M&A Deal Summary

Welsh Carson Anderson & Stowe, Permira, Warburg Pincus and Dragoneer Investment Group Acquire Clearwater Analytics

On September 1, 2016, private equity firms Welsh Carson Anderson & Stowe, Permira, Warburg Pincus and Dragoneer Investment Group acquired software company Clearwater Analytics from Summit Partners

Acquisition Highlights
  • This is Welsh Carson Anderson & Stowe’s 4th, Permira’s 6th, Warburg Pincus’ 16th and Dragoneer Investment Group’s 1st transaction in the Software sector.
  • This is Welsh Carson Anderson & Stowe’s 76th, Permira’s 19th, Warburg Pincus’ 158th and Dragoneer Investment Group’s 1st transaction in the United States.
  • This is Welsh Carson Anderson & Stowe’s 1st, Permira’s 1st, Warburg Pincus’ 1st and Dragoneer Investment Group’s 1st transaction in Idaho.

M&A Deal Summary

Date 2016-09-01
Target Clearwater Analytics
Sector Software
Buyer(s) Welsh Carson Anderson & Stowe
Permira
Warburg Pincus
Dragoneer Investment Group
Sellers(s) Summit Partners
Deal Type Secondary Buyout

Target

Clearwater Analytics

Boise, Idaho, United States
website
Clearwater Analytics provides web-based, investment portfolio reporting and analytics for institutional investors, investment managers, custody banks, and electronic trading portals. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for clients such as Cisco Systems, Oracle Corporation, Starbucks Corporation and Yahoo! Launched in 2004, with offices in New York City and Boise, Idaho, Clearwater Analytics reports on over $600 billion in assets for more than 2,500 institutional investors worldwide.

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Buyer(S) 4

Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1979
PE ASSETS 27.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

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 79 of 96
Sector (Software) 4 of 6
Type (Secondary Buyout) 13 of 20
State (Idaho) 1 of 1
Country (United States) 76 of 91
Year (2016) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-18 Smile Brands Group

Irvine, California, United States

Smile Brands Group provides comprehensive business support services, non-clinical personnel, facilities and equipment through long term agreements with affiliated dental groups. Smile Brands Group was formed in 1998 and is headquartered in Irvine, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-17 Universal American

White Plains, New York, United States

Universal American Corp. is a provider of health care products and services.

Sell $800M
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 103 of 154
Sector (Software) 6 of 10
Type (Secondary Buyout) 19 of 40
State (Idaho) 1 of 1
Country (United States) 19 of 42
Year (2016) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-12 Tesch Inkasso

Wiehl, Germany

Tesch Inkasso is a German midcap firm active in the field of debt collection services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-19 P&I

Wiesbaden, Germany

P&I is an internationally operating, full suite provider of cloud-based HR software solutions and a driver of innovation in HR technology. P&I’s scalable subscription-based platform exhibits characteristics that resonate with Hg Saturn’s core focus, with a broad, diversified and loyal customer base, and has delivered an exceptional historical operating performance. P&I was founded in 1968 and is based in Wiesbaden, Germany.

Buy -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 89.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 307 of 435
Sector (Software) 16 of 31
Type (Secondary Buyout) 36 of 56
State (Idaho) 1 of 1
Country (United States) 158 of 220
Year (2016) 20 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-09 BlueGrace Logistics

Riverview, Florida, United States

Blue-Grace Logistics is a third-party logistics (3PL) provider of transportation management services in North America. BlueGrace helps businesses manage their less-than-truckload and truckload spend through industry leading technology, high level freight carrier relationships and superior insight of the complex $750 billion U.S. freight industry. BlueGrace is headquartered in Riverview, Florida with over 60 corporate and franchise locations across the US.

Buy $255M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-08 OfferUp

Seattle, Washington, United States

OfferUp is a mobile marketplace for local buyers and sellers in the country. The company offers free iOS and Android apps that make selling an item as easy as snapping a picture from your mobile device.

Buy -
DESCRIPTION

Dragoneer Investment Group is a growth-oriented investor in public and private companies throughout the US. Dragoneer Investment Group was established in 2012 and is headquartered in San Francisco, California.


DEAL STATS #
Overall 3 of 6
Sector (Software) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Idaho) 1 of 1
Country (United States) 1 of 4
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-28 PointClickCare

Mississauga, Ontario, Canada

PointClickCare is an electronic health record (EHR) platform for the long-term and post-acute care industry. PointClickCare’s cloud-based platform supports the largest network of senior care providers in the LTPAC market. PointClickCare offers a portfolio of cloud-based software and services designed from the ground up to help providers manage the complex requirements of senior care. PointClickCare was founded in 2000 and is based in Mississauga, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-11 AmWINS

Charlotte, North Carolina, United States

AmWINS is a distributor of insurance products, provides property and casualty products, group insurance programs, and administrative services to retail insurance agents. It provides brokerage services in the areas of property, casualty, financial risk, auto, construction, environmental, healthcare, life sciences, and public entity. AmWINS was founded in 1998 and is based in Charlotte, North Carolina.

Buy -

Seller(S) 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 203 of 272
Sector (Software) 36 of 52
Type (Secondary Buyout) 26 of 52
State (Idaho) 2 of 3
Country (United States) 186 of 238
Year (2016) 9 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-05 Systems Maintenance Services

Charlotte, North Carolina, United States

Systems Maintenance Services is a global provider of multivendor IT asset lifecycle services and support solutions. SMS’ advanced service portfolio includes: asset management, deployment, relocation, disposition, recycling, erasure, maintenance, and managed network and VOIP services. SMS supports more than 3,000 clients globally with physical locations across North America, Asia and Europe. SMS’ solutions include support for most datacenter brands including Cisco, IBM, HP, Dell, Oracle, EMC, Hitachi, NetApp, Lexmark and Xerox. Systems Maintenance Services was founded in 1981 and is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 Grand Design Recreational Vehicle

Middlebury, Indiana, United States

Grand Design Recreational Vehicle Co. is a manufacturer of towable recreation vehicles (RVs). Grand Design has shipped 25,000 units and has sold over 21,000 units at retail. Grand Design manufactures the market leading Reflection fifth wheel and travel trailer, flagship Solitude extended stay fifth wheel, luxury Momentum toy hauler and lightweight Imagine travel trailer product lines.

Sell $500M