Kayne Partners, the growth equity group of Kayne Anderson Capital Advisors, L.P., focused on enterprise software and tech-enabled business services companies, announced that it has successfully exited its investment in Consero Global Solutions, LLC. BV Investment Partners’ $50 million investment in Consero closed August 9.
For over a decade, Consero’s executive team has seen small and mid-market companies struggle to establish finance and accounting functions that can effectively generate timely and accurate financial information to support decision making and third party compliance requirements. Instead, skillset gaps and operational inefficiencies consume resources, increase costs and distract from addressing corporate objectives. To address these challenges, Consero has combined innovative integrated software with traditional CFO, controller and bookkeeping services to small and medium sized businesses, targeting companies with $5 million to $500.0 million in revenue. This complete Finance as a Service (FaaS) solution comes without the headaches of creating and managing a full in-house finance and accounting department and at a fraction of the time and cost.
Kayne Partners worked with Consero management over the past three and a half years to help the company solidify its position as a leading finance-as-a-service solution for customers addressing complex finance requirements, scale operations, and reduce F&A expenses. Beyond providing capital, the Kayne Partners team helped the company grow its customer base, expand into new geographic markets, and supported Consero’s recruiting efforts.
“It has been a great privilege to partner with co-founders Scott Tynes and Bill Klein to help them strategically expand into new markets and grow their business,” said Leon Chen, Managing Director at Kayne Partners, who has served on the Consero Board over the course of Kayne’s involvement.
“Thanks to Kayne Partners’ strategic and financial support and Kayne’s extensive network, we were able to achieve growth in a meaningful way. The trust we developed with Kayne Partners enabled us to form a true partnership, which helped us reach our goals beyond a mere capital infusion,” said Scott Tynes, CEO. “I am proud of the collective hard work by everyone on the Consero team and feel we are well-positioned for continued growth with our new capital partner.”
With the sale of its investment in Consero, Kayne Partners has now successfully exited two Austin, Texas-based portfolio companies. Kayne Partners investment in Consero was from its $208 million fund, Kayne Partners III, which closed in 2014. Kayne Partners is now currently investing from its $385 million fund, Kayne Partners IV, which closed in September 2017.
About Kayne Partners:
Kayne Partners, the dedicated growth private equity group of Kayne Anderson Capital Advisors, L.P., is a leading provider of capital and connections to privately held, high growth, enterprise software and tech-enabled service businesses in North America. The Kayne Partners team has invested approximately $430 million in platform investments and add-on acquisitions together across four funds. Kayne Partners seeks to partner with driven entrepreneurs and provide capital to high growth companies at a transformative point in their life cycle in the following industries: security & compliance, supply chain & logistics, financials, industrials, healthcare, and media & telecom. For more information, visit www.kaynepartners.com
About Kayne Anderson Capital Advisors, L.P.
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy and infrastructure, specialized real estate, growth equity and both private credit and diversified liquid credit. Kayne Anderson manages $29 billion in assets and employs over 300 professionals in eight offices across the U.S. For more information, please visit www.kaynecapital.com
About Consero Global:
Founded in 2006 by Scott Tynes and Bill Klein, Consero Global disrupts the way businesses build and maintain their finance & accounting function. Through a cloud-based platform, Consero delivers the financial clarity and efficiency needed to drive a business forward. Strategic CFOs are adopting Consero’s cutting-edge, Finance as a Service model to free up time and understand how the business is performing. Serving over 250 clients, Consero provides the control and insight needed to steer businesses toward success. Contact Consero
Global for more information about gaining greater control of your financial operations. www.conseroglobal.com
