Transaction marks the fifth portfolio realization for Fort Point Capital
October 16, 2019
Fort Point Capital ("Fort Point"), a private equity firm focused on lower middle market, business services investments, announced today that it has successfully sold its investment in WP Holdco, LLC ("WolfePak" or the "Company") to Charlesbank Technology Opportunities Fund, a managed fund of Charlesbank Capital Partners ("Charlesbank"). Financial terms of the transaction were not disclosed.
Headquartered in Abilene, Texas, WolfePak is a leading provider of enterprise resource planning, operational and regulatory compliance software to approximately 1,900 customers in the oil and gas industry, including oil and gas operators, midstream companies and mineral rights investors. Since its investment in 2016, Fort Point helped to transform the company from a founder-owned business into a well-recognized leader and platform for consolidation in the specialized energy sector.
"Fort Point Capital has been an outstanding partner for WolfePak. They invested behind the creation of a sales and marketing engine to drive organic growth, the introduction of new product modules and the build-out of our management team, enabling accelerated growth and scalability of the business. They also provided excellent M&A support, enabling us to complete two strategic acquisitions over the past two years. I am thankful for their partnership in our effort to provide a best in class suite of software to the oil and gas industry, and I am excited for our next chapter with Charlesbank," said Brent Rhymes, CEO of WolfePak.
Christina Pai, Partner at Fort Point and Chairperson of the WolfePak Board, said, "WolfePak has been an exciting and successful investment for Fort Point, and we are very proud of our partnership with the Company. Under our ownership, WolfePak has grown significantly, both organically and through acquisition and we believe it is well positioned for the future. We are grateful for the efforts of Brent Rhymes, Karen Massey, Bill Hobbs, Zeb Hardy and the rest of the WolfePak management team and employees. We look forward to watching the Company continue to grow and thrive with its new partner."
"We are thrilled to make our first acquisition for Charlesbank’s Technology Opportunities Fund," said Hiren Mankodi, Managing Director at Charlesbank. "The Company has a talented senior leadership team with a proven track record and decades of deep software experience. We look forward to working with them to build on WolfePak's strong industry position and to accelerate the Company's growth plans in new and existing markets.”
Aeris Partners served as exclusive advisor to WolfePak in connection with this transaction. Kirkland & Ellis LLP provided legal counsel to the Company and Fort Point, and Goodwin Procter was the legal advisor for Charlesbank.
Founded in 2011, Fort Point has completed twenty-three transactions since its inception – nine platform investments, five exits and nine add-on acquisitions. The realization of Fort Point's investment in WolfePak marks the fifth portfolio realization.
About Fort Point Capital
Based in Boston, Massachusetts, Fort Point is a private equity firm that invests in lower middle market, business services companies in partnership with strong management teams. For additional information, please contact Fort Point at (617) 303-2121 or visit www.fortpointcapital.com.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $5 billion of capital. Charlesbank focuses on management led buyouts and growth capital financings and also engages in opportunistic credit and technology investments. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.