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Vista acquires Jaggaer from Cinven; CVC joins CD&R in Epicor; FP sells QGenda to Hearst Health

Good morning, Hubsters.

MK Flynn here with the Wire, filling in for Craig McGlashan on a deal-packed Tech Tuesday.

It’s been a busy morning for reporter Iris Dorbian, thanks to a slew of fresh deals. Iris leads our US deal announcement coverage, writing a full and steady stream of “briefs” every day.

Iris has been writing for PE Hub, Buyouts and Venture Capital Journal since 2013 and joined full-time in 2016. You can find her work on the News in Brief section of our website. And you can reach her at iris.d@pei.group.

Below, I’ll take a look at three tech deals Iris covered this morning, including an exit.

I’ll also point you to PE Hub’s ongoing coverage in other areas, with shoutouts for a couple of reporters.

But first, a trio of software deals.

Spend management

Vista Equity Partners has acquired Jaggaer, a Durham, North Carolina-based procurement and supplier collaboration software provider, from Cinven for undisclosed terms, Iris reports.

Upgrade to the premium version of the Wire for details.

ERP specialist

CVC has agreed to acquire a significant ownership stake in Epicor, an Austin-based provider of enterprise resource planning software, for undisclosed. When the deal closes later in the year, CVC will have an equal number of board seats as Epicor’s existing backer Clayton, Dubilier & Rice.

Upgrade to the full Wire to learn more.

Deploying caregivers

Francisco Partners has sold QGenda, an Atlanta-based provider of healthcare workforce management solutions, to Hearst for undisclosed terms.

The premium version of the Wire has more on the deal.

Coming up

Tomorrow may prove a pivotal day, especially in the public markets, as the consumer price index report for July will come out. PE Hub’s consumer sector reporter Rafael Canton writes the Wire on Wednesdays so be sure to tune in for private equity dealmaking insights on the sector.

Rafael joined PE Hub in May 2023 and previously wrote for Adweek, Fast Company and other pubs.  In addition to the consumer sector, Rafael covers technology, retail and sports. Rafael recently rote about Krispy Kreme crumbling up its majority stake in cookie maker Insomnia,selling pieces to international, family-backed evergreen investment company Verlinvest and private equity firm Mistral Equity Partners. 

Reach out to Rafael at rafael.c@pei.group.

And tune into Thursday’s Wire for senior reporter Michael Schoeck’s updates on companies coming up for sale. Michael has been tracking approximately 150 companies with PE backing or that might appeal to PE buyers and that sources say are seeking buyers. Michael delivers frequent scoops about sales processes for these companies, based on confidential sources.

Michael joined PE Hub in September 2023 after a long career in financial journalism, covering everything from M&A to bankruptcy and developing expertise in the energy sector and in industrial and manufacturing sectors. Michael and I worked together at The Deal about 15 years ago.

Michael recently wrote about Charlesbank Capital Partners, which is expected to launch a strategic review process of MB2 Dental later this year, three sources familiar with the matter told him.

Michael can be reached at michael.s@pei.group.

And, as always, I’d love to hear from you at mk.flynn@pei.group.

Happy dealmaking,

MK

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

Software investor Insight Partners is approaching the final close of its 13th flagship offering after roughly two years on the road. The New York manager raised more than $10 billion for Insight Partners XIII, sources told Buyouts, putting the fund in sight of its target.

Tikehau Capital noted a “strong appetite” in the market for AI-powered software developer Preligens as perceptions around investing in the defence sector shift, Augustin Blanchard, executive director within Tikehau’s private equity cybersecurity strategy, told PE Hub Europe.

How LPs are pushing back on key person clauses: A difficult fundraising environment is giving LPs more leverage to negotiate issues such as key person time requirements and automatic termination of investment periods. (Private Equity International)

British public pension scheme Nest has established an evergreen forestry fund that will be invested by JPMorgan subsidiary Campbell Global. Nest expects to deploy £550 million over the next three years, which is roughly equivalent to 2 percent of its total portfolio. (Agri Investor)

California's Contra Costa County Employees’ Retirement Association has allocated €65 million to Swedish PE manager Altor Equity Partners for a new climate transition fund, according to the minutes of its latest board meeting. (New Private Markets)

The Institutional Limited Partners Association, the trade association representing some of the world’s largest pensions, sovereign wealth funds and endowments, has rebooted its proposed template for quarterly fees and expense reporting that backers hope will (voluntarily) become industry standard. (Private Equity International)

Carlyle’s AlpInvest Partners has raked in just under half of the target of its standalone fund focused on portfolio finance. AlpInvest Strategic Portfolio Finance Fund II has secured $947.8 million in commitments, according to filings with the SEC. (Secondaries Investor)

In the third of its five-part series on data centers, Venture Capital Journal looks at the technologies that venture firms believe show the most promise in cooling data centers, which generate tremendous amounts of heat.

Copenhagen Infrastructure Partners is nearing the €12 billion target of its Copenhagen Infrastructure Partners V fund, with fundraising expected to be wrapped up by the end of the year, sources have told Infrastructure Investor.

They said it

“Jaggaer provides a mission-critical platform that enables its customers and partners to streamline global supply chain and procurement processes, lower costs and improve visibility.”

— Michael Fosnaugh, co-head of Vista’s flagship fund and senior managing director, about why Vista acquired Jaggaer