2021 Year In Review

Parthenon had a highly active and productive 2021. Recent accomplishments include the following:

  • Five new platform investments
  • 27 add-on acquisitions at 10 portfolio companies
  • Four exits with three to strategic acquirers
  • IPO of loanDepot (NYSE: LDI)
  • 15 new C-suite executives at 10 portfolio companies, including two new CEOs
  • Seven new Parthenon employees
 

New Platforms
BirchStreet

Parthenon's eighth platform investment in the integrated payments space with this investment thesis centered on opportunity to build-out B2B payment offerings and create the turnkey, market-leading eprocurement software and solutions platform for the hospitality industry.

CardWorks

A long-term relationship with its founder/operator culminated in a large minority investment and facilitated a generational management succession plan and positions the business to further develop and execute new growth initiatives.
Choreo

Parthenon's extensive track record in wealth management (particularly accounting-focused firms) and operational resources made it the ideal partner to carve-out RSM's wealth management division and help advisors best serve their clients and position the business for growth.
KBRA

Partnered with management to lead a control recapitalization of this global credit rating agency launched post-Dodd Frank and now a leader in various capital market segments; positioned to grow and take share with market tailwinds and execution prowess.
Smartdata Solutions

Control recapitalization driven by founders' desire for a value-added partner to help develop and execute a strategic plan to transform SDS into a broader business process automation platform for healthcare payers and providers.

Exits
BillingTree Envysion Periscope Holdings Trinity

Add-On Aquisitions At
BillingTree DaySmart Edge Co Holdings Libra Millenium Trust
MRO Payroc Trinity Venbrook Zelis

Team

Promoted to Partner

Anthony Orazio

Promoted to Principal

Steven Bressler

New Principal

Dan Killeen

New Associates

Michael Krantz

Elizabeth Brewster

New Analysts

Kendall Kissel

DC Morris

Katie Solarz

New Finance & Admin

Jake Vaughey

Primary investment criteria include:

  • Equity investments of $50 million - $250 million per transaction (up to $500 million with LP coinvest) and total enterprise value of $75 million - $750 million
  • Flexible ownership and structuring parameters but always partnership-oriented
  • Industry and niche focus
    • Financial and insurance services
    • Healthcare technology and services
    • Business services, technology and software
  • Transformational focus
    • Buy-and-build with 2/3's of our portfolio highly acquisitive, averaging eight add-ons per company
      • Ability to start small and execute ambitious growth plans
    • Resources to develop and build infrastructure and repeatable process: corporate development, sales and marketing, capital markets, M&A integration, IT, HR and talent management, finance and reporting
    • Expertise to understand complicated and off-the-run situations

We appreciate all the hard work and thoughtfulness of our management, their teams, our colleagues, investors, advisors and partners during this uncertain period of time. We look forward to more in-person interactions and an active year in 2022. Thank you for your support.

Austin | 512-813-4900

Boston | 617-960-4000

San Francisco | 415-913-3900

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