M&A Deal Summary

ABRY Partners and Castik Capital S.à r.l. Acquire Reward Gateway

On May 4, 2021, private equity firms ABRY Partners and Castik Capital S.à r.l. acquired internet software and services company Reward Gateway from Great Hill Partners for 1.2B GBP

Acquisition Highlights
  • This is ABRY Partners’ 12th and Castik Capital S.à r.l.’s 1st transaction in the Internet Software and Services sector.
  • This is ABRY Partners’ 2nd and Castik Capital S.à r.l.’s largest (disclosed) transaction.
  • This is ABRY Partners’ 8th and Castik Capital S.à r.l.’s 3rd transaction in the United Kingdom.
Investment Fate
  • Reward Gateway was sold to a publicly-traded strategic buyer in 2023 for 1.2B GBP.

M&A Deal Summary
Date 2021-05-04
Target Reward Gateway
Sector Internet Software and Services
Buyer(s) ABRY Partners
Castik Capital S.à r.l.
Sellers(s) Great Hill Partners
Deal Type Secondary Buyout
Deal Value 1.2B GBP

Target

Reward Gateway

London, United Kingdom
website
Reward Gateway offers a leading SaaS employee engagement platform that centralizes employee reward and recognition, discounts, communications, surveys, wellbeing, and flexible benefits. Its strategic products support companies with today’s most difficult people challenges, such as the digitization of the workplace, attracting and retaining talent, aligning and supporting remote workforces, and handling complex cultural issues. Reward Gateway was formed in 2006 and is based in London.

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Buyer(S) 2

Buyer

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 146 of 157
Sector (Internet Software and Services) 12 of 12
Type (Secondary Buyout) 34 of 37
Country (United Kingdom) 8 of 11
Year (2021) 6 of 12
Size (of disclosed) 2 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 SiteLock

Scottsdale, Arizona, United States

SiteLock is a provider of web security solution to offer complete, cloud-based website protection. Its 360-degree monitoring finds and fixes threats, prevents future attacks, accelerates website performance and meets PCI compliance standards for businesses of all sizes. SiteLock was founded in 2008 and is based in Scottsdale, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 ProQuest

Ann Arbor, Michigan, United States

ProQuest is an information content and services company. ProQuest technologies serve users across the critical points in research, helping them discover, access, share, create and manage information. ProQuest was formed in 1938 and is based in Ann Arbor, Michigan.

Sell $5.3B
Buyer

Castik Capital S.à r.l.

Investor

website

Category Private Equity Firm
Founded 2014
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Castik Capital Partners advises Luxembourg based Castik Capital, the manager of the EPIC Funds. Castik seeks public and private investment opportunities throughout Europe where the Firm can commit €100 to €300 million per transaction. Castik was formed in 2014 and is based in Luxembourg.

DEAL STATS #
Overall 11 of 13
Sector (Internet Software and Services) 1 of 2
Type (Secondary Buyout) 6 of 7
Country (United Kingdom) 3 of 3
Year (2021) 1 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-07 Groupe Acrotec SA

Develier, Switzerland

Acrotec is an independent group created by micromechanics professionals. Its main objective is to be a reference subcontractor by offering a wide range of manufacturing processes for precision components. Its strategy is both to provide "Swiss Made" quality products to the entire watch industry as well as to the automotive, electronics, medical, jewelry, and aeronautics industries. Acrotec distinguishes itself by the extent of the know-how exercised under the same roof, in precision machining (CNC turning, CNC multispindle turning, cam-operated turning, 3 & 5 axis milling, micro-turning, transfer and machining of precious metals), by support processes (surface treatment, cutting, assembly, heat treatment, decoration, and laser engraving) and by specific processes (realization of components by UV-Liga, wire erosion/sinking, machining of synthetic stones, lamination, shaping of springs, the realization of machines and tools and engraving on silicon - DRIE). Acrotec is based in Develier, Switzerland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-04 Element Logic

Kløfta, Norway

Element Logic is a specialized integrator for automated warehouse solutions centred around the AutoStore® system. Element Logic’s focus on being a pure-play AutoStore® system provider has made it a trusted one-stop shop for warehouse automation solutions in Europe, underpinned by expertise and technology. Element Logic was founded in 1985 and is based in Kløfta, Norway.

Buy -

Seller(S) 1

SELLER

Great Hill Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
PE ASSETS 12.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Great Hill Partners is a private equity firm focused on growth equity and recapitalization investments in well established public and private companies valued put to $1 billion. Great Hill targets companies within consumer services, business services, financial technology, healthcare, internet, logistics, media, communications, technology services, software and transaction processing. The Firm invests in the range of $25 to $500 million per transaction. Great Hill prefers companies located in the US, but will also consider opportunities in Europe and Latin America. Great Hill Partners was formed in 1993 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 51 of 54
Sector (Internet Software and Services) 17 of 18
Type (Secondary Buyout) 8 of 10
Country (United Kingdom) 2 of 2
Year (2021) 1 of 3
Size (of disclosed) 2 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-23 Jumio

Palo Alto, California, United States

Jumio is an operator of online and mobile credentials authentication company that helps businesses reduce fraud and increase revenue while providing a fast, seamless customer experience. The company utilizes proprietary computer vision technology to reduce customer sign-up and checkout friction and verify credentials issued from over 120 countries in real-time web and mobile transactions. Jumio was founded in 2009 and is based in Palo Alto, California.

Buy $150M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-15 Auvik

Waterloo, Ontario, Canada

Auvik is a cloud-based software that simplifies and automates network monitoring and management for IT managed service providers. Auvik was founded in 2011 and is based in Waterloo, Ontario.

Buy -
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