WASHINGTON–(BUSINESS WIRE)–ABS Capital, a leading growth equity firm with over three decades of experience scaling software and tech-enabled B2B businesses, is pleased to announce the completion of a GP-led secondary transaction centered around two of its portfolio companies, LabConnect, Inc. and Viventium Software. The transaction supports the significant continued growth opportunity for both companies, providing additional time and capital for growth initiatives, while offering liquidity to existing limited partners. ABS fund investors were provided a choice to receive liquidity or continue their investment.
The transaction is capitalized by a consortium of new and existing ABS investors, who subscribed to a new partnership managed and controlled by ABS. The transaction was led by Kline Hill Partners and Five Arrows.
LabConnect is a leading provider of global central laboratory services including routine and esoteric laboratory testing, kit building, sample management and tracking, biostorage, and scientific support services for pharmaceutical and biotechnology companies and clinical research organizations (CRO).
Viventium is a leading cloud-based payroll and human capital management solution, providing an exceptional user experience and insightful analytics for the health services markets, primarily home care agencies and skilled nursing facilities.
“The ABS Capital team is thrilled to partner with Kline Hill Partners and Five Arrows in supporting the continued growth of LabConnect and Viventium,” said ABS Managing Partner, Mike Avon. “We are extremely proud of both companies’ success so far, and of the attractive returns we have generated for our LPs. We believe there is significant future value in these assets.”
“We are pleased to bring this GP-led transaction to fruition, and look forward to our partnership with ABS,” said Raudel Yanez, a Managing Director at Kline Hill Partners. “This transaction reflects not only existing but also new investors’ strong conviction surrounding the continued growth potential of high-quality assets in the Healthcare and SaaS-based Human Capital Management spaces.”
“We are excited to partner with ABS on this GP-led secondary transaction,” said Brian Kolin, a Managing Director at Five Arrows. “The transaction embodies our strategy to support GPs and their portfolio companies in the next stage of value creation while helping to address liquidity, duration, and capital considerations. We were impressed by ABS’s thoughtful investment approach and have a shared belief that the assets are positioned for continued and sustainable growth.”
Harris Williams served as financial advisor, and Gunderson Dettmer served as legal advisor to ABS.
About ABS Capital
ABS Capital provides growth equity capital to B2B software and tech-enabled services businesses with strong technology and data underpinnings looking to scale with the right partners. Building growth-stage businesses has been ABS Capital’s focus for more than 30 years. Over that time, ABS Capital has invested more than $2.5 billion in approximately 130 companies across eight funds. Bringing investing, operational, infrastructure, technology, and business development skills to amplify the success of growing businesses together with data-driven business strategies, market research and analytics, ABS Capital works intensively in close partnership with talented management teams. ABS Capital: building emerging growth businesses into industry leaders. For more information, visit www.abscapital.com
About Kline Hill Partners
Founded in 2015, Kline Hill Partners is an investment firm focused on the private equity secondary market, with industry-leading capabilities in the small-deal space. With over $3 billion in assets under management, Kline Hill’s funds are backed by a blue-chip investor base that includes endowments, foundations, family offices, and other institutional investors. Kline Hill’s Core and Solutions strategies make up a platform designed to serve the entirety of the small-deal secondary market. This includes capabilities spanning LP fund transfers, single and multi-asset GP-led transactions in partnership with leading mid-market sponsors, and secondary direct transactions across private equity, venture capital, growth equity, and other private market strategies. For more information, please visit www.klinehill.com
About Five Arrows
Five Arrows is the alternative assets arm of Rothschild & Co and has €24 billion AuM with offices in Paris, London, New York, Los Angeles, San Francisco and Luxembourg. Rothschild & Co is family-controlled and independent and has been at the centre of the world’s financial markets for over 200 years. With a values-driven culture, the Group brings expertise, intellectual capital and a global network to provide a distinct perspective that makes a meaningful difference to its clients. Five Arrows deploys the firm’s capital, alongside leading institutional and private investors, through a series of funds dedicated to corporate and secondary private equity, multi-managers funds and co-investments, as well as private credit.
Five Arrows Secondary Opportunities (“FASO”) has provided tailor-made liquidity solutions for investors and general partners for two decades. Its proven expertise in complex transactions makes FASO a reliable partner for secondary transactions in Europe and in the US. FASO also shares the guiding principles of Rothschild & Co, a strategic and responsible financial services partner known for its creative thinking and innovative investment solutions combined with a commitment to absolute discretion. For more information, please visit www.rothschildandco.com/en/five-arrows/
LabConnect improves lives by partnering with pharmaceutical and biotechnology companies, contract research organizations (CROs), and foundations/non-governmental organizations (NGOs), to accelerate the development of new medicines around the world. LabConnect delivers a unique combination of support services through Central Laboratory Services and Functional Service Provider Solutions that are tailor-made, timely and flexible to meet the evolving study demands of traditional to increasingly complex clinical trials. Visit us at LabConnect.com
Viventium Software Inc. is a SaaS-based payroll and human capital management solution that provides an exceptional user experience through flexible, award-winning software, supported by expert guidance. Viventium offers specialized solutions in the health services markets which include home care agencies and skilled nursing facilities. For more information about Viventium, visit www.viventium.com