LLR Partners Bought Stake in Investment Adviser Soltis, while 2 Portfolio Firms Closed Mergers in Q2

Michael “Mickey” Sala

LLR Partners made one portfolio investment, while two of its portfolio firms entered into M&A deals in the second quarter of 2024, the Philadelphia-based private equity firm told its investors in a newsletter last week.

The firm, which has raised more than $6 billion across seven funds, made an investment in Soltis, a Salt Lake City, Utah-headquartered registered investment adviser with more than $9 billion in client assets.

3SI, Geoforce in M&As

Its portfolio firm 3SI Security + Wren’s merged with Edge360, a video surveillance and security solutions provider, while Geoforce acquired Temeda, an equipment tracking and vehicle telematics provider.

In 2017, LLR Partners first invested in 3SI Security, which provides solutions to combat crime through GPS tracking, dye and ink staining, and gas neutralization technology. The company, headquartered in Malvern, Pa., merged with Wren in 2023.

LLR Partners bought a majority stake in Dallas, Texas-based Geoforce in 2019. Geoforce runs a cloud-based software platform to help manage fleets, with customers in over 70 countries. Temeda, based in Warrenville, Ill., has expertise in machinery and equipment telematics.

TA Associates Backs EGT

In Q2, Edmunds GovTech, a portfolio company of LLR Partners, received an investment from TA Associates. Founded in 1972, Northfield, N.J.-based EGT provides software to local governments. LLR Partners first invested in EGT in 2018.

Founded in 1999, LLR Partners is a lower middle market private equity firm that makes growth capital investments in technology and healthcare companies with annual revenues of at least $10 million. It eyes investment in the range of $25 million to $200 million. LLR’s investments span education, industrial tech, fintech, software and healthcare.

In recent years, LLR has expanded its “Value Creation Team” by 60%. The cross-functional team works alongside the investment unit, with the goal of “helping founders mature and scale with a shared vision of success and respect for founder-led cultures built from the ground up.”

LLR Partners’ managing directors include Michael “Mickey” Sala, a former JPMorgan executive, and Matt Lowell, a former AIG consultant who served IBM’s financial services practice.

Sala serves as managing director of strategic origination, identifying investment opportunities to drive value creation across LLR’s portfolio. Lowell oversees strategy and operations. The firm’s partners include Sasank Aleti, formerly an investment banker at UBS. He oversees LLR’s investments in healthcare, benefits and HR technology.

In its annual Growth Guide, published earlier this year, LLR Partners said it partnered with its portfolio companies to close 22 strategic acquisitions. It also “continued to prioritize connectedness and collaboration among the LLR team, launching a OneLLR podcast and completing 900+ hours of service to our community together.”