Private Equity

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.

Recent notable transactions include our representation of:

• Advent International on the:
  • $2.5 billion minority investment (alongside Abu Dhabi Investment Authority) in Fisher Investments, a wealth management firm.
  • acquisition of a significant stake in Prometheus Group, a provider of enterprise asset management (EAM) software solutions.
  • $4.25 billion investment (alongside Warburg Pincus) in Baxter International Inc.’s BioPharma Solutions (BPS) business.
• Altamont Capital on the:
  • sale of Alamo Drafthouse Cinema, an operator of a chain of dine-in movie theaters, to Sony Pictures Entertainment.
  • acquisition of Mini Melts, a manufacturer of ice cream products.
  • sale of Douglas Products, a manufacturer of specialty chemical products for pest management, thermal fluids, and sanitary sewer applications.
• American Industrial Partners on the:
  • carve-out acquisition of the U.S. and Canadian architectural coatings business of PPG.
  • acquisition of a controlling stake in Austin Powder, a provider of industrial explosives and engineered blasting solutions.
  • $620 million carve-out acquisition of Nexpera, the Sulfuric Acid Regeneration business of Veolia North America.
• Aquiline Capital Partners on the:
  • acquisition of Health Prime, a provider of technology-enabled revenue cycle management and practice optimization solutions for physician groups.
  • majority investment in PharmaForce, a pharmacy solutions provider to hospitals and health clinics.
  • acquisition of California Medical Legal Specialists, a provider of support services for physicians performing workers’ compensation evaluations.
• Audax Private Equity on the:
  • sale of Stout, a global advisory firm, to Integrum.
  • acquisition of a majority stake in Lanter Delivery Systems, a logistics company.
  • carve-out acquisition of the Clinical Services business of Avantor Inc.
• Avista Healthcare Partners on the:
  • carve-out acquisition of the EBI Bone Healing division of Highridge Medical.
  • acquisition of Terrats Medical, a global provider of dental prosthetics.
• Bain Capital on the:
  • $4.5 billion take-private acquisition of Envestnet, a provider of investment software and services.
  • $5.6 billion take-private acquisition of PowerSchool, a provider of cloud-based software for K-12 education.
  • growth investment in Serán Bioscience, a contract development and manufacturing organization.
  • sale of TeachTown, a provider of special education solutions for students with autism and special needs.
• Berkshire Partners on the:
  • investment in Thrive, a provider of cybersecurity, cloud, and IT managed services.
  • acquisition of Triumvirate Environmental, a provider of enterprise waste management and environmental services.
  • investment (alongside Leonard Green & Partners) in Vital Care, a provider of home infusion services for patients with chronic and acute conditions.

• CCMP Growth Advisors on the:
  • investment in Innovative Refrigeration Systems, a manufacturer of energy-efficient industrial refrigeration systems.
  • acquisition of Airo Mechanical, a provider of HVAC and plumbing installation services.
  • acquisition of Combined Caterers, an event management and catering services provider.
• Charlesbank Capital Partners on the acquisition of EverDriven Technologies, a provider of student transportation solutions to school districts.
• CIVC Partners on the:
  • investment in Elite Interactive Solutions, a security consulting firm incorporating leading-edge technologies including custom-calibrated video analytics and artificial intelligence.
  • investment in Industrial Networking Solutions (INS), a provider of wired and wireless products for the Internet of things (IoT) market.
• Compass Diversified on the:
  • $380 million acquisition of The Honey Pot Company.
  • $572 million sale of Marucci Sports, a manufacturer of sports apparel and accessories, to Fox Factory.
  • sale of Advanced Circuits, a manufacturer of printed circuit boards, to Industrial Growth Partners-backed APCT.
• Cressey & Company on the:
  • investment in Paradigm Health, a provider of hospice and palliative care services.
  • growth investment in ProgenyHealth, a recognized leader in maternity and NICU care management.
• Crosspoint Capital Partners on its $870 million take-private acquisition of Absolute Software, a security-focused software provider.
• Dragoneer Investment Group on the:
  • majority investment in Simplicity Group, a financial products distribution firm.
  • take-private acquisition of Arco Platform, a Brazilian educational software company for K-12 schools.
• EQT on the:
  • $3 billion acquisition of Avetta, a global leader in supply chain risk management software.
  • $1.1 billion take-private acquisition of PropertyGuru, Southeast Asia’s leading property technology company.
  • acquisition of a controlling interest in GeBBS Healthcare Solutions, a provider of revenue cycle management and other healthcare outsourcing services.
• Gauge Capital on the:
  • investment in AGT Robotics, a manufacturer of robotic welding solutions for the structural steel and heavy metal fabrication industry.
  • investment in Craftable, a SaaS platform for the hospitality industry.
• Genstar Capital on the:
  • $585 million sale of 2-10 Home Buyers Warranty, a provider of new home structural warranty protection plans, to Frontdoor.
  • investment in AffiniPay, a provider of practice management software, integrated payments and embedded fintech for the legal, accounting and professional services end markets.
  • acquisition of Docupace, a provider of cloud-based workflow and document management software for wealth management enterprises and financial advisors.
• GHO Capital Partners and Ampersand Capital Partners on the $1.1 billion take-private acquisition of Avid Bioservices, a clinical-stage biopharmaceutical contract development and manufacturing organization.
• GI Partners on the:
  • investment in Egnyte, a provider of next-gen document management software.
  • investment in BusPatrol, a developer of bus safety camera technology.
• Haveli Investments on the:
  • $350 million take-private acquisition of ZeroFox, a cybersecurity company.
  • acquisition of Certinia, a provider of enterprise resource planning software.
• H.I.G. Capital on the:
  • carve-out acquisition (alongside Thoma Bravo) of the information technology certification and training division of CompTIA.
  • acquisition of Best Trash, a provider of residential waste and recycling collection services.
  • acquisition of CHA Consulting, a full-service engineering, design, consulting and construction management firm.
• Kohlberg & Company on the:
  • sale of the majority stake in Ground Penetrating Radar Systems (GPRS), a provider of underground utility locating and concrete scanning services.
  • majority investment in CLEAResult, a provider of energy-efficiency programs and services to utility, government, and commercial customers.
  • acquisition of a majority stake in Engage PEO, a provider of HR outsourcing solutions to small and mid-sized businesses.
  • acquisition of Riveron, a management consulting firm.
• Lee Equity Partners on the:
  • sale of Atria Wealth Solutions, a provider of wealth management advisory services, to LPL Financial.
  • acquisition of PCS Retirement, a provider of retirement plan services and solutions, including recordkeeping, plan administration, and a SaaS platform.
• McNally Capital on the:
  • investment in Jewett Automation, a custom automation solutions company, specializing in highly engineered, automated manufacturing and robotic systems for complex industrial applications.
  • sale of Advanced Micro Instruments (AMI), a provider of highly engineered, application-specific analyzers and sensing technologies.
  • sale of The Re-Sourcing Group, a provider of staffing, consulting, and direct hire solutions.
• New Mountain Capital on the:
  • acquisition of Machinify, a provider of AI-powered software transforming healthcare payments.
  • investment in Office Ally, a healthcare technology company offering cloud-based solutions, including an EHR system, practice management software, a clearinghouse for claims and eligibility, and revenue cycle management tools.
  • investment in Access Healthcare, a technology-enabled platform for revenue cycle management intended for the healthcare industry.
  • investment in Amerit Fleet Solutions, a company specializing in fleet maintenance and repair services for commercial vehicles.
• Partners Group on the:
  • acquisition of a significant minority stake in restor3d, a developer of 3D-printed orthopedic solutions.
  • investment in Gateway Fleets, a provider of electrification services for logistics fleet operators.
  • raising of a $1.9 billion equity investment in portfolio company EdgeCore Digital Infrastructure, a leading data center platform in the U.S.
• TA Associates on the carve-out acquisition of two divisions of Community Brands to create a new enterprise software platform, Momentive Software.
• THL Partners on the:
  • majority investment in AMI, a semiconductor software company.
  • take-private acquisition of Agiliti, a provider of medical equipment management and service solutions.
• The Vistria Group on its investment in AnewHealth, a pharmacy care management provider.
• TPG Capital on the:
  • $7.6 billion acquisition of AT&T’s remaining 70% stake in DIRECTV.
  • sale of majority stake in Creative Artists Agency (CAA), an entertainment and sports agency.
  • $1.4 billion acquisition of Nextech, a provider of clinical and administrative healthcare technology solutions for specialty physician practices.
• TSG Consumer Partners on the:
  • acquisition of EoS Fitness, an operator of a chain of fitness clubs and gyms.
  • investment in Summer Fridays, a skincare and makeup brand.
• Valeas Capital Partners on the:
  • acquisition of a majority stake in TicketManager, an event- and guest-management platform.
  • investment in Baker Tilly US, a leading advisory CPA firm.
• Varsity Healthcare Partners on the:
  • growth investment in VetEvolve, a veterinary care platform.
  • growth investment in Beghou Consulting, a provider of consulting services in the pharmaceutical and healthcare industries.
• Welsh, Carson, Anderson & Stowe on its investment in Constitution Surgery Alliance, an operator of ambulatory surgery centers.