K1-backed Onit adds-on Bodhala, Platinum considers single-asset option for porta-potty business United Site Services

K1-backed acquires Bodhala as an add-on and Platinum considers deal for United Site Services.

Happy Thursday!

If you got caught in the remnants of Hurricane Ida last night, hope all is well at your homestead. Here at the Metuchen bureau, we got nailed with more rain in a concentrated period of time than I can remember. Dry out day today!

Add-on: Onit, a legal enterprise software provider backed by K1 Investment Management, added-on Bodhala, its fourth add-on under K1’s backing, writes Karishma Vanjani today on PE Hub.

K1 invested $200 million in Onit in 2019, and has since added-on AXDRAFT, a document automation tool; McCarthyFinch, an AI platform to accelerate contract reviews; and SimpleLegal, a legal operations software business.

Talks between K1-backed Onit and Bodhala have been in the works for two years, Karishma writes.

“We [Onit CEO and co-founder Eric Elfman and Raj Goyle, Bodhala CEO] met in the summer of 2019,” Goyle said. The dialogue did not lead to a deal right away, as Bodhala wanted to further grow its technology and customer base. “We are a more mature larger business now,” Goyle said. Read the full story here on PE Hub.

Growing: Clearlake’s Wheel Pros, which makes aftermarket vehicle enhancements, merged with automotive lifestyle brand Hoonigan, the firm announced this morning.

Wheel Pros, you may remember, was one of Clearlake’s innovative “Icon” single-asset deals, in which it moved the company out of an older fund and into a continuation vehicle for more time and capital to grow the business.

Clearlake acquired Wheel Pros in 2018. Lead investors in the single-asset transaction were ICG, Blackstone, Pantheon, Portfolio Advisors and Whitehorse Liquidity Partners.

For Clearlake, the point of these Icon deals is to take a company in a fund that may be running out of capital for future investments, and find a way to raise new capital. This while extending its hold and allow existing investors in the older fund to cash out. Read more here.

Hold it: Platinum Equity is considering a deal for more time and capital for its portfolio company United Site Services, a portable restroom rental services business.

A single-asset secondary deal is one of the options Platinum is considering for the business, as well as a more traditional M&A exit or a take-public via an IPO or SPAC, a person with knowledge of the firm told Buyouts.

A single-asset deal could be valued as much as $1.6 billion, sources said. This potentially could include an investment from Platinum’s most recent fund, they said.

Platinum acquired United Site Services in 2017 through its $6.5 billion Fund IV. Read more here.

That’s it for me! Hit me up with tips n’ gossip, feedback and most importantly, book recommendations at cwitkowsky@buyoutsinsider.com or find me on LinkedIn. I’m just finishing up a crime novel called, “In a Lonely Place”, which is a mystery story from the perspective of the criminal. Makes for interesting, and disturbing, reading.