William Blair acted as the exclusive financial advisor to BirchStreet Systems (BirchStreet), a portfolio company of Serent Capital, in connection with its strategic growth investment from Parthenon Capital. The transaction closed on December 14, 2021.
About the Companies
Founded in 2002, BirchStreet is the leading provider of procure-to-pay solutions for the hospitality sector. BirchStreet’s software platform provides its customers with a full suite of procurement applications, including eProcurement software, accounts payable automation, invoice management, inventory management, recipe management, supplier payments, and reporting and analytics. BirchStreet’s customers leverage the company’s solutions to access a broad network of suppliers and manage billions of dollars of spend annually across a wide variety of categories, including food and beverage, operating supplies, maintenance services and capital projects.
Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.
Serent Capital is a growth-focused firm that invests in technology companies with offices in San Francisco and Austin. Serent invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive.
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