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 email@example.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.