Industry News

NEW YORK, July 9, 2019 – One Rock Capital Partners, LLC (“One Rock”), today announced that one of its affiliates has entered into a definitive agreement to acquire the Engineered Components & Systems (“EC&S” or the “Company”) segment (excluding Cortland U.S.) from Actuant Corporation (“Actuant”). The transaction is expected to close during the fourth quarter of 2019. Headquartered in Menomonee Falls, Wisconsin, Engineered Components & Systems is a global company serving the agriculture, specialty and commercial vehicle, construction and other industrial end-markets with motion, actuation and control solutions. EC&S primarily serves on and off-highway OEMs with highly engineered system-critical motion, actuation and control solutions under brands that include CrossControl, Maximatecc, Elliott Manufacturing, Gits Manufacturing, Power-Packer and Weasler Engineering. The Company has 13 manufacturing facilities and six engineering centers, with approximately 190 engineers in multiple geographies. EC&S sells its products to numerous end-markets internationally. Tony W. Lee, Managing Partner of One Rock, commented, “EC&S’s innovative solutions are
June 27, 2019 – New York – ICV Partners (ICV), a leading investment firm focused on lower middle market companies, is pleased to announce that it has successfully completed the final closing for ICV Partners IV, L.P. (Fund IV) with $585 million of committed capital. ICV currently manages $1.3 billion of AUM. ICV’s Fund IV meaningfully exceeded the firm’s target and represents an approximately 50% increase in capital commitments compared to Fund III. Investors include a diverse group of leading endowments, foundations, state pension plans, family offices, gatekeepers, insurance companies and fund of funds. Willie Woods, President of ICV Partners, said, “We are grateful for the immense support we’ve had from existing Limited Partners, many of whom have increased their commitment in Fund IV. We are excited by the enthusiasm for our 20-year, value-oriented approach to the lower middle market and we look forward to building on our success in
Mill Point Capital Accelerates Anexinet’s Momentum in Helping Clients Provide a Complete Digital Experience BLUE BELL, PA – June 25, 2019 – Anexinet, a leading provider of digital business solutions, announced that it has been acquired by Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North America. The Mill Point team has extensive experience investing in transactions in the technology and business services sectors. Anexinet’s management team, including CEO Todd Pittman, will continue to lead the company, building on a strong track record of multi-channel application strategy and development, enterprise mobility, and full-lifecycle cloud/hybrid IT infrastructure support. Anexinet is a leading technology consultancy and reseller, helping clients provide a Complete Digital Experience for employees, customers, and end users through transformative digital applications and platforms. For 20 years, Anexinet has delivered intelligent insights, customer engagement and enterprise modernization solutions that drive impactful business outcomes. Todd Pittman,
SANTA MONICA, CA, June 26, 2019 – Clearlake Capital Group, L.P. (“Clearlake” or the “Firm”), a leading private investment firm with a sector-focused approach, announced today it has completed fundraising for Clearlake Opportunities Partners II (the “Fund” or “COP II”) with $1.4 billion in commitments. COP II was oversubscribed, reaching its hard cap. With this latest fund, Clearlake’s total assets under management are over $10 billion. The Fund includes a significant commitment from its general partner, and will make non-control investments in middle market companies across Clearlake’s target sectors of software and technology-enabled services; industrials and energy; and consumer. COP II has already begun investing, with the recently announced investment in Appriss Holdings, Inc. “We want to thank all of the limited partners in COP II, who through their commitments have shown they believe in the proven Clearlake value creation model, our sector focus, and our flexible investment strategy,” said José E. Feliciano, Co-Founder and
Langley, U.K., May 30, 2019: Travelport Worldwide Limited (“Travelport” or the “Company”), a leading travel technology company, announced today the completion of its acquisition by affiliates of Siris Capital Group, LLC (“Siris”) and Evergreen Coast Capital Corp. (“Evergreen”) in an all-cash transaction valued at approximately $4.4 billion. The transaction, which was originally announced on December 10, 2018, was approved by Travelport’s shareholders on March 15, 2019. In connection with the closing of the transaction, the Company, which will continue to operate as Travelport Worldwide Limited, will be wholly owned by affiliates of Siris and Evergreen, and Travelport’s common shares will be delisted from the New York Stock Exchange. The Board of Directors of the new Travelport operating company will be led by Executive Chairman John Swainson, a Siris executive partner and a former executive at IBM Corporation, CA, Inc. (formerly Computer Associates) and the Dell Software group. Commenting on the transaction
May 15, 2019 (Blair, NE) – Great Plains Communications, the largest privately-owned telecommunications provider in Nebraska and a Grain Management portfolio company, announced today that it has entered into a definitive agreement to acquire InterCarrier Networks, a regional fiber optic carrier with a high-capacity network spanning Illinois, northern Indiana, the St. Louis metro area in Missouri, and Kentucky.   Headquartered in St. Louis, Missouri, InterCarrier Networks provides critical bandwidth infrastructure solutions to telecommunications carriers and major enterprises in Midwestern markets where cost-effective bandwidth transport has traditionally been difficult to obtain.  Its services are delivered over a high-quality, ring-structured fiber optic network covering 2,037 route miles. “This is a powerful pairing of Great Plains Communications’ broad network and century-long experience with InterCarrier Networks’ footprint, team and client base,” said Todd Foje, CEO of Great Plains Communications. “With backing from Grain, who sourced and negotiated this deal, our combined businesses are well positioned for near-term organic growth
SANTA MONICA, CA, GREENWOOD VILLAGE, CO, and RANCHO DOMINGUEZ, CA – May 16, 2019 – Wheel Pros and MHT Luxury Wheels, Inc. (“MHT”), two leading designers, marketers, and distributors of branded automotive aftermarket wheels and accessories, today announced that they have combined to form the largest automotive aftermarket wheel platform in the world. This transformative transaction brings together the leading brands in the market such as Fuel, KMC, American Racing, Rotiform, and others under one organization. The combined company will operate under the Wheel Pros name and offer 22 highly complementary brands, approximately 1,400 styles, and 15,000 SKUs. As part of the transaction, MHT shareholders have invested in the combined company and Art Hale, Jr., Founder and CEO of MHT, continues to be involved in product design and operations and is a member of the board of directors of the combined company. Jody Groce and Randy White, Co-Founders of Wheel Pros,
CENTREVILLE, VA – May 9, 2019 – Avenu Insights & Analytics (Avenu), a Mill Point Capital portfolio company, has acquired the operations and assets of The Windward Group and GRIDS Information Technologies. With the Windward and GRIDS software, document digitization and storage capabilities, Avenu reinforces its commitment to supporting government customers with records management solutions. Over several decades, Louisiana-based Windward has built a business based on helping judicial systems and other organizations obtain, organize, store and deliver critical information. GRIDS has been a leader in providing conveyance records software to Louisiana court systems. Avenu will continue to operate the existing locations and use them as overflow for the digital processing functions it provides in other states. All the Windward operations, including the software for scanning, workflow, cloud file sharing and document management will become part of Avenu’s Records Solutions group. “The need for document creation, restoration, indexing and overall management continues to
New York, New York. April 22, 2019 – GenNx360 Capital Partners (“GenNx360”) is pleased to announce that its portfolio company, GenServe, LLC (“GenServe”), has acquired Power Performance Industries (“PPI” or the “Company”) on April 18, 2019.  Based in Yonkers, New York, PPI provides maintenance and repair services to industrial generators and backup power solutions, as well as generator and equipment sales and rentals. The Company serves a diverse set of customers in the healthcare, corporate and real estate end markets. “PPI offered an attractive opportunity for us to strengthen our repair and maintenance portfolio in the Metro New York area while further expanding into the Northern New York and Connecticut regions. In addition, the Company has exciting and strategic relationships on both the equipment sales and service side that we look forward to further developing,” said Mike Vahling, President and COO of GenServe. “PPI is a great addition to the
SANTA MONICA, CA and CARY, NC – May 3, 2019 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has signed a definitive agreement to acquire Dude Solutions (“Dude Solutions” or the “Company”), the leading software-as-a-service (“SaaS”) provider of operations management solutions, from Warburg Pincus. The Company will continue to be led by the Chief Executive Officer, Ed Roshitsh and the current management team, who are investing alongside Clearlake in the transaction. Financial terms were not disclosed. Dude Solutions is a market leading provider of cloud-based operations management software that automates mission-critical enterprise asset management workflows such as work order, inventory, energy, capital planning, facility scheduling, and community development. Dude Solutions provides an end-to-end SaaS solution for its over 12,000 clients in the education, government, healthcare and manufacturing verticals. “We are excited to partner with Clearlake, who has a successful track record of sponsoring and supporting growing