M&A Deal Summary |
|
|---|---|
| Date | 2025-07-08 |
| Target | AIA Contract Documents |
| Sector | Business Services |
| Buyer(s) | Welsh Carson Anderson & Stowe |
| Sellers(s) |
True Wind Capital
Audax Private Equity |
| Deal Type | Secondary Buyout |
| Advisor(s) | Houlihan Lokey Piper Sandler & Co. (Financial) Gibson, Dunn & Crutcher (Legal) |
SEARCH BY
| Category | Private Equity Firm |
|---|---|
| Founded | 1979 |
| PE ASSETS | 31.0B USD |
| Size | Mega |
| Type | Sector Focused |
Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.
| DEAL STATS | # |
|---|---|
| Overall | 104 of 104 |
| Sector: Business Services M&A | 12 of 12 |
| Type: Secondary Buyout M&A Deals | 21 of 21 |
| State: District of Columbia M&A | 3 of 3 |
| Country: United States M&A | 99 of 99 |
| Year: 2025 M&A | 1 of 1 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2024-06-14 |
Revel Systems
San Francisco, California, United States Revel Systems is a provider of mobile point-of-sale solutions to small and medium-sized business and enterprise merchants. Revel Systems was founded in 2010 and is based in San Francisco, California. |
Sell | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-09-02 |
Shields Health Solutions
Stoughton, Massachusetts, United States Shields Health Solutions is a specialty pharmacy integrator and care provider, partnering with hospital leaders on every aspect of specialty pharmacy creation, growth and management. Shields provides the fastest, lowest risk model for health systems to create or grow a hospital-owned specialty pharmacy program. Shields Health Solutions was founded in 2012 and is based in Stoughton, Massachusetts. |
Sell | - |
| Category | Private Equity Firm |
|---|---|
| Founded | 2015 |
| PE ASSETS | 560M USD |
| Size | Middle-Market |
| Type | Sector Agnostic |
True Wind Capital Management LLC is a private investment firm focused on technology companies. True Wind pursues a variety of transaction types across all company stages, including management buyouts, growth financings, stake purchases, and venture. True Wind Capital Management was formed in 2015 and is based in San Francisco, California.
| DEAL STATS | # |
|---|---|
| Overall | 3 of 4 |
| Sector: Business Services M&A | 1 of 2 |
| Type: Secondary Buyout M&A Deals | 1 of 2 |
| State: District of Columbia M&A | 1 of 1 |
| Country: United States M&A | 3 of 3 |
| Year: 2025 M&A | 1 of 2 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-03-17 |
DCM Services
Bloomington, Minnesota, United States DCM Services is a provider of tech-enabled estate receivables management solutions and SaaS software to multiple end markets, including financial services, healthcare, utilities, telecom, and others. DCM Services was founded in 1998 and is based in Bloomington, Minnesota. |
Buy | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-10-06 |
Sterling Brokers
Toronto, Ontario, Canada Sterling Brokers is a benefits consulting and administration firm offering group insurance, retirement services, technology-enabled platform solutions and advisory services to Canadian employers. Sterling Brokers was founded in 2014 and is headquartered in Toronto, Ontario. |
Sell | - |
| Category | Private Equity Firm |
|---|---|
| Founded | 1999 |
| PE ASSETS | 19.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.
| DEAL STATS | # |
|---|---|
| Overall | 108 of 109 |
| Sector: Business Services M&A | 9 of 9 |
| Type: Secondary Buyout M&A Deals | 60 of 61 |
| State: District of Columbia M&A | 2 of 2 |
| Country: United States M&A | 102 of 103 |
| Year: 2025 M&A | 5 of 6 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-06-18 |
Thermogenics
Aurora, Ontario, Canada Thermogenics is a manufacturer of coil-tube steam and hot-water boilers and related equipment used in industrial, commercial, and institutional applications in the North American market. Thermogenics was founded in 1975 and is based in Aurora, Ontario. |
Sell | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2025-08-04 |
Elevate Patient Financial Solutions
Spring, Texas, United States Elevate Patient Financial Solutions is a provider of technology-enabled revenue cycle management services for hospitals, health systems, and healthcare providers. Elevate Patient Financial Solutions proprietary technology platform offers a unified suite of solutions designed to engage patients, empower physicians and hospitals, and improve financial outcomes throughout the entire healthcare continuum. For four decades, the company has been providing innovative solutions to the medical community and serving hundreds of millions of patients across numerous medical specialties. Elevate Patient Financial Solutions was founded in 1980 and is based in Spring, Texas. |
Buy | - |
