Investment Summary

Wavecrest Growth Partners and Wellfleet Capital Partners Invest In Building Engines

On October 6, 2016, growth capital firm Wavecrest Growth Partners and merchant bank Wellfleet Capital Partners invested in software company Building Engines

Investment Highlights
  • This is Wavecrest Growth Partners’ 1st and Wellfleet Capital Partners’ 1st transaction in the Software sector.
  • This is Wavecrest Growth Partners’ 1st and Wellfleet Capital Partners’ 3rd transaction in the United States.
  • This is Wavecrest Growth Partners’ 1st and Wellfleet Capital Partners’ 2nd transaction in Massachusetts.
Investment Fate
  • Building Engines was sold to a publicly-traded strategic buyer in 2021 for 300M USD.

Investment Summary

Date 2016-10-06
Target Building Engines
Sector Software
Investor(s) Wavecrest Growth Partners
Wellfleet Capital Partners
Deal Type Growth Capital

Target

Building Engines

Boston, Massachusetts, United States
Building Engines develops, deploys, hosts, and maintains a broad spectrum workflow, data collection, messaging, and operational support system for facility managers in commercial real estate and healthcare facilities. Building Engines was founded in 1999 and is based in Boston, Massachusetts.

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Investor(S) 2

DESCRIPTION

Wavecrest Growth Partners is a private equity firm that looks to acquire B2B software and technology companies with $5 to $25 million of revenue. The Firm seeks companies where the founder is at an inflection point in taking the business to the next level. Wavecrest Growth Partners was formed in 2016 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 1 of 13
Sector (Software) 1 of 5
Type (Growth Capital) 1 of 12
State (Massachusetts) 1 of 2
Country (United States) 1 of 8
Year (2016) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-11 Tier1 Financial Solutions

Toronto, Ontario, Canada

Tier1 Financial Solutions is a provider of CRM and customer engagement SaaS solutions to sell-side and buy-side financial services clients spanning sales and trading desks, investment banks and investment managers. Major global financial institutions leverage the Tier1 platform to efficiently and more profitably manage client relationships, improve internal transparency and collaboration, manage deal-related activities, and comply with MiFID II regulatory requirements. Tier1 Financial Solutions was founded in 2008 and is based in Toronto, Ontario.

Buy -
Investor

Wellfleet Capital Partners

Cambridge, Massachusetts, United States

Investor


Category Merchant Bank
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Wellfleet Capital Partners is a merchant banking firm focused on advising and investing in lower middle-market businesses with $10 to $150 million in revenues and EBITDA of at least $1.5 million. The Firm looks for companies with defensible market positions and high operating margins. Sectors of interest include business services, branded consumer products, healthcare, food/beverage, niche manufacturing, and value-added distribution. Wellfleet will consider opportunities throughout the US and Canada. The Firm was formed in 1995 and is based in Cambridge, Massachusetts.


DEAL STATS #
Overall 3 of 3
Sector (Software) 1 of 1
Type (Growth Capital) 1 of 1
State (Massachusetts) 2 of 2
Country (United States) 3 of 3
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-08 Senior Whole Health

Cambridge, Massachusetts, United States

Senior Whole Health LLC is a privately-held company offering intensive, integrated case management services for Medicare/Medicaid dual eligibles and Medicare Part D. Senior Whole Health was founded in 2004 and is based in Cambridge, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-13 Senior Whole Health

Cambridge, Massachusetts, United States

Senior Whole Health LLC is a privately-held company offering intensive, integrated case management services for Medicare/Medicaid dual eligibles and Medicare Part D. Senior Whole Health was founded in 2004 and is based in Cambridge, Massachusetts.

Sell -