Summit Partners
 | |
| Private Ownership | |
| Industry | Private Equity |
| Founded | 1984 |
| Founder | E. Roe Stamps, Stephen Woodsum, Gregory Avis |
| Headquarters | Boston, Massachusetts, United States |
| Products | Growth capital, Venture capital, Recapitalizations, Mezzanine capital, Leveraged buyouts |
| Total assets | more than $16 billion |
| Website | www.summitpartners.com |
Summit Partners is a growth equity investment firm that invests in exceptional companies. The firm provides growth equity, venture capital and credit investments for growth, recapitalizations and management buyouts.
Founded in 1984, Summit is based in Boston, Massachusetts and has offices in Menlo Park, California; and London, England. The firm employs more than 85 investment professionals and more than 150 employees overall.
Since inception, Summit Partners has raised more than $16 billion in capital through 18 equity and fixed income funds. In 2012, the firm raised a $2.7 billion growth equity fund, a $550 million venture capital fund and a $520 million credit fund. In 2014, the firm raised a $1.05 billion credit fund. The firm has been ranked among the 50 largest private equity firms globally.
Investments
Summit Partners has invested in more than 400 companies globally. Summit's portfolio includes a broad range of companies headquartered in North America and Europe. The firm focuses on investments in the technology, healthcare and life sciences, and growth products and services sectors.
Some of Summit's most notable investments include:
- Technology:Answers.com,[1] AVAST,[2] Finisar, Hittite Microwave,[3] E-TEK Dynamics,[4] McAfee,[5] Jamba AG,[6] WebEx, Wildfire Interactive
- Healthcare & life sciences: HealthCare Partners, Lincare,[7] MDVIP,[8] Pediatrix,[9] Physicians Formula[10]
- Growth products & services: FleetCor Technologies,[11] Keystone RV,[12] optionsXpress,[13] Ogone,[14] Snap Fitness,[15] Tiny Prints,[16] Vente-privee.com,[17] Web Reservations International,[18] Westwing Home & Living GmbH[19]
History
| History of private equity and venture capital |
|---|
| Early history |
| (Origins of modern private equity) |
| The 1980s |
| (Leveraged buyout boom) |
| The 1990s |
| (Leveraged buyout and the venture capital bubble) |
| The 2000s |
| (Dot-com bubble to the credit crunch) |
Summit Partners was founded in 1984 by Stephen Woodsum and E. Roe Stamps, who had worked together at TA Associates and before that at First Chicago Investment Corporation (the predecessor of Madison Dearborn Partners). Woodsum and Stamps were joined shortly thereafter by Greg Avis, who would open the firm's California office in 1993. In 2001, Summit Partners completed its management succession led by Bruce Evans, Walter Kortschak, Marty Mannion, Tom Roberts, and Joeseph Trustey.
On July 29, 2015, Trustey (then Managing Director and Chief Operating Officer for the firm) was killed in a Milwaukee plane crash along with his daughter Anna.[20]
Funds
Since its founding in 1984, Summit Partners has raised 18 equity and fixed income funds:
| Fund | Inception Date |
AUM ($m) |
|---|---|---|
| Summit Ventures | 1984 | $160 |
| Summit Ventures II | 1988 | $230 |
| Summit Ventures III | 1992 | $280 |
| Summit Subordinated Debt Fund | 1994 | $140 |
| Summit Ventures IV | 1995 | $610 |
| Summit Subordinated Debt Fund II | 1997 | $335 |
| Summit Ventures V | 1998 | $1.12 bill |
| Summit Accelerator Fund | 1999 | $170 |
| Summit Ventures VI | 2001 | $2.08 bill |
| Summit Subordinated Debt Fund III[21] | 2004 | $465 |
| Summit Partners Private Equity Fund VII[22] | 2005 | $3.10 bill |
| Summit Partners Venture Capital Fund II | 2005 | $310 |
| Summit Partners Europe Private Equity Fund[23] | 2008 | €1.05 bill |
| Summit Partners Subordinated Debt Fund IV ($840 million)[23] | 2008 | $840 |
| Summit Partners Growth Equity Fund VIII | 2012 | $2.7 bill |
| Summit Partners Venture Capital Fund III | 2012 | $550 |
| Summit Partners Credit Fund | 2012 | $520 |
| Summit Partners Credit Fund II | 2014 | $1.05 bill |
References
- ↑ source:Answers.com
- ↑ Source:Summit Partners Pumps $100 Million Into Antivirus Software Maker AVAST Software. TechCrunch, August 23, 2010
- ↑ Source:Summit Partners Invests $15 Million in Hittite Microwave Corp. AllBusiness, December 5, 2000
- ↑ Source:E-TEK Profile.
- ↑ Source:McAfee Case Study.
- ↑ Source:Summit Partners in $273m Technology Exit. Dow Jones Financial News Online, June 9, 2004
- ↑ Source:Lincare Case Study.
- ↑ Source:SMDVIP Receives Investment from Summit Partners. AllBusiness, January 5, 2005
- ↑ Source:Pediatrix Case Study.
- ↑ Source:Physicians Formula Attracts Equity Investment From Summit Partners. Focal Point News, November 2003
- ↑ Source:FleetCor Closes New $100 Million Series E Equity Financing. Reuters Online, April 8, 2009
- ↑ Source:Summit Partners Portfolio.
- ↑ Source:optionsXpress Receives Investment of Approximately $90 Million from Summit Partners. optionsXpress News Release, January 20, 2004
- ↑ Source:Summit Partners acquires majority stake in e-payment services firm Ogone. TechCrunch, May 17, 2010
- ↑ Source:Snap Fitness Announces Minority Equity Investment by Summit Partners. Market Wire, June, 2008
- ↑ Source:Tiny Prints Announces Strategic Investment From Summit Partners and Technology Crossover Ventures. Marketwire, April 23, 2008
- ↑ Source:Vente-Privee luxury goods website sees cut-price sales soar in downturn. Telegraph UK, July 26, 2009
- ↑ Source:Web Reservations International Receives Investment from Summit Partners. AllBusiness, April 14, 2004
- ↑ Westwing Raises $50 Million in Financing Round Led by Summit Partners.
- ↑ http://fortune.com/2015/07/30/private-equity-executive-joe-trustey-killed-in-plane-crash/
- ↑ US Summit Partners closes $465m debt fund. AltAssets March 18, 2004
- ↑ US Summit Partners closes $3bn PE fund and $300m VC fund. AltAssets, June 2005
- 1 2 Boston private equity firm Summit Partners closes two funds. AltAssets, April 28, 2008
External links
- Summit Partners (company website)
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