Road To Carry is proudly supported by Reef Pass Investors
This article was supported by RTC’s new Research Analyst Joseph Chiang.
Hi all - you may have noticed that no deal was sent out on Thursday—nothing crossed the threshold worth putting in front of readers. This week we’re excited to write about Vector Solutions, which has quietly established itself as a software empire under four separate private equity ownerships.
Speaking of empire building…if you have a serial acquisition thesis,
Reef Pass is a US based investment partnership that specializes in launching serial acquisition and HoldCo platforms (most often launched by ex-PE professionals).
Reef Pass brings decades of experience building acquisition platforms and flexible mandate across incubation and growth stages with a long-term capital base.
If you've ever thought seriously about launching your own acquisition platform, I'd love to hear your thesis!
Note: this partnership does not impact editorial independence.
State of Play
Unless you are in mid-market software investing, you’ve probably never heard of Vector Solutions. But for those in the know, it’s been a gift to private equity that keeps on giving.
In 2011, LLR invested $24 million into RedVector, a relatively small and sleepy company founded in 1999 that provided online education for architecture, engineering, and construction professionals.
Through aggressive M&A (emphasis on aggressive, as we’ll discuss) under four different private equity ownerships over 15 years, the company has transformed itself into a training, safety, and workforce operations software empire that touches over 31 million users across 27 industries.
Let’s dive in.