PE Weekly: SaaS Drives Dealmaking, Fundraising

Platform Investments

TPG Acquires Sabre’s Hospitality Solutions Business. Sabre Corporation has divested its Hospitality Solutions SaaS platform to global alternative asset management firm TPG via its private equity platform, TPG Capital. In addition to the investment by TPG, Hospitality Solutions also secured a strategic minority investment from hotel operator MCR.

Thoma Bravo to Take Olo Private. Thoma Bravo, a software-focused investment firm, has reached an agreement to acquire Olo Inc., a SaaS platform for restaurants. The transaction will see Olo delist from the New York Stock Exchange.

Oaktree Capital Backs Superior Industries. Superior Industries International, an aluminum wheel supplier, announced it reached an agreement to be acquired by its term loan investors, including Oaktree Capital Management. The investors will convert a portion of their term loans into equity.

Strategic Value Partners to Acquire Red Oak Power. Strategic Value Partners, a global alternative investment firm, has reached an agreement to acquire Red Oak Power, a natural gas-fired power generation facility. Red Oak is based in New Jersey. Strategic Value Partners made the investment in collaboration with EverGen Power, a power generation acquisition and asset management firm established to support the firm’s power generation investments.

GTCR Invests in Clear Capital. Real estate analytics, data solutions and valuation technology company Clear Capital has received an investment from private equity firm GTCR, according to a press release. The majority acquisition marks the first outside investment for Clear Capital.

Add-Ons

CapVest’s IPN Acquires Sopral. CapVest Partners-backed Inspired Pet Nutrition (IPN), a pet food company, will acquire Sopral, a branded pet food platform based in France, according to a recent press release. IPN is based in the U.K.

Atar Capital’s WinCup Acquires Conver Pack. WinCup, a sustainable foodservice packaging manufacturer backed by Atar Capital, has acquired Conver Pack, according to an announcement. Conver Pack manufactures premium paper cup products.

Grovecourt Capital’s Premier Radiology Acquires MetisMD. Premier Radiology Services, a provider of teleradiology solutions, has acquired MetisMD, also a teleradiology provider. Premier Radiology is backed by Grovecourt Capital Partners.

TSCP’s PestCo Acquires May Pest. PestCo, a pest control solutions provider backed by Thompson Street Capital Partners, has acquired May Pest assets. May Pest similarly provides commercial and residential pest control services.

Braemont Capital’s Loenbro Acquires Weifield Group. Loenbro, a specialized service provider to the data center, infrastructure and industrial sectors, has acquired Weifield Group, an electrical services provider. The investment broadens Loenbro’s geographic footprint and expands its electrical service capabilities. Loenbro is a portfolio company of Braemont Capital.

Mill Rock’s Tandym Group Acquires Entitech Solutions. Mill Rock Capital portfolio company Tandym Group, a healthcare and life sciences solutions provider, has acquired Entitech Solutions. Entitech provides tailored solutions for healthcare and life sciences companies and strengthens Tandym’s workforce and technology solution capabilities.

Strategics

F2 Strategy Acquires Aliter Investment Services. F2 Strategy, a wealth management technology and marketing services company, announced this week its acquisition of Aliter Investment Services. Aliter specializes in technology transformation services for investment managers and asset servicing providers, including banks. The investment expands F2’s services into asset servicing for pooled investment vehicles, a press release noted.

Exits

Dollar Tree Divests Family Dollar to PE Sponsors. About three months after first announcing the deal, Dollar Tree has relaunched as a private business following its sale by former owner Family Dollar. Family Dollar agreed to sell the company to private equity investors Brigade Capital Management, Macellum Capital Management and Arkhouse Management. In addition to new PE backers, Family Dollar will operate with a new management structure, according to a press release.

AUA Exits Western Smokehouse. AUA Private Equity, a lower middle-market private equity firm focused on the consumer and services sectors, has announced the sale of Western Smokehouse Partners. Western Smokehouse manufactures protein snacks. AUA sold the company to Monogram Capital Partners two years after acquiring a majority stake in the company.

Fundraising

One Rock Raises $3.97 Billion. One Rock Capital Partners has closed two new funds after raising a combined $3.97 billion in capital commitments, according to a press release. Its latest flagship fund, One Rock Capital Partners IV, and its inaugural lower middle-market fund, One Rock Emerald Fund, mark the firm’s largest fundraising to date.

LLCP Raises $3.6 Billion for Fund VII. Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, announced this week the close of its Fund VII with more than $3.6 billion in capital commitments. The fundraise exceeded the fund’s target. Fund VII will continue LLCP’s investment strategy of focusing on middle-market companies across franchising, business services, education and training, and engineered products.

OnePrime Capital Raises $305 Million. OnePrime Capital, which focuses on direct secondary investments in high-growth, late-stage software businesses, has raised $305 million for its third fund. A press release said Fund III exceeded its fundraising target of $275 million.

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