HgCapital LLP, a U.K. private equity firm, acquired Benevity, a Calgary-based software company. The transaction is the largest in the environmental, social and governance (ESG) space and is the largest software deal completed in Canada in the last decade. The transaction value has not been disclosed.
Existing shareholders include current Benevity management and employees, as well as U.S.-based private equity firms JMI Equity and General Atlantic. The management team will retain an interest in the company following the closing of the transaction, which occurred in January 2021.
Founded in Calgary in 2008, Benevity provides a corporate social responsibility platform, giving companies and nonprofits access to a range of employee engagement, workplace giving and grant management products and programs.
Norton Rose Fulbright Canada LLP advised Benevity with a team including
Justin E. Ferrara,
Daniel E. Steiner,
Dion J. Legge,
Thomas J. Moran,
Paul, Weiss, Rifkind, Wharton & Garrison LLP advised General Atlantic.
Skadden, Arps, Slate, Meagher & Flom LLP advised HgCapital.
Blake, Cassels & Graydon LLP acted as Canadian counsel to HgCapital with a team including
Austin Beck (corporate),
Alexandra Luchenko (litigation regarding court plan of arrangement court process),
Joe McGrade (competition),
Elsaghir Ahmed (tax),
Lindsey Knibbs (employment),
Sean Maxwell (pensions/benefits),
Aaron Zambonin (financial services),
Daniel Quainoo (technology),
Ankita Kapur (intellectual property),
Graham Fulton (real estate).
See the press release here.