Charlesbank’s investment in Aptean brings company’s valuation to $2bn

TA is set to make 3.5x its equity on the stake sale to Charlesbank, a source told PE Hub.

Charlesbank Capital Partners joined TA Associates and Vista Equity on their investment in Aptean, valuing the company at $2 billion, three sources familiar with the deal told PE Hub.

As part of the deal, announced Tuesday, June 23, TA Associates also will reinvest new equity in the company.

Charlesbank Capital Partners, TA Associates and Vista Equity Partners will have equal representation on Aptean’s board of directors, according to the company’s announcement.

Aptean, based in Alpharetta, Georgia, provides enterprise resource planning (ERP) and supply chain technology to more than 4,100 enterprise clients in over 20 industries.

The conversations with Charlesbank about its potential investment started in April, during the global pandemic, one of the sources said. However, the coronavirus downturn, which caused some businesses to experience lower demand for products and services, has not affected Aptean’s performance, according to the company’s announcement.

Over the past 15 months, Aptean’s total revenues nearly doubled and it has expanded internationally, the company said.

Aptean expects to use proceeds from the investments to accelerate growth, including of its next-generation cloud services, TVN Reddy, CEO of Aptean, said in the deal announcement.

TA and Vista jointly invested in the company in February 2019 to become equal partners. At that time, both firms invested new equity to acquire Aptean from the separate Vista fund that initially invested in the company in 2012.

TA’s and Vista’s investments in February 2019 valued the company at just under $1 billion, the Wall Street Journal reported at that time.

With Charlesbank joining as an equity partner, both Vista and TA are set to realize significant returns in just over a year.

TA is set to make 3.5x its equity on the stake sale to Charlesbank, a source told PE Hub.

TA Associates, Vista Equity, Charlesbank, and Aptean declined to comment for the story.

Action Item: Read how TA Associates turned $90 million into $6.12 billion on ZoomInfo.