M&A daily wrap: Duff & Phelps, CVC, Silver Lake, Wind Point, GI Partners, BlueLinx
Duff & Phelps is buying cybersecurity and risk management firm Kroll from Corporate Risk Holdings. New York-based Kroll, founded in 1972, provides investigative, cybersecurity, due diligence, compliance, as well as physical security to help companies make better risk management decisions on people and assets. The target serves corporations, financial institutions, law firms and government agencies. Cybersecurity services are becoming increasingly essential for financial firms and that is driving deal activity in the sector. For instance, KMPG has reached a deal to acquire the identity and access management business from Cyberinc. Kirkland & Ellis and Skadden Arps Slate Meagher & Flom are representing Duff & Phelps. Simpson Thacher & Bartlett is representing Kroll. Financial terms were not disclosed.
Wind Point Partners-backed St. George Logistics, a provider of logistics and transportation services, has bought Freight Force. The acquisition represents the sixth add-on for St. George since Wind Point created the platform in July 2016. Financial terms were not disclosed. Freight Force, located in Anaheim, California, operates a network of independent freight providers that focus on the first pickup and final dropoff in delivery processes. Freight Forces works with more than 2,200 freight companies that make more than a half a million annual deliveries.
Silver Lake and Battery Ventures are acquiring real estate software company EDR from Daily Mail and General Trust plc for $205 million. EDR's software-as-a-service and data products are designed to help environmental consultants, engineers, appraisers and lenders manage real estate due diligence processes more efficiently and effectively. Silver Lake says the deal comes at an ideal time because the real estate sector is evolving and relying more on technology. Goldman Sachs International is advising the sellers.
Silver Lake, best known for investing in Alibaba Group, Broadcom and Dell, has made a strategic investment in the Oak View Group, an entertainment and sports facilities company founded in 2015 by Tim Leiweke, whose previous roles include chief executive of Maple Leaf Sports & Entertainment and Anschutz Entertainment Group, and Irving Azoff, the legendary manager of the Eagles who serves as the CEO of Azoff MSG Entertainment, a joint venture with The Madison Square Garden Co. The Silver Lake investment, reportedly for $100 million, is designed to support OVG's growth strategy, including arena development projects and other strategic initiatives. Read the full story here.
PDC Brands, backed by CVC Capital partners and Leonard Green & Partners, hired John Owen as chief financial officer. Owen most recently served CFO of beverage company Beam Suntory. Stamford, Connecticut-based PDC is a beauty and personal care company that owns the Cantu, Dr Teal's, Eylure and Body Fantasies brands. CVC acquired PDC in 2017.
GI Partners acquired Togetherwork from Aquiline Capital Partners. Togetherwork operates a network of companies that provide software to religious groups. sports leagues, summer camps and charities to help them process payments and other administration tasks. Togetherwork is the third investment that GI Partners has made since the firm raised its fifth fund in 2017. Kirkland & Ellis represented GI Partners. Willkie Farr & Gallagher and Harris Williams & Co. advised Aquiline.
BlueLinx Holdings Inc. (NYSE:BXC) is purchasing Cedar Creek Holdings from Charlesbank Capital Partners for $413 million. Cedar Creek, headquartered in Oklahoma City, Oklahoma, is a wholesale distributor of lumber products and building materials with 31 facilities that serve 29 states. Atlanta-based BlueLinx is also a building products distributor and has around 9,000 customers in North America. King & Spalding is advisng BlueLix.
ICV Partners LLC bought radiology services company Outpatient Imaging Affiliates LLC from its founders and family office MedCare Investment Funds. The target was founded in 2000 and is based Franklin, Tennessee. OIA has more than 30 locations in nine states in the Southeast, Midatlantic and Midwest. DLA Piper represented ICV. Canaccord Genuity and Bradley Arant advised the sellers. Financial terms were not disclosed.
Shamrock Capital invested digital marketing agency Wpromote. The deal marks the first time Wpromote has taken on an outside investor.
Salesforce.com Inc. (NYSE: CRM) is buying e-commerce software company CloudCraze for undisclosed terms. This is the second acquisition Salesforce has announced in 2018, following Attic Labs.
Mirabito Holdings Inc. purchased Polsinello Fuels Inc.'s home heating and commercial fuels business. Matrix Capital Markets Group and Lemery Greisler advised the sellers.
NexPhase Capital bought pain management company Gulf Coast Pain Institute. As a result, the private equity firm will create a platform that will seek more acquisitions in the sector. Brown Gibbons Lang & Co. advised Gulf Coast.