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GTCR shares details of Worldpay strategy; Accel-KKR to exit KCS in reported $1bn deal

Good morning, Hubsters. MK Flynn here with today’s Wire.

We’ve been digging deeper into one of the biggest deals announced this week: GTCR’s acquisition of Worldpay. The Chicago PE firm’s Aaron Cohen gave us more details on the carveout from FIS and compared it with a successful investment from GTCR’s past.

We’ve also been looking at a recent transaction from Rainier Partners. One of the firm’s co-founders shared some thoughts.

And earlier this morning, Accel-KKR announced an exit reportedly worth $1 billion.

Carveout replay

With its recently announced acquisition of Worldpay from FIS, GTCR is running from a familiar playbook – and one it used previously to score with Paya, writes PE Hub’s Rafael Canton.

Upgrade to the premium version of the Wire to read all about GTCR’s strategy.

Tenant turnover

A much smaller deal that’s captured my attention this week is Rainier Partners’ majority investment in SCI Flooring.

Rainier closed its inaugural fund in February at a $300 million hard cap, beating its $250 million target.

To learn more about the Seattle PE firm, which backs lower middle-market services businesses, I turned to Alex Rolfe, co-founder and managing partner.

Subscribers to the premium version of the Wire may read my Q&A with Rolfe.

Software sale

Earlier this morning, Accel-KKR announced it has agreed to sell Kerridge Commercial Systems (KCS), a Berkshire, England-based ERP and business management software provider for distributors and wholesalers, to London’s CapVest Partners, reports PE Hub Europe’s Irien Joseph.

That’s a wrap for today.

As per usual on Fridays, PE Hub’s Obey Martin Manayiti will write tomorrow’s Wire. Obey will also be with you on Monday, as I’m taking a long weekend to visit friends in the Berkshires and hear some Mozart at Tanglewood. See you next week.

Happy dealmaking,

MK

Read the full wire commentary on PE Hub ...

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