Griffin Serves as Exclusive Investment Banker to a Vertical SaaS and Payments Company for Large Ticket Retailers
Initially launched in 2011 as a cloud-based inventory management system, the Company has since grown to become the most comprehensive SaaS offering on the market developed specifically for an underserved niche of large ticket retailers. Its flagship product has evolved into a fully integrated ERP system offering customers a broad range of functionality including point-of-sale, payments, inventory management, e-commerce, data analytics, logistics management and others.
The Company experienced rapid customer growth in 2021 and 2022, with demand exceeding the ability to take on new customers. The Company was also exploring numerous ancillary opportunities for growth through further product development. After taking on no outside capital since founding the Company, the founders decided to seek a capital partner capable of helping to execute on existing growth opportunities, further build out their team, and provide strategic expertise. The ideal partner would have a strong track record of supporting growing SaaS companies, and would also allow the founders to de-risk personally while still retaining majority ownership of the Company to maximize a future “second bite of the apple.”
The Company selected and engaged Griffin as its exclusive investment banker to solicit interest from potential partners. Working with the management team to identify and approach a highly targeted group of institutional investors that matched their criteria, Griffin managed a competitive process generating multiple proposals for investment. The founders ultimately chose to partner with NewSpring Capital, a Radnor, PA-based firm managing more than $3 billion across five distinct strategies including growth equity, control buyouts and mezzanine debt. NewSpring partners with management teams and business owners of lower-middle market companies to help develop their businesses into market leaders. The founders will retain majority ownership of the Company alongside NewSpring.
For more information on this transaction, contact Thomas A. Hill, Managing Director, at 610.478.2034, Stephen J. Meehan, Vice President, at 610.205.6112, or Chris P. Adams, Associate, at 610.205.6016.