Happy Friday, everybody!
Today’s action includes… Partners Group taking a controlling stake in Idera in a transaction that values the B2B software company at close to $3 billion, sources familiar with the deal’s terms told PE Hub.
Partners Group, previously a minority investor, purchased shares from existing investors TA Associates and HGGC – assuming 60 percent ownership of Idera, the people familiar said. The latter two are rolling equity to remain invested.
Idera, based in Houston, is a developer of software that enables database professionals to design, monitor and manage data systems and provides application development tools to help software engineers build, test, deploy and manage applications more quickly and efficiently.
Check out Milana Vinn’s story for more on the deal – confirmed in an announcement this morning here.
Big debut: BayPine – the emerging manager led by alumni of Silver Lake and Blackstone – has struck its first platform investment in workforce education company Penn Foster. Two Sigma Impact co-invested alongside BayPine in the transaction. Read PE Hub’s brief on the deal.
BayPine was launched in the fall by Silver Lake’s ex-CEO David Roux and Anjan Mukerjee, a former Blackstone senior managing director. The duo assembled a high-powered team from the get-go, with founding partners coming from Declaration Partners, an investor backed by the family office of Carlyle co-founder David Rubenstein; KKR; Dell (a Silver Lake portfolio company); Bain Capital, among elsewhere. Read more about BayPine on Buyouts.
Penn Foster’s previous investor is Bain Capital Double Impact, the impact investing unit of Bain. As PE Hub wrote last week, one of the firm’s core impact themes is education and workforce development.
In fact, the exit for BCDI comes on the heels of a new an investment in TeachTown, a provider of hybrid-learning core curriculum and social-emotional software for students with special education needs.
That’s it for me today. As always, hit me up at firstname.lastname@example.org. Have a great weekend!
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 email@example.com