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TPG set for Vertafore purchase

11 Jun 2010

TPG is to acquire Bothell-based software and information services provider Vertafore from private-equity firms Hellman & Friedman and JMI Equity for $1.4 billion (£1 billion).

Vertafore is the latest business to be passed from one private-equity firm to another. The company had been purchased by Hellman & Friedman in 2004 from a private-equity arm of insurer Marsh & McLennan Cos.

There has been an increase in secondary deals in recent months with firms selling companies to one another.

A Goldman Sachs buyout unit agreed to pay $1.7 billion (£1.2 billion) to Thomas H Lee Partners to purchase refrigerated-foods company Michael Foods in May, while Wellspring Capital Management entered into a deal with Oak Hill Capital partners to sell restaurant chain Dave & Buster's for $570 million (£389 million).

Investors share mixed opinions about secondary deals, with some expressing concerns that these are being used by private-equity firms to simply swap assets among one another.

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