16 Oct DaySmart Software Completes Growth Recapitalization with LLR Partners and Parthenon Capital
Private equity investment to help fuel continued growth of DaySmart’s industry-leading business management software platform
ANN ARBOR, Mich.–(BUSINESS WIRE)–#123pet–DaySmart Software, an industry leading provider of integrated business management software to the salon, pet care, spa and tattoo industries, today announced it has completed a growth-oriented recapitalization led by LLR Partners and Parthenon Capital. DaySmart’s software enables small and medium-sized businesses to simplify operations and automate critical business functions, including appointment booking, employee scheduling, client communication and payment acceptance. The transaction was structured to allow the Company to increase investment in its innovative product suite and pursue complementary acquisitions.
Under the continued leadership of Jeff Dickerson, the Company will remain focused on helping its 20,000 global customers succeed. “DaySmart is thrilled to partner with Parthenon and LLR as we continue to invest in our platform and delight our clients,” said Jeff Dickerson, CEO of DaySmart. “LLR and Parthenon bring highly relevant experience and extensive networks that will help drive our continued growth, both organically and through acquisitions.”
“There are approximately 500,000 small and medium sized businesses in DaySmart’s core vertical markets, each focused on serving their client base in a highly focused manner. DaySmart provides its customers with detailed business insights to help increase operational efficiency along with client satisfaction and retention,” said Ryan Goldenberg, Vice President at LLR Partners. “The Company’s seamless integration of vertically focused software and payment solutions empowers business owners to focus on running their business, rather than managing multiple point solutions. It’s a complete platform.”
“We are excited about our partnership with Jeff and the entire DaySmart team,” said Zach Sadek, Partner at Parthenon Capital. “DaySmart is an exceptional company with a world-class group of employees, an industry-leading solution and a compelling opportunity for future growth.”
Raymond James served as financial advisor to DaySmart in connection with this transaction.
About DaySmart Software
Makers of the popular and award-winning Salon Iris, Orchid, 123Pet and Inkbook software, DaySmart is the leading provider of business management tools designed to make it easier for entrepreneurs to run and grow their businesses. DaySmart desktop and cloud apps are purpose-built for the salon, spa, pet and tattoo industries, and backed by a US-based support team that is dedicated to client success.
Based in Ann Arbor, Michigan, DaySmart has been a small business champion since 1999. The company has been recognized on the Inc. 5000 list for eight consecutive years.
About LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit www.llrpartners.com.
About Parthenon Capital
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. For more information, please visit http://www.parthenoncapital.com.