Thoma Bravo closes $3.6bn sale of Imperva to Thales; Macquarie seeks add-ons for Camin

View this email online

Thoma Bravo closes $3.6bn sale of Imperva to Thales; Macquarie seeks add-ons for Camin

Good morning, Hubsters. MK Flynn here with today’s Wire.

December seems to be living up to its promise as one of the strongest months for M&A, as dealmakers take transactions across the finish line before this challenging year ends.

We’re seeing an uptick in deal closes and even some announcements of new deals today.

Thoma Bravo closed a big exit. Details below.

Also on the Hub today, we’ve got an interview with Macquarie Capital on the acquisition targets the PE firm is seeking in the energy sector.The firm recently acquired a testing, inspection and certification (TIC) service provider, an area many PE firms are investing in lately.

And we’ve got a Deep Dive into Partners Group’s sale of software developer Civica to Blackstone.

First up, let’s take a look at the big deal of the day.

Cybersecurity sale

Thoma Bravo completed the sale of San Mateo-based cybersecurity specialist Imperva to Meudon, France-based Thales in an all-cash transaction that values Imperva at approximately $3.6 billion.

Upgrade to the premium version of the Wire to learn about how Thoma Bravo grew the company and about the new owner.

You can find more of today’s deal announcements in the News in brief section on PE Hub’s home page, including news from Gemspring, New Mountain Capital and Vestar Capital.

Transformative and tuck-in deals

Macquarie announced in November that it is acquiring Camin Cargo Control, a provider of testing, inspection and certification (TIC) services to the energy industry based in Pasadena, Texas, from Metalmark Capital Partners. The deal is expected to close by year end.

PE Hub’s Michael Schoeck spoke with Bill Eckmann, Macquarie Capital’s senior managing director and head of principal finance for the Americas, about the investment and the opportunities ahead.

To discover what types of targets Macquarie seeks, premium subscribers may read the story, which also includes other PE firms investing in TIC service providers.

Exiting ahead of the curve

Partners Group opted to sell Civica to Blackstone to benefit from a scarcity premium as the firm expects a flurry of software assets to enter the market next year, Charles Rees, member of management, private equity technology industry vertical, told PE Hub Europe’s Nina Lindholm.

Premium subscribers may read the story, which includes a source revealing the price tag.

That’s it for today. As always, I’d love to hear from you at [email protected].

You’ll hear from PE Hub Europe editor Craig McGlashan tomorrow.

Happy dealmaking,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

HarbourVest Partners has taken the lead in a multi-asset continuation fund process run by JMI Equity, sources told Buyouts.

Infrastructure Investor is out with its inaugural Rising Stars list, a medley of 20 ambitious under-40s that stood out for their efforts and achievements across dealmaking, fundraising, asset management and building collaborative relationships.

Private Equity International is out with its LP Perspectives Survey, an annual study of the investor community providing a window into LPs’ thinking as they get to grips with an environment buffeted by high interest rates and geopolitical uncertainty.

“Silicon Valley venture capital firms are rushing to create private equity style structures in a race to protect their portfolios and return money to investors.” (Financial Times)

“John Graham, president and chief executive of the Canada Pension Plan Investment Board, which has C$576bn (£337bn) in assets, ... has said UK retirement plans should not be told where to invest their money, as the government sets out plans to funnel more cash into unlisted assets and early-stage companies.” (Financial Times)

“An $11 billion bid [from a Brookfield-led consortium] for Origin Energy, one of Australia’s largest power companies, was rejected by its shareholders on Monday in a stark illustration of how investors are adopting different strategies to bet on the energy transition.” (Wall Street Journal)

“Private equity firm Warburg Pincus on Monday named its India chief Vishal Mahadevia as head of Asia private equity, a newly created position, while veteran China head Frank Wei will step down amid an Asia-wide reshuffle at the U.S. investment firm.” (Reuters)