Software: Great Hill Partners invested $55 million in eloomi, a cloud-based, HR software company, which offers a corporate learning and performance management platform, writes Milana Vinn on PE Hub.
The company, like many software companies that allow for remote operations in work and education, experienced positive tailwinds in the pandemic lockdown, Chris Busby, partner at Great Hill, told PE Hub.
“Obviously, overnight the idea of in-person training became obsolete and yet employers still needed to deliver solutions to their employees around their learning needs, whether that was areas like compliance or just skilled training and development,” the investor said. “Given that transition, there is a need for learning management tools to affect that change.”
Entertainment: Fruition Partners, which emerged out of Lariat Partners in 2019, invested in The Track Family Fun Parks in Branson, Missouri. The track has a selection of entertainment offerings, including go-kart tracks, thrill rides, arcades and the Ferris Wheel from the Chicago Navy Pier. The company will continue to be led by Craig Wescott and Mike Russell, who have been involved since inception 40 years ago.
Jay Coughlon, co-founder of Lariat Partners, formed Fruition in 2019 alongside former Lariat partner Jason Urband and former Lariat vice president Mac Hampden. Coughlon had co-founded Lariat with Kevin Mitchell after spending 12 years at KRG Capital Partners. Read it here.
Healthcare: Turns out, investing behind behavioral health early on in the pandemic was a smart place to park money, writes Sarah Pringle. A little over a year after TPG agreed to buy LifeStance Health at a $1.2 billion value, as reported by PE Hub, the national provider of behavioral health services is going public at more than five times that value.
LifeStance is going public at a market value of $6.7 billion, Bloomberg wrote, raising $720 million after pricing its shares above the anticipated range.
TPG, alongside Summit Partners and Silversmith Capital Partners, which rolled stakes with the 2020 sale, will comprise 66 percent of LifeStance’s shares post-IPO, Bloomberg said.
TPG’s acquisition of LifeStance was signed in April 2020 at the height of the pandemic, writing a full-equity backstop (allowing it to obtain financing later) as debt markets were largely shut down. First round bids for LifeStance were fielded in early March of 2020 days before quarantines were put into effect in cities nationwide, but the auction persisted, sources said, making LifeStance an outlier at that time.
Importantly, sources said at the time, the company has a huge telemedicine component, positioning LifeStance well through the everything-remote environment.
That’s it for me! Have a great rest of your day. Reach me with tips n’ gossip, feedback or book recommendations at email@example.com or find me on LinkedIn.