FORT WORTH, Texas, Nov. 19, 2020 /PRNewswire/ -- ECI Software
Solutions ("ECI"), a leader in cloud-based business management
software solutions for small and medium sized companies, today
announced that Leonard Green &
Partners ("LGP") will acquire a majority stake in the company from
funds advised by Apax Partners and The Carlyle Group. Upon
completion of the transaction, funds advised by Apax Partners,
which acquired ECI in 2017, will retain a minority stake in
ECI. Financial terms of the transaction were not
disclosed.
ECI is the premier provider of Enterprise Resource Planning
("ERP") solutions, such as accounting, purchasing, warehousing and
inventory management, to more than 22,000 customers globally. Under
the Apax Funds' and Carlyle's ownership, ECI has experienced rapid
growth both organically and through strategic M&A. Since 2017,
ECI has made 15 acquisitions, helping it gain significant market
share and scale internationally, with sizeable transactions in
Europe and Australia consolidating its presence in those
regions.
"The ECI team and I have had a powerful partnership with Apax
and Carlyle as we have built the company into a leading SaaS
business software solutions and services provider,"
said Ron Books, ECI's Chief
Executive Officer. "They have been instrumental in the
tremendous growth of our company, and we are proud of what we
accomplished together. We are excited to welcome LGP as our new
partner, and I am confident that this is the right choice for our
future – and the future of our 1,700 employees and more than 22,000
customers."
Usama Cortas, Partner at
LGP, said: "We are delighted to be partnering with a
mission-driven company like ECI, which is focused on supporting the
activities and growth of small to medium-sized businesses around
the world. We invest in companies that win with people, have a
differentiated culture and are market leaders with multiple ways to
grow – and ECI is the perfect example. ECI has built an incredible
track record of success, and we are excited to be partnering with
ECI Management and Apax to support and accelerate the next phase of
the company's growth."
Jason Wright, Partner at Apax
Partners, said: "We have been proud to partner with
Ron Books and the ECI management
team over the past three years as they have executed their plan and
transformed the Company through investment in products,
international expansion and the completion of 15 acquisitions.
Importantly, Ron and the team have instilled a unique culture that
is customer-centric and employee-friendly. We're excited about the
opportunity to partner with LGP during this next phase of ECI's
growth."
Steve Bailey, Managing
Director at Carlyle, said: "It has been a tremendous journey
with Ron and the ECI team and Apax over the years. Carlyle's
strategy is to focus on vertical market SaaS investments or
successfully transition software businesses to a SaaS model. Our
partnership with ECI is a great example of the latter. Through
embracing the opportunity in SaaS, ECI has accelerated its growth
while also benefitting from strategic acquisitions. We wish the
team every success for the future."
BofA Securities is acting as lead financial advisor, Barclays as
financial advisor, and Skadden, Arps, Slate, Meager & Flom as
legal advisor to Apax Partners and ECI. Latham & Watkins LLP
acted as legal advisor to LGP.
About ECI
ECI Software Solutions provides industry-specific business software
solutions and services, focusing on cloud-based technologies. For
30+ years, ECI has served small to medium-sized manufacturing,
wholesale/retail distribution, building and construction, and field
service organizations. Privately held, ECI is headquartered in
Fort Worth, Texas, USA, with
offices throughout the U.S., Canada, Mexico, England, the
Netherlands, and Australia.
For information, email info@ecisolutions.com, visit
www.ECISolutions.com or call (800) 959-3367.
About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm.
Over its more than 40-year history, Apax Partners has raised and
advised funds with aggregate commitments of approximately
$50 billion. The Apax Funds invest in
companies across four global sectors of Tech & Telco, Services,
Healthcare and Consumer. These funds provide long-term equity
financing to build and strengthen world-class companies. For more
information see: www.apax.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with
deep industry expertise that deploys private capital across four
business segments: Corporate Private Equity, Real Assets, Global
Credit and Investment Solutions. With $230
billion of assets under management as of September 30, 2020, Carlyle's purpose is to
invest wisely and create value on behalf of its investors,
portfolio companies and the communities in which we live and
invest. Carlyle employs more than 1,800 people in 30 offices across
six continents. Further information is available at
www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About Leonard Green &
Partners
Leonard Green & Partners, L.P.
is a leading private equity investment firm founded in 1989 and
based in Los Angeles. The firm
partners with experienced management teams and often with founders
to invest in market-leading companies. Since inception, LGP has
invested in over 100 companies in the form of traditional buyouts,
going-private transactions, recapitalizations, growth equity, and
selective public equity and debt positions. LGP primarily focuses
on companies providing services, including consumer, business, and
healthcare services, as well as retail, distribution, and
industrials. For more information, please visit
www.leonardgreen.com.
ECI Media Contacts
Wendi Sabo | +1 214 683 9217 |
wsabo@ecisolutions.com
Apax Media Contacts
Katarina Sallerfors | +44
207 872 6526 | katarina.sallerfors@apax.com
Kekst CNC | +1 212 521 4854 | todd.fogarty@kekstcnc.com
Greenbrook | +44 20 7295 2000 | apax@greenbrookpr.com
Carlyle Media Contacts
Brittany Berliner | +1 (516) 404-2369 |
brittany.berliner@carlyle.com
Andrew Kenny | +44 7816 176120 |
andrew.kenny@carlyle.com
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SOURCE ECI Software Solutions; Leonard
Green & Partners; Apax Partners