M&A wrap: TA, Genstar, Insightsoftware, Bizview, Rockefeller Capital, L Squared
TA Associates and Genstar Capital-backed Insightsoftware has acquired Bizview Systems. The deal comes as companies are becoming more efficient and businesses are relying on technology to improve their operations. The Scandinavian-based target offers software for planning, reporting and analyics to help businesses improve workflow. “Business success today means the ability to make well-informed decisions while navigating constantly changing external forces and course-correcting on a moment’s notice,” says Insightsoftware CEO Mike Lipps. "With Bizview, we continue to expand our global reach and grow our portfolio of financial reporting, budgeting and planning capabilities to serve more than 25,000 customers of all sizes." Insightsoftware offers enterprise resource planning and enterprise performance management software. TA invested in Insightsoftware in 2018 and Genstar made its investment in 2019. The acquisition of Bizview marks Insightsoftware's third deal in 2019 including the purchases of BizNet Software and Jet Global Data Technologies. "The mission of Insightsoftware is complemented perfectly to ours, and together we are expanding the number of automated and intelligent reporting and budgeting options for our partners and customers in Scandinavia and around the world," adds Bizview CEO Oskar Kristiansen.
It’s a milestone year for the Blackstone Group Inc. (NYSE: BX), which transitioned from a publicly-traded partnership to a corporation on July 1. Most recently, the New York firm announced on Sept. 11 the final close of its latest global real estate fund. With $20.5 billion of total capital commitments, Blackstone Real Estate Partners IX is the largest real estate fund ever raised. Mergers & Acquisitions spoke with Stephen A. Schwarzman, the firm’s co-founder, chairman and CEO, on the occasion of his new book, What It Takes: Lessons in the Pursuit of Excellence, published by Avid Reader Press/Simon & Schuster, and released on Sept. 17. Schwarzman, who is speaking at the Economic Club of New York on Sept. 18, shared his perspective on the private equity model, its resilience during recessions and how the industry has evolved over three decades. Read the full story: "Complete control" is the beauty of private equity, says Blackstone's Stephen A. Schwarzman.
Mergers & Acquisitions seeks nominations for the fifth edition of the Most Influential Women in Mid-Market M&A. The deadline is Oct. 14. To be considered, candidates must be women who are outstanding dealmakers both inside and outside of their firms. Evidence of influence in the broader M&A industry is essential. When nominating a candidate, please explain how she outperforms her colleagues at her firm and in the industry. Please provide examples of deals she has led, initiatives she has launched and other instances that show evidence of her influence in the middle market. An important guide to what we're looking for can be found in the dealmakers we've honored in previous years. See profiles of, and Q&As with, past honorees here.
TO NOMINATE A CANDIDATE, CLICK HERE.
Rockefeller Capital Management, the wealth adviser led by former Morgan Stanley executive Greg Fleming, is boosting its Silicon Valley credentials. The firm that traces its roots to oil baron John D. Rockefeller agreed to acquire Financial Clarity Inc., a Mountain View, California-based multi-family office that oversees $2.3 billion of assets. Read the full story by Bloomberg News: Rockefeller Capital buys wealth Firm for Silicon Valley rich.
L Squared Capital Partners has invested in GWS Tool Group, a manufacturer of cutting tools for aerospace and defense, automotive and medical sectors. Advisors to GWS are Piper Jaffray (NYSE: PJC) and Akerman LLP. L Squared was represented by Vedder Price. Varargon Capital Partners provided financing.
Anacapa Partners and Trail Mark Partners have invested in Dooblo, a provider of mobile survey software, data collection and analysis services.
Oval Partners and Flex Technology Group have invested in office technology provider Laser Technologies Services.
Align Capital has invested in Southwest Elevator Co., an escalator and elevator services company.
Credit unions are facing a shifting industry climate with an appetite for consolidation, according to a report from consulting firm West Monroe Partners. The report found that about 51 percent of credit unions have participated in mergers in the past 5 years; 34 percent have been pursing a merger for more than a year; and 64 percent prefer to buy rather than being acquired. The survey polled 100 credit union leaders about the current M&A landscape.
The U.S. drinks sector saw 55 deals in the second quarter, according to Globaldata, compared to the last four-quarter average of 53 deals. Venture financing accounted for 32 deals; followd by M&A with 18; and private equity with five. The biggest deal announced in the quarter was E&J Gallo Winery buying 30 wine and spirits brands from Constellation Brands for $1.7 billion followed by Butterfly Equity's $510 million deal for Bolthouse Farms.
The cybersecurity sector saw 38 transactions worth $13.3 billion in August, according to Momentum Cyber. Among the deals highlighted were Broadcom Inc.'s (Nasdaq: AVGO) $10.7 billion purchase of Symantec's Enterprise Assets and VMware Inc.'s (NYSE: VMW) $2.1 acquisition of Carbon Black.
Ed Lukins was hired by law firm Orrick as a partner. He was most recently with Cooley, and focuses on M&A in the life sciences, oil and gas and technology sectors.
Abel Osorio has been promoted to partner at investment firm Turnspire Capital Partners. He joined the firm in 2016.
Allison Walker has joined investment firm FTV as chief talent officer where she is leading the firm's recruitment, development and human resource activities. She was previously with TCV.
Bank M&A has been soaring, creating the perfect backdrop for Piper Jaffray’s announced acquisition of Sandler O’Neill & Partners LP. “There has been a lot of consolidation in the bank space,” Piper Jaffray CEO Chad Abraham told Mergers & Acquisitions. “But there are still 5,000 banks, and we expect the pace of consolidation to continue.” Piper Jaffray is determined to be the market leader in all the industries it does business in. The Minneapolis-based boutique investment bank currently dominates some of the sectors it serves, especially healthcare. With the acquisition of New York-based Sandler the renamed firm Piper Sandler will instantly become a leading investment bank in financial services, a sector Piper has sought to expand in for several years. For analysis of the deal, see Counting on bank M&A: Why Piper Jaffray bought Sandler O'Neill.
Activity and urgency characterize the current dealmaking environment, say investment bankers and other M&A advisors interviewed by Mergers & Acquisitions. After a record-breaking 2018, forecasts for 2019 remain bullish. Advisors point to a lot of cash that must be deployed by strategic buyers and private equity firms alike; a healthy U.S. economy; and low interest rates. Competition for high-quality targets has never been more intense, especially for technology providers, they report, which means sellers are commanding high prices. It all adds up to a sellers' market. Read the story: 8 M&A advisors urge closing deals now, while economy stays strong.
The New York Yankees are in first place in the American League East division and have one of the best overall records in Major League Baseball. Alex Rodriguez is best known as the former Yankees star who hit 696 home runs over the course of his 22-year baseball career, but today he’s making a name for himself as an investor as the founder and CEO of A-Rod Corp. One recent example: While serving as a guest judge on CNBC’s Shark Tank, Rodriguez backed Ice Shaker, an insulated bottle maker founded by former National Football Leaguefullback Chris Gronkowski. Rodriguez talked about his life off the field at EisnerAmper’s 4th annual Alternative Investment Summit. Among the topics discussed: Rodriguez’ childhood as the son of a single mom; his investment thesis, which shares much with other middle-market investors; how he’s helping singer/dancer/actress Jennifer Lopez (to whom he became engaged in March) transition her business initiatives from licensing her brands to owning them; and how one day he just might buy a baseball team. Read the full story: A-Rod talks Ice Shaker, NRG eSports, J. Lo & maybe buying a baseball team.
Looking for a glimpse of what’s to come in the private equity industry? Meet Mergers & Acquisitions' 2019 Rising Stars of Private Equity. As the PE industry undergoes a generational shift, and many firm founders retire, it’s well worth getting to know these emerging leaders, including Branford's Austin Collier, Sterling Partners' Shawn Domanic and Summit Partners' Sophia Popova. For profiles and video interviews, see Meet Mergers & Acquisitions' 2019 Rising Stars of Private Equity For Q&As, see 10 Rising Stars of Private Equity tell their tales.
To celebrate deals, dealmakers and dealmaking firms, Mergers & Acquisitions produces three special reports every year: the M&A Mid-Market Awards; the Rising Stars of Private Equity; and the Most Influential Women in Mid-Market M&A. For more on the timeline and nomination process for each, see Special reports overview: M&A Mid-Market Awards, Rising Stars, Most Influential Women.
ACG Boston and ACG Connecticut are hosting the 5th Annual ACG New England Fall Conference at Gurney's Newport Resort & Marina in Newport, Rhode Island Sept. 17-18.
Exponent Women is hosting a fall rooftop networking session at RSM in New York on Oct. 7.
M&A East is taking place at the Pennsylvania Convention Center in Philadelphia Oct. 22-23.
Third Annual Women in Alternative Investments Career Forum is taking place at the New York Hilton on Nov. 8.