H.I.G. Middle Market, the middle market investment affiliate of H.I.G. Capital, has closed its buy of the Quicken business from Intuit Inc. Financial terms weren’t announced. Menlo Park, California-based Quicken provides personal financial management software products. Union Square Advisors acted as a financial advisor to H.I.G.
April 05, 2016 09:00 AM Eastern Daylight Time
SAN FRANCISCO–(BUSINESS WIRE)–H.I.G. Middle Market (“H.I.G.”), the dedicated middle market investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $19 billion of equity capital under management, has closed its acquisition of certain assets comprising the Quicken business (“Quicken”, or the “Company”) from Intuit Inc.
Headquartered in Menlo Park, CA, Quicken is the leading provider of personal financial management software products. With an iconic brand and an unrivaled feature set built over 30 years of product development and customer learning, Quicken is a market leader in personal finance software with millions of loyal customers.
Fraser Preston, Managing Director at H.I.G., commented, “Quicken is the leading product in personal financial management software with a rich heritage of innovation and product development. We view the opportunity to partner with Quicken’s leader Eric Dunn and the entire Quicken team as a chance to restore Quicken to technology leadership and to deliver exceptional products and service to Quicken’s loyal customer base. We look forward to working together with the management team to add great functions and features to the products, to invest in customer care and to continue to improve the overall customer experience.”
“We are thrilled to work with H.I.G.,” said Eric Dunn, CEO of Quicken. “We share core philosophies of taking exceptional care of customers and employees and together we’ll deliver software and services that help our millions of customers achieve their financial goals.”
Union Square Advisors acted as a financial advisor to H.I.G.
For more than 30 years, Quicken, a top personal money management software, has been the trusted financial solution for millions of consumers. Based in Menlo Park, California, Quicken Inc. remains deeply committed to helping individuals and families improve their financial lives. The Quicken product line includes solutions for Mac and Windows users, as well as a mobile app to give consumers anytime, anywhere access to their finances. More information can be found atwww.quicken.com.
About H.I.G. Middle Market
H.I.G.’s Middle Market Fund specializes in providing up to $200m of equity in transactions involving mid-market companies with high-quality, value-added products and services, and attractive growth potential. H.I.G.’s Middle Market Fund aligns itself with committed management teams and will make investments across a wide range of industries and opportunities, from profitable market leaders to underperforming businesses facing unique challenges. We work closely with our management teams and use our in-house operating expertise to help our portfolio companies become industry leaders.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $19 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.