General Atlantic to buy majority of Vista Equity's Tripleseat -sources
27/04/2023 12:00
By Milana Vinn
April 27 (Reuters) - Buyout firm General Atlantic has
agreed to buy a majority stake in Tripleseat, valuing the U.S.
software vendor at about $500 million, people familiar with the
matter said on Thursday.
Vista Equity, the biggest shareholder in Tripleseat, will
cash out most of its stake, the sources said, requesting
anonymity ahead of an official announcement.
Level Equity and Enlightened Hospitality Investments, two
other Tripleseat shareholders, will remain as minority
investors, the sources added.
Reuters had reported in March that Vista was working with
investment bank Raymond James Financial Inc on an auction
process for Tripleseat.
Based in Concord, Massachusetts, Tripleseat provides a
catering and events management web-based platform for
restaurants, hotels and other venues.
Vista acquired Tripleseat in March 2020 and merged it with
another portfolio company, Gather, which also had a sales and
event management platform.
In recent months, Vista has defied a challenging environment
for private equity deals with higher interest rates making debt
financing more expensive. It cashed out of several holdings,
including Cvent Holding Corp CVT.O , another provider of
software to the hospitality sector, selling it last month to
Blackstone Inc BX.N for $4.6 billion.
At the same time, it has deployed capital by putting
together acquisitions fully funded by equity, rather than also
using debt as is customary. A recent example was its $2.6
billion deal in January to take insurance software vendor Duck
Creek Technologies Inc DCT.O private.
(Reporting by Milana Vinn in San Francisco; Editing by
Christian Schmollinger)
((Anirban.Sen@thomsonreuters.com; Twitter: @asenjourno; Reuters
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