How’s the week going for ya? Anything crazy interesting happening out there? Definitely a lot of news going on:
First, a deal: Milana Vinn, who can’t help but find scoops, is reporting that HGGC is getting ready to sell marketing automation provider Selligent in a process expected to launch in the second quarter. Selligent works with more than 700 global brands across more than 30 countries in retail, travel, automotive, publishing and financial services industries.
Read it here on PE Hub for particulars like the numbers, bankers, whatnot.
HGGC invested in Selligent in July 2015 out of its second fund. A few months later, the firm acquired StrongView, which provides email and cross-channel marketing services, and merged it with Selligent, Milana writes.
Also: Vista Equity acquired Tripleseat, which provides web-based sales and event management technology for restaurants, hotels and unique venues. Vista will merge Tripleseat with portfolio company Gather. Jonathan Morse, Tripleseat’s co-founder and CEO, will be chief executive of the combined company.
Vista made the investment through its Endeavor fund, which is the firm’s small-cap-focused pool that invests in high-growth enterprise software, data and tech-enabled businesses. Joining Vista in the investment was Enlightened Hospitality Investments, the growth equity fund affiliated with Danny Meyer’s Union Square Hospitality Group. Enlightened Hospitality raised $220 million for its fund back in 2017 to make investments in $10 million and $20 million range, WSJ reported at the time.
Also, Level Equity, an investor in Tripleseat since 2017, will continue as a significant shareholder in the business. Check it out here.
Virus: Continuing on our theme from earlier this week about the coronovirus impact on private equity, seems Carlyle Group is another firm that has put in place travel restrictions. The firm restricted all non-essential business travel this week, though the policy is subject to review on case-by-case basis, Reuters reported.
Reminder that PE firms are reviewing policies and thinking up contingency plans as we approach annual meeting season in the spring. General Atlantic, Ares Management, Vista Equity and other firms are restricting travel in areas with signficant outbreak of coronavirus, in line with governmental travel policies. And firms are telling employees to be very selective with travel in the U.S. Read our coverage here.
Reverence Capital Partners closed Fund II on $1.2 billion, beating its $750 million target, for investments in middle-market financial services businesses in depositories and finance companies; asset and wealth management; insurance; capital markets; and financial technology/payments. Reverence was formed in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack. Read it here on PE Hub.
CalSTRS hired its co-investment activity in the second half last year, with about $855 million to 15 co-investments, writes Justin Mitchell on Buyouts. They co-investments were mostly in buyouts, with two in “long-term strategies” and one in venture capital, as well as a secondary co-investment. Check it out.
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