SmartEquine (f.k.a. SmartPak) is the #1 equine health brand dedicated to helping every horse live its best life every day. For more than a quarter of a century, SmartEquine has earned the trust of riders and veterinarians through science-backed supplements, innovative delivery systems and world-class customer care. Believing every horse is one-of-a-kind, SmartEquine delivers personalized solutions that make daily care easier and more precise. Its signature SmartPak supplement feeding system provides the ultimate in accuracy and control—so horses get exactly what they need, every day. Beyond supplements, SmartEquine offers a complete wellness portfolio that includes grooming, tack, barn essentials, and therapeutic products—everything horse owners need to support health, comfort and performance. Driven by a passion for horses and a commitment to innovation, SmartEquine continues to set the gold standard in equine health and wellness.

The Deal

This acquisition strengthens Chewy’s position as a leader in the equine category and accelerates the company’s expansion into higher-margin health and wellness verticals. By combining SmartEquine’s premium product portfolio and loyal customer base with Chewy’s unmatched logistics, innovation and customer service, Chewy will deliver a differentiated and comprehensive value proposition to equine customers nationwide.

Key expected benefits to Chewy include:

• Category Expansion and Margin Growth: Enhances Chewy’s product mix with a broader offering in the high-margin equine supplements segment
• Recurring Revenue Synergies: SmartEquine’s subscription model aligns with and strengthens Chewy’s recurring revenue base
• Customer Lifetime Value Growth: Expands Chewy’s opportunity to increase share of wallet among a passionate and underserved customer segment
• Financial Accretion: The transaction is expected to be adjusted EBITDA margin accretive upon closing

Our Perspective

Roddy O’Neill, Lincoln International Managing Director & Co-Head of the Global Healthcare Group, commented, “This transaction underscores the continued strength and growing strategic importance of the equine market. We are seeing sustained interest from high-quality buyers who recognize the attractive growth dynamics, loyal customer base and increasing role of technology in equine health.”

Covetrus Inc

Covetrus is a global animal-health technology and services company supporting companion, equine and large-animal veterinary markets. The company delivers an integrated portfolio of products, software and services that enable veterinarians to run better, more connected and more profitable practices. Headquartered in Portland, Maine, with over 5,000 employees, Covetrus serves more than 100,000 customers worldwide. Covetrus brings over 60 years of experience as a trusted partner advancing veterinary care and practice performance.

Lincoln International LLC is the sole financial advisor to Covetrus.

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Founded in 2009 and headquartered in San Diego, California, Chatmeter provides an AI-powered reputation, local intelligence and brand visibility platform designed for multi-location businesses. Chatmeter’s suite helps enterprises fix and synchronize their business listings, monitor and respond to reviews at scale, optimize social media presence and derive insights from customer feedback across every location. The platform enables brands to understand what their customers really care about, measure sentiment, detect risks and opportunities and improve local SEO—all from a single end-to-end platform. Chatmeter aims to deliver growth and strong customer retention for retail, restaurant, healthcare, financial services, automotive, real estate and other multi-location and agency clients.

Alchemer

Alchemer is a global leader in customer experience and feedback technology. From a one-time survey to sophisticated feedback programs, Alchemer gives customer-obsessed teams the clarity to move from asking to action with powerful software. More than 11,000 organizations use Alchemer to collect feedback and connect it across their organizations through integration and automation. Alchemer gives CX, marketing, product, HR and market research professionals clear, actionable insights.

The Deal

Lincoln International was engaged by shareholders to explore strategic outcomes for Chatmeter due to its deep expertise across marketing technology and digital customer experience software, along with extensive buyer relationships across both strategic acquirers and the financial sponsor community. Lincoln conducted a tailored process, highlighting Chatmeter’s leading reputation management and local intelligence platform, strong demand for AI-driven marketing solutions and industry tailwinds as enterprises continue to prioritize customer engagement and brand visibility.

The acquisition expands Alchemer’s CX platform by combining direct feedback (e.g., surveys, in-app prompts) with indirect feedback (e.g., reviews, social media, customer comments). This enables organizations to capture, connect and act on every type of customer signal, identify patterns across the customer journey and take faster, more confident action.

Acquisition Benefits for Businesses:

• Collect feedback across all channels, including surveys, in-app, reviews and social
• Unify direct and indirect signals into a single view of the customer experience
• Deliver actionable insights faster, driving better experiences and stronger loyalty
• Built to scale for multi-location businesses in retail, hospitality, financial services and more

Alchemer and Chatmeter share a common approach to intuitive, scalable technology and responsive customer support. Both platforms are designed to help organizations quickly realize value and are supported by dedicated account managers and support teams. Together, they serve more than 15,000 organizations worldwide.

Our Perspective

Mark Yurko, Managing Director in Lincoln International’s Technology Group who led the transaction, commented, “It has been a privilege to partner with Chatmeter and PSG on this successful transaction. Chatmeter has established itself as a leader in reputation management and local brand intelligence, and the company’s innovative platform is well-positioned to address the growing demand for AI-driven customer experience software. We strongly believe that the new strategic partnership with Alchemer will accelerate both Chatmeter and Alchemer’s combined next phase of growth. We look forward to following the company’s continued success and to maintaining our strong relationship with PSG.”

PSG

PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 160 companies and facilitated more than 530 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel Aviv. To learn more about PSG, visit www.psgequity.com.

KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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1WorldSync® is a leader in product content orchestration, enabling more than 17,000 companies in 60+ countries to simplify the creation and distribution of impactful content that is accurate, consistent and relevant everywhere commerce happens. Through its technology platform and expert services, 1WorldSync—previously backed by global investment firm Battery Ventures—solves revenue-impacting product content challenges faced by leading brands and retailers in the consumer-packaged goods / retail, DIY, consumer electronics, healthcare and foodservice industries. 1WorldSync is one of the only product content providers and GDSN Data Pools to achieve ISO Certification 27001. To learn more, visit www.1worldsync.com.

The Deal

Lincoln International was engaged to lead the sale process of 1WorldSync based on its proven track record in commerce enablement software and deep connectivity across both strategic acquirers and top-tier financial sponsors. Lincoln ran a competitive process that underscored 1WorldSync’s differentiated platform; relationships with a global, blue-chip customer base; clear path to accelerating growth through deepening relationships across its multi-dimensional customer network; and its robust pipeline of actionable mergers and acquisitions (M&A) targets.

Together, the combined company will power 90% of the top 20 retailers in the U.S. as the leading AI-first software provider behind e-commerce product pages. This strategic move accelerates Syndigo’s mission to drive winning product shopping experiences across every channel and to empower brands, retailers and distributors to delight customers and grow their businesses in a rapidly changing commerce environment.

To power these shopping experiences, the combined company will:

• Supercharge the industry’s leading two-sided retail network: The combined company will now span more than 3,500 retailers globally
• Recommend optimal content by analyzing brand- and user-generated content (UGC): With the addition of 1WorldSync’s UGC capabilities, PowerReviews, Syndigo will build agentic AI that incorporates real shopper feedback to improve product content automatically
• Scale the global footprint: The combined organization serves more than 18,000 customers in 60+ countries with 12 global offices and a team of more than 1,500 employees
• Support the entire ecosystem with 100+ solution integrators and technology partners: With the acquisition of 1WorldSync, Syndigo will continue to build the retail software of the future, empowering brands across the world to grow sales in-store and online. This acquisition positions the resulting company to lead the industry with innovation and customer impact

Our Perspective

“It has been a privilege to partner with 1WorldSync and Battery on this transformational transaction,” commented Scott Twibell, Managing Director and Global Co-Head of Lincoln International’s Technology Group. “The combination of these two platforms creates a leader that we expect to deliver benefits for all customers and employees. I believe that the strategic synergies will accelerate growth and create outsized impact for brands and retailers alike. We are excited to track the combined company in its next phase.”

Battery Ventures

Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. For more information, visit www.battery.com.

Syndigo

Syndigo is a leader in product experience management (PXM), master data management (MDM) and product information management (PIM), providing AI-native data management product experiences for brands, retailers and their customers. With an extensive integrated network of content distribution, Syndigo is the single solution for the journey to data confidence and success. Whether an enterprise needs to establish a “single source of data truth” within the organization or distribute it to an external network for more efficient commerce, Syndigo is the partner to make it happen. Syndigo serves more than 12,000 global enterprises in key sectors such as grocery, foodservice, hardlines, home improvement / DIY, pet, health and beauty, automotive, apparel, energy and healthcare. To learn more, visit www.syndigo.com.

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Founded in 1982 and headquartered in Neuilly-sur-Seine, France, Sciforma is a leading Software as a Service (SaaS) provider of advanced project management solutions. Its comprehensive Vantage platform includes SaaS-based products for Advanced Project Portfolio Management (PPM), Strategic Portfolio Management (SPM) and Collaborative Work Management (CWM). The company operates through ~275 employees across four global offices in France, Germany, India, Japan, the U.K. and the U.S. For more information, please visit www.sciforma.com.

The Deal

Lincoln International advised STG and Sciforma on the sale, leveraging its PPM and Workflow SaaS experience, specialized market knowledge and perspectives on buyers. Lincoln had Sciforma present at its Private Capital Markets Conference in 2023, which generated early buyer excitement and provided key insights and feedback on how best to strategically position the business around key investor focus areas. This helped Lincoln curate a broad universe of international buyers and drive a highly competitive process that resulted in multiple compelling offers and a strategic outcome.

Sunit Mukherjee, Managing Director at STG, commented, “The Lincoln team was a true partner on this transaction, helping us to prepare and navigate through a tricky market, and delivered a great outcome for STG. They readily brought their market knowledge, thoughtful company positioning, international buyer access and seamless cross-border execution capabilities to bear. This represents STG’s third deal with the Lincoln team, and hopefully we can work together on many more.”

Doug Braun, CEO of Sciforma, added, “Lincoln was a valuable partner to me and the management team throughout this transaction. Their command of the process allowed me to focus on running the business, ensuring strong company performance while buyers finalized diligence, which was key to achieving this outcome.”

Our Perspective

Griffin Bealle, Lincoln Managing Director who co-led the transaction, commented, “We’re delighted to have advised on this landmark transaction in a mission-critical SaaS category. Planview’s acquisition of Sciforma reflects continued strategic activity in the sector due to the convergence of PPM, SPM, CWM and other project management adjacencies like value stream management and enterprise architecture, given customers’ preference for a unified suite of modules as a single “source of truth.” These trends not only grow the addressable market for leading vendors like Sciforma but also underpin greater value for customers.”

“We believe the transaction is a good illustration of Lincoln’s differentiated value proposition, where its industry experience and fully integrated cross-border teams seamlessly deliver superior outcomes for its clients,” Matthieu Rosset, Lincoln Managing Director who co-led the transaction, added.

STG

STG is a private equity partner to market leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering with a goal to build customer-centric, market winning portfolio companies, STG seeks to create sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 50 global companies. For more information, please visit www.STG.com.

Planview

Planview is a leading end-to-end platform for SPM and Digital Product Development (DPD), giving its customers the strategic foresight to prioritize investments and initiatives, make those plans real within constraints and pivot with certainty when things change. Its connected platform of solutions underpins the business and digital transformations of more than 2.7 million users globally, including 45 of the Fortune 100. Headquartered in Austin, Texas, Planview has over 1,300 employees worldwide. For more information, please visit www.planview.com.

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“We strongly believe that we are much closer to the end of this market recalibration than the beginning,” Rob Brown, CEO of Lincoln, said. “Despite global M&A volume being materially down, we have kept an eye toward meeting the significant demand when our markets normalize. This year, as in the past, we made strategic moves that ensure we can capitalize faster than the competition and take market share – including hiring leading advisors in our core service areas. We are incredibly proud to welcome 14 Managing Directors already this year onto our platform – strengthening the firm with new industry expertise, expanded service offerings in certain geographies, and adding depth in high-growth sectors.”

Expanding Industry & Service Expertise Globally

By the end of 2024, Lincoln expects to have onboarded 19 new lateral Managing Director (MD) hires, more than the prior two years combined (and in addition to our internally promoted Managing Directors). Approximately half of the MDs are in the firm’s European offices, representing significant growth for that region. Through September 2, the following individuals have joined across industry and product groups:

• Business Services: Lewis Gray (London), Alex Johnston (Chicago), Ryan Mitchell (Richmond), TJ Monico (Cleveland), Vinod Stalam (London)
• Consumer: Brian Little (Los Angeles)
• Energy, Power and Infrastructure: Carlos Candil (London), Everett Currier (Cleveland), Aaron Klein (Chicago)
• Financial Sponsors: Richard Parsons (London), Andreas Mentzer (Stockholm)
• Private Funds Advisory: Jonathan Graham (London)
• Technology, Media and Telecom: Lalit Kasat (London)
• Valuations and Opinions: Simon von Witzleben (London)

These hires, along with ongoing recruiting and the onboarding of the 2024 U.S. Analyst and Associate class in July, led the firm to surpass 1,000 professionals worldwide.

Extending our Geographic Reach

Lincoln has 25 offices in 15 major economic centers around the world, squarely positioning us well to serve clients operating in those geographies and creating new places to recruit top talent. In 2024 the firm opened new offices in Richmond, Virginia and Cleveland, Ohio in conjunction with the hiring of three Managing Directors, and added seven to the London office in Europe.

Our new professionals bring a wealth of experience in diverse subsectors attracting continued investment. Augmented coverage areas include apparel, artificial intelligence, distribution, energy transition, governance, risk and compliance, human capital management and legal, professional and IT services.

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In the UK market, advisors are intensifying pre-auction preparations amid lower transaction volumes.

Alex Masters, Managing Director and co-head of Lincoln’s European Consumer Group, said sellers are employing a more strategic approach, consulting multiple advisors to identify optimal market timing.

Vendors frequently hire advisors not to immediately enter the market, but to start grasping market sentiment. Advisors assist companies in crafting a persuasive business narrative and further enhancing their business, Alex explained.

Advisors frequently gather feedback from investors and corporations to develop the most appealing package. Many transactions require a comprehensive strategic review, which can take up to 18 months, Alex noted.

Despite the extended lead times, UK mergers and acquisitions (M&A) have increased this year, according to Mergermarket figures. Year-to-date data show GBP 108 billion (EUR 128 billion) volumes across 1,729 deals, nearing the full-year (FY) 2023 total of GBP 115 billion over 2,698 transactions.

However, FY23 recorded the lowest figures of the past decade. The peak was in 2015, with GBP 286 billion across 2,644 deals, and the previous low was in 2016, with GBP 141 billion across 3,745 transactions.

View additional insights in the original article.

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SafetyDirect is a product line of Bendix Commercial Vehicle Systems which provides fleet operators with comprehensive feedback on their fleet and drivers, along with videos of severe events. SafetyDirect uses data from Bendix advanced driver assistance systems (ADAS), including Bendix® Wingman® Fusion and the Bendix® Electronic Stability Program (ESP®) full-stability system, providing fleets key insights into common driving behaviors and trends across their operations.

The Deal

“Delivering value to our customers is at the core of all we do and the driver behind this action” said Piotr Sroka, President, Chief Executive Officer and Chief Operating Officer at Bendix. “Connectivity and data access are essential parts of Bendix’s strategy for our evolving ADAS solutions suite. The sale supports our desire to deliver enhanced functionality and more rapid and robust technology advancement under a partner well equipped to deliver on that need.”

Bendix will receive an equity stake in and an observer seat on the Board of Directors of Rand McNally. After the sale, Bendix will provide marketing, data and product integration support to Rand McNally, helping to enable a cohesive, coordinated approach for optimized customer solutions.

“The combined expertise of Rand McNally and SafetyDirect will result in an expanded catalog of offerings that cater to the diverse needs of the trucking industry and other companies that own or operate vehicle fleets” said Kevin Hatch, Operating Partner at TELEO Capital. “The acquisition will enable Rand McNally to deliver enhanced innovations in real-time monitoring and driver alerts, predictive maintenance, fleetwide management and compliance management, among other critical fleet operations.”

Our Perspective

John McClure, Lincoln International Managing Director who led the transaction, commented, “It’s been an absolute pleasure and privilege to work with Bendix and the SafetyDirect team. Hans Molin and the leadership team at SafetyDirect have created a truly unique platform that will be vital in shaping the future of vehicle safety and fleet management. We look forward to the future successes of SafetyDirect under its new partnership with Rand McNally.”

Knorr-Bremse

Knorr-Bremse (XTRA:KBX) is the global market and technology leader for braking systems and other rail and commercial vehicle systems. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world. 33,000 employees at over 100 locations in approximately 30 countries develop and produce innovative solutions and services that meet the highest technological standards. In 2023, Knorr-Bremse’s two divisions together generated revenues of approximately $8.6 billion. For almost 120 years, the Company has been at the cutting edge of its industries, driving innovation in mobility and transportation technologies with a leading edge in connected system solutions.

Bendix Commercial Vehicle Systems

Bendix, a member of Knorr-Bremse, develops and supplies leading-edge active safety technologies, energy management solutions and air brake charging and control systems and components under the Bendix® brand name for medium- and heavy-duty trucks, tractors, trailers, buses and other commercial vehicles throughout North America.

Rand McNally

Chicago-based Rand McNally has been transforming travel and transportation for 164 years. Today, Rand McNally provides innovative fleet management and commercial transportation solutions, connected vehicle technology and consumer travel products.

TELEO Capital

TELEO Capital is a lower middle market private equity firm that looks to invest in opportunities where its strategic thought, operational resources and capital base empower management to perform and execute their business plan. TELEO brings a successful track record of executing corporate carve-outs, recapitalizing broken balance sheets, acquiring founder-owned companies and implementing buy and build strategies for its portfolio companies. TELEO targets opportunities in the technology and software, healthcare information technology, business services and industrial sectors. The firm is headquartered in Boise, Idaho with an additional office in Los Angeles.

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While the total number of acquisitions fell in Sweden during the third quarter, transaction value increased, and new legislation and other market dynamics may help accelerate deal activity.

Fredrik Bolander, Managing Director and Head of Nordics at Lincoln, said he has received consistent feedback from private equity that there have been fewer interesting processes in the market this year.

“Recently, however, we have seen greater optimism,” Fredrik added. “More processes are being prepared and launched, especially in the middle segment, given that this is where buyers can find good financing.”

According to Fredrik, sellers have realized that the interest rate situation has normalized, and also that inflation and energy prices have stabilized.

Private equity may also help drive transaction activity in the coming quarters.

“The private equity companies will come under more pressure from their investors to exit their portfolio companies. There are many older assets in the portfolios that will eventually have to be sold. The processes take longer in today’s situation, so whether it happens in Q4 or Q1 next year remains to be seen,” said Fredrik.

View additional insights in the original article.

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Auto Plus is a leading regional automotive aftermarket parts distributor offering premium branded products to an extensive network of commercial and retail customers. The company’s attractive geographic footprint included more than 300 retail locations and more than 20 distribution warehouses to service a diverse set of primarily jobber and installer customers.

Icahn Enterprises L.P. (Nasdaq:IEP) acquired the U.S. automotive parts distribution business of Uni-Select Inc. (TSX: UNS) to form Auto Plus in 2015 and was subsequently integrated with IEP Automotive Services (The Pep Boys and AAMCO) in 2016. Auto Plus was carved out as a standalone business in January 2022 and remained wholly owned by Icahn Enterprises L.P

The Deal

Auto Plus filed for Chapter 11 pursuant to the U.S. Bankruptcy Court in the Southern District of Texas due to various factors that negatively impacted the business including inventory management challenges, liquidity constraints and macroeconomic headwinds, among others.

Auto Plus engaged Lincoln International to launch an extensive marketing process to explore all potential strategic alternatives. Ultimately, Lincoln sold the business through a highly competitive two-day (33+ hour) auction with approximately 80 rounds of bidding (via 363 asset sale).

Based on early market feedback, Lincoln swiftly pivoted the process to allow for a sum-of-the-parts geographic-based bifurcation of the assets, with a keen focus on strategic buyers located in select geographies. Lincoln worked closely with the company’s management to re-define its footprint into ten distinct asset lots. These lots were carefully defined to drive competitive tension in the process and encourage broader participation in the auction for parties not interested in acquiring the full business. The competitive bidding process at the sales auction for the ten lots drove substantial value well above the starting baseline bids, creating the highest and best value for the estate. Lincoln worked closely with Auto Plus and its restructuring advisor Portage Point Partners, and the company’s legal counsel Jackson Walker LLP, to market all potential strategic alternatives of the business, identify interested parties to participate in the sales process and ultimately select winning bidders. Auto Plus was successfully sold through a Section 363 asset sale to a series of strategic buyers.

Our Perspective

Brendan J. Murphy, Managing Director in Lincoln’s Capital Advisory Group, commented, “We are pleased to advise Auto Plus through this challenging and complicated situation. The auction process yielded the highest and best value for the estate and the winning bidders were able to add / expand in key geographic footprints to drive future growth for their respective organizations. It was a pleasure to work collaboratively with Portage Point Partners and Jackson Walker LLP to navigate a highly complex sale process and drive a positive result for all stakeholders.”

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The natural / minimally processed pet food industry is attracting great investor interest, and the market is growing at a rapid rate as consumers are applying the quality expectations they have for their own food to their pets.

Despite economic uncertainty, pet owners continue to prioritize premium products for their companion animals.

Alex Masters, Charles Walder and Tom Cunningham, professionals in Lincoln’s Consumer Group, wrote, “However, it is believed that around 75% of consumers remain unaware of the current offering. Among those that do feed their pets minimally processed foods, in the majority of circumstances it accounts for less than 25% of their pet’s diet. This suggests opportunities for further growth as pet parents become more aware of and comfortable with the minimally processed proposition. Therefore, this segment is expected to continue to outperform the wider pet market in terms of growth.”

Many minimally processed pet food brands in Europe are either privately owned or backed by venture capital and are balancing the current turbulent and rapidly changing market conditions with consumer demand and their own goals. There have been several minimally processed pet food transactions in Europe over the past two years and Lincoln expects more brands to continue to transact in either a merger, acquisition, or capital raise.

Additional insights can be found in the original article.

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