M&A Deal Summary |
|
|---|---|
| Date | 2021-11-02 |
| Target | T2 Systems |
| Sector | Internet Software and Services |
| Buyer(s) | Verra Mobility |
| Sellers(s) |
Petra Capital Partners
Thoma Bravo The Carlyle Group Apogem Capital |
| Deal Type | Add-on Acquisition |
| Deal Value | 356M USD |
| Advisor(s) | Shea & Company LLC (Financial) |
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| Category | Company |
|---|---|
| Founded | 2016 |
| Sector | Safety/Security |
| Employees | 640 |
| Revenue | 394M USD (2020) |
Verra Mobility is a global leader in smart mobility, serving the world's largest commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras. Verra Mobility maintains its leadership position in the marketplace through meaningful scale and has demonstrated consistent revenue growth underscored by its differentiated transaction processing model. Verra Mobility was founded in 2016 and is based in Mesa, Arizona.
| DEAL STATS | # |
|---|---|
| Overall | 7 of 7 |
| Sector (Internet Software and Services) | 1 of 1 |
| Type (Add-on Acquisition) | 6 of 6 |
| State (Indiana) | 1 of 1 |
| Country (United States) | 4 of 4 |
| Year (2021) | 2 of 2 |
| Size (of disclosed) | 1 of 2 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-01-21 |
Redflex Holdings
Melbourne, Australia Redflex Holdings Ltd. is an Intelligent Transport Solutions (ITS) technology company that designs and creates smart and advanced solutions for a world on the move. Redflex develops, manufactures, and operates a wide range of platform-based solutions all utilizing advanced sensor and image capture technologies enabling active management of state and local motorways. Redflex Holdings was founded in 1997 and is based in Melbourne, Australia. |
Buy | AU$142M |
| Category | Private Equity Firm |
|---|---|
| Founded | 1996 |
| PE ASSETS | 400M USD |
| Size | Middle-Market |
| Type | Sector Agnostic |
Petra Capital Partners is a private investment firm that invests in US-based, high-growth businesses operating in the business services, healthcare services, media/publishing, telecom, IT, and information services sectors. Target companies are generally cash-flow positive with revenues in excess of $10 million and growth rates above 20%. Petra can commit up to $20 million per transaction. The Firm typically invests in subordinated debentures with warrants to purchase equity securities. Petra Capital Partners is licensed as a SBIC. The Firm was formed in 1996 and is based in Nashville, Tennessee.
| DEAL STATS | # |
|---|---|
| Overall | 26 of 30 |
| Sector (Internet Software and Services) | 3 of 3 |
| Type (Add-on Acquisition) | 16 of 17 |
| State (Indiana) | 3 of 3 |
| Country (United States) | 26 of 30 |
| Year (2021) | 3 of 4 |
| Size (of disclosed) | 3 of 7 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-04-15 |
JLab Audio
Tucson, Arizona, United States JLab Audio is a consumer audio products company that offers retail partners and consumers quality products at an unsurpassed value by leveraging its expertise in designing and sourcing innovative goods. JLab Audio was established in 2005 and is based in Tucson, Arizona. |
Sell | $370M |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-12-01 |
LSO
Austin, Texas, United States LSO is a provider of parcel delivery services throughout the Southern United States. LSO offers its clients overnight, expedited ground, same-day, and last-mile logistics solutions. LSO was founded in 1991 and is based in Austin, Texas. |
Sell | - |
| Category | Private Equity Firm |
|---|---|
| Founded | 1980 |
| PE ASSETS | 127.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
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 | 60 of 72 |
| Sector (Internet Software and Services) | 5 of 9 |
| Type (Add-on Acquisition) | 28 of 33 |
| State (Indiana) | 2 of 2 |
| Country (United States) | 57 of 67 |
| Year (2021) | 8 of 9 |
| Size (of disclosed) | 19 of 22 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-09-30 |
Pathwire
San Antonio, Texas, United States Pathwire empowers companies around the world to solve complex communication problems. Through its powerful email API and intuitive email marketing solutions, Pathwire delivers over 250 billion emails a year for companies like DHL, Wikipedia, Toast, Lyft, and Microsoft. The company provides reliable, cloud-native infrastructure, local expertise, and smart solutions based on machine learning so companies can more easily reach their customers and build connected experiences. Pathwire is based in San Antonio, Texas. |
Sell | $1.9B |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-11-11 |
Pendo
Raleigh, North Carolina, United States Pendo.io is a web-based product experience platform using powerful analytics and guidance platform designed to help companies understand and influence how users interact with their software applications. The company's customers include leading software companies and digital enterprises, including Verizon, RE/MAX, LabCorp, OpenTable, Okta, Salesforce, and Zendesk. Pendo was founded in 2013 and is based in Raleigh, North Carolina. |
Buy | - |
| Category | Private Equity Firm |
|---|---|
| Founded | 1987 |
| PE ASSETS | 376.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.
| DEAL STATS | # |
|---|---|
| Overall | 415 of 443 |
| Sector (Internet Software and Services) | 15 of 15 |
| Type (Add-on Acquisition) | 177 of 184 |
| State (Indiana) | 3 of 3 |
| Country (United States) | 235 of 250 |
| Year (2021) | 18 of 23 |
| Size (of disclosed) | 65 of 130 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-10-28 |
Walbro
Tucson, Arizona, United States Walbro is a large manufacturer of carburetors and a major manufacturer of ignition systems, fuel injection and air/fuel management components, and fuel storage and delivery components for engines targeted at outdoor power equipment, marine, recreational and two-wheel applications. Walbro is based in Tucson, Arizona. |
Sell | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-11-03 |
CSS
Künzell, Germany CSS is a software provider with a focus on accounting, controlling, human resources (HR) and adjacent software. CSS was founded in 1984 and is based in Künzell, Germany. |
Buy | - |
| Category | Asset Manager |
|---|---|
| Founded | 2001 |
| PE ASSETS | 39.0B USD |
| Size | Mega |
| Type | Sector Agnostic |
Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.
| DEAL STATS | # |
|---|---|
| Overall | 41 of 49 |
| Sector (Internet Software and Services) | 1 of 1 |
| Type (Add-on Acquisition) | 17 of 21 |
| State (Indiana) | 2 of 2 |
| Country (United States) | 41 of 49 |
| Year (2021) | 2 of 3 |
| Size (of disclosed) | 1 of 7 |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-11-02 |
Choice Insurance Agency
Virginia Beach, Virginia, United States Choice Insurance Agency is an insurance broker and industry leader that specializes in delivering strategic support for the profitable growth of property & casualty, life, health, and employee benefits insurance agencies. Choice Insurance Agency was formed in 1998 and is based in Virginia Beach, Virginia. |
Buy | - |
| DATE | TARGET | DEAL TYPE | VALUE |
|---|---|---|---|
| 2021-11-23 |
Race Winning Brands
Mentor, Ohio, United States Race Winning Brands is a designer, manufacturer, and distributor of branded automotive aftermarket and powersports aftermarket products for enthusiast and racing consumers. RWB consists of a 12-brand portfolio of high-performance aftermarket product categories, with applications across a diverse group of automotive and powersports vehicle segments. According to industry research, the enthusiast powersport segment has seen annualized growth of 10-15 percent over the last 18 months with forecasted growth of six to eight percent over the next 12 months. Racing Winning Brands is based in Mentor, Ohio. |
Sell | - |
