KKR, CD&R buy Cloudera for ~$5.3b, RiverGlade, Thurston, prep oral surgery platform for sale, New Mountains’ DRB Systems starts auction

KKR and CD&R take Cloudera private for about $5.3 billion and U.S. Oral Surgery Management goes on the block.

Good morning, readers!

Hope everyone had a beautiful Memorial Day weekend. We are back with your daily rundown on private equity, starting today’s news with a big tech announcement.

Clayton, Dubilier & Rice and KKR acquired Cloudera, an enterprise data cloud company, through a take-private, all cash transaction valued at approximately $5.3 billion.

The deal, expected to close in the second-half, adds to KKR’s and CD&R’s list of technology-related businesses. Notable CD&R investments include Epicor and Capco while KKR has stakes in GoDaddy and Internet Brands among others.

The agreement includes a 30-day “go-shop” period expiring on July 1, 2021, according to the press release.

Read PE Hub’s brief here.

Dental platform for sale: With post-pandemic dental business largely back in action, U.S. Oral Surgery Management, backed by RiverGlade Partners and Thurston Group, is gearing up for a sale, people told PE Hub’s Sarah Pringle.

Representing one of the first platforms to grow and consolidate the oral surgery market, RiverGlade and Thurston formed USOSM in late 2017. Led by CEO Richard Hall, the management services organization provides partnership and support services to oral surgery providers across states including Texas, Colorado, Georgia, Alabama, Tennessee, Minnesota, Oklahoma, Louisiana, South Carolina, and Florida.

USOSM, sources said, ought to benefit as a first-mover in oral surgery – a market early on in its life cycle lending to significant white space for growth and consolidation.
Moelis has been hired to advise on an upcoming process, sources said. Management and clinicians are focused on partnering with a larger financial sponsor to continue USOSM’s next phase of growth, some of the people said.

Read more on the deal on PE Hub.

Tech tranforming car wash: New Mountain Capital has kicked off a sale process for DRB Systems, a point-of-sale and hardware provider for the car wash industry, sources familiar with the matter told PE Hub.

The firm hired William Blair to provide financial advice on the process, which is currently in its early stages, the people said.

DRB Systems, based in Akron, Ohio, provides software and hardware innovations tailored to the car wash industry. Founded in 1984, the company says that it powers more of the top 50 conveyorized car wash chains than any other technology provider. Dan Pittman has led DRB as CEO since August 2018.

The company is likely to see a mix of strategics and PE firms bidding in the first round, they said. Sponsor-backed strategics might include the likes of Thoma Bravo-backed T2 Systems and Genstar Capital’s Sonny’s Equipment, some of the sources said.

Check out the full report on PE Hub.

That’s it for today! As always, don’t hesitate to hit me up at karishma.v@peimedia.com with tips, comments or just to say hello!