Advent International has agreed to sell enterprise cloud software business Unit4 to fellow private equity investors TA Associates and Partners Group in a deal valuing the company at more than $2bn.
Unit4 was picked up by Advent in 2013 in a roughly €1.2bn deal. The private equity major scrapped plans to sell the business in 2018, but a 5% jump in revenue amid last year’s pandemic caught the eye of potential buyers.
Company CEO Mike Ettling said, “Our partnership with TA and Partners Group couldn’t come at a better time.
“With the launch of ERPx, our next generation cloud-native ERP platform, expansion of our global partner ecosystem, the creation of a strong and viable customer community with Community 4U, and deeper ‘people’ investment in our core and growth markets, Unit4 is poised to see dramatic growth through this next phase of our journey.
“Our customers have expressed a need for rapid innovation, not just efficiencies, to support their growth aspirations while continuing to navigate the headwinds of the global pandemic.
“We believe our game-changing software and people-first, services-based mindset will help our customers thrive as the market begins to regain its momentum.”
TA managing director Morgan Seigler added, “We have followed Unit4 for many years and have been impressed with the company’s growth and dedication, under Mike’s leadership, to serving mid-market, people-centric organizations, which aligns well with our investment philosophy.”
Arma Partners and Evercore are serving as financial advisors and De Brauw Blackstone Westbroek is acting as legal counsel to Unit4.
Alvarez & Marsal is serving as financial and tax advisor, and Kirkland & Ellis is acting as legal counsel to TA Associates.
Copyright © 2021 AltAssets
Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/advent-agrees-2bn-plus-unit4-sale-to-ta-associates-partners-group-after-covid-19-revenue-rise.html
