Latest news with #ManhattanBeach-based
Los Angeles Times
29-07-2025
- Business
- Los Angeles Times
K1 to Exit Subsplash in Strategic Sale to Roper Technologies
Transaction Marks K1's Fifth Exit to a Strategic Buyer and Third to a Publicly Listed Company in the Last Year Manhattan Beach-based K1 Investment Management, LLC, one of the largest investors in small-cap enterprise software, has announced that its portfolio company, Subsplash, has entered into a definitive agreement to be acquired by Roper Technologies, Inc., a member of the S&P 500. The transaction is expected to close in the near term and marks K1's third exit to a publicly traded strategic buyer in the past year. Subsplash, co-founded in Seattle by CEO Tim Turner, is a leading AI-powered engagement platform purpose-built for mission-driven organizations. Its integrated suite of AI capabilities, mobile apps, media delivery, digital giving, group messaging and church management tools powers connection and growth for over 20,000 faith-based organizations worldwide. Following K1's initial investment in 2019, Subsplash has significantly expanded its product capabilities, go-to-market strategy and monetization engine – organically growing annual recurring revenue by approximately 7x from the fiscal year prior to investment. Subsplash transforms church engagement by creating an all-in-one AI platform that seamlessly integrates giving, media and community connection. Over the course of the partnership, the company has introduced new features across live streaming, church management and AI-powered content – strengthening their position as a category-leader while accelerating payment attachment rates and increasing platform adoption among existing users. 'This exit underscores K1's focus on backing founder-led companies and scaling them into category leaders,' said George Mansour, partner at K1. 'Subsplash is a prime example of what's possible with the right mix of mission, market and management. In an environment where liquidity has been scarce, this outcome demonstrates the strength of the Subsplash business and ensures that its customers will continue to benefit from long-term investment, innovation and platform continuity under a top-tier company like Roper.' 'K1 was an invaluable partner on this journey. They brought deep domain knowledge and strategic clarity to the table, empowering our team to scale operationally while staying rooted in our mission,' said Tim Turner, CEO of Subsplash. 'We're thrilled to join Roper, whose commitment to long-term platform growth and innovation aligns perfectly with our vision. This next chapter will allow us to serve our customers even better, expanding the ways we help organizations connect with their communities and share life-changing content.' The sale of Subsplash marks K1's fifth exit to a strategic buyer and third to a publicly traded acquirer in the past year, a strong pace given broader market conditions. Notable recent realizations include Irwin (sold to FactSet), GoCanvas (sold to Nemetschek Group) and Axcient (sold to ConnectWise, a Thoma Bravo portfolio company), which contributed to a record year of distributions for K1 in 2024. This transaction also marks K1's third realization in 2025. No investment bankers were involved in the exit to Roper, and the deal was originally sourced directly by K1's in-house business development team – underscoring both K1's differentiated sourcing model and its connectivity to strategic buyers in enterprise software. Information sourced from K1 Investment Management.
Los Angeles Times
21-07-2025
- Business
- Los Angeles Times
Manhattan Beach Private Equity Firm Acquired Copenhagen Cement Firm
Pacific Avenue Capital Partners, a Manhattan Beach-based private equity firm focused on corporate carve-outs and other complex transactions in the middle market, announced the acquisition of FLSmidth Cement from FLSmidth & Co. A/S. through an affiliate in a deal valued at approximately $170 million. FLSmidth Cement is a solutions provider for the cement production industry, focused on providing aftermarket parts and services as well as new and replacement equipment to cement plants around the globe. The company is headquartered in Copenhagen, Denmark and has manufacturing locations in North America, Europe and Asia. 'We are honored to be the trusted partner for FLSmidth Cement on this highly complex transaction. We strive to be the buyer of choice for corporate sellers, with the ability to seamlessly complete cross-border transactions,' said Chris Sznewajs, managing partner of Pacific Avenue, in a statement. FLSmidth Cement's offerings and expertise span the cement value chain from entry to exit of the production plant. Specifically, it offers a wide array of production equipment and software, including crushers, mills, kilns, feeders, loading systems, pneumatic conveyers and automation controls. J.P. Morgan served as the M&A advisor, McDermott Will & Emery served as the legal advisor, and KPMG provided accounting and tax services to Pacific Avenue Capital Management. The transaction is expected to close during the second half of 2025, subject to customary closing conditions and regulatory approval. Information for this article was sourced from Pacific Avenue Capital Partners.
Yahoo
05-05-2025
- Business
- Yahoo
Southern California footwear giant acquired for $9.4 billion
Manhattan Beach-based Skechers USA announced Monday that it was being acquired by 3G Capital, a global investment firm, in a deal valued at approximately $9.4 billion. The sale will see the iconic footwear company become privately held, with 3G Capital paying $63 per share in cash. Skechers, known primarily for its casual and athletic shoes, was founded by Robert Greenberg in 1992. It has grown to become the third-largest footwear brand in the United States and has over 5,300 stores around the world. Its headquarters will remain in Manhattan Beach at its campus on the 3300 block of Sepulveda Boulevard, the company said. 'Over the last three decades, Skechers has experienced tremendous growth. Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners,' Greenberg, who remains CEO, said in a statement. 'With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital.' Greenberg and the rest of the current management team will continue to run the business, the company said. 'We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert's caliber and the talented Skechers team,' said Alex Behring, co-founder of 3G Capital. 'Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built and look forward to supporting the company's next chapter.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
