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Rentvine Raises $74M of Growth Capital from Mainsail Partners

Mainsail partners

Growth capital to support continued innovation of Rentvine’s property management software platform

Estero, FL – August 26, 2024 – Rentvine, a property management software platform serving the long-term residential property rental market, announced it has raised $74 million in growth capital from Mainsail Partners. The investment will help enable the company to further enhance the property manager experience through ongoing product innovation and excellent customer service. Additionally, Rentvine plans to continue expanding its product suite to better serve all stakeholders, including residents, property owners, and vendors.

As the core system of record for professional property management companies, Rentvine offers a comprehensive suite of features, including powerful trust accounting, maintenance management, leasing workflows, tenant screening, inbound and outbound payments, insurance, and owner and vendor management. Rentvine also offers an open Restful API to ensure interoperability and flexibility, allowing customers to integrate various tools and services seamlessly. Designed to be a flexible and robust end-to-end solution, Rentvine’s platform is known for being user-friendly, fast, and reliable.

“After more than 20 years in property management, we set out to create software that the industry not only deserves but also trusts and loves using daily,” said Dave Borden, co-founder and CEO of Rentvine. “Mainsail’s extensive experience in PropTech and their ability to help scale vertical SaaS platforms will support us as we continue transforming property management companies.”

“The property management community has long sought a flexible, centralized solution that not only enhances operational efficiency but also scales as their client base grows,” said Gavin Turner, co-founder and Managing Partner at Mainsail Partners. “Given Dave and Jon’s firsthand experience in the property management industry, it’s no surprise that they’ve answered this need with a modern, integrated suite of solutions specifically designed to support that growth.”

“This partnership with Mainsail will empower us to realize our vision of delivering superior property management software—software that customers enthusiastically recommend to their peers, that employees are proud to support, and that offers long-term value to the entire property management community,” said Jonathan Ewen, co-founder and President of Rentvine. “Mainsail’s industry experience and operational resources will be highly valuable as we enter the next phase of growth for our product, company, and customers.”

Croft & Bender acted as the exclusive financial advisor and DLA Piper served as legal counsel to Rentvine. Morris, Manning & Martin served as legal counsel to Mainsail Partners.

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Serent-Backed Avionté Acquires AkkenCloud, a Staffing Software Company

Serent Capital

August 26, 2024

 

Avionté announced its acquisition of AkkenCloud, a staffing software company, fortifying Avionté’s position as a leader in end-to-end enterprise staffing platforms. AkkenCloud clients will benefit from Avionté’s full suite of staffing platform technologies, which includes a complete front and back office, a robust mobile talent application, and a powerful VMS, all supported by Avionté’s dedicated customer service team.

“We are thrilled to welcome AkkenCloud customers and employees to the Avionté community, which will expand our dedicated team of associates and the more than 1,000 staffing agencies leveraging Avionté’s enterprise staffing platform,” said Rishabh Mehrotra, CEO of Avionté. “By partnering with Avionté, the team at AkkenCloud is working to ensure its customers will stay ahead with our end-to-end staffing platform, which delivers all the resources, stability, and security required for long-term growth.”

The acquisition underscores growing industry consolidation as smaller staffing software providers find it increasingly difficult to invest in the technology, security, and support required to remain competitive. Rapidly evolving employer buying patterns and talent work preferences are pressuring staffing agencies to offer complete workforce solutions that meet client expectations for speed, compliance, and flexibility. As such, successful staffing firms require software partners that have the scale and expertise to keep pace with the latest trends in AI, security, platform automation, and mobile capabilities.

“As I considered the best partner for AkkenCloud, Avionté was the right choice for customers and employees alike,” said Giridhar Akkineni, founder and CEO of AkkenCloud. “Given the investment required to succeed in staffing software today, we saw that AkkenCloud could no longer compete as an independent company. With Avionté, AkkenCloud customers will have access to the most innovative solutions on the market and the resources to help them grow, scale, and succeed now and in the future. I am excited to introduce our customers and employees to the Avionté community.”

Avionté is committed to ensuring the success of all AkkenCloud clients and will work closely with each of them to determine the most suitable timeline for transitioning to Avionté’s enterprise staffing platform. Akkineni will take an active role to help ensure the successful transition of AkkenCloud customers to the Avionté platform. AkkenCloud employees will be recognized as part of Avionté effective immediately. Terms of the deal are not disclosed.

Added Mehrotra, “Avionté is committed to helping staffing agencies navigate the evolving staffing software market via the most innovative and robust solutions available. Our acquisition of AkkenCloud is a testament to that commitment. We anticipate more market consolidation as smaller staffing software companies struggle to compete in this new reality.”

About Avionté

Avionté is a proven leader in enterprise staffing platforms, providing a comprehensive end-to-end, cloud-based technology solution designed for scalability and growth. The Avionté platform delivers a complete front and back office, a robust mobile talent application, and a powerful VMS. With a single staffing platform, agencies can now manage the entire supply chain of labor, from employer to agency to talent and back. Learn more at https://www.avionte.com.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Other News at Serent Capital

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
Executive endorsements of Serent Capital are for illustrative purposes, designed to attract business development contacts, and should not be construed as a client or investor testimonial of Serent Capital’s investment advisory services. All such endorsements are from current or former portfolio company leadership about Serent Capital’s ability to provide services to their companies. Certain executives are also investors in Serent Capital’s investment vehicle(s), and as such, there is an inherent conflict in that those executives have an incentive to provide favorable reviews of Serent Capital’s business practices for the benefit of the investment vehicles that they hold a personal ownership interest in. Serent Capital has not, directly or indirectly, paid any compensation to such individuals for their endorsements.
Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Serent Capital undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

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Sands Capital Co-leads Anduril Industries’ Series F Funding to Hyperscale Defense Manufacturing

Sands Capital

This latest funding will help enable the company’s continued growth, enhanced processes, upgraded tooling, expanded infrastructure, and increased supply chain resiliency.

Sands Capital has co-led Anduril Industries’ $1.5 billion Series F funding round, enabling the company’s continued growth, enhanced processes, upgraded tooling, expanded infrastructure, and increased supply chain resiliency.

Anduril Industries’ cutting-edge approach to defense technology positions the business as a key player in modernizing defense capabilities for the United States and its allies.

“This funding round represents an important milestone in Anduril’s journey to disrupt the defense industry, and we are thrilled to be a part of the company’s latest success on the heels of its recent defense contract wins, including its Collaborative Combat Aircraft contract and its early, on-budget delivery of the Ghost Shark autonomous vehicle.”

“This funding round represents an important milestone in Anduril’s journey to disrupt the defense industry, and we are thrilled to be a part of the company’s latest success on the heels of its recent defense contract wins, including its Collaborative Combat Aircraft contract and its early, on-budget delivery of the Ghost Shark autonomous vehicle,” said Barron Martin, a managing partner at Sands Capital. “The company’s rapid growth is a testament to its talented, mission-focused team and the unparalleled value it continues to bring to the defense industry.”

Marina Serenbetz, a partner at Sands Capital, said, “Anduril is playing a critical role in shaping the future of defense technology, and we are proud to partner with the company as it continues to cement its position as a leader of today’s defense industry. Working with a team of this caliber has been an incredibly rewarding experience, and we look forward to the future of our long-term partnership.”

Led by Sands Capital’s Global Innovation team, which seeks to invest in leading mid to late-stage technology and technology-enabled businesses, this investment underscores Sands Capital’s deep experience in and track record of backing innovative companies that are reshaping industries and addressing critical global challenges. This latest investment in Anduril Industries joins notable investments made by Sands Capital including co-leading Ramp’s Series D funding round and leading/participating in the latest Flock Safety round.

Additional Coverage

Disclosures:

The Global Innovation investment strategies are managed by Sands Capital Ventures, LLC and are only available to qualified investors.

The activities of the Global Innovation Strategy Team, including investment due diligence and sourcing, may be supported on an ad hoc basis by various members of the broader global research team of Sands Capital Management, as well as members of the Ventures Team of Sands Capital Ventures.

As of October 1, 2021, Sands Capital was redefined to be the combination of Sands Capital Management, LLC and Sands Capital Ventures, LLC. Both firms are registered investment advisers with the United States Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940. The two registered investment advisers are combined to be one firm and are doing business as Sands Capital. Sands Capital operates as a distinct business organization, retains discretion over the assets between the two registered investment advisers, and has autonomy over the total investment decision-making process.

Certain information contained in this document constitutes “forward-looking statements.” These statements can be identified by the use of forward-looking terms such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terms. Due to various risks and uncertainties, actual events or results or the actual performance of a fund are likely to differ (and may differ materially) from the events, results or performance contemplated by such forward-looking statements.

This Site may contain links to other websites, including links to the websites of companies that provide related information, products and services. Such external Internet addresses contain information created, published, maintained, or otherwise posted by institutions or organizations independent of Sands Capital. These links are solely for the convenience of visitors to this Site, and the inclusion of such links does not imply an affiliation, sponsorship or endorsement. Those sites may have privacy policy different from Sands Capital and may provide less security than this site. Sands Capital and its affiliates are not responsible for the products, services, and content on the third party website.

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Serent Capital Announces the Acquisition of Spa Software Leader Book4Time by Agilysys

Serent Capital

 

Serent Capital, a growth-focused private equity firm investing in founder-led B2B SaaS and technology companies, announced today that its portfolio company, Book4Time, a leading provider of spa management SaaS software, has been acquired by Agilysys, a global leader in hospitality software solutions and services.

Book4Time’s innovative cloud-based platform has established itself as a premier solution for hotel and resort spas, enabling operators to manage appointments, staff, and inventory seamlessly while enhancing the guest experience and providing comprehensive corporate reporting. Founded in 2004, Book4Time has become the go-to choice for leading wellness hospitality organizations and is trusted by customers in over 100 countries. Serent Capital’s strategic growth investment in 2020 was instrumental in supporting Book4Time’s continued expansion and extending its global reach.

“Our partnership with Serent has been pivotal in enabling us to scale our operations and enhance our product offerings. Their strategic guidance allowed us to better serve our clients and solidify our leadership in the wellness hospitality industry. We are grateful for their collaboration and look forward to continuing our journey of innovation in the hospitality industry as a part of Agilysys,” said Roger Sholanki, CEO of Book4Time.

“From the beginning, we recognized Book4Time’s potential to revolutionize spa management technology. It has been rewarding to see them expand their global reach and deliver exceptional client experiences. We look forward to watching the continued growth and success of the merged business unit in the hospitality industry.” said Lance Fenton, Partner at Serent Capital.

Serent Capital has a robust track record in the hospitality market, having invested in over 15 hospitality tech companies in the last decade. To learn more about Serent’s partnership with hospitality companies, visit Serent Capital Hospitality and Travel.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Other News at Serent Capital

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
Executive endorsements of Serent Capital are for illustrative purposes, designed to attract business development contacts, and should not be construed as a client or investor testimonial of Serent Capital’s investment advisory services. All such endorsements are from current or former portfolio company leadership about Serent Capital’s ability to provide services to their companies. Certain executives are also investors in Serent Capital’s investment vehicle(s), and as such, there is an inherent conflict in that those executives have an incentive to provide favorable reviews of Serent Capital’s business practices for the benefit of the investment vehicles that they hold a personal ownership interest in. Serent Capital has not, directly or indirectly, paid any compensation to such individuals for their endorsements.
Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Serent Capital undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

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Canada Growth Fund, CDPQ, Investissement Québec and BDC Capital invest $145 million in MKB’s Third Energy Transition Fund

Cdpq

The Canada Growth Fund (CGF), CDPQ, Investissement Québec (IQ) and BDC Capital (BDC) are pleased to announce their $145 million commitment to MKB, a Québec growth equity firm investing in companies that are leading the energy transition. As part of this transaction, CGF will commit up to $50 million to MKB Partners Fund III, L.P. (Fund III), while CDPQ and IQ will each be investing $35 million, and BDC, $25 million.

MKB is currently raising its third fund to help scale fast growing and innovative companies, primarily in North America. Fund III will target growth-stage businesses which are commercializing proven, innovative emission reduction technologies in MKB’s areas of focus, which include clean energy, mobility, built environment and industrials.

“Through its cleantech funds strategy, CGF is seeking to provide further investable capital to Canadian managers to speed up the growth of Canadian cleantech champions,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. “CGF is pleased to invest $50 million in MKB’s energy transition fund to scale the impact of its strategy and to foster growth and innovation in the Canadian clean technology sector.”

“This additional investment in MKB—a Montréal-based firm focused on accelerating the energy transition—not only positions our capital in a promising and profitable sector for our economy, but also confirms our ambition to encourage the sustainable growth of companies,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “It’s an opportunity for us to support climate technology that will have an impact on decarbonization and will shape our future.”

“Along with key partners in Québec’s financial ecosystem, Investissement Québec is proud to take part in this round initial closure, which is completely in line with its mission. Acting in a sector that is strategically important for the sustainable development of our economy, MKB Partners Fund III will help consolidate the capital chain and accelerate investments in the energy transition” said Bicha Ngo, President and CEO, Investissement Québec.

“BDC is delighted to co-anchor MKB’s third fund, recognizing the team’s commitment to Canadian clean technology companies and the clear alignment with our corporate values,” added Paula Cruickshank, Senior Vice-President, Fund Investments, BDC Capital. “The Fund’s orientation on late and growth-stage opportunities responds to a critical need in the Canadian market, supporting the often-complex capital requirements of homegrown cleantech ventures and facilitating their expansion. This is exactly the kind of market gap BDC is designed to address.”

ABOUT CGF

CGF is a $15 billion arm’s length public investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.

ABOUT CANADA GROWTH FUND INVESTMENT MANAGEMENT

In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. Canada Growth Fund Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT IQ

Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Québec businesses with export activities.

ABOUT BDC

As Canada’s bank for entrepreneurs, BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers. BDC was the first financial institution in Canada to receive the B Corp certification in 2013 and it is the B Corp movement’s national partner in Canada. For more information on BDC’s products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.

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Accel-KKR Credit Partners Provides Financing to Support Tactiq’s Acquisition of GlobalWorx

AKKR Logo

Menlo Park, CA & Richmond, VA – June 26, 2024 – Accel-KKR Credit Partners today announced that it has provided financing to support Tactiq’s acquisition of Globalworx. Accel-KKR Credit Partners is a private credit fund managed by Accel-KKR, a leading global software-focused investment firm headquartered in Silicon Valley.

“We are thrilled to welcome the Globalworx team to Tactiq, enabled in part by financing from Accel-KKR Credit Partners,” said Mark Devooght, CEO of Tactiq. “We believe the combination of Tactiq and Globalworx offers a unified platform for the direct store delivery (DSD) ecosystem that will modernize retailer, manufacturer and distributor operations. We will merge our product roadmaps to seek to offer the best technology to both customer bases and accelerate solving the unique needs of the DSD industry.”

Founded in 2004, Tactiq provides DSD technology that streamlines communication and operations through collaboration technology between retailers, manufacturers, and distributors. Tactiq focuses on preventing and remedying out-of-stocks, which have become increasingly common with the “buy online, pick up in store” trend. Tactiq’s software is used in 45,000+ stores nationwide and primarily serves dollar stores and pharmacies. DSD items typically represent 30% of store SKUs but over 50% of store profits. Accordingly, out-of-stocks have an outsized impact for retailers.

In 2021, Tactiq was acquired by Parkhill Capital, a search fund led by Mark Devooght, with Pacific Lake Partners serving as the anchor investor.

Globalworx was also founded in 2004 and is headquartered in Richmond, VA. The company provides a complementary product to Tactiq: Globalworx also offers a software solution to manage out-of-stock items and communication channels between the DSD players; however, Globalworx primarily serves the grocery segment. The combined company offers a unified platform that will be particularly helpful for vendors that serve both retailer segments.

“We are pleased to support Tactiq in its endeavor to grow and continually add value to its customer base,” said Samantha Shows, Managing Director at Accel-KKR. “Communication is key to any relationship, and the DSD ecosystem is no exception. Facilitating collaboration and coordinating operations between three external parties is not an easy feat, but having technology in place like Tactiq makes it feasible. Tactiq not only helps its customers drive growth, but also ensures that consumers get the product they need when they want it.”.

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About Tactiq:

Tactiq, formerly DSD Partners, is on a mission to eliminate the headaches and hassles of retail with a focus on the DSD distribution model. Retailers, manufacturers, and distributors deal with poor communication, out-of-stocks, invoicing errors, and price book challenges. These problems hurt your sales, profits, and customer loyalty. At Tactiq, we believe the DSD model can be done better. And we believe shoppers deserve much better. We get it. Inefficiencies cause many challenges in business. The last thing you want is to lose money or customers because of poor direct store delivery systems and processes. That’s why for over two decades, Tactiq has been developing technologies and providing services that maximize operational efficiencies. We’ve worked with leading manufacturers, distributors, and retailers across the country, reaching over 45,000+ stores. Win retail with smart technology, simplified services, and profitable DSD. Learn more at www.tactiqtech.com

About Accel-KKR:

Accel-KKR is a technology-focused investment firm with over $19 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs, and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City. Visit accel-kkr.com to learn more.

About Accel-KKR Credit Partners:

Accel-KKR Credit Partners provides debt financing to leading software businesses. The fund structures non-dilutive investments for founder-owned businesses and flexible credit products for institutionally-owned businesses.  The debt capital is used to support acquisitions, dividends, shareholder buy-backs, and growth investment. Accel-KKR Credit Partners has completed over 60 investments and has deployed over $1 billion in capital.

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Miami International Holdings Secures Investment for Strategic Growth from Warburg Pincus

Warburg Pincus logo

Investment, led by Warburg Pincus’ Capital Solutions team, to drive next phase of innovation and expansion

MIAMI AND PRINCETON, N.J. — August 22, 2024 — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced a $100 million investment from Warburg Pincus, a leading global growth investor. Subject to certain conditions, Warburg Pincus may expand its investment in MIH to support additional growth.

The growth investment will accelerate the next phase of MIAX’s global expansion as it executes on its strategy of building a diversified revenue stream across multiple asset classes and geographies. Among other uses, the investment will fund the construction and fit-out of a physical trading floor in Miami, Florida for MIAX Sapphire, MIH’s fourth national securities exchange for trading U.S. multi-listed options. MIAX Sapphire will operate both an electronic exchange and physical trading floor. The electronic exchange successfully launched on August 12, 2024, with the trading floor in Miami scheduled to go live in 2025.

MIAX Sapphire will be the first national securities exchange to establish operations in Miami. The new trading facility will include a next-generation trading floor, ancillary office space for MIAX employees and market participants, conference facilities and broadcast media space.

“We are pleased to welcome Warburg Pincus as a strategic partner and look forward to leveraging its highly respected expertise and deep network of relationships in global financial services. Together with our exchange member firms we believe we have assembled a group of the top financial partners in the world,” said Thomas P. Gallagher, Chairman and CEO of MIH. “The investment will provide MIH with additional funding to expand strategic partnerships in financial futures and proprietary products and will also provide capital to pursue acquisitions in the U.S. and internationally to accelerate our continued growth.”

The investment will also support further growth and expansion of MIH’s agricultural and financial futures businesses on its two U.S. futures exchanges, Minneapolis Grain Exchange (MGEX) and MIAXdx including the development of new matching engine and clearing technology using MIH’s proprietary technology. Additionally, the investment will fund the Company’s expansion plans into international markets including the development and trading of new proprietary and other financial products.

“Tom Gallagher and the leadership team at MIAX have successfully engineered a technology-driven family of exchanges that set a new standard of reliability and excellence in the U.S. options trading industry. Our investment, along with ample dry powder to help support future growth, reflects our confidence in MIAX’s potential,” said Gaurav Seth, Managing Director, Head of Capital Solutions, Americas at Warburg Pincus. “We are thrilled with MIAX’s progress to date and excited about the significant opportunities for MIH.”

“Our investment provides capital at a pivotal moment for MIAX,” said Lee Becker, Managing Director and member of the Capital Solutions team at Warburg Pincus. “With MIAX’s strong, collaborative relationships with leading market participants, this investment supports our conviction in the entire MIAX management team and its strategy to drive continued growth and expansion across multiple asset classes in the exchange space.”

Lee Becker will join the board of directors of MIH. Mark Messing, Vice President at Warburg Pincus and member of the Capital Solutions team, will attend board meetings as a visitor.

Piper Sandler & Co. acted as financial advisor to MIH and Broadhaven Capital Partners acted as financial advisor to Warburg Pincus in connection with the transaction.

Davis Polk & Wardwell, LLP served as financing counsel to Warburg Pincus and Cleary Gottlieb Steen & Hamilton LLP served as financing counsel to MIH. Gallagher, Briody & Butler serves as corporate counsel to MIH.

Appleby (Bermuda) Limited served as special financing counsel in Bermuda to Warburg Pincus and BeesMont Law Limited serves as legal counsel in Bermuda to The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of MIH.

About MIAX

MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire, LLC (MIAX Sapphire™), Minneapolis Grain Exchange, LLC (MGEX™), Ledger X LLC d/b/a MIAX Derivatives Exchange (MIAXdx™), The Bermuda Stock Exchange (BSX™) and Dorman Trading, LLC (Dorman Trading).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).

MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM, DCO, and Swap Execution Facility (SEF) with the CFTC.

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.

MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MGEX offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.

To learn more about MIAX visit www.miaxglobal.com.

To learn more about MGEX visit www.miaxglobal.com/mgex.

To learn more about MIAXdx visit www.miaxdx.com.

To learn more about BSX visit www.bsx.com.

To learn more about Dorman Trading visit www.dormantrading.com.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies.

Warburg Pincus’ Capital Solutions team collaborates closely with the firm’s 270+ investment professionals and 40+ value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments. In addition to a long and successful track record of investing in capital solutions like transactions historically, the Warburg Pincus Capital Solutions Founders Fund portfolio consists of investments including, DriveCentric, Excelitas, Nord Security, and Service Compression.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information visit www.warburgpincus.com. Follow us LinkedIn.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Media Contacts:

Andy Nybo, SVP, Chief Communications Officer

(609) 955-2091

anybo@miaxglobal.com

Sarah Bloom, Warburg Pincus

Sarah.bloom@warburgpincus.com

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Arsenal Capital Partners Signs Agreement to Acquire Knowtion Health

Arsenal Capital Partners

Strategic Partnership with Existing Investor Sunstone Partners to Accelerate Knowtion’s Leadership in Revenue Cycle Management

New York, NY – Arsenal Capital Partners (“Arsenal”), a leading private equity firm specializing in building market-leading, technology-rich healthcare and industrial growth companies, today announced it has signed a definitive agreement to acquire Knowtion Health (“Knowtion”), a leading provider of revenue cycle insurance claim resolution services supported by AI-enabled technologies. Sunstone Partners (“Sunstone”), the current majority owner, will maintain a significant strategic co-investment in the company. The terms of the transaction were not disclosed.

Knowtion Health has been at the forefront of delivering specialty revenue cycle services to help hospitals and health systems resolve insurance claims, recover low balance accounts, increase their revenue and optimize patient experience. Service areas include coordination of benefits and patient-involvement denials; clinical denials; low-balance recovery; complex claims, such as motor vehicle accidents, Veterans Administration, third party liability, and workers compensation; and payer defense audits. Knowtion leverages its innovative ClaimBRAIN AI-enabled platform to combine human expertise alongside AI-enabled technology to resolve insurance claims at higher levels of effectiveness and efficiency. This approach leverages multiple AI techniques, including machine learning, natural language processing, and generative AI with dynamic prompting to transform data into actionable insights and address denials at scale.

Arsenal’s acquisition of Knowtion underscores the firm’s commitment to investing in companies that harness specialized expertise, advanced technology, and data-driven solutions to address critical inefficiencies in the healthcare system. Knowtion is distinctively positioned to optimize hospital and health systems’ insurance claim resolution and recoveries, supported by its robust scale, comprehensive solution offerings, deep domain knowledge, and cutting-edge technology and analytics.

“We are thrilled to partner with Arsenal, whose resources and healthcare and operational expertise will significantly enhance our ability to best serve our clients,” said Jayson Yardley, CEO of Knowtion. “This partnership aligns with our shared vision and commitment to expanding our offerings through both organic growth and strategic acquisitions, further cementing our leadership in denials management.”

John DiGiovanni, an Investment Partner of Arsenal, added, “Arsenal is dedicated to partnering with organizations that not only improve healthcare efficiency but also contribute to systemic improvements in health outcomes. Knowtion has a well-established track record of optimizing hospital and health system revenue cycles, and we are eager to work alongside management and Sunstone Partners to support Knowtion’s continued growth.”

Martin Coulter, an Operating Partner of Arsenal, said, “Knowtion provides essential services to support hospitals and health systems as they face increasing margin pressure. We are excited to support the talented team at Knowtion and its mission to reduce the burden of denials and underpayments on the healthcare system.”

Arneek Multani, Managing Partner and Co-Founder of Sunstone Partners, added, “Since our initial investment, Knowtion has established itself as a leader in specialized revenue cycle management solutions that drive revenue optimization to hospitals. We are proud of the work the entire management team has done to reach this important milestone. As we look to the future and next phase of growth, we are excited to continue to partner with management and the team at Arsenal.”

William Blair acted as the exclusive financial advisor and Choate Hall & Steward LLP served as legal advisor to Sunstone and Knowtion for this transaction.

Robert W. Baird and Raymond James acted as exclusive financial advisors and Sidley Austin LLP served as legal advisor to Arsenal Capital Partners.

About Knowtion Health:

Knowtion Health is a leading provider of technology-enabled revenue cycle management services. The company leverages AI-driven technology and deep domain expertise to reduce denials and underpayments across all denial types, low balance accounts, and complex claims, while also enhancing patient experience and satisfaction. Recognized as an Inc. 5000 fastest-growing company, Knowtion Health is a multi-year recipient of the Black Book award, which honors top partners as ranked by provider clients. For more information, visit knowtionhealth.com.

About Sunstone Partners

Sunstone Partners is a growth-oriented equity firm that invests in technology-enabled services and software companies. The firm seeks to partner with exceptional management teams, often as their first institutional capital partner, to help accelerate organic growth and fund acquisitions. Founded in 2015, the firm has $1.7 billion committed capital to its three funds. Sunstone Partners has been recognized as one of Inc. Magazine’s “Founder-Friendly Investors” list in 2020, 2021, 2022 and 2023. For more information, visit www.sunstonepartners.com

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Accent Equity-owned Triarca and Stitec form a leading Nordic group in low voltage, eMobility, and FTTH

Accent Equity

  • The holding company of Triarca, AE2017 Bidco ApS, has acquired Stitec AB from the Stigefelt family
  • Stitec is a high-quality provider of low voltage solutions for the power, communication, and real estate sectors in Sweden
  • The Stigefelt family has re-invested a substantial part of the sales proceeds in AE2017 Bidco ApS and will continue in their respective positions in Stitec

Triarca A/S partnered with Accent Equity in 2021 with a view to accelerate its international expansion. With the addition of Stitec to the group a significant step is taken to strengthen the presence in Sweden and broaden its influence across the Nordic region.

Stitec is a well-established high-quality supplier of solutions for the low-voltage grid in Sweden. With its headquarters and production facility in Anderstorp, Stitec develops, manufactures and delivers a diverse range of low voltage solutions for cable switchboard cabinets, power measuring, EV charging, street light controls and fiber cabinets.

Together, the combined group will strengthen its ability to deliver top-tier solutions across the low-voltage grid, eMobility sector and FTTH. The expected synergies are substantial including expanded customer offerings, enhanced technical expertise and operational scale to better serve markets across Scandinavia and Northern Europe. Sales will be conducted under both the Triarca and Stitec brands, capitalizing on the strengths of each to better serve the region.

Harald Stigefelt, the CEO and founder of Stitec, expresses his vision for the future cooperation: “Finding a long-term cooperation partner like Triarca ensures growth and continued focus on developing high-quality solutions for the Swedish market. Stitec is ready for the next phase of growth, and our collaboration with Triarca A/S will facilitate that.”

 

Lars Prisak, CEO of Triarca looks forward to the partnership: “We are excited to welcome Stitec to the group. With their strong market knowledge and commitment to delivering high-quality products, we are confident that Stitec and Triarca together will achieve great success.”

Harald Stigefelt will continue as CEO in Stitec, partnering closely with Lars Prisak, CEO of Triarca, to drive collaboration within the group and deliver enhanced value to their customers.

The transaction closed on 6 August 2024.

For additional information, please contact:

Lars Prisak, CEO of Triarca A/S, +45 40173833,
lapri@triarca.dk
Harald Stigefelt, CEO of Stitec AB, +46 70-585 50 46,
harald@stitec.se
Benny Zakrisson, Chairman of AE2017 Bidco ApS and Partner of Accent Equity AB,
+46 76-009 97 75,
benny.zakrisson@accentequity.se

About Triarca:
Triarca is committed to providing value-creating solutions within critical infrastructure, specialising in power distribution, communication technology, and eMobility. With over 40 years of experience, Triarca has emerged as the market leader in Denmark and is rapidly expanding its presence throughout Northern Europe, offering high-quality technical enclosures that adhere to the highest standards. Triarca operates a modern and automated production facility in Hornsyld, Denmark, and is represented by its own sales staff in several Northern European countries. The company has approximately 100 employees and sales of approximately DKK 180 million.
www.triarca.dk

About Stitec:
Stites is a Swedish company company developing and producing high-quality low voltage solutions for cable switchboard cabinets, power measuring, EV charging, street light controls and fiber cabinets. The company was founded by Harald Stigefelt in 2000 and has been family-owned since then. It has a modern production facility in Anderstorp with approximately 25 employees and sales of approximately SEK 70 million.
www.stitec.se

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
Follow Accent Equity on LinkedIn

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Advance Auto Parts Announces Sale of Worldpac to Carlyle for $1.5 Billion

Carlyle

Sale simplifies Advance’s enterprise structure and sharpens focus on the blended box business

Net proceeds to be used primarily to strengthen balance sheet and invest in the business

RALEIGH, N.C., August 22, 2024 – Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced that it has entered into a definitive agreement to sell Worldpac, Inc., an automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction is expected to close before the end of the year.

“We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. “The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.”

“We are excited to partner with Worldpac, a great business operating in attractive markets,” said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle’s Global Industrials investing team. “Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company.”  Carlyle’s investment in Worldpac builds on the firm’s extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.

Transaction Details

  • Over the last twelve months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA.

  • Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees.

Centerview Partners is serving as financial advisor and Hogan Lovells US, LLP, is serving as legal advisor to Advance on the transaction. BofA Securities is acting as lead financial advisor to Carlyle and BMO Capital Markets is also acting as a financial advisor to Carlyle.  Latham & Watkins is serving as legal advisor to Carlyle.

Investor Conference Call 

As previously announced, the company has scheduled a webcast to begin at 8 a.m. Eastern Time today, to discuss results for the second quarter ended July 13, 2024. During the webcast, the company will provide additional information on the Worldpac transaction. The webcast will be accessible via the Investor Relations page of the company’s website (ir.AdvanceAutoParts.com).

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of July 13, 2024, Advance operated 4,776 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,138 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Investor Relations Contact:

Lavesh Hemnani

T: (919) 227-5466

E: invrelations@advanceautoparts.com

Media Contacts:

Darryl Carr

T: (984) 389-7207

E:  AAPCommunications@advance-auto.com

Carlyle

Brittany Berliner, (212) 813-4839

Brittany.Berliner@carlyle.com

 

Forward-Looking Statements 

Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the sale of Worldpac, including statements regarding the benefits of the sale and the anticipated timing of closing, the expected use of proceeds and expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of the industry, demand for the company’s products and services, the company’s ability to consummate the sale of Worldpac on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy the other conditions to the closing, the company’s use of proceeds and ability to maintain credit ratings, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business.  Please refer to “Item 1A. Risk Factors” of the company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company’s subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

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