M&A Deal Summary

Vista Equity Partners and BC Partners Acquire EAB

On August 29, 2017, private equity firms Vista Equity Partners and BC Partners acquired education company EAB from The Advisory Board Company for 1.6B USD

Acquisition Highlights
  • This is Vista Equity Partners’ 2nd and BC Partners’ 2nd transaction in the Education sector.
  • This is Vista Equity Partners’ 17th and BC Partners’ 18th largest (disclosed) transaction.
  • This is Vista Equity Partners’ 77th and BC Partners’ 13th transaction in the United States.
  • This is Vista Equity Partners’ 2nd and BC Partners’ 1st transaction in District of Columbia.

M&A Deal Summary

Date 2017-08-29
Target EAB
Sector Education
Buyer(s) Vista Equity Partners
BC Partners
Sellers(s) The Advisory Board Company
Deal Type Divestiture
Deal Value 1.6B USD
Advisor(s) Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

EAB

Washington, District of Columbia, United States
EAB is a provider of best practices research, student success management software and data-enabled enrollment solutions to the not-for-profit higher education and K-12 markets. The Company’s solutions help institutions increase enrollment yield, balance financial aid with revenue generation, drive higher student retention and success, and implement industry best practices derived from benchmarking and research. EAB was founded in 1983 and is based in Washington, Washington DC.

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Buyer(S) 2

Buyer

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.


DEAL STATS #
Overall 84 of 149
Sector (Education) 2 of 3
Type (Divestiture) 12 of 12
State (District of Columbia) 2 of 2
Country (United States) 77 of 137
Year (2017) 12 of 15
Size (of disclosed) 17 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-23 Applause

Framingham, Massachusetts, United States

Applause is a provider of customer-driven digital testing and user feedback software for digital experiences across Web, mobile and IoT. The Company’s technology platform and managed global community of over 300,000 on-demand DX experts deliver authentic, real-world human input at every phase of software development. Applause was founded in 2007 and is headquartered in Framingham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-07 Gather Technologies

Atlanta, Georgia, United States

Gather Technologies, Inc. is a provider of event management software for restaurants and venues. Gather is re-imagining the way private events are planned, managed and executed, empowering thousands of restaurants and venues across the U.S. to successfully grow their events business. The cloud-based platform helps teams streamline their event sales and management workflow, from initial inquiry through day-of execution, simplifying event planning for mid-market venues and their customers.

Buy -
Buyer

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 75 of 99
Sector (Education) 2 of 4
Type (Divestiture) 10 of 11
State (District of Columbia) 1 of 1
Country (United States) 13 of 19
Year (2017) 6 of 9
Size (of disclosed) 18 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 Plusserver

Cologne, Germany

PlusServer offers managed hosting and cloud solutions for corporate clients. Supplementary services, for instance in the field of data security, serve to round off the product range. The extensive product portfolio is targeted at companies with critical dependency on the availability and performance of their IT infrastructure. PlusServer currently hosts over 4,000 corporate clients within its data centers. Due to the company’s wide client base and long-term service agreements, the business model of PlusServer is highly diversified and has limited exposure to economic cycles. Plusserver was founded in 2015 and is based in Cologne, Germany.

Buy €397M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-01 MCS Group

Paris, France

MCS Group is a credit management services (CMS) provider in France focused on two complementary lines of business: debt purchasing and debt servicing. MCS Group was founded in 1986 and is based in Paris, France.

Buy €382M

Seller(S) 1

SELLER

The Advisory Board Company

Washington, District of Columbia, United States

Category Company
Founded 1979
Sector Business Services
Employees3,500
Revenue 768M USD (2015)
DESCRIPTION

The Advisory Board Company is a global research, consulting, and technology firm helping hospital and health system leaders improve the quality and efficiency of patient care. The company provides strategic guidance, actionable insights, and comprehensive implementation and management services.


DEAL STATS #
Overall 2 of 2
Sector (Education) 1 of 1
Type (Divestiture) 2 of 2
State (District of Columbia) 2 of 2
Country (United States) 2 of 2
Year (2017) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-29 The Advisory Board Company - Health Care Business

Washington, District of Columbia, United States

The Advisory Board Company - Health Care Business is a best practices firm that uses a combination of research, technology and consulting to improve the performance of more than 4,400 health care organizations.

Sell $1.3B