M&A Deal Summary

TPG and Leonard Green & Partners Acquire WellSky

On December 20, 2016, private equity firms TPG and Leonard Green & Partners acquired internet software and services company WellSky from Thoma Bravo

Acquisition Highlights
  • This is TPG’s 18th and Leonard Green & Partners’ 1st transaction in the Internet Software and Services sector.
  • This is TPG’s 187th and Leonard Green & Partners’ 60th transaction in the United States.
  • This is TPG’s 1st and Leonard Green & Partners’ 1st transaction in Kansas.

M&A Deal Summary
Date 2016-12-20
Target WellSky
Sector Internet Software and Services
Buyer(s) TPG
Leonard Green & Partners
Sellers(s) Thoma Bravo
Deal Type Secondary Buyout

Target

WellSky

Overland Park, Kansas, United States
WellSky is a supplier of software as a service (SaaS) and other software platforms for healthcare and human services providers and payers across acute, non-acute, and community-based sites of care. WellSky was founded in 1980 and is based in Overland Park, Kansas.

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Buyer(S) 2

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 275 of 421
Sector (Internet Software and Services) 18 of 31
Type (Secondary Buyout) 33 of 72
State (Kansas) 1 of 2
Country (United States) 187 of 276
Year (2016) 17 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-28 iMDsoft

Düsseldorf, Germany

iMDsoft is a clinical information systems software provider. The Company’s products are designed to enhance care and improve financial performance throughout the hospital.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Vaxcyte

San Carlos, California, United States

Vaxcyte is a biopharmaceutical company dedicated to the delivery of best-in-class conjugate vaccines and novel complex antigen-based vaccines to prevent serious infectious diseases. Vaxcyte was incorporated in 2013 and is headquartered in San Carlos, California.

Buy -
Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 63 of 102
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 18 of 47
State (Kansas) 1 of 2
Country (United States) 60 of 94
Year (2016) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-17 Cascade Bancorp.

Bend, Oregon, United States

Cascade Bancorp. is a community bank in the Pacific Northwest operating under the name of Bank of the Cascades. Cascade offers full-service community banking through over 30 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley.

Sell $589M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-28 CCC Intelligent Solutions

Chicago, Illinois, United States

CCC Intelligent Solutions is a Software as a Service provider to the automotive, insurance, and collision repair industries. CCC brings together what matters most connections into the industry’s leading automotive claims network, superior productivity through the innovative cloud, mobile, hyper-scale technologies, and apps, and insights to make the best decisions. CCC Intelligent Solutions was founded in 1980 and is based in Chicago, Illinois.

Sell -

Seller(S) 1

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 31 of 79
Sector (Internet Software and Services) 2 of 13
Type (Secondary Buyout) 9 of 23
State (Kansas) 1 of 1
Country (United States) 30 of 73
Year (2016) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-06 Deltek

Herndon, Virginia, United States

Deltek, Inc. is a provider of enterprise applications software designed specifically for project-focused businesses. The Company's software applications enables organizations to automate mission-critical business processes around the engagement, execution and delivery of projects. Deltek is based in Herndon, Virginia.

Sell $2.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-03 LANDesk Software

South Jordan, Utah, United States

LANDesk Software, Inc. is a provider of desktop and security management software solutions. LANDesk software solutions maximize user productivity while reducing the associated IT complexities, risks, and costs to the business. Its products focus on systems management, security management, and asset lifecycle management for IT devices, servers, and networks.

Sell -
Mergr

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