Bristol Hospice attracts $1bn plus bids, TA Associates to make 4.5x on Mitratech, Thoma Bravo acquires Applitools

Thoma Bravo acquires Applitos and TA Associates is poised to make 4.5x its money on the sale of Mitratech, to Ontario Teachers’ Pension.

Happy Tuesday, folks!

We have news on a healthcare sale process where a limited group of private equity buyers are moving forward, return details on TA and Hg’s pending exit of Mitratech, plus more on Thoma Bravo’s Applitos acquisition.

A mid-single-digit number of private equity firms will advance to enter the second round of sale process for Webster Equity Partners’ Bristol Hospice. The multi-regional end-of-life care provider recorded first-round bids that exceeded $1 billion last week, PE Hub has learned.

Although strategics were previously in the mix, none – including PE-backed platforms – will move forward in the next stage of the process, sources with knowledge of the process said.
The sale process, which Goldman Sachs and Houlihan Lokey are advising on, formally kicked off in February, PE Hub previously wrote.

Formed in 2006, Bristol is a multi-regional end-of-life care provider, with a significant footprint in California and additional locations throughout Arizona, Colorado, Florida, Georgia, Hawaii, Nevada, Oregon, Texas and Utah. The company has grown to 35 locations, according to its website, from 11 locations at the time of Webster’s investment.

Read Sarah’s full report on PE Hub.

Tech returns: TA Associates is poised to make 4.5x its money on the sale of legal and compliance software provider, Mitratech, to Ontario Teachers’ Pension Plan, sources familiar with the matter told PE Hub.

TA acquired a majority stake in 2015 from Vista Equity Partners, while Hg, which became a majority owner in 2017, will realize a 2.5x return on its initial investment.

Mitratech, based in Austin, Texas, is a software provider for legal and corporate legal, risk and compliance professionals. The technology company aims to raise productivity, control expense and mitigate risk by deepening organizational alignment, increasing visibility and spurring collaboration across the enterprise.

Read more on the company’s growth trajectory on PE Hub.

More tech news: Thoma Bravo announced it’s growth investment in VC-backed software testing provider Applitools. According to a previous report by PE Hub, Applitools was thought to be too small to make a new PE platform, but Thoma Bravo proved that belief wrong. The press release attributes the partnership to the pandemic-fueled digital transformation across industries.

“Virtually every industry in our economy is undergoing a digital transformation, with customers demanding flawless user experiences, and Applitools is the leading innovator in the UX test automation market,” said Carl Press, a principal at Thoma Bravo.
Applitools generated around $25 million in revenue last year and is projected to produce $30 million in 2021 with $25 million being annually recurring, PE Hub learned earlier. Sources added that company expects to reach break-even this year.

Read the brief on PE Hub.

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