M&A daily wrap: GTCR, TransUnion, Callcredit, Riverside, LLR, Shore Capital, Audax, Ardian
Credit and financial information agency TransUnion (NYSE: TRU) has agreed to acquire credit reference firm Callcredit from GTCR for about $1.4 billion. Callcredit, based in the U.K., offers real-time credit reporting and scoring services. The company also gives free access to credit reports and scores to consumers to help them manage their finances and offers protection against fraud and identity theft. TransUnion said the acquisition will expand its international presence. For GTCR, the PE firm says the exit is a successful example of the Leaders Strategy, a program that involves "finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth." GTCR and Sycamore Partners recently reached a deal to take CommerceHub private for $1.1 billion. Jefferies International Ltd., Credit Suisse, Evercore Partners (NYSE: EVR) and Kirkland & Ellis are advising Callcredit. RBC Capital Markets is advising TransUnion.
The U.S. healthcare M&A market began 2018 with almost $39 billion worth of deals announced in January — the strongest start in over a decade, according to Morgan Stanley. “As healthcare becomes more retail-focused, we believe that the winners in healthcare are those who adapt to the demands of consumers, and those who rely solely on traditional models will be left behind," says Justin Ishbia, founder of Shore Capital Partners. Companies spanning a wide range of subsectors from veterinary practices and vision specialists to revenue cycle management providers and pharmaceutical makers are attracting interest from both private equity investors, including LLR Partners and the Riverside Co., and strategic buyers. In March, TA Associates completed the purchase of Ideal Cures Private Ltd., a supplier of ready-to-use coating products for tablets and capsules. On the strategic side, Cognizant (Nasdaq: CTSH) announced on April 19 the completion of its purchase of Bolder Healthcare Solutions, a privately-held provider of RCM software for hospitals and physician practices. Check out our in-depth feature on 6 healthcare sub-sectors that are consolidating.
Viking owner Middleby Corp. (Nasdaq: MIDD) has purchased Josper SA, a Barcelona-based maker of charcoal grill and other types of cooking equipment. The target has around $20 million in annual revenue. Middleby says it was attracted to Josper because its products are designed to allow for faster grilling times. Middleby has been busy expanding its product reach through acquisitions. The company has acquired A.C. Beverage Inc. subsidiary JoeTap, a provider of nitro and cold brew coffee dispensing equipment for the commercial foodservice industry and recently announced plans to buy steam cooking equipment maker Firex Srl.
Audax-backed Fastener Distribution Holdings has acquired Blue Sky Industries, an aersospace and defense parts supplier. Blue Sky is the third add-on since Audax invested in Fastener Distribution in 2017.
Real estate data provider RealPage Inc. (Nasdaq: RP) has agreed to buy ClickPay, a software company that automates real estate payments. The purchase price consists of $142.2 million in cash and $76.3 million in stock.
TripAdvisor Inc. (Nasdaq: TRIP) has acquired Bokun, a software provider for the tourism industry. The target, based in Reykjavik, Iceland, develops programs that help tours and attraction providers with bookings, inventory and price management. Financial terms were not disclosed.
Canadian renewable energy company Boralex has agreed to buy Kallista Energy Investment, a wind energy producer, from Ardian for around $217 million. K&L Gates is representing Boralex.
RigNet Inc. (Nasdaq: RNET) has acquired oil and gas services providers Automation Communications Engineering Corp. and Safety Controls Inc. Porter Hedges represented RigNet.
Colonial Group subsidiary Enmark Stations has acquired 34 E-Z Shop convenience stores in South Carolina from Brabham Oil Co. Matrix Capital Markets Group advised Brabham.
Lower middle-market private equity firm NexPhase Capital has bought Synergy HomeCare, a provider of in-home senior care services, based in Gilbert, Arizona. Livingstone advised Synergy.
For more deal announcements, including Charlesbank's backing of Hearthside; Century Golf's picking up Tour GCX and BlackRock's acquisition of Tennenbaum Capital, see The weekly wrap.
To find out which private equity firms are raising funds, such as CVC Capital and Bow River, read this week's PE fundraising scorecard.
Read full coverage of Mergers & Acquisitions' 11th annual M&A Mid-Market Award winners: Campbell Soup, Huron Capital, Idera CEO Randy Jacops, LLR Partners, McGuireWoods, Stryker, Twin Brook and William Blair.