manoj.b@eempl.com

Providence Equity Partners is putting Evercommerce up for sale, three sources said. The PE firm hired Goldman Sachs to advise on the process, the people said. Evercommerce, Denver, offers software and payment services to businesses to help them streamline marketing, business management and customer retention. How much Evercommerce could fetch is unclear. One banker, not […]

Twin Brook Capital Partners co-founder and Partner Chris Williams has stepped down from the middle-market lender, according to a source. Williams resigned from Twin Brook last year and his departure was effective Dec. 31, the source said. He no longer appears on the Twin Brook website. Williams, along with Partner Trevor Clark, launched Chicago-based Twin Brook in […]

Private equity is dominating Blackboard Inc’s sale of Cashnet, three sources said. Only buyout shops remain in the Cashnet process, sources said. First-round bids were due in early December, with the auction currently in management presentations, people said. Second-round bids are due later this month, people said. The auction has attracted the interest of firms including Thomas […]

Good things come to those who wait. Just ask Parthenon Capital Partners, which is selling part of its stake in Millennium Trust Co for a mammoth price. Abry Partners said Friday, Jan. 4 that it agreed to make a significant investment in Millennium. Terms weren’t announced. Parthenon is retaining a minority stake, the statement said. […]

The SEC slapped ADT, the security company backed by Apollo Global Management, with a $100,000 fine for failing to follow accounting rules in its financial reporting. The Boca Raton, Florida, company settled with the SEC without admitting or denying the findings. It has 20 days from the date of the Dec. 26 order to pay the […]

It’s not your imagination: Private equity deals surged in 2018. This year through Dec. 27, 9,770 global announced buyouts were valued at $804.1 billion, a 24 percent jump from 2017, Refinitiv said. U.S. PE deals showed the biggest gains, with the value rocketing 60 percent. Some 3,753 deals were valued at $443.5 billion, Refinitiv said. […]

Lightyear Capital agreed to pay the SEC a $400,000 civil penalty to settle allegations that it improperly allocated expenses between its funds and co-investors. The New York private equity firm did not admit or deny the findings. The charges involve several different issues. Lightyear failed to disclose that it was not charging employee-related co-investment funds or […]

Phil Canfield joined GTCR in 1992. He is currently a managing director and co-head of the TMT group. Canfield holds an MBA from the University of Chicago and a BBA in finance from the University of Texas. You gifted $20 million to the Business Honors Program at the McCombs School of Business at UT Austin. […]

Great Hill Partners made more than 8.5x its money with the sale of Ascenty Holdings LLC after a seven-year hold, a source said. The Boston private equity firm closed its sale of a controlling stake in Ascenty on Dec. 20. In September, Digital Realty said it would buy the company for more than $1.8 billion. […]

Private equity can’t get enough of software. PE firms now own nearly 80 software companies, up from few or none in the early 2000s, Moody’s Investors Service said in a Dec. 14 report. Of the current total, 70 are in the U.S., the credit-rating company said. PE is drawn to software’s recurring revenue, Moody’s said. […]