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 | PitchBook Newsletter | | Private Equity Edition |
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| Powered by the PitchBook Platform. Learn more» | | 568,010 Deals | 35,087 Funds | 22,693 Limited Partners | 29,120 Advisors | |
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FRIDAY, JULY 8, 2016  | |
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Industrial Growth Partners CVC, Summit back $1B+ deal for AVG Avast Software, a portfolio company of CVC Capital Partners and Summit Partners, has agreed to an all-cash purchase of all outstanding ordinary shares of AVG Technologies (NYSE: AVG) for $25 apiece, a total consideration of about $1.3 billion and a 33% premium over Wednesday's closing price. The deal combines two security software businesses founded in the Czech Republic that between them boast a network of more than 400 million endpoints.
The deal was made with an eye turned distinctly toward the future. In addition to some of the typical reasons for acquisition, like expanding geography and adding scale, Avast said it’s buying AVG with plans to deepen its offerings in emerging tech markets, such as security for the IoT. Avast will supply $150 million in equity for the transaction, with Credit Suisse Securities, Jefferies and UBS Investment Bank committing an additional $1.69 billion to support the deal. Summit Partners invested $100 million in Avast in 2010, while CVC acquired a significant minority stake during 2014. AVG has been publicly traded since 2012. |
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Say goodbye to the era of tech as a scrappy underdog. Say hello to the era of Big Software. [Wired]
In an effort to combat online travel sites, private equity-backed hotel chains such as Wyndham are offering increasingly low prices to customers who reserve rooms directly. [WSJ]
A series of lawsuits in Illinois has raised an interesting and unusual question: Do you own your own fingerprints? [Bloomberg]
In this critique of the many ways sexism pervades Wall Street, Sam Polk compares the industry to the Andover lacrosse team: “meritocratic, perhaps, but only among a small subset of the population.” [The New York Times] |
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2006 Vintage U.S. Buyout Funds with Software Investments Astra completes LOGIX acquisition IGP, Pfingsten exchange ownership of Des-Case | Industrial Growth Partners has acquired Des-Case from Pfingsten Partners, which had backed the company since 2013. Des-Case is a provider of contamination control products and services for industrial lubricants focused on reducing the cost of equipment maintenance. | Industrial Parts Goodlettsville, TN | | |
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ABRY supports two more insurance add-ons | ABRY Partners portfolio company Confie has acquired Sprague Insurance and J.N. Mason Agency, a pair of insurance brokerages operating in New York. Backed by ABRY since 2012, Confie is a provider of personal and small-business insurance with more than 700 retail locations in the U.S. | Corning, NY Hancock, NY Insurance Brokers | | |
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H.I.G. set to sell Zmarta | H.I.G. Capital has agreed to sell Zmarta, a fintech marketplace in Northern Europe offering a range of personal financial services, to Bauer Media. The deal gives Zmarta an enterprise value of €170 million and earns H.I.G. an 8x return on its initial investment from 2013, according to a report from RealDeals. | Consumer Finance Ängelholm, Sweden | | |
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LGV Capital unloads Liberation in SBO | Caledonia Investments has agreed to acquire The Liberation Group from LGV Capital in a deal that values the company at £118 million. Founded in 2008, Liberation operates a pub and drinks business in the U.K., including 94 pub locations and two breweries. | Restaurants & Bars Jersey, U.K. | | |
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Frontier Capital exits HealthiestYou for $125M | Frontier Capital has agreed to sell HealthiestYou to Teladoc (NYSE: TDOC); Frontier had provided the company with a $30 million growth investment in November. HealthiestYou offers a telehealth consumer-engagement platform for small and medium-sized employers, offering members a variety of tools to control their healthcare access and cost. | Healthcare Services Phoenix, AZ | |
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Trive Capital unveils advancements |
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