TREVOR CLARK RICH CHRISTIENSEN DREW GUYETTE Managing Partner Partner Partner GRANT HAGGARD FARAAZ KAMRAN GARRETT RYAN Partner Partner Partner Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The Firm targets senior fi nancing opportunities up to $400 million with hold Experienced Leadership sizes across the Twin Brook platform ranging from $25 million up to $150 million. For more information, visit twincp.com in Middle Market Direct Lending 002_MAJ0419 2 3/5/2019 4:15:17 PM THEMIDDLEMARKET.COM APRIL 2019 Deal of the Year Fortive Dealmaker of the Year Hollie Haynes Private Equity Firm of the Year TA Associates Private Equity Seller of the Year Riverside Strategic Buyer of the Year Nike Investment Bank of the Year Harris Williams Lender of the Year Monroe Capital Law Firm of the Year Goodwin ual M&A Mid-Market Awards 12th Ann CV1_MAJ0419.indd 1 3/7/19 12:19 PM Discover Your Pathway To Growth With Us Huron Capital has a long history of partnering with business owners. We are dedicated to growing companies by creating a shared vision, implementing our high-impact buy-and-build strategy and bringing our strategic resources to bear. Let Huron Capital be Your strategic Partner Strategic private equity investments Trusted industry expertise We Invest in People Authentic founder-friendly partnerships We Build Leaders Committed to unlocking your company’s potential Private Equity Tailored value creation strategies Flex Equity Learn more at: www.huroncapital.com 0C2_MAJ0419 2 3/7/2019 1:11:02 PM Contents April 2019 | VOL. 54 | NO. 4 Cover Story 16 12th Annual M&A Mid-Market Awards Excelled. Innovated. Inspired. That’s what the eight winners of Mergers & Acquisitions’ M&A Mid-Market Awards did in 2018. Private Equity Perspective 12 Expect more tech Private equity firms are raising money to back tech companies, and tech is infusing dealmaking at all levels. The Buyside 14 Sizing up the right deal Shoe companies are making invest- ments that will set them up for the future, while gaining new customers. 10 Watercooler Why investors like restaurants Feature 6 Partnering with Paulson and TriArtisan 34 PE execs give back will help P.F. Chang’s implement a Top investment banks of 2018 José E. Feliciano, the co-founder and “collaborative growth strategy.” KPMG, Houlihan Lokey, Goldman of Clearlake Capital Group LP, and his Sachs, William Blair and Lincoln Inter- wife Kwanza Jones are donating $1 Mobile drives growth in payments national led the pack in deal volume. million to Bennett College. ACI is buying Western Union’s bill pay 9 business, Speedpay. Digitizing the energy sector Thoma Bravo-backed Quorum Soft- Guest Article People Moves ware is buying Coastal Flow Mea- surement Inc., a software resources 32 39 provider to the energy industry. How to structure partnerships between New hires and promotions independent sponsors and PE firms Stacey Dion was promoted to global 10 Sellers need to learn how PE firms head of government affairs at the Mid-market investment banks merge and independent sponsors can work Carlyle Group. Angad Hira gets Canaccord Genuity Group has ac- together, says Boyne Capital Partners’ promoted to CFO at VMG Partners. quired mid-market investment bank Derek McDowell. Rob Ruegger joins Kainos Capital as a Petsky Prunier for up to $85 million. managing director. TheMiddleMarket.com April 2019 Mergers & Acquisitions 1 001_MAJ0419 1 3/11/2019 11:14:16 AM Inside Word April 2019 | VOL. 54 | NO. 4 TheMiddleMarket.com 1 STATE STREET PLAZA, 27TH FLOOR NEW YORK, NY 10004-1505 • (212) 803-8200 EDITOR-IN-CHIEF Mary Kathleen Flynn MANAGING EDITOR World class Demitri Diakantonis CONTRIBUTING EDITORS Keith Button, Danielle Fugazy The winners of Mergers & Acquisitions’ 12th annual GROUP EDITORIAL DIRECTOR, BANKING AND CAPITAL MARKETS M&A Mid-Market Awards excelled, innovated and Richard Melville inspired EXECUTIVE DIRECTOR, CONTENT OPERATIONS AND CREATIVE SERVICES Michael Chu SR. ART DIRECTOR Nick Perkins Congratulations to the winners of Mergers & Acquisitions’ 2018 M&A Mid-Market Awards! VICE PRESIDENT, CAPITAL MARKETS Harry Nikpour (212) 803-8638 Deal of the Year: Fortive Corp.’s $775 million ASSOCIATE MARKETING MANAGER acquisition of construction software devel- Leatha Jones oper Gordian from Warburg Pincus LLC was a transformative deal for the buyer and for the construction industry as a whole. Dealmaker of the Year: Hollie Haynes raised CHIEF EXECUTIVE OFFICER ........................ Gemma Postlethwaite CHIEF FINANCIAL OFFICER .............................................Sean Kron Luminate Capital Partners’ second fund with EVP & CHIEF CONTENT OFFICER ...................... David Longobardi $425 million of capital, securing the technology-focused private equity CHIEF STRATEGY OFFICER ...........................................Jeff Mancini firm’s position as a consummate investor in middle-market enterprise CHIEF DATA OFFICER ...............................................Christian Ward SVP, CONFERENCES & EVENTS ..............................John DelMauro software companies. Private Equity Firm of the Year: TA Associates invested a record $2.8 billion in new portfolio companies (more than double the previous year). The firm also celebrated its 50th anniversary, and completed its 500th investment. REPRINTS AND LICENSING CONTENT Private Equity Seller of the Year: The Riverside Co. completed 16 For more information about reprints and licensing content from Mergers & Acquisitions, please visit sourcemediareprints. exits, made 60 investments, and delivered a record fundraising year, as com or contact pars international at (212) 221-9595. the firm marked its 30th anniversary. CUSTOMER SERVICE Strategic Buyer of the Year: Nike Inc. (NYSE: NKE) bought Zodiac [email protected] or (212) 803-8500 Inc. and Invertex Ltd., bringing aboard “world-class data-science tal- Mergers & Acquisitions Vol. 54/No. 4 (ISSN 0026-0010) is published monthly with combined issues in July/August ent and best-in-class tools to power 1:1 relationships with consumers and November/December by SourceMedia, One State Street Plaza, 27th Floor, New York, NY 10004-1505. Yearly through digital and physical consumer experiences.” subscription is $1,995; $2035 for one year in all other Investment Bank of the Year: Harris Williams completed 87 transac- countries. Periodical postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address tions in 2018, the most in the firm’s history. changes to Mergers & Acquisitions / SourceMedia, One State Street Plaza, New York, NY 10004. For subscriptions, Lender of the Year: Monroe Capital grew AUM by $1.8 billion, or 35 renewals, address changes and delivery service issues contact our Customer Service department at (212) 803- percent, over the previous year, bringing the total to $7 billion. 8500 or email: [email protected]. This publication is designed to provide accurate and authoritative information Law Firm of the Year: Goodwin grew by double digits across key regarding the subject matter covered. It is sold with financial metrics, marking the firm’s sixth consecutive year of the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax, or other record revenue and profits, with technology-rich practice areas driving professional service. Mergers & Acquisitions is a registered trademark used herein under license. © 2019 Mergers & growth. M&A Acquisitions and SourceMedia, Inc. All rights reserved. – Mary Kathleen Flynn 2 Mergers & Acquisitions April 2019 002_MAJ0419 2 3/11/2019 11:14:45 AM An experienced team that has closed over 315 transactions and committed over $9.4 billion. Since inception in Q4 2014 Undisclosed Undisclosed Undisclosed Administrative Agent Administrative Agent Administrative Agent February 2019 January 2019 January 2019 $28,500,000 Undisclosed $184,000,000 Administrative Agent Administrative Agent Administrative Agent January 2019 January 2019 December 2018 Undisclosed Undisclosed Undisclosed Administrative Agent Administrative Agent Administrative Agent November 2018 November 2018 November 2018 Learn more at twincp.com. MAJ003_MAJ0419 Full Page Ad_April 3 2019.indd 1 3/7/20193/4/2019 4:47:361:11:03 PM PM What’s going on @ TheMiddleMarket.com www.themiddlemarket.com News & features PE fundraising Special reports Hiring while dealmaking Siris Capital is active in M&A, and also made a couple of hires recently Announced a deal to buy Travelport for $4.4 billion 47 49 Acquired Web.com for $2 billion 29 20 79 Sold Polycom to Plantronics for89 $2 billion 56 Hired Hilton Romanski as74 a parther Hired Joe Cozzolino as an executive partner 47 35 12 Source: Siris Capital P.F. Chang’s gets new backers Siris Capital raises new fund 36 women deal pros are on the list Paulson & Co. and TriArtisan Capital Technology-focused private equity firm Mergers & Acquisitions has named Advisors LLC have bought restau- Siris Capital Group has raised its fourth the 2019 Most Influential Women in rant chain P.F. Chang’s China Bistro fund at $3.45 billion. Siris has been ac- Mid-Market M&A. Pelham S2K’s Venita Inc. from Centerbridge Partners. P.F. tive recently. The firm purchased Web. Fields, Kayne Anderson’s Nishita Cum- Chang’s owns and franchises more com for $2 billion; announced plans to mings and Kainos Capital’s Sarah Brad- than 300 Asian restaurants globally. buy Travelport for $4.4 billion; and sold ley are among 36 featured dealmakers.