Private Equity

Experience

Ropes & Gray has been at the forefront of private equity deals practically since the invention of the leveraged buyout. Our commitment to both middle market and multibillion-dollar deals provides us with unique perspective in the private equity industry.

Noteworthy large cap transactions include representation of:

• TPG Capital and Wind River, a developer of security software for the Internet of Things (IoT), in connection with the proposed sale of Wind River to Aptiv PLC for US$4.3 billion
• Partners Group in its acquisition of United States Infrastructure Corporation (USIC), a provider of utility location services, and subsequent sale of a 50% stake to a consortium led by Kohlberg & Company
• Partners Group in its acquisition of Foundation Risk Partners, a specialist insurance broker
• Partners Group in its significant minority investment in VelocityEHS, a provider of AI-powered ESG & EHS software and solutions for global enterprises
• Genstar Capital and Advarra in the sale of a majority stake in Advarra to Blackstone and Canada Pension Plan Investment Board
• Welsh, Carson, Anderson & Stowe and Valtruis in connection with the innovative merger of Fresenius Health Partners, InterWell Health and Cricket Health, creating the nation’s premier value-based kidney care provider, operating under the InterWell Health brand
• Vistria Group in its joint acquisition (with Nautic Partners and General Atlantic) of PANTHERx Rare, a pharmacy-care delivery model for patients living with rare and orphan diseases
• TPG and Sixth Street in connection with Kaseya’s US$6.2 billion acquisition of Datto, a global provider of security and cloud-based software solutions
• New Mountain Capital in its US$4.1 billion sale of Cloudmed, a provider of healthcare revenue intelligence solutions
• DentaQuest, a portfolio company of Centerbridge Partners, in its sale to Sun Life Financial
• Thomas H. Lee Partners in its acquisition of Intelligent Medical Objects, a healthcare data enablement company and market leader in clinical terminology solutions
• Golden Gate Capital in its sale of the majority of its interest in Ensemble Health Partners, a provider of technology-enabled revenue cycle management services for health systems, to a consortium of buyers
• Partners Group in its acquisition of Forefront Dermatology, an operator of a chain of dermatology clinics
• McAfee Corp. in its US$14 billion sale to an investor group led by Advent International and Permira Advisers, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Limited, and a wholly owned subsidiary of the Abu Dhabi Investment Authority
• GHO Capital in the sale of its stake in BioAgilytix, a leading global contract research organization (CRO), to Cinven
• Kohlberg & Company in the recapitalization of Trinity Life Sciences, a leader in global life sciences commercialization solutions
• Harvest Partners in a joint acquisition, along with Leonard Green & Partners, of a stake in Convergint, a global leader in service-based systems integration
• Northleaf Capital Partners and AVALT in their acquisition of AMAROK, a manufacturer of perimeter security infrastructure solutions
• Kohlberg & Company and Partners Group in their acquisition of BluSky Restoration Contractors, a provider of clean up and reconstruction services for natural and man-made disasters
• GI Partners in the recapitalization of Daxko, a provider of software and integrated payments for the health, fitness and wellness industries
• Francisco Partners and TPG in their US$4 billion joint acquisition of Boomi, a provider of cloud-based iPaaS, from Dell Technologies
• Baring Private Equity Asia in its US$1.07 billion carve-out sale of the surgical business of Lumenis, an Israel-based manufacturer of medical devices
• TSG Consumer Partners in its acquisition of a majority stake in Rough Country, one of the leading manufacturers of aftermarket suspension products and accessories
• New Mountain Capital and its portfolio company Ciox Health in the merger of Ciox Health with Datavant, in a transaction valued at US$7 billion
• Golden Gate Capital in its sale of Mavis Tire Express Services, a tire retailer and automotive service provider, to an investor group led by BayPine
• Cinven in its acquisition of Drake Software, a tax preparation software company
• Baring Private Equity Asia in its acquisition of Virtusa, a global provider of digital engineering and IT services, in a transaction valued at approximately US$2 billion
• Harvest Partners in its acquisition of a majority interest in Galway Insurance, a provider of property, casualty and employee benefits insurance and consulting
• TPG in its US$1.6 billion joint acquisition (alongside TA Associates) of Planview, an enterprise software company
• Centerbridge Partners and Vistria Group in their acquisition of Help at Home, a provider of in-home care to seniors and persons with disabilities
• Advent International in its US$1.6 billion acquisition of Forescout Technologies, a cybersecurity company 
• Advent International in its agreement to acquire an 80% stake in Walmart Inc.’s Brazil Business, Walmart will keep the other 20% of the business
• Baring Private Equity Asia in its US$1.8 billion sale of Weetabix, one of the largest producers of breakfast cereals and a household brand in the UK, to US-based Post Holdings
• Bain Capital in its US$18 billion consortium buyout of the Toshiba Corp. semiconductor business, the largest Japanese deal since 2011, and the largest private equity and leveraged finance deal ever seen in Asia
• Bain Capital in its US$2.4 billion acquisition of Blue Coat Systems, which offers an integrated portfolio of security solutions that protect enterprises against some of today’s most advanced technology threats
• Bain Capital in its US$2.66 billion sale of Carver Korea Co., Ltd., the fastest-growing skincare business in South Korea, to Unilever
• Berkshire Partners in its sale of Lightower Fiber Networks to Crown Castle International for US$7.2 billion
• CCMP Capital Advisors in its acquisition of a controlling interest in Truck Hero, a leading provider of highly functional aftermarket accessories for pickup trucks and Jeeps
• Intermediate Capital Group in its US$5.3 billion consortium buyout of Visma, Europe’s largest ever software buyout
• Multi Packaging Solutions, a leading global provider of print-based specialty packaging solutions in the US$2.3 billion sale of MPS to WestRock Company
• Silver Lake Partners in the US$4.5 billion acquisition of software developer SolarWinds, Inc.
• Summit Partners in its US$1.2 billion sale of ABILITY Network, a leading cloud based software as a service health care technology company, to Inovalon
• TPG Capital in connection with its joint investment with Intel Corporation to establish McAfee a spin-out of Intel Security in a transaction valuing the business at US$4.2 billion
• TPG Capital and Petco Animal Supplies in the US$4.6 billion sale of Petco Animal Supplies to funds affiliated with CVC Capital Partners and Canada Pension Plan Investment Board
• TPG Capital in its acquisition of Ascendas Hospitality Trust for US$1.18 billion 

Noteworthy middle market transactions include representation of:

• H.I.G. Capital in its acquisition of the distribution business of Avient, a global provider of sustainable and specialized material solutions, for US$950 million
• Audax in its acquisition of DISA Global Solutions, a tech-enabled provider of employee screening, compliance and workplace health & safety solutions
• Charlesbank Capital Partners in its acquisition of Accordion Partners, a private equity-focused financial and technology consulting firm
• Audax in its investment in BlueCat Networks, a provider of network infrastructure
• GI Partners in its take-private acquisition of GTY Technology, a provider of cloud software platforms for the public sector
• BV Investment Partners in its sale of GlideFast Consulting, an IT consulting, implementation and development company
• Altamont Capital in its sale of Excel Fitness, a Planet Fitness franchise group, to Olympus Partners
• Avista Capital Partners in its acquisition of Probo Medical, a global leader in the medical imaging equipment market
• TSG Consumer Partners in its sale of Sunshine Fitness, an owner and operator of Planet Fitness clubs
• American Industrial Partners in its sale of AHF Products, one of the largest U.S. wood flooring manufacturer
• Altamont Capital in its acquisition of Bishop Lifting Products, a market-leading distributor of lifting products and solutions
• TSG Consumer Partners in its acquisition of Super Star Car Wash, a family-owned car wash operator
• LightBay Capital in its sale of Alliance Animal Health, a multi-site owner and operator of veterinary hospitals
• Evergreen Coast Capital in its acquisition of a majority stake in DreamBox Learning, an education technology provider
• GHO Capital in its investment in Biocare Medical, a life sciences company focused on oncology-related diagnostic reagents and instrumentation
• GHO Capital in its acquisition of Genesis Research, a provider of research and data analytics services for the life sciences industry
• GI Partners in its investment in Rectangle Health, a provider of healthcare financial technology and patient engagement solutions
• Aquiline Capital Partners in the acquisition of Quicken, a provider of personal financial management software and services
•  Bain Capital and Crosspoint Capital in their US$900 million acquisition of Extrahop, a provider of network performance management solutions
• Summa Equity in its acquisition of a majority stake in G-CON, a manufacturer of prefabricated cleanrooms for the pharmaceutical industry
• Bain Capital in its acquisition of Dessert Holdings, North America’s leading premium dessert company
• New Mountain Capital in its take-private acquisition of Aegion, a provider of infrastructure maintenance, rehabilitation and protection solutions
• American Industrial Partners in its US$1 billion take-private acquisition of SEACOR Holdings, a diversified shipping and logistics company
• Avista Capital Partners in its acquisition of Xifin, a provider of cloud-based revenue cycle management solutions
• Ares Management in its sale of Cordium, a provider of regulatory compliance consulting services
• Audax Group in its acquisition of PlayMonster
• Bain Capital in its acquisition of Innocor, Inc. a leading designer and manufacturer of advanced foam products for commercial and retail outlets
• Baring Private Equity Asia and PAI Partners in the acquisition of World Freight Company, the global leader in the Feneral Sales and Service Agent market
• Blackstone in the US$625 million take-private transaction of Pactera Technology International
• Bridgepoint Capital, and its portfolio company, Bighand, on its acquisition of DW Reporting, a provider of legal financial reporting and business intelligence
• Charlesbank Capital Partners, and its portfolio company, Ensono, a leading hybrid IT services provider based in the US and Europe, on its $405 million acquisition of the hosted data center services business from Wipro Limited
• China Oceanwide Holdings Group in its acquisition of International Data Group (IDG), including its subsidiaries International Data Corporation (IDC), IDG Communications and IDG Ventures
• CMC Capital Partners in its minority investment in Creative Artists Agency (CAA)
• Epiris, the UK-based private equity group on its acquisition of The Club Company, the UK’s leading country club operator, from a company affiliated with Lone Star Funds
• Genstar Capital and its portfolio company, Bracket Global, in the add-on acquisition of CRF Health, a leading global provider of eCOA solutions for the life sciences industry
• Golden Gate Capital in its acquisition of the Bob Evans Restaurants business from Bob Evans Farms, Inc. for US$565 million. Bob Evans Restaurants owns and operates more than 500 family restaurants in 18 states
• H.I.G. Capital, and its portfolio company Surgery Partners, in its US$760 million acquisition of National Surgical Healthcare (NSH). Surgery Partners is one of the largest and fastest growing surgical services businesses in the United States. Its combination with NSH created a diversified inpatient and outpatient surgical provider with a portfolio of 125 surgical facilities
• H.I.G. Capital in its sale of AMPAC Fine Chemicals, a leading global supplier of high value-added active pharmaceutical ingredients and intermediates used in treating diseases such as cancer, CNS disorders and various viral infections
• Kohlberg & Company in a strategic investment from Blackstone’s Strategic Capital Holdings Fund to acquire a passive minority equity interest in the firm
• LPG Capital in its investment in Prosper Marketplace, Inc., a California-based company in the peer-to-peer lending industry
• Mediware Information Systems, a portfolio company of TPG Capital, in its acquisition of Kinnser Software, Inc. from Insight Venture Partners
• New Mountain Capital and its portfolio company, Convey Health Solutions, in Convey’s merger with HealthScape Advisors and Pareto Intelligence
• TSG Consumer Partners in its add-on acquisition of Duckhorn Wine Company. The transaction included all six Duckhorn Wine Company wineries, as well as their corresponding properties, and more than 600 acres of estate vineyards, including Three Palms Vineyard in California’s Napa Valley
• TPG Capital in its investment in Kakao Mobility, the transportation/taxi app business of Kakao Corporation
• Welsh, Carson, Anderson & Stowe in its acquisition and formation of U.S. Radiology Specialists
• Welsh, Carson, Anderson & Stowe in its take-private acquisition of Abzena Plc, a provider of proprietary technologies and solutions to biopharmaceutical developers