PE Weekly: B2B Services, Software Keep Tepid M&A Market Afloat
Dealmaking activity remains muted, but B2B services and software providers get deals across the finish line
Business-to-business (B2B) solution and service providers take center stage this week with recent deals across the intelligence consulting, staffing and treasury management software markets. Explore the latest M&A activity within the middle-market below.
Platform Investments and Acquisitions
Transom Capital Takes Majority Stake in EV Charging Business. Transom Capital Group announced this week its acquisition of a majority stake in Webasto’s electric vehicle charging business, according to a press release. Germany-based Webasto, which will remain a minority stakeholder in the division, is a leading automotive supplier.
Comvest Partners Invests in ClearOne Advantage. Comvest Partners, a middle-market private investment firm, announced this week it has completed a new growth capital investment in ClearOne Advantage, a debt resolution services provider servicing consumers. In a statement, ClearOne CEO Thomas Gordon pointed to Comvest’s experience with “debt settlement expertise, investment capital and operational resources” as factors that will support the company’s continued growth.
L Catterton Offers to Take Tod’s Private. L Catterton has reportedly submitted an offer to acquire a 36% stake in luxury shoemaker Tod’s and take the company private, reports in Reuters said this week. The acquisition follows a failed effort in 2022 for Tod’s to delist; according to Citi analysts, L Catterton’s offer is a 7% increase from the 2022 offer price.
Add-Ons
Godspeed’s Crimson Phoenix Announces Intelligence Consulting Acquisitions. Crimson Phoenix, a digital, data and intelligence analysis platform for the U.S. intelligence community, announced two acquisitions this week. The company acquired TekMasters and Seaford Consulting, a press release noted, expanding its existing capabilities and broadening its footprint in the intelligence community. Crimson Phoenix is the Intelligence, AI/ML and Data Analytics platform of defense and government services-focused lower middle-market private equity firm Godspeed Capital Management.
Mill Rock’s Tandym Acquires Tech Staffing Company Kolter Solutions. Tandym Group, a consulting, recruitment and workforce solutions company, announced this week it has acquired technology staffing business Kolter Solutions. Tandym is a portfolio company of private investment firm Mill Rock Capital.
Ardian’s eNordic Platform Invests in Finnish Battery Energy Storage System. Private investment firm Ardian, via its sustainable energy platform eNordic, has announced its investment in a Finnish battery energy storage system. Marking the first battery storage investment from Ardian’s Clean Energy Evergreen Fund, the backing supports the building of the Mertaniemi battery energy storage project. In its announcement Ardian said the investment aligns with the Fund’s strategy to acquire and aggregate wind and solar power assets.
Strategics
HighRadius Acquires Billing Automation Software. HighRadius, an automated treasury management and order-to-cash B2B software solution, has announced its acquisition of automated billing and collections software business Cforia Software. A press release said Cforia services more than 100 customers across the globe, expanding HighRadius’ reach and broadening its service capabilities.
Huron Acquires Philanthropic Management Consulting Firm. Huron, a professional services firm, announced this week its acquisition of GG+A, a philanthropic management consulting firm servicing education, healthcare and other nonprofit clients. GG+A helps clients with fundraising programs and campaigns. The company will integrate into Huron’s Education operating segment, a press release said.
Exits
Officine Maccaferri Sold by Carlyle Global Credit, Stellex and Man GLG. Officine Maccaferri, a solutions provider for the civil, geotechnical and environmental construction sectors, will be sold by its stakeholders to asset management firm Ambienta. A press release by Carlyle said Maccaferri’s existing shareholders—Carlyle Global Credit, Stellex Capital Management and credit funds managed by Man GLG—will divest the company. The shareholders first acquired the business in 2020.
Borgman Capital Exits Aerial Work Platforms. Lower middle-market private equity firm Borgman Capital announced the sale of Aerial Work Platforms, an equipment rental company it acquired in 2020. Herc Rentals will acquire the assets, according to a press release sent to Middle Market Growth. With Borgman, Aerial Work Platforms expanded through investments in new equipment, diversifying its fleet, implementing operational improvements and expanding geographically.
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