Software and services-focused private equity investor FPE Capital has exited its investment in Microsoft Dynamics 365 partner TNP to Providence Equity Partners-backed Node4.
TNP is the largest pure-play Microsoft partner in the UK in its market segment. FPE Fund II has returned all of its investors fund commitments following the sale.
FPE bought into the business in 2018, and has since driven more than 400% growth in profitability.
The deal marks the fourth sale from FPE’s debut institutional fund, FPE Fund II, in the past five months.
Those exits include drinks market data analytics business IWSR, which it sold to Bowmark Capital, media software business Masstech, sold to Genstar Capital portfolio company Telestream, and testing and assessment SaaS provider Questionmark, sold to Battery Ventures portfolio company Learnosity.
David Barbour, Managing Partner at FPE said, “The sale of our investment in TNP to Node4 is great recognition of the journey to create a market leading business.
“The continuing demand from customers to migrate their businesses into software processes and then to see that software hosted securely in the cloud is a theme we have pursued across our entire portfolio, and Node4’s acquisition of TNP reaffirms that convergence.”
FPE was spun out of Stonehage Fleming, and went on to raise a £101m fund in October 2017.
Bowmark Capital sold its stake in IT infrastructure developer Node4 to US investor Providence in March.
This deal also marked the end of mid-market private equity LDC’s hold in Node4.
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