PE Weekly: Fundraising Returns, while Take-Privates Reach the Upper-Middle Market
Plus, Datasite acquires Sourcescrub
Platform Investments
Centerbridge Takes MeridianLink Private in $2B Deal. Centerbridge Partners, a global investment firm, has reached an agreement to acquire MeridianLink in a transaction valued at $2 billion. MeridianLink provides software platforms for financial institutions and consumer reporting agencies. Upon the deal’s close, MeridianLink will delist from the New York Stock Exchange.
DigitalBridge, Crestview Take WideOpenWest Private. DigitalBridge Investments and Crestview Partners have reached an agreement to acquire WideOpenWest, a U.S. broadband provider. The transaction, made for $1.5 billion, will see WideOpenWest delist from the New York Stock Exchange.
Proterra Acquires AcreTrader. Proterra Investment Partners announced its acquisition of AcreTrader this week. The company offers a farmland investment platform and connects farmers to equity capital to invest in farmland and farm properties. Backing from Proterra will support further scale of the platform and enhanced functionality for farmer and investor users.
Shamrock Capital Acquires Penta Group. Shamrock Capital, an entertainment and communications-focused investment firm, has acquired Penta Group. Penta is a communications and reputation intelligence business wielding AI and data analytics. Shamrock acquired the company from its previous backer, Falfurrias Management Partners.
One Equity Backs Brown & Root. One Equity Partners, a middle-market private equity firm, has reached an agreement to invest in Brown & Root Industrial Services. KBR, an existing investor in the company, will retain a “significant stake” in the business, according to a press release.
Nexa Equity Backs Facility Grid. Private equity firm Nexa Equity, which focuses on B2B software, has invested in Facility Grid, a provider of cloud-based software for commissioning and operational readiness in the construction sector. The growth investment will be used for product development and enhanced customer support.
26North Acquires AVI-SPL. Alternatives platform 26North Partners has acquired AVI-SPL, an audio-visual and unified communications technology solutions provider. The company serves Fortune 100 companies.
Add-Ons
Datasite Acquires Sourcescrub from Francisco Partners. M&A workflow collaboration and automation software provider Datasite has acquired Sourcescrub from Francisco Partners, the company announced recently. The investment follows a $500 million investment in Datasite from CapVest Partners, who owns a majority share of the company, to fuel M&A expansion.
Platinum Equity’s Cook & Boardman Acquires A.J. Labourdette. The Cook & Boardman Group, a provider of integrated access and security solutions, has acquired A.J. Labourdette, Inc., a telecommunications and integration security contractor. Cook & Boardman is sponsored by Platinum Equity, which acquired a majority stake in the company in 2023; Littlejohn & Co. is a minority shareholder.
FalconPoint’s Jennmar Acquires Weber Mining & Tunnelling. Jennmar, an infrastructure products and services provider serving the mining and construction sector, has acquired Weber Mining & Tunnelling SAS, based in France. The investment expands Jennmar’s international footprint. Jennmar is backed by FalconPoint Partners.
New Heritage’s FMS Solutions Acquires Accounting Services Providers. New Heritage Capital-backed FMS Solutions announced two add-on acquisitions. The company acquired Merchants Accounting Service and AMP Services, both accounting and consulting services providers serving the restaurant and hospitality space.
Exits
ATL Exits Geost to Rocket Lab. ATL Partners announced this week the successful sale of Geost, a subsidiary of LightRidge Solutions, one of its portfolio companies. Geost, which ATL acquired in 2021, provides electro-optical and infrared sensing systems for national security space missions. The company was acquired by Rocket Lab Corporation, a provider of mission software and space-based services.
Fundraising
Pacific Avenue Raises $1.65 Billion. Pacific Avenue Capital Partners, a middle-market private equity firm, has raised $1.65 billion for its Fund II. The capital commitments will be used to invest in corporate carve-out transactions and other middle-market complex transactions. The fundraise includes a $117 million European sidecar vehicle that will allow Pacific Avenue to pursue European investment opportunities.
Periscope Equity Raises $370 Million. Private equity firm Periscope Equity has raised $370 million for its Fund III, according to a recent announcement. The fundraise surpassed its initial target of $300 million.
Insights
Tico Capital Partners Launches with Lower-Middle Market Focus. Private equity firm Tico Capital Partners has made its debut. The Atlanta-based firm has launched and will focus investments in the lower-middle market across distribution, specialty manufacturing, and business and consumer services.
Middle Market Growth is produced by the Association for Corporate Growth. To learn more about the organization and how to become a member, visit www.acg.org.
