Category Archives: News

Bain Capital Life Sciences Raises Fourth Fund

BainCapital

Fund will invest in innovative life sciences companies that seek to improve the lives of patients with unmet needs

BOSTON – September 10, 2024 – Bain Capital Life Sciences (BCLS) has raised its fourth fund, with approximately $3 billion of total commitments.  The fund includes approximately $2.5 billion of outside commitments from existing and new investors.  Bain Capital partners, employees, and affiliates committed the balance of the fund, continuing the firm’s heritage of collectively being the largest investor across its funds.

The fund will draw on BCLS’ multi-decade investment experience to invest scale capital globally in transformative medicines, medical devices, diagnostics, and life sciences tools that have the potential to improve the lives of patients with unmet medical needs. The BCLS investment team includes more than 25 professionals, as well as a distinguished group of advisors, who together bring extensive private and public market investing experience, operating and consulting experience, and deep scientific and medical insights to each investment. These core capabilities are further complemented by the reach and resources of Bain Capital’s global platform.

Since its inception in 2016, BCLS has raised approximately $6.7 billion and invested in more than 70 companies that have initiated more than 100 clinical trials, achieved 16 regulatory authority approvals, and launched numerous products.

About Bain Capital Life Sciences 
Bain Capital Life Sciences (www.baincapitallifesciences.com) was founded in 2016 and builds on Bain Capital’s forty-year history of healthcare and life sciences investing across private equity, public equity, credit, venture capital, and real estate. Bain Capital Life Sciences invests in biopharmaceutical, medical device, diagnostic, and life science tool companies across the globe, with a focus on companies that drive medical innovation to improve the lives of patients with unmet medical needs. The Bain Capital Life Sciences investment team has organically grown to more than 25 professionals with extensive public and private investing expertise, operating and consulting experience, and colleagues who bring deep scientific and medical insights.  The team’s differentiated skillset enables Bain Capital Life Sciences to invest scale capital and provide value-added strategic support to clinical and commercial-stage companies around critical phases of value creation.

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Nimbus acquires National Floorcoverings Group

Nimbus

Nimbus, the Pan European investor, has acquired National Floorcoverings Group (“NFCG”).

Nimbus acquires National Floorcoverings Group

The investment represents Nimbus’s first UK investment out of its new Fund V investment vehicle following the successful exits of two UK manufacturing businesses earlier in the year. NFCG produces a range of floor coverings which includes fibre bonded carpets for the education market, tufted carpet tiles for the commercial sector, aluminium/modular entrance matting and specialised indoor and outdoor sports surfaces.

Operating from two sites in Heckmondwike and Rotherham NFCG consists of four market facing divisions Heckmondwike, Paragon, Playrite and Mat.Works. The group has been under family ownership for over 60 years dominating the educational sector with its Supacord product since the early 1970s.

Nimbus have supported the incumbent Managing Director David Rhodes and his Management Team in leading a management buy out. Mr Rhodes commented “This investment marks an exciting new chapter for the group and we are looking forward to working with Nimbus who have an excellent track record in supporting UK manufacturers adapt to ever-changing commercial landscapes”.

David Keenan, who led the investment for Nimbus, added “NFCG holds a very strong market presence in the UK and we hope to work with David and his team to advance further export opportunities whilst introducing new product ranges to our existing markets”. The investment comes swiftly after the successful exits of Paralloy Ltd and Hawthorn Timber Ltd for Nimbus which delivered market leading returns for investors. Nimbus continues to pursue traditional UK businesses with its hands on approach and capital transforming and future proofing their manufacturing footprints.

Over the last 25 years Nimbus targeted investing in companies across all sectors, that have a healthy core activity and exhibit potential that can be realized through additional development, operational improvements and/or growth, which can benefit from the extensive international operating experience of its team.

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Redwood to be Acquired by Vista Equity Partners and Warburg Pincus

Warburg Pincus logo

Frisco, TX – September 10, 2024 – Redwood Software (“Redwood”), a leader in automation fabric solutions, today announced that it has agreed to be acquired by funds affiliated with Vista Equity Partners (“Vista”), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and Warburg Pincus, a leading global growth investor. Terms of the transaction were not disclosed; the transaction is subject to customary conditions and approvals.

Redwood’s automation fabric solutions help customers compose, orchestrate and manage business and IT business processes across any application, service or server with confidence and control. In June, Redwood announced that it had added over 1,000 new customers since mid-2023 while consistently delivering above ‘Rule of 60’ financial performance. Redwood currently serves more than 7,500 customers globally, including 28% of the Fortune 500 and 40% of the Fortune 50.

“We are honored to join forces with Vista Equity Partners and Warburg Pincus. The wisdom, experience and operating expertise of these two leading global technology investors will accelerate our vision to unleash human potential through the transformative power of automation,” said Kevin Greene, Redwood Software CEO. “We are excited to embark on the next chapter of the Redwood Software story – where every IT and business process that can be automated, will be automated, and where automation fabrics will change everything about how and why people work.”

“Redwood’s easy-to-use and highly integrated automation solutions help enterprises automate the critical workflows which power their core commercial and IT operations,” said Steven White, Managing Director at Vista Equity Partners. “We are excited to partner with Redwood and Warburg Pincus to deliver even more customer value and efficiency as the demand for automation solutions capable of spanning multiple data, application and cloud environments continues to accelerate.”

“As a leading next generation enterprise automation platform, Redwood enables businesses to streamline and optimize their mission-critical business processes, an essential service as enterprise IT becomes increasingly complex. We believe that Redwood is well-positioned to capture the growth in the market given the company’s strong capabilities in business and IT automation and are excited to continue investing in Redwood’s innovative solutions both organically and through strategic M&A,” said Parag Gupta, Managing Director, Warburg Pincus. “We look forward to the partnership with Redwood and Vista in this next phase of growth.”

​​“It has been our privilege to support Redwood on its remarkable journey as it continues to build one of the leading automation software companies in the world,” noted Matthew Amico, Partner at Turn/River Capital. “Throughout our partnership, Redwood has experienced significant growth, and with its strong set of automation products and exceptional team led by Kevin Greene, we believe strongly that the best is yet to come.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Redwood; Orrick, Herrington & Sutcliffe LLP is serving as legal counsel to Turn/River Capital and Redwood. Kirkland & Ellis LLP is serving as legal counsel to Vista. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Warburg Pincus.

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About Redwood Software

Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

About Warburg Pincus

Warburg Pincus LLC is the oldest private equity firm and 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. 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, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Turn/River

Turn/River Capital is a lower middle market private equity firm that uses a proprietary growth engineering strategy to drive revenue acceleration and build enduring value. Turn/River partners with B2B software companies and provide data-driven methods, hands-on operational support and flexible capital to catalyze the next phase of growth. The firm’s team of equal software operators and investors have firsthand experience scaling go-to-market and solving its challenges. Founded in 2012 in San Francisco, Turn/River invests globally with a particular focus in North America and Europe. For more information, visit www.turnriver.com.

Media Contacts

For Redwood Software

Liz Reilly

lreilly@nextpr.com

(401) 525-1775

For Vista Equity Partners

Brian Steel
media@vistaequitypartners.com

(212) 804-9170

For Warburg Pincus

Kerrie Cohen

kerrie.cohen@warburgpincus.com

(917) 887-9184

For Turn/River

Katie Duckhorn

media@turnriver.com

(901) 832-0680

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OMERS to increase stake in Indian roads business Interise Trust

Omers Infrastructure
IndInfravit

September 10, 2024 – OMERS has signed an agreement with Allianz Capital Partners (ACP) to acquire ACP’s 13.5% stake in Interise Trust, one of the largest Indian Infrastructure Investment Trusts (InvIT) in the roads sector. Upon completion, OMERS stake in Interise Trust will increase to 34.8% (from the current 21.3%). CPPIB will remain the largest investor, and the remainder is distributed between domestic investors. Terms of the deal are not being disclosed.

OMERS has been invested in Interise Trust, formerly known as IndInfravit Trust, since 2019. Interise Trust holds a diversified portfolio of 17 operational road concessions across eight states in India, of which 14 are toll roads and three are annuity roads, with an aggregate length of approximately 7,300 lane kilometres. Its road projects have been consistently winning awards from the National Highways Authority of India (NHAI) for Excellence in Operations & Maintenance, Toll Management, Innovation and Best Project Management.

Michael Hill, Executive Vice President and Global Head of OMERS Infrastructure, said: “We are excited to be able to increase our stake in Interise and continue our partnership with CPPIB in this attractive sector. This transaction is our second in the transportation sector in six weeks, following our signing an agreement to acquire Italy’s Grandi Stazioni Retail in partnership with DWS last month.”

Christopher Curtain, Head of Asia-Pacific, OMERS Infrastructure, said: “We’re excited to increase our stake in Interise Trust. The transaction aligns well with our Infrastructure investment strategy – it increases OMERS exposure to India’s economic growth, through an asset and sector that we know well, and in line with our approach to focus on large, resilient and yielding assets in our priority markets. We look forward to continuing to work with the Interise team as they manage critical road infrastructure across India.”

Transportation is one of OMERS Infrastructure’s three global priority sectors, the others being digital and energy. Interise Trust is one of OMERS Infrastructure’s 14 transportation investments, with the others including airports (London City and Bangalore airports), ports (Associated British Ports and Port of Melbourne), logistics (Direct ChassisLink Inc.), rail (VTG and the recently announced Grandi Stazioni Retail), and motorway service stations (Tank & Rast).

The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.

 

 

Media contact

James Thompson

Director of Communications

E: JaThompson@OMERS.com

T: +44(0)7443 264 154

 

About OMERS Infrastructure

OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$36 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Western Europe, India and Australia, and across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam, Singapore and Sydney.

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Maven achieves 2.85x return on the realisation of CB Technology

Maven

The acquisition by Northern Ireland-based Elite Electronic Systems will create one of the largest electronics contract manufacturers in the UK.

Published: Sep 10, 2024
Focus: Growth Capital, Private Equity

Maven has fully exited its investment in CB Technology (CBT), a specialist electronics contract manufacturer (ECM), following its acquisition by Elite Electronic Systems. With a combined turnover of over £50 million, the acquisition creates one of the largest ECM operators in the UK while generating a return on investment of 2.85x cost for Maven’s investors.

Based in Livingston, Scotland, CBT provides high reliability electronics capable of operating in the harshest of environments, including extremes of temperature, pressure and vibration. The company is a trusted partner to its clients, priding itself on quality of service that has seen it build long-term partnerships with its customers who value the company’s proactive, flexible and value added services to which they have become accustomed.

Maven initially backed a management buy-in of CBT in 2014, following the retirement sale from the company’s founders. As part of the original transaction, Maven assembled a new executive management team led by CEO John Cameron (pictured) and CFO Graham Scott who continue to lead the business today, supported by group chairman Laurence Ormerod who will be retiring upon completion. During Maven’s tenure, CBT invested significantly in its workforce which has more than doubled, while investment in production technology, including automated capabilities allowed the company to increase production capacity and expand into new vertical markets that require high-performance and reliable electronics.

John Cameron

Since the successful management buy-in, CBT has quadrupled its revenues and has established itself as a trusted partner within the contract electronics sector, serving global Original Equipment Manufacturers (OEMs) and Tier 1 firms across a variety of industries.

The acquisition of CBT by Northern Ireland-based Elite Electronics is highly complementary, enhancing the combined group’s service capacity and capabilities while adding critical mass. As part of the transaction CBT will continue to operate from its headquarters in Livingston, with the enlarged group having access to new market, expanded resources and enhanced capabilities.

“The transformation of CBT from what was essentially a lifestyle business to becoming Scotland’s largest independent electronics contract manufacturer has been incredibly rewarding to be a part of. John and Graham have done an exceptional job of professionalising the business and implementing a clear strategic plan that has consistently driven revenue growth. We are proud to have supported CBT’s growth over the past decade and are delighted to see it combine with Elite to become one of the largest ECM’s in the UK, while continuing to support its existing and growing customer base from Livingston. We wish John, Graham and all the staff at CB continued success and thank them for their significant efforts during our partnership.”

Alan Robertson, Partner at Maven

“We are delighted that the acquisition of CB by Elite has been finalised and we are extremely excited about the future potential and opportunities this will create for CBT’s employees and customers. The journey to get to this point has been immensely rewarding and could not have been achieved without the support and insight of Maven. Their team have been an integral part of the successful growth and development of the company over the last 10 years, and I would like to take this opportunity to extend our thanks to them for their unwavering support.”

John Cameron, CEO at CB Technology

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Audax Private Equity Acquires Total PowerGen Solutions

Audax Group

BOSTON & SAN FRANCISCO – September 10, 2024 – Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today an investment in Total PowerGen Solutions (“TPGS”). Audax is acquiring TPGS from Trivest Partners. Terms of the deal are not disclosed.

Based in Mississauga, Ontario, TPGS is a full-service provider of power generation solutions. The company focuses on providing critical maintenance and repair services for commercial and industrial generators, generator rentals and rental-related services, and new equipment distribution.

“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth,” noted Don Bramley, a Partner with Audax Private Equity. “We’re excited to partner with management and through our Buy & Build approach will look to position TPGS as a key player in the larger North American market.”

With roots dating back to 1959, TPGS has grown into an established platform in commercial and industrial generator services.

“We believe Audax Private Equity represents an ideal partner to build on our momentum, accelerate our Buy & Build strategy, and expand into the U.S. market,” noted Andrew Rudderham, CEO of Total PowerGen Solutions. “We want to thank Trivest for their support and partnership over the past five years. We’re excited to embark on this next stage of growth.”

Audax is investing out of its latest flagship fund. The investment was sourced through Audax’ Industrial Services & Technologies team, one of six core industry specializations at the firm.

“Our thesis is premised on several factors, as the backup generator market is large, fragmented, and, in our opinion, positioned for continued growth as aging infrastructure, weather events, and an increasing demand for power combine to increase the demand for commercial and industrial power quality and continuity solutions,” noted Matthew Gosselin, a Managing Director at Audax. “We are excited to partner with TPGS and its management team in building a differentiated North American solutions provider.”

Stephens acted as financial advisor to the sellers on the transaction and Blake, Cassels & Graydon LLP served as legal counsel to the sellers. Guggenheim Securities, LLC served as financial advisor to Audax and Stikeman Elliott LLP and Kirkland and Ellis LLP served as legal counsel to Audax.

About

ABOUT TOTAL POWERGEN SOLUTIONS
Total PowerGen Solutions is a Canadian distributor of power generation solutions that has been in business since 1959. Operating across Canada, Total Power provides a full complement of maintenance and repair services, rentals, and equipment sales for standby, mobile and prime power generator systems and other power quality and continuity equipment ranging from 10kW to 2,000kW and beyond.

ABOUT AUDAX PRIVATE EQUITY
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of May 2024, over 270 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

“Through TPGS, we see a tremendous opportunity to invest behind a platform with a successful track record sourcing and integrating acquisitions and driving organic growth.”
Don Bramley
Partner, Audax Private Equity

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Redwood to be Acquired by Vista Equity Partners and Warburg Pincus

Vista Equity

FRISCO, Texas, Sept. 10, 2024 /PRNewswire/ — Redwood Software (“Redwood”), a leader in automation fabric solutions, today announced that it has agreed to be acquired by funds affiliated with Vista Equity Partners (“Vista”), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and Warburg Pincus, a leading global growth investor. Terms of the transaction were not disclosed; the transaction is subject to customary conditions and approvals.

Redwood’s automation fabric solutions help customers compose, orchestrate and manage business and IT business processes across any application, service or server with confidence and control. In June, Redwood announced that it had added over 1,000 new customers since mid-2023 while consistently delivering above ‘Rule of 60’ financial performance. Redwood currently serves more than 7,500 customers globally, including 28% of the Fortune 500 and 40% of the Fortune 50.

“We are honored to join forces with Vista Equity Partners and Warburg Pincus. The wisdom, experience and operating expertise of these two leading global technology investors will accelerate our vision to unleash human potential through the transformative power of automation,” said Kevin Greene, Redwood Software CEO. “We are excited to embark on the next chapter of the Redwood Software story – where every IT and business process that can be automated, will be automated, and where automation fabrics will change everything about how and why people work.”

“Redwood’s easy-to-use and highly integrated automation solutions help enterprises automate the critical workflows which power their core commercial and IT operations,” said Steven White, Managing Director at Vista Equity Partners. “We are excited to partner with Redwood and Warburg Pincus to deliver even more customer value and efficiency as the demand for automation solutions capable of spanning multiple data, application and cloud environments continues to accelerate.”

“As a leading next generation enterprise automation platform, Redwood enables businesses to streamline and optimize their mission-critical business processes, an essential service as enterprise IT becomes increasingly complex. We believe that Redwood is well-positioned to capture the growth in the market given the company’s strong capabilities in business and IT automation and are excited to continue investing in Redwood’s innovative solutions both organically and through strategic M&A,” said Parag Gupta, Managing Director, Warburg Pincus. “We look forward to the partnership with Redwood and Vista in this next phase of growth.”

“It has been our privilege to support Redwood on its remarkable journey as it continues to build one of the leading automation software companies in the world,” noted Matthew Amico, Partner at Turn/River Capital. “Throughout our partnership, Redwood has experienced significant growth, and with its strong set of automation products and exceptional team led by Kevin Greene, we believe strongly that the best is yet to come.”

Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Redwood; Orrick, Herrington & Sutcliffe LLP is serving as legal counsel to Turn/River Capital and Redwood. Kirkland & Ellis LLP is serving as legal counsel to Vista. Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Warburg Pincus.

About Redwood Software
Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.

About Vista Equity Partners
Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

About Warburg Pincus
Warburg Pincus LLC is the oldest private equity firm and 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. 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, please visit www.warburgpincus.com. Follow us on LinkedIn.

About Turn/River
Turn/River Capital is a lower middle market private equity firm that uses a proprietary growth engineering strategy to drive revenue acceleration and build enduring value. Turn/River partners with B2B software companies and provide data-driven methods, hands-on operational support and flexible capital to catalyze the next phase of growth. The firm’s team of equal software operators and investors have firsthand experience scaling go-to-market and solving its challenges. Founded in 2012 in San Francisco, Turn/River invests globally with a particular focus in North America and Europe. For more information, visit www.turnriver.com.

Media Contacts

For Redwood Software
Liz Reilly
lreilly@nextpr.com
(401) 525-1775

For Vista Equity Partners
Brian Steel
media@vistaequitypartners.com
(212) 804-9170

For Warburg Pincus
Kerrie Cohen
kerrie.cohen@warburgpincus.com
(917) 887-9184

For Turn/River
Katie Duckhorn
media@turnriver.com
(901) 832-0680

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Gryphon Investors Closes Continuation Vehicle for Vessco Water

Gryphon Investors

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco, announced today that it has closed a single-asset continuation vehicle (“CV”) for Vessco Water (“Vessco” or “the Company”), a market-leading distribution and services platform in the water and wastewater treatment market. Apollo S3 Investment Management, L.P., Glendower Capital (U.S.), LLC, and Lexington Partners L.P. acted as lead investors in the transaction, with the Company’s management remaining large shareholders in the Company.

Gryphon’s Flagship Fund VI, a $2.7 billion fund, acquired Vessco, in partnership with the Company’s management team, in November 2020. During Gryphon’s nearly four years of ownership, Vessco has transformed its business, growing fivefold by expanding its product base and service capabilities to support its customers and expanding its footprint, while investing in the corporate infrastructure needed to support its local operations.

Gryphon Co-CEOs David Andrews and Nick Orum said, “We are excited to complete Gryphon’s first continuation vehicle with Vessco, which has substantial runway to continue scaling rapidly in a fragmented industry. This transaction delivered liquidity to Gryphon VI limited partners and provided them with an option to retain their interests in Vessco through the Company’s next phase of growth and value creation. The CV also provided new committed capital for growth and investment and will allow us to continue our support of Vessco, its management team, and its employees.”

Based in Minneapolis, Minnesota, Vessco is a high value-added distributor in the water and wastewater treatment equipment, and services market. The Company serves critical customer needs through a comprehensive suite of products, solutions and services across major market segments, including process equipment, flow control, pump and pump repair, industrial processes, and automation & controls. Its end-to-end solutions encompass design, engineering support, repair and reconstruction, and aftermarket parts and services.

“Our partnership with the Gryphon team has yielded substantial results,” said Vessco CEO Brian DeWolf. “With their operational and financial resources, we have advanced our mission to transform the water treatment industry by building strength and stability through a family of companies that provides exceptional products and services to our customers and an unwavering commitment to our manufacturers, employees, and the environment. We look forward to continued success together as we make progress toward our vision of becoming the biggest and best value-added water treatment equipment distributor in our industry, operating in all 50 states.”

Leigh Abramson and Scott Hearn, Partners and Co-Heads of the Industrial Growth Group at Gryphon, added, “Gryphon’s long experience with infrastructure and utility products and value-added distribution businesses allowed us to build a playbook to support Vessco’s growth. In partnership with a talented management team, we invested deeply in the corporate infrastructure that prioritizes collaboration throughout Vessco’s family of businesses, driving value for suppliers and customers. We expect to see continued value-creation from Vessco’s comprehensive solutions combining multiple product lines and services across geographies we serve, and increased demand for water treatment from population growth, higher water quality standards and the need to replace aging infrastructure.”

Jefferies and William Blair served as financial advisors and Kirkland & Ellis LLP served as legal advisor to Gryphon on the transaction. Vessco management was represented by attorney Peter W. Klein, P.A., of Boca Raton, FL.

About Vessco Water

Vessco is a leading distribution and services platform providing process equipment, flow control, pump and pump repair, industrial processes, and automation & controls across the fragmented water and wastewater treatment equipment and services industry. Every day, the equipment Vessco Water sells helps clean, deliver, and reclaim water for tens of millions of people.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably-growing and competitively-advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

# # #

Media Contacts:
Caroline Luz

cluz@lambert.com

203.570.6462

or

Jennifer Hurson

jhurson@lambert.com

845.507.0571

Categories: News

EQT to acquire GeBBS Healthcare Solutions, a leading healthcare technology solutions provider

eqt

GeBBS Healthcare Solutions (“GeBBS” or the “Company”) specializes in revenue cycle management, health information management (HIM), and medical billing services

It offers a range of services designed to help US-based healthcare providers, including hospitals, health systems, and physician practices, improve their financial performance by optimizing revenue cycle processes and ensuring accurate coding and billing practices

Drawing on its extensive experience of supporting global healthcare technology providers and proven value creation playbook in Tech Services, EQT will support GeBBS’ management team in the next phase of their growth strategy, including through expansion into new customer segments, strengthening in-house technology capabilities, and driving further M&A

 

EQT is pleased to announce that the BPEA Private Equity Fund VIII (“EQT Private Capital Asia”) has agreed to acquire a controlling beneficial interest in GeBBS, a global provider of healthcare outsourcing solutions, from ChrysCapital.

GeBBS offers a range of services which help US-based healthcare providers improve their financial performance by optimizing revenue cycle management (RCM) processes and ensuring accurate coding and billing practices. The fragmented global RCM services market continues to witness double-digit growth, driven by long-term trends such as growing patient volumes, increasing complexity within US healthcare operations, and limited availability of skilled resources for critical functions. GeBBS is well-positioned to capitalize on these tailwinds on the back of its strong solutions suite, which spans the front, middle and back-end of the RCM value chain. The Company – which was founded in 2005 and has established a global footprint of 13,000 employees spread across the US, India, Dominican Republic and Philippines – benefits from strong relationships with a diverse range of customers across US-based hospitals, physician groups, and other healthcare firms.

EQT Private Capital Asia will support the Company’s next phase of accelerated growth and innovation, drawing on EQT’s deep experience in the healthcare technology segment, global network of industry experts and dedicated digital value-creation team.

Hari Gopalakrishnan, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital India, said: “Healthcare technology is a key investment theme for EQT. GeBBS has developed a robust business with a clear focus on supporting healthcare providers through industry leading solutions. We see strong alignment between GeBBS’ growth ambitions and EQT’s experience in creating long-term value. We look forward to supporting the team through EQT’s proven value creation playbook to further accelerate GeBBS’ growth momentum.”

“We are excited to welcome an investor of EQT’s stature, whose profound expertise in healthcare and technology services promises to be a game-changer as we embark on the next thrilling chapter of GeBBS”, said Dr. Milind Godbole, CEO and Managing Director of GeBBS. “EQT has an impressive track record of building and scaling technology and business services platforms successfully. With a strong foundation built under ChrysCapital’s ownership, we believe we are well positioned to take GeBBS to the next level under EQT’s ownership using its well proven value creation playbook.”

Akshat Babbar, Managing Director, ChrysCapital Advisors, said,”We are extremely glad to have partnered with GeBBS Healthcare. The Company’s deep capabilities and technological prowess make it the partner of choice for large health systems in the US. Since our investment, the Company has delivered industry-leading organic growth and, through four key acquisitions, added new competencies and expanded its global footprint. We wish EQT all the best as they continue the journey and take GeBBS to new heights.”

EQT Private Capital Asia was advised by Ropes & Gray, JSA Law, Deloitte Touche Tohmatsu Limited, and PricewaterhouseCooper. The selling shareholders were advised by Jefferies and Avendus.

With this transaction, BPEA Private Equity Fund VIII is expected to be 70-75 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication). The transaction is expected to close in Q4 2024.

Contact
EQT Press Office, press@eqtpartners.com

 

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About GeBBS Healthcare Solutions
GeBBS Healthcare Solutions is a global provider of healthcare outsourcing solutions, specializing in revenue cycle management, health information management, and medical billing services. The company offers a range of services designed to help healthcare providers, including hospitals, physician practices, and insurance companies, improve their financial performance by optimizing revenue cycle processes and ensuring accurate coding and billing practices. Recognized as leaders by industry analysts, GeBBS has over 13,000 employees worldwide with offices in the US, India, Dominican Republic and Philippines.

More info: https://gebbs.com/

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Our Series A Investment in Laravel: The Future of Shipping

Accel

The first time we met Taylor Otwell it was clear he had only scratched the surface of his long-term vision for Laravel. It took us a year of persistence and 21 cold calls to get in front of Taylor for eggs and biscuits in Little Rock, and during that time, we’d attended Laracon meetups in Portugal, Ahmedabad, and Nashville. From one event to the next, we observed the builder ethos of Laravel, a passionate community of developers committed to supporting each other, contributing to the open source project, and shipping great products.  By any description, Taylor had it all—vibrant business, beautiful family, idyllic lifestyle (and, yes, a Lamborghini)—all while running a bootstrapped, profitable business far outside the Bay Area.

Yet he felt he owed it to the Laravel community to do more, to really “go for it” with an ambitious roadmap to unlock new levels of productivity and joy for Laravel users.  Taylor dazzled us with his inspiration for the future of Laravel, his clarity of vision, and his deep love for the Laravel community—he simply lacked the resources to weave it all together.  Today we’re pleased to announce Accel’s support of Taylor’s vision with a $57 million Series A investment into Laravel.

Laravel’s web application development frameworks are foundational to many of the products and services that underpin modern work (for example, Square’s commerce engine, a Fortune 10 retailer’s internal CRM, and the Milwaukee Bucks website are all built on Laravel). With Laravel tooling, a developer can get from idea to application quickly and delightfully, but to host, scale, and improve that application, the developer historically needed to tie in a number of downstream services at additional cost and complexity.  Taylor dreamed of providing those services within a holistic Laravel experience, and as he announced last week at Laracon, Laravel Cloud will do just that—“from hello world to hello web in under a minute.”

Laravel Cloud is a transformative product and just a preview of what Taylor and his team can accomplish. Like Mike and Scott from Atlassian, Ryan from Qualtrics, Vlad and Bryant from Webflow, and other bootstrapped Founders we’ve been fortunate to partner with, Taylor is customer-obsessed and will use the funds not to change but to amplify his vision.  Already he is off to the races: Laravel has more than tripled its engineering capacity, given equity to its entire team, brought a number of longtime Laravel builders formally into the company, and just launched a platform product to enthusiastic reviews. Hear more about what Taylor’s been working on here.

Taylor likes to say that the Laravel community “just has good vibes.” We think the company he’s building does, too. At Accel, we’ve long believed that innovation is a global phenomenon, and that companies built in places like Sydney, Provo, Amsterdam, Helsinki, Vancouver, and Little Rock are reshaping the technology landscape.  The good vibes of Laravel drive forward this trend, and we’re excited to back Taylor for the journey ahead.

Miles Clements

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