Arlington Capital Partners acquired software provider Intellectual Technology, which has over 25 years of experience developing solutions for motor vehicle agencies, providing DMV software used throughout North America to increase the speed, visibility, and security of motor vehicle transactions. The company’s existing shareholders, including Vicente Capital Partners and management, have reinvested in this transaction. Financial terms were not disclosed.
Michael Lustbader, a Managing Partner at Arlington Capital, said: “We are excited to partner with Vicente and the ITI management team to further increase the speed and efficiency of DMV services. Through approximately 400 self-service kiosks in 11 states, ITI is transforming the interaction between government and their constituents as ITI’s kiosks become the preferred constituent portal. ITI’s highly recurring business model and public sector customer set is a perfect fit with Arlington’s investment mandate.”
Arlington also recently acquired the fabrication business of Triumph Group.
Goodwin Procter and Sheppard Mullin Richter & Hampton advised Intellectual Technology. Piper Jaffray and Mitchell Silberberg & Knupp advised Arlington.
Triumph Group, an international supplier of aerospace services, structures, systems and support, sold its fabrication business to Arlington Capital Partners. The operations included in the agreement are in Fort Worth, Texas; Hot Springs, Arkansas; Phoenix, Arizona; San Diego, California; and Shelbyville, Indiana. Financial terms were not disclosed.
“With the sale of our Fabrication businesses, Triumph continues to execute on our transformation plan by streamlining our portfolio and exiting legacy build-to-print, contract manufacturing businesses to generate shareholder value,” said Dan Crowley, Triumph Group President and CEO. “Today’s announcement to divest non-core businesses such as Triumph Fabrication advances our strategy to focus on areas of growth and value creation, such as our Integrated Systems and Aftermarket businesses while reducing our footprint and eliminating excess capacity and fixed costs. Importantly, we believe Arlington Capital Partners will make the necessary investments into the Fabrication business to accelerate its growth as a more focused operation.”
Arlington also recently acquired software provider Intellectual Technology.
Lazard advised Triumph Group.
Bertram Capital acquired Flow Control Group, the largest independent specialty flow control and fluid handling distribution platform in North America, from AEA Investors. Financial terms were not disclosed.
"As we considered potential partners, Bertram's differentiated value creation approach and past success in implementing buy-and-build strategies to create industry-leading companies distinguished the firm," said David Patterson, CEO of Flow Control Group. "Bertram's experience in the flow control and fluid handling industry, and distribution market segments, coupled with a shared vision for the opportunities to expand Flow Control Group's business, made Bertram our partner of choice."
Gryphon Partners raised $2bn for its fifth fund.
Middle-market investor Gryphon Partners raised almost $1.96bn toward a $2bn target for its fifth flagship fund, according to an SEC filing. The San Francisco-based private equity firm closed its fourth fund in 2016 on $1.1bn, besting a $600m target.
Acorns hit $860m valuation after Series E financing round.
Investing and savings startup Acorns announced a Series E funding round to bring its valuation to $860m. The $105m round included Comcast Ventures, NBCUniversal, Bain Capital Ventures, BlackRock, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital. NBCUniversal, now Acorns’ largest shareholder, will get a seat on the company’s board, which will be filled by CNBC Chairman Mark Hoffman.
As a result of this latest investment, Acorns is one step closer to reaching unicorn status, with its valuation now three times higher than it was after its last funding round in 2016. It is also larger than its two industry competitors: Robo-Advisors’ Betterment, which has a $700m valuation, and Wealthfront, valued at $500m.
Clover Health raised $500m in funding.
Clover Health, a San Francisco-based healthcare company whose goal is to use data analysis and preventive care to improve health insurance for seniors and give customers who use private versions of Medicare a less expensive option, raised $500m in a round led by Greenoaks Capital. The company is currently valued at approximately $1.2bn.
GI Partners acquired two data centers from NTT Data.
GI Partners acquired two data centers from NTT Data, a Japanese system integration company and a partially-owned subsidiary of Nippon Telegraph and Telephone. One of the data centers is located in Plano, Texas while the other is in Quincy, Washington. No financial terms were disclosed.
“We look forward to continuing our relationship with NTT Data and expanding our data center footprint in the Dallas metroplex, which continues to be a very attractive market with increasingly attractive demand prospects,” commented Mike Armstrong, Director of GI Partners and head of acquisitions for its technology real estate investment programs. “Quincy is unique given the 100% ‘green’ hydroelectric power and emerging profile as a destination for large footprint data center users. Furthermore, because of the lease-back options, NTT Data will be able to continue using the data centers without changes for their clients.”
