STG Partners has made an investment in AFS Technologies Inc, a provider of software solutions purpose-built for consumer goods manufacturers, food distributors and sales agencies. No financial terms were disclosed. TPG Specialty Leading, which first invested in AFS in 2011, will retain a “meaningful” ownership stake in AFS.
PHOENIX, Oct. 17, 2018 /PRNewswire/ — AFS Technologies, Inc. (“AFS”) a leading provider of software solutions purpose-built for consumer goods manufacturers, food distributors, and sales agencies, announced today that it has reached an agreement with STG Partners (“STG”) in which funds managed by STG have acquired a majority equity interest in AFS. TPG Specialty Lending, Inc. (TSLX or “TSLX”), which has been an investor in AFS since 2011, will retain a meaningful ownership interest in AFS going forward and will continue to support AFS as a financing partner.
Joe Bellini, CEO of AFS, noted, “Over the past twelve months, AFS has made significant research & development investments across its product portfolio and customer support organization. These investments have resulted in additional market-leading features and functionality, more streamlined architectures, and intuitive user interfaces and workstreams. As we initiate our launch into the next phase of innovation, the additional capital invested by STG and TSL will provide AFS with the flexibility to continue delivering best-in-class value to customers.”
AFS is an established market leader, with an end-to-end consumer goods platform across Trade Promotion, Retail Execution, Mobility, Analytics, Customer Management, Order Management, Warehouse Management, ERP and automated revenue recognition. It serves leading Food and Beverage CPG companies, including seven of the top 10 constituents of the Forbes Top 100 list. With over 1,300 installations globally, AFS solutions deliver value across tier-1, tier-2, and tier-3 customers. AFS is also a Microsoft Globally Managed ISV Partner – managed through the Worldwide OCP team.
Independent analysts, including Gartner and the Promotion Optimization Institute, have ranked AFS software products best-in-class, noting AFS’ differentiation in having implementations across every major geography.
William Chisholm, STG Managing Partner said, “AFS is an established market leader providing innovative software solutions that serve the needs of over 1,300 customers in the consumer goods industry across 50 countries. We are thrilled to partner with Joe and the AFS team to help accelerate the growth of the company’s next generation of retail execution, supply chain, trade promotion management and automated revenue recognition software solutions. We look forward to embarking together on the journey ahead.”
Barclays acted as financial advisor and Paul Hastings LLP acted as legal advisor to STG. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to TSL.
About AFS Technologies
AFS Technologies (AFS) is the leading provider of software solutions purpose-built for consumer goods manufacturers and food distribution companies. We are committed to generating improved outcomes at the point of purchase coupled with generating efficiencies in trade spend, retail execution and supply chain. With experience developed over its 33-year history, AFS serves more than 1,300 customers of all sizes in more than 50 countries around the world. The AFS products are innovative, configurable applications that are proven to optimize your potential with automated processes, improved productivity and rapid time to value. Learn more about AFS Technologies
About STG Partners
STG is the private equity partner to market leading companies in data, software, and analytics. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to all existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 30 global companies.
For more information, please visit www.stgpartners.com.
About TPG Specialty Lending
TSLX is a specialty finance company focused on lending to middle-market companies. The Company seeks to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine loans and investments in corporate bonds and equity securities. The Company has elected to be regulated as a business development company, or a BDC, under the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. TSLX is externally managed by TSL Advisers, LLC, a Securities and Exchange Commission (“SEC”) registered investment adviser. TSLX leverages the deep investment, sector, and operating resources of TPG Sixth Street Partners, the dedicated special situations and credit platform of TPG, with over $25 billion of assets under management as of June 30, 2018, and the broader TPG platform, a global private investment firm with over $94 billion of assets under management as of June 30, 2018. For more information, visit the Company’s website at www.tpgspecialtylending.com.