This is it. Today is the deadline to get in your Deal of the Year submissions. Did you have a great exit last year? Then send it over by end of day today directly to me at firstname.lastname@example.org. Categories are large cap, middle market and small-cap, turnaround, international and secondaries. Go here to read about past winners.
M&A: MacStadium provides enterprise-level Apple Mac infrastructure, as well as private clouds and dedicated servers for businesses that require Mac operating systems. MacStadium is backed by Summit Partners and Noro-Moseley Partners.
The company, based in Atlanta, Georgia, is working with Goldman Sachs on a potential sale, writes Milana Vinn on PE Hub. Check out the story here.
MacStadium was formed in 2012 by Jason Michaud. It’s led by Chief Executive Officer Greg McGraw. Summit in 2017 led a growth equity funding round in the company, with participation of Noro-Moseley.
For Goldman Sachs, the deal is another recent example of the bank’s push into the middle market as a sell-side adviser, Milana writes. The bank last year created a mid-market division called Cross Markets Group.
David Friedland, global head of M&A for Cross Markets Group, told Milana last year: “The best deals aren’t always the biggest deals. The big ones are the ones that grab headlines—but to me, the best deals are the deals where you can have the greatest impact and add the most value… Especially to people who are personally and emotionally invested in something because they are the founder of the business, or a partner with the founder of the business. You add a lot of value in a deal like that—you make a client for life and make a friend for life.” Read the interview here.
Fund: New 2ND Capital led a $134 million deal that transferred five portfolio companies out of Vicente Capital’s Growth Equity Fund into a newly create continuation vehicle. Other investors in the deal included Altamar Capital Partners and Overbrook A. Capital Group.
Vicente Capital raised $165 million in 2009, beating its $150 million target. Vicente was previously known as Kline Hawkes & Co. Vicente’s management company is principally owned by Jay Ferguson, Nicholas Memmo and Klaus Koch, according to the firm’s Form ADV.
Mail bag: We got some feeback to our column Friday about Vanguard’s push into private equity.
Marc: From my perspective, there are two things at play here. The first is that Vanguard wants to move upmarket in the retail investing space. Given the legacy of Jack Bogle, Vanguard is viewed in the industry and the public space mainly as a financial services provider for smaller investors. It has obviously served them well, but much like Schwab and Fidelity have done previously, Vanguard aspires to serve wealthier investors. The second is that investing in private equity is becoming increasingly more mainstream. More and more people every day meet the definition of being a “qualified investor.” Plus, private equity provides diversification from the volatility of the traditional stock and bond market with the potential for more significant returns if managed effectively.
Alan Weinfeld, a partner with anchor investment-focused Gatewood Capital, left the firm late last year and joined Invesco’s private capital group. Check out the story here on Buyouts.
Advent International acquired Boulder, Colorado-based Zingfit, a software company for boutique fitness brands.
Have a great start to the week! Reach me with tips n’ feedback, Drama, book recommendations, whatever at email@example.com, on Twitter or find me on LinkedIn.