Nordic, Astorg snap up New Mountain’s Cytel, Thoma Bravo inks mega real estate software LBO and forms health-tech platform 

Nordic Capital and Astorg agree to buy New Mountain Capital’s Cytel and Thoma Bravo is taking RealPage private.

Morning!

The holiday season has arrived in this year unlike none other, but dealmaking hasn’t abated.

This just in: Nordic Capital and Astorg have teamed up again. The pair of European firms have agreed to buy New Mountain Capital’s Cytel, which uses statistical analysis in the planning and optimization of clinical trials, according to sources with knowledge of the pending deal.

Nordic and Astorg are investing through a 50-50 joint ownership structure, the sources said. The agreement values Cytel at approximately $1 billion, the people said, implying a 7x increase in the company’s enterprise value under New Mountain’s hold.

Nordic and Astorg appear to be natural buyers of Cytel, as the two firms are also investment partners behind another clinical trial technology player, ERT. ERT, which focuses in clinical end-point data collection, recently agreed to merge with Cinven’s Bioclinica in a transaction assigning the combination an enterprise value of approximately $5.9 billion, sources familiar with the deal terms told PE Hub.

Check out my full report for more details of the deal.

Ending the year with a bang: Prolific tech investor Thoma Bravo has agreed to take RealPage private in a deal valued at $10.2 billion including net debt. The pricetag represents a 31 percent premium over RealPage’s closing share price on Friday. RealPage, headquartered in Richardson, Texas, offers property management software and real estate management software.

Read PE Hub’s brief on the deal.

Thoma is also doubling down on health-tech. Separately, Zipari has agreed to be acquired by Thoma Bravo in a deal valuing the business at more than half a billion dollars. Zipari will be combined with Healthx in connection with the deal. Read more on PE Hub.

Makin’ money: Diversis Capital is poised to make 10x its money on its recently announced sale of ArrowStream to Tailwind Capital, a source familiar with the deal told PE Hub.
Chicago’s ArrowStream is a cloud-based provider of end-to-end supply chain management software for the foodservice industry, serving well-known chains such as Shake Shack and Wendy’s and QDOBA Mexican Eats.

Check out Milana’s full report.

That’s it for me! If you’ve got any big news to share before you call it quits for 2020, write to me at springle@buyoutsinsider.com or find me on LinkedIn.

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.