Private equity group KKR has agreed to purchase US enterprise software company BMC from a consortium of rivals including Bain Capital and Golden Gate Capital for an undisclosed sum, the Financial Times reported Tuesday.
Bain and Golden Gate bought BMC, an enterprise software provider that helps companies run their IT operations more efficiently, for just under $7bn in 2013.
Such “club” deals have fallen out of fashion since the financial crisis, as firms increasingly prize the independence to call their own shots.
Insight Venture Partners, hedge fund Elliott Management and GIC, the Singaporean sovereign wealth fund, also participated in the 2013 deal.
“In an ever-changing IT environment that is only becoming more complex, companies that help simplify and manage this essential infrastructure for their enterprise customers play an increasingly important role,” Herald Chen and John Park of KKR said.
At the time of the 2013 deal, activist investment shop Elliott had been agitating for a sale of the company. BMC blamed Elliott’s then-intervention for a downturn in its business.
