PE Weekly: Software Takes the M&A Spotlight
Software solutions across automotive administration, housing payments and procurement negotiation catch dealmakers' attention this week
B2B software emerged as a popular investment target this week as investors continue to focus on tech-enabled business services. Plus, the MLB saw more private equity action as Sixth Street reportedly takes a stake in the San Francisco Giants. Read more below.
Platform Investments
Sixth Steet Buys Stake in San Francisco Giants. Private equity firm Sixth Street has acquired a 10% stake in the San Francisco Giants, reports this week said, in a deal approved by Major League Baseball. Funds will go towards upgrades to Oracle Park as well as straining facilities in Arizona, ESPN reported.
Thoma Bravo Backs PCMI. PCMI, a software provider servicing the automotive and consumer markets with finance and insurance administrative software, has received a strategic investment from software investment firm Thoma Bravo. A press release said current investor Equality Asset Management, as well as management and employees, will retain their minority positions in the company.
Wealth Partners Capital, HGGC Back MCF Advisors. Financial services holding company Wealth Partners Capital Group and private investment firm HGGC have partnered to back MCF Advisors, a Kentucky-based RIA. Wealth Partners Capital and HGGC’s Aspire Holdings platform have made a minority investment in the company, a press release said, with MCF’s management team retaining a majority ownership.
Berkshire Partners, The Vistria Group Merge Forcura and Medalogix. Specialist investor Berkshire Partners and private investment firm The Vitstria Group are merging Forura and Medalogix to form a new post-acute care technology platform, a recent press release said. The combined business will be majority owned by Berkshire, while Vistria will be the largest minority shareholder.
Add-Ons
Stone-Goff’s JSI Acquires LogicomUSA. Lower middle-market private equity firm Stone-Godd Partners announced this week that portfolio company JSI has acquired LogicomUSA. JSI provides end-to-end solutions for broadband service providers, while LogicomUSA provides voice, network and contact center services to broadband providers.
Strategics
Bilt Rewards Acquires Banyan. Bilt Rewards, a payments and commerce platform for the housing payments sector, has acquired Banyan, an item-level receipt data platform. The investment marks Bilt’s first acquisition and, according to an announcement, expands platform capabilities for residents and merchants.
Volaris Automotive Acquires Britehouse Automotive. Volaris Automotive, a holding company that acquires specialized automotive software businesses, has announced its investment in Britehouse Automotive. Britehouse, based in South Africa, is a dealer management software provider. It was previously owned by telecom conglomerate Nippon Telegraph & Telephone Corporation (NTT).
Beroe Acquires Procurement Negotiation Tech Company nnamu. Beroe Inc., a procurement technology business, has acquired nnamu, a procurement negotiation technology company. Nnamu has developed an AI-powered, game theory-based solution to deliver negotiation strategies for supplier negotiations.
Exits
Blue Point Exits Sylvan. Blue Point Capital Partners announced the successful sale of Sylvan, Inc. this week. The company, a service provider offering piping, sheet metal, HVAC and other solutions, was acquired by E3Tech. Blue Point noted it made a rollover investment in the business.
LLCP Exits Encore Fire Protection. Levine Leichtman Capital Partners (LLCP), a private equity firm based in Los Angeles, announced recently its exit of Encore Fire Protection. The company provides fire protection services across the Northeast and Mid-Atlantic, and was acquired by global investment firm Permira.
Fundraising
New State Capital Raises $700 Million. New State Capital Partners has closed its fourth fund with $700 million in capital commitments, the private equity firm announced this week. Fundraising for Fund IV surpassed its initial target, the firm noted.
Insights
Lincoln Financial Launches Private Markets Funds. Lincoln International, an insurance, annuities, group benefits and retirement solutions provider, is launching two funds focused on the private markets. The firm is partnering with Bain Capital and Partners Group to launch its private markets strategy, which will provide investors to an evergreen fund focused on private credit investments.
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