H.I.G. Growth Partners Completes Sale of CarltonOne
BOSTON – June 6, 2024 – H.I.G. Growth Partners (“H.I.G. Growth”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce the sale of its portfolio company CarltonOne Engagement (“CarltonOne” or the “Company”), a leading SaaS engagement and e-Commerce platform for creating B2B employee recognition, customer loyalty, rewards, and sales/channel incentive programs, to Goldman Sachs Asset Management.
Headquartered in Markham, Ontario, CarltonOne is trusted by some of the world’s largest organizations and brands operating in over 185 countries and engaging over 14 million customers throughout the world.
Since H.I.G. Growth’s strategic investment in CarltonOne in September 2017, H.I.G. has partnered with senior management on numerous strategic initiatives, including scaling the operational infrastructure, launching new product offerings, and entering new markets, including globally through tuck-in acquisition and via the expansion and growth of the financial services category. During H.I.G.’s investment, the Company grew its revenues approximately 4x and increased its EBITDA over 6x.
Rob Purdy, CarltonOne Founder and CEO, commented, “H.I.G. has supported our transformational growth over the past six years. The partnership with H.I.G. and our leadership team has been a key element in our ability to expand our capabilities and further develop our innovative market leading solutions.”
Eric Tencer, Managing Director at H.I.G. Growth, added, “CarltonOne is a highly innovative organization delivering truly unique, differentiated, and valuable solutions to clients on a global basis. We’ve greatly enjoyed teaming with Rob Purdy and the entire CarltonOne team during this exciting phase of growth.”
Baird and Canaccord Genuity LLC served as financial advisors to CarltonOne, and Paul Hastings served as legal counsel in connection with this transaction.
About CarltonOne
CarltonOne offers the world’s most powerful engagement and e-Commerce platform for creating B2B employee recognition, customer loyalty, rewards, and sales/channel incentive programs. Recognized as one of the top 50 most inspiring workplaces in North America, CarltonOne helps partners and clients operate programs with over 10 million rewards in over 185 countries. Member transactions on its platform fuel its Evergrow sustainability mission to fight climate change with a unique eco-action business model that funds the planting of millions of trees every year.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $62 billion of capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe, and Latin America. H.I.G. Growth Partners invests across all industries, with a focus on certain high-growth sectors where it has extensive in-house expertise, such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth works closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a large in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at HIGgrowth.com.