Thoma Bravo has agreed to acquire Mandeville, Louisiana-based PEC Safety, a contractor management software and safety learning content provider. No financial terms were disclosed. William Blair & Company and Goodwin Procter LLP advised PEC Safety on the transaction while Raymond James & Associates and Kirkland & Ellis LLP advised Thoma Bravo.
SAN FRANCISCO and MANDEVILLE, La., Nov. 30, 2018 /PRNewswire/ — Thoma Bravo, a leading private equity investment firm focused on software and technology-enabled services, announced that it has agreed to acquire PEC Safety, a rapidly growing contractor management software and safety learning content provider that helps both hiring clients and contractors manage risk, safety, and compliance. The investment recognizes PEC’s strong momentum and is expected to help the company broaden its software and content offerings. As part of the agreement, the company’s management team and founders will retain a minority stake in the business.
Founded in 1993, PEC Safety is one of the largest contractor management networks in the world, enabling clients to hire and manage safe and qualified contractors through a centralized cloud-based software system. In addition, PEC provides licensed proprietary safety learning content to a network of more than 3,000 authorized instructors who conduct over 235,000 training sessions per year. PEC, with its unique combination of a contractor management software platform and proprietary training content, has distinguished itself as a rapidly growing, market leader within the energy industry. PEC currently serves over 110 operators and 15,000 contractors in its mission to bring workers home safely from high-hazard jobs through prioritizing training and contractor management.
“PEC Safety’s partnership with Thoma Bravo will enable us to deepen our core capabilities and expand into other verticals, advancing PEC’s mission to reduce risks and increase safety for workers in hazardous jobs,” said Colby Lane, CEO of PEC Safety. “PEC Safety will benefit enormously from Thoma Bravo’s expertise at implementing operating best practices and investing in new product functionality and features that will continue to scale the network.”
Contractor risk exposure is increasingly being recognized as a top concern in PEC’s core market, the energy industry, as well as other verticals such as construction, manufacturing, transportation and facilities management. PEC is positioned to capitalize on the compelling industry tailwinds by offering mission-critical software and learning solutions that help companies save time, hire confidently, and most importantly improve safety conditions for their workers.
“Thoma Bravo believes there is tremendous growth potential for the innovative risk, compliance and safety solutions developed by the talented team at PEC, led by Colby Lane,” said Hudson Smith, a Partner at Thoma Bravo. “Operators are increasingly realizing that they cannot simply outsource risk management to their contractors and instead need to put in place robust technology and learning solutions that provide assurance they are working with highly-trained, well-qualified and responsible contractors.”
Thoma Bravo has provided equity and strategic support to experienced management teams of growing companies for nearly thirty-five years. The firm has extensive expertise investing in risk, compliance, safety and supply chain management software companies, including Riskonnect, Sparta Systems, Global Healthcare Exchange and iPipeline, as well as energy-focused software companies such as Quorum Software.
PEC Safety was advised by William Blair & Company and Goodwin Procter LLP. Thoma Bravo was advised by Raymond James & Associates and Kirkland & Ellis LLP.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as ABC Financial, Blue Coat Systems, Deltek, Digital Insight, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, iPipeline, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems and TravelClick. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
About PEC Safety
PEC Safety is an industry leading, risk-management company that provides a technology-enabled contractor management service for reporting and measuring contractor risk, safety and compliance information to owner clients (operators). Over 110 owner clients manage over 15,000 contractors in PEC’s total contractor management solution. PEC also develops and offers standardized safety learning programs for workers in high-risk industries. Over 2 million workers have been trained with PEC programs by a network of 3000+ PEC Authorized Instructors. For more information, visit www.pecsafety.com.