This is Chris, on the Wire for Sarah, who is taking a much-needed break this week. I just got back from Cape Cod, so I’m a bit out of the loop. Let me know if you have anything pressing going on out there.
Scoop: Genstar’s sale of Telestream is in the second round, with an expectation that the digital video software and workflow tech provider will command interest from telecom providers and PE shops, writes Milana Vinn in PE Hub today.
The sale could value the business at 12x to 14x Ebitda, putting the company’s valuation between $720 million and $840 million, according to sources. Genstar is exiting the company after a six-year hold. Read the story here on PE Hub.
Growing: Summit Partners-owned Syncron, a cloud services provider to equipment manufacturers, acquired Mize, which provides life cycle management software, writes Karishma Vanjani on PE Hub.
Projected combined ARR for both the business this year will cross $60 million, according to Friedrich Neumeyer, CEO of Syncron.
Syncron works on a subscription basis where it helps heavy equipment manufacturer in industries like auto, agriculture, aersospace provide better after-sales service and improve revenue margins.
For example, the Stockholm-based company offers manufacturers an algorithm that can better anticipate auto part demands helping them properly stock service parts around their global networks – eliminating excess inventory, according to its website.
For Syncron, the $67 million growth equity investment by Summit in 2018 was its fundraise: Mize its first acquisition. At the time, the company’s post money valuation was at $175 million, according to a TechCrunch report.
Emerging: Nonantum Capital made two platform investments recently in Helix Traffic Solutions and Lifted Trucks. The firm sourced the Helix deal through its executive network, while it sourced the Lifted Trucks investment through its deal partner network through its relationship with TRP Capital.
Former Charlesbank Capital executive Jon Biotti formed Nonantum Capital, which closed its debut fund on $385 million in 2018. Nonantum raised capital from former partners and a select group of LPs in a few months, Buyouts previously reported. Read more here.
That’s it for me! Hit me up with tips n’ gossip, feedback or just to chat at email@example.com or find me on LinkedIn.