Genstar Capital has sold Evolution1 to WEX for $532.5 million. Evolution1 is a consumer directed health payments and technology business.
Genstar Capital, a leading middle market private equity firm that focuses on investments in targeted segments of the software, financial services, healthcare, and industrial technology industries, today announced that it has completed the previously announced sale of Evolution1®, an industry leader in consumer directed health (CDH) payments and technology, to WEX Inc. (NYSE:WEX) for $532.5 million.
Eli Weiss, a Principal at Genstar, said, “Evolution1 is another great example of Genstar building industry-leading businesses. We would like to congratulate the Evolution1 management team for their efforts and partnership over the past several years. Moving forward, we continue to expand the firm’s focus on software where we believe there are significant opportunities.”
The sale of Evolution1 follows successful realizations this year from Genstar’s software investment platform of TravelClick, a global provider of innovative cloud-based software solutions to the hospitality industry, for $930 million, and ConvergeOne, a leading independent provider of innovative communications solutions and managed services to enterprises globally.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $2.6 billion of committed capital under management and targets investments focused on selected sectors within the financial services, software, healthcare, and industrial technology industries.