Supplies Plus

Livonia, Michigan, United States

Pet Supplies Plus is a pet specialty retailer in the United States by total system sales, providing a wide variety of pet food, treats, hard goods and services for dogs, cats, and small animals. Pet Supplies Plus was founded in 1988 and is based in Livonia, Michigan.

Sell $700M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 DTLR Villa

Hanover, Maryland, United States

DTLR Villa is a specialty retailer targeting the young urban male with over 70 stores in six regions: Atlanta, Baltimore, Chicago, North Carolina, Virginia, and Washington, D.C. DTLR Villa values the urban lifestyle and is committed to bringing the hottest urban fashions to the streets. The Company’s products include footwear, apparel, and accessories. DTLR Villa was formed in 1982 and is based in Hanover, Maryland.

Sell -
Mergr

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