Genstar buys Vector Solutions, Carlyle makes 3.5x on NetMotion, Vistria’s Supplemental Health considers sale, Apax bets on premium pet foods

Carlyle makes 3.5x on NetMotion and Vistria's Supplemental Health Care mulls sale.

Happy Friday!

Tech buzz: The Carlyle Group expects to generate a total return of 3.5x its equity investment on the sale of NetMotion, selling the provider of connectivity and security software after a five-year hold, PE Hub has learned.

Absolute Software, a publicly-traded provider of endpoint-centric security solutions, is set to buy NetMotion for $340 million in cash, a Wednesday announcement revealed. The deal, which has not yet closed, concludes an Evercore-run sale process, as initially reported by PE Hub in January. Read Milana’s story for more financials.

In other notable technology news… Genstar Capital announced this morning an agreement to acquire a majority stake in Vector Solutions, a provider of Software-as-a-Service for training, risk management, workforce management and operational readiness. The company helps organizations remain compliant across the industrial, engineering, education and public safety sectors.

Staying on for more, existing majority investor Golden Gate Capital will remain a significant shareholder in the business, the announcement said. Since Golden Gate two-and-a-half years ago agreed to buy Vector from Providence Equity Partners, it appears the company has grown dramatically – with the company completing five strategic acquisitions since that time. Read PE Hub’s brief on the deal.

Exploring options: Vistria Group is mulling a sale of Supplemental Health Care, which staffs healthcare providers in settings ranging from the classroom and home to clinics and correctional facilities, five sources familiar with the matter told PE Hub.

In response to inbound interest, a narrow process involving limited conversations with sponsors is underway, some of the people said. Marketing materials were sent out about a month ago, one of the people added.

The company has seen immense growth through the pandemic, as witnessed across the broader healthcare staffing industry. That’s likely to create difficulty in valuing the company as potential sponsors assess how the business, and the market’s supply-demand imbalance, will look in the post-covid world, sources said.

Because Supplemental is in hyper growth-mode, one of the people cautioned that Vistria may choose not to sell now, with the timing likely to come down to value.

Read PE Hub’s full report to find out how quickly Supplemental is growing.

Pets!: We all know by now that private equity firms love – and have scored big returns – investing behind the recession-resilient pet industry.

Apax is the latest new entrant in the category, agreeing to invest in Austin-based premium pet food brand Nulu. Nulu boasts that its cat and dog food products are higher in animal-based protein and lower in carbohydrates derived from high quality, functional ingredients. Products are sold in over five thousand retail locations across North America as well as on e-Commerce channels.

The deal provides an exit for CAVU Venture Partners and Main Post Partners. Read it here.

That’s it! Have a great weekend ahead. As always, hit me up with that good gossip, tips, feedback or whatever at springle@buyoutsinsider.com.