Pamlico Capital has purchased a majority stake in private equity-backed Daxko Inc.
Daxko, headquartered in Birmingham, Ala., provides software and services for non-profits and other organizations. The company's products aim to help groups manage daily operations, administrative functions and engage with members. Terms of the deal were not disclosed.
Daxko is Pamlico's second investment from Pamlico Capital III, a $650 million fund that closed in October.
Pamlico, headquartered in Charlotte, N.C., primarily invests in lower middle-market companies in the U.S. The company aims to provide control investments of up to $100 million.
Daxko was sold by private equity firm Frontier Capital, which is also based in Charlotte. The firm gave Daxko $10 million in private equity funding in December 2008.
K&L Gates LLP provided legal advice to Pamlico, while Bradley Arant Boult Cummings LLP was Daxko's legal counsel.