Growth Capital Investments in 2019

SkyKnight Capital, a San Francisco-based private equity firm, led a strategic investment in Patra in late 2019 to support the provider's rapid growth in technology-enabled services for the insurance industry. The investment will help Patra scale its PatraOne platform and expand services for brokers, MGAs, wholesalers and carriers; Patra reported a global team of over 6,500 process executives.

Dutch private equity investor NPM Capital has agreed to acquire a stake in Agro Care, a Maasdijk-based greenhouse tomato grower, through a growth capital investment. The funding will support Agro Care’s investments in technologically advanced greenhouses and future acquisitions across the Netherlands, France, Morocco and Tunisia; financial terms were not disclosed.

Mid-market private equity firm LDC has acquired a significant minority stake in Leeds-based fleet management and corporate mobility provider Global Autocare to back the existing management team and accelerate the business's national growth plans. The deal keeps founder Geoff Bloore and the management team in place, brings former PE investor John Walker in as Non-Executive Chairman, and sees NatWest remain as incumbent senior lender.

Proman, a family-owned French HR and temporary employment group, is becoming a shareholder in Belgium-based Agilitas Group, creating a combined organisation that would be the sixth-largest European temporary employment agency with a combined 2019 turnover of EUR 2.8 billion. Gilde Buy Out Partners and Agilitas management will remain significant minority shareholders; the deal is subject to European competition approval and will not affect day-to-day operations or employment.

Rawhide Acquisition Holding LLC, a portfolio company of Coral Reef Capital, completed an equity financing to support its production ramp and future operations. The round included strategic investments from Austral Gold Limited and EMX Royalty Corporation, plus additional investment from affiliates of Coral Reef Capital; Austral and EMX will join Rawhide’s board. Proceeds will be used for working capital, capital projects, and general corporate purposes to optimize operations and exploration potential.

Sunsuper agreed to acquire a 25% interest in Macquarie Group's aircraft leasing business, Macquarie AirFinance. The deal follows a prior 25% investment by Dutch pension fund PGGM; Macquarie will continue to support and manage Macquarie AirFinance as its exclusive platform for aviation leasing.

Capitala Group has closed a credit investment in Chief Fire Prevention & Mechanical Corp, a Mount Vernon, New York-based provider of commercial kitchen exhaust and pre-engineered fire suppression system services. The investment was made in partnership with Trinity Private Equity Group to support Chief Fire's management team and enable continued market-share growth organically and through acquisitions.

NVM Private Equity has invested a further £3 million of growth capital into indoor climbing operator The Climbing Hangar, taking its total investment to £6 million. The funding will support continued site roll-out, infrastructure and personnel investment after the business delivered over 150% revenue growth and grew to five sites and more than 85 employees.

WestView Capital Partners has made a growth capital investment in Unified Patents, a membership-based organization focused on deterring patent abuse through analytics and defensive actions. WestView will take board representation (Jonathan Hunnicutt and Jeff Clark) to support Unified's next phase of growth and capability expansion as the company diversifies its offerings for members.

LLR Partners has acquired a majority stake in Geoforce and made a growth capital investment to support the company’s expansion. Geoforce is a cloud-based asset-tracking and Track and Trace provider for field equipment and vehicles, serving over 900 customers across energy, construction, mining, agriculture and logistics; LLR will provide industry expertise and capital to accelerate product innovation and market expansion.

First Bev has made an investment in MAD TASTY, a hemp‑infused, zero‑sugar functional sparkling water brand founded by musician Ryan Tedder. The capital and partnership are intended to help MAD TASTY expand distribution and accelerate brand growth across consumer and creative markets.

Novo Holdings A/S made a multimillion-dollar, double-digit equity investment in US-based bioMASON to help commercialize its bacteria-grown biocement masonry products. As part of the deal Anders Spohr of Novo Holdings will join bioMASON's board as the company scales its sustainable concrete alternative for construction and infrastructure markets.

H.I.G. Growth Partners has invested in Passport Labs as part of the company's $65 million Series D growth financing to support expansion of its mobility management platform. The capital will be used to grow Passport's software and ecosystem—enabling broader digital parking payments and new partnerships—across cities, universities and transit agencies.

NewHold Enterprises, a long-term investment holding company, announced an investment in PRIME AE Group, a U.S.-based architecture and engineering firm. Financial terms were not disclosed; PRIME AE will continue to be led by President and CEO Kumar Buvanendaran (who remains the largest individual shareholder) while NewHold supports the firm's organic and acquisitive growth and national expansion.

InformedDNA, the U.S. leader in genetics services, has entered definitive agreements with TT Capital Partners, NovaQuest Capital Management, and Frist Cressey Ventures to receive a growth capital investment to scale its technology-enabled genetic services and expand its genetic counseling staff. Terms were not disclosed; InformedDNA will remain led by CEO David Nixon and has also secured a flexible credit facility from CIBC.

Resurgens Technology Partners, an Atlanta-based software-focused private equity firm, made a strategic equity investment in OfficeSpace Software to support product investment and accelerate go-to-market initiatives. The partnership will fund enhancements to OfficeSpace’s SaaS workplace management platform and improve customer experience as the company scales.

Accel-KKR has made a majority growth investment in Duett AS, a Norway-based provider of SaaS accounting solutions for professional accountants and their clients. The capital will be used to accelerate Duett's vertical and geographic expansion across Scandinavia and beyond; Accel-KKR partners will join Duett's board to support scaling efforts.

Los Angeles-based Shamrock Capital made a minority investment in Ad Results Media, a leading audio and podcast advertising agency, to support the company's technology and service expansion. The capital will be used to grow production capabilities, proprietary data and analytics, and advertising technology to scale podcast and audio advertising services.

The Qatar Investment Authority (QIA) will invest approximately INR 3,200 crore (about $450 million) to acquire a 25.1% stake in Adani Electricity Mumbai Limited (AEML) and make a shareholder subordinated debt investment. The agreement, signed with Adani Transmission Limited and AEML, includes commitments to source over 30% of AEML’s supplied electricity from solar and wind by 2023 and other green initiatives to support sustainable growth.

Kayne Partners (Kayne Anderson) has invested in 3Cinteractive, a Boca Raton–based provider of mobile commerce and customer engagement platform services. The transaction is a growth-capital investment intended to support 3Cinteractive’s product and market expansion.

Duck Creek Technologies received a $120 million growth investment from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek. The capital will be used to fund product development, accelerate international expansion, and to repurchase equity from certain existing investors; J.P. Morgan served as sole placement agent.

Suvoda LLC, a Conshohocken-based SaaS provider of clinical trial software, received a $40 million minority equity investment from Philadelphia-based private equity firm LLR Partners. The capital will support Suvoda's continued growth and expansion of its product offerings; LLR partner Howard Ross joined Suvoda's board.

LLR Partners provided a $30 million growth capital investment in Relay Network to accelerate development of its personalized mobile customer engagement platform and expand growth across healthcare, financial services and home services. Relay Network will use the proceeds to advance its product innovation and scale its enterprise customer base.

Platte River Equity has made a significant investment in GME Supply Co, a Columbia, Missouri–based distributor of fall protection, safety equipment and related gear for at‑height workers, in partnership with founder and CEO Beau Aero. Platte River invested from its fourth fund to support GME's continued growth across telecommunications, wind, solar, industrial and construction end markets; BMO Capital Markets provided financing for the transaction.

Growth Catalyst Partners has invested in TrueFire and JamPlay to form TrueFire Studios, an alliance combining their online video lesson libraries, mobile and desktop apps, and patented learning tools. The investment (with individual investor Bob Carrigan also participating) provides equity capital to advance technology, expand content production and marketing, and build a leading global destination for online music education.

TPG Growth, Norwest Venture Partners and Evolvence India led a $33 million equity investment in Ess Kay Fincorp, a Jaipur-based non-bank finance company (NBFC) focused on commercial vehicle and small business lending across North and West India. The round — fully subscribed by existing investors — will support Ess Kay's next phase of growth, expanding its footprint, services and technology.

Private equity firm ClearLight Partners has made an investment in Handel's Homemade Ice Cream in partnership with owner Leonard Fisher; terms were not disclosed. Headquartered in Youngstown, Ohio, Handel's operates nearly fifty corporate and franchised scoop shops across multiple U.S. states, and ClearLight said the investment will support national expansion of the brand.

Mid-market private equity firm LDC has made a £30 million minority growth investment in digital marketing agency Croud. The funding will support Croud's international expansion and further development of its proprietary SaaS platform Serpico and tech-enabled service capabilities.

Bridges Evergreen Holdings (Evergreen), a long‑term capital vehicle managed by Bridges Fund Management, has taken a significant minority stake in AgilityEco Services Ltd to support the company's growth and scale its fuel‑poverty and energy‑efficiency programmes across the U.K. The investment will see Evergreen partners join AgilityEco's board and support the co‑founders' plan to expand delivery of retrofit and community energy‑advice services to more vulnerable households.

CloudFactory, a provider of managed workforce solutions for AI, raised $65 million in growth equity financing led by FTV Capital with participation from Weatherford Capital. The capital will be used to scale operations, invest in workforce training and development, expand global market awareness, and advance CloudFactory's technology capabilities.

Benford Capital Partners has made an investment in LiteSentry, a Northfield, Minnesota–based manufacturer of automated inspection and test equipment for the flat glass industry. The investment will support LiteSentry’s growth initiatives, new hires, product development and business development while management and the company’s strategy remain in place.

Luminate Capital Partners, a San Francisco-based private equity firm, made a strategic growth investment in Quantivate, a Seattle-based provider of SaaS governance, risk and compliance (GRC) software. The investment will support Quantivate’s product innovation, team expansion and market growth; Luminate partners will join Quantivate’s board. Financial terms were not disclosed.

Bangalore-based fintech software company Perfios raised approximately USD 50 million in a Series B round led by an affiliate of Warburg Pincus alongside Bessemer Venture Partners. The deal included primary capital and purchases of shares from early angel investors, with proceeds earmarked for technology/product innovation, international expansion (MENA and Southeast Asia) and potential acquisitions.

Walter Capital Partners, supported by investors that include the Bourgie-Bovet family (Fransylval), has acquired a significant stake in Athos Services Commémoratifs, one of Quebec’s largest funeral services companies. The investment will provide capital and expertise to accelerate Athos’s growth through organic initiatives and acquisitions across Quebec and into new markets.

Farragut Capital Partners led a growth investment in Particle Dynamics, Inc., joined by BroadOak Capital Partners; Particle Dynamics is a portfolio company of Edgewater Capital Partners. The capital will support the company's growth and capability expansion across its particle processing, microencapsulation and finished-dosage manufacturing services operating from FDA‑inspected facilities in St. Louis, Missouri and Seymour, Indiana.

San Francisco-based private equity firm Encore Consumer Capital completed an investment in Murry's, Inc., a family-owned frozen French toast manufacturer based in Greenbelt, Maryland. The partnership will support Murry's next phase of growth, leveraging Encore's experience in consumer packaged foods and private-label channels.

Pike Street Capital announced a growth investment in QuickBox, a Denver-based third-party logistics and fulfillment provider serving CPG, health & wellness, and e-commerce brands. The investment will provide capital and operational support to expand QuickBox's tech-enabled fulfillment platform and support continued growth.

Boathouse Capital completed a growth (Series B) investment in Network for Good, a provider of donor management software for small nonprofits. The investment will fund product feature expansion and accelerate programs to help more small nonprofits modernize fundraising.

Sverica Capital Management has made a strategic growth investment in Gryphon Networks, a Boston-based provider of sales performance management and compliance SaaS. The investment will help Gryphon accelerate product development and expand its sales performance management functionality to meet increasing customer demand.

Providence Strategic Growth (PSG) has agreed to provide a €32 million growth investment in Net Reviews, a Marseille-based developer of SaaS customer review management software (trading as Verified Reviews/Avis Vérifiés). The investment will support Net Reviews' expansion across Europe and the Americas via organic growth and strategic acquisitions while the founding management team remains in place.

Affiliates of private equity firm ZMC have made a strategic investment in CommentSold, a Huntsville-based provider of social commerce SaaS and managed services. The minority growth investment will support CommentSold's product, technology and service expansion while founder Brandon Kruse remains CEO; terms were not disclosed.

Gemspring Capital (with participation from Everberg Capital) completed an investment in Crafty Apes, a full-service visual effects and post-production company with studios in Los Angeles, Atlanta and New York. The transaction is intended to support geographic expansion, team investment and continued growth serving film, television/streaming and commercial production clients.

The Rise Fund, TPG's global impact investment fund, has invested in Pearl Dairy, Uganda's largest dairy processor, to support expansion and strengthen its smallholder farmer supply chain. As part of the transaction, Rise Fund representatives will join Pearl Dairy's board to help scale processing capacity, enhance operations, and expand the company's reach across Africa and into select Asian markets.

Health Enterprise Partners led a $9.3 million Series A investment in Access Physicians to accelerate nationwide deployments of its multispecialty acute telemedicine services. The funding will support scaling of Access Physicians’ telemedicine programs, which are already deployed at 153 hospitals across 18 states and serve Fortune 500 health enterprises as well as rural and community hospitals.

L Catterton's Latin America fund has made a significant strategic investment in OdontoCompany, a leading dental clinic franchisor in Brazil, to accelerate the company's growth and expansion. The firm will partner with OdontoCompany founder Dr. Paulo Zahr and existing shareholder José Carlos Semenzato to support organic expansion and strategic acquisitions; terms were not disclosed.

GIC has purchased a 9.9% minority stake in Anticimex from the EQT VI fund in a transaction valuing the company at approximately EUR 3.6 billion. EQT remains the controlling owner; the investment is intended to internationalize Anticimex's shareholder base and accelerate the company’s expansion in Asia and further development of its digital pest-control capabilities.

Assurance Mezzanine Fund (Assurance Mezz) has completed a growth investment in Pawz, Inc., an e-commerce brand that sells dog‑themed apparel, merchandise and jewelry. Pawz has a large social following (over 2.5 million) and donates 10% of profits to no‑kill dog shelters; the capital is intended to support the company's growth and expansion.

Charlesbank Technology Opportunities Fund (managed by Charlesbank Capital Partners), together with affiliated investors, invested more than $100 million in DoiT International as a growth equity investment. The capital will be used to accelerate development of DoiT's multi-cloud optimization software platform, scale its global cloud architect team, expand presence in North America and Europe, and support strategic acquisitions.

ICV Partners made a significant investment in JK&T Wings, a leading Buffalo Wild Wings franchisee that owns 42 restaurants across Michigan with additional locations in Massachusetts and Louisiana. The capital will support facility remodels, additional store openings and potential acquisitions of other franchisees, with JK&T management (Kent Ward and Brian Carmody) remaining as investors.

Declaration Partners, the investment firm backed by David M. Rubenstein’s family office, has made a minority equity investment in Peaceable Street Capital to support the specialty finance firm’s growth strategy. The investment joins existing backers Orangewood Partners and SunBridge Capital and will help Peaceable Street expand its client relationships and scale its preferred equity real estate financing platform.