Fund Includes New $325 Million Commitment to Fund Investments in the
Continued Growth of Seven Portfolio Companies
Menlo Park, CA, March 30, 2022 – Accel-KKR, a leading technology-focused private equity firm, announced today the successful completion of Accel-KKR Capital Partners CV IV, a $1.765 billion continuation vehicle for Accel-KKR’s $875 million 2013 vintage technology buyout fund.
Accel-KKR Capital Partners CV IV includes $325 million in new capital commitments to fund follow-on investments in these seven companies:
- Abrigo (Austin, TX) – A leading technology provider of compliance, credit risk, and lending software that community financial institutions use to manage risk and drive growth;
- Vitu (Agoura Hills, CA) – A leading provider of software and services to facilitate the digital transformation of interactions between the private sector and government agencies in the automotive and other vehicle markets;
- Kerridge Commercial Systems (Hungerford, UK) – A global provider of enterprise resource planning software and services focused on the distributive trades;
- Energy Services Group (Norwell, MA) – A leading provider of software for retail energy transaction management, billing and customer information systems;
- IntegriChain (Ambler, PA) – A provider of critical software, data and business services to global life science and pharmaceutical manufacturers;
- ClickDimensions (Atlanta, GA) – A provider of online marketing automation solutions; and
- TrueCommerce (Pittsburgh, PA) – A provider of supply chain management and e-commerce software and services to global enterprises.
The continuation fund seeks to drive further value appreciation in the seven companies over an extended timeframe. These seven companies currently have combined annual revenues in excess of $790 million and employ more than 3,600 people. These companies have become leaders in their respective markets through organic growth as well as through strategic acquisitions, having completed 43 follow-on acquisitions in total since Accel-KKR’s original investment in each company. Accel-KKR had previously exited nine platform companies from Fund IV.
In 2019, Accel-KKR closed Accel-KKR Capital Partners CV III, a $1.386 billion continuation vehicle for its third buyout fund. That continuation vehicle was voted “GP-Led Deal of The Year in the Americas” by Private Equity International.
The investor base of Accel-KKR Capital Partners CV IV is comprised of a diverse group of secondary and primary investors, including existing Fund IV investors. Five co-lead investors include investment vehicles managed or advised by Goldman Sachs Asset Management, GIC, LGT Private Capital, Los Angeles County Employees Retirement Association (LACERA) and Portfolio Advisors. All Fund IV limited partners had the option of reinvesting their Fund IV value into the acquisition fund or receiving full or partial liquidity. Post-transaction, the employees of Accel-KKR comprise, as a group, the single largest investor in Accel-KKR Capital Partners CV IV.
Tom Barnds, Co-Managing Partner at Accel-KKR, said, “Over the course of Accel-KKR’s investment in these seven high-quality businesses, they have grown more than fourfold in aggregate revenue. We look forward to continuing to partner with these great management teams as they move forward.”
Rob Palumbo, Co-Managing Partner at Accel-KKR, added, “We are excited to have additional time to build value with these companies, and are pleased to invest an additional $325 million in capital to further support their continued growth.”
Evercore served as financial adviser to Fund IV. Kirkland & Ellis served as legal adviser to the funds and Accel-KKR.
About Accel-KKR
Accel-KKR is a technology-focused investment firm with over $12 billion in capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions. For three consecutive years between 2019 and 2021, Inc. has named Accel-KKR among “PE 50: The Best Private Equity Firms for Entrepreneurs”, an annual list of founder-friendly private equity firms. Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta and London. Visit accel-kkr.com to learn more.
