Our Partnerships

Advantage

Business Services

Leading provider of enterprise-level software specifically designed for advertising agencies and marketing companies, with solutions that automate accounting, billing, project management, digital asset management and media management.  

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V

Fund

V

Fund

Advantage

Fund V

Location Mooresville, NC

Year of Investment 2017

CEO Ellen Coulter

Status Exited 2021 (Partial)

Results

Increased media management revenue by

4x+

during Carousel's hold period

Annual revenue retention of

97%+

during Carousel's hold period

Grew SaaS revenue by

10%

annually over Carousel's hold period

Value Creation Initiatives

What did the business need?

In July 2017, Carousel Capital partnered with management to recapitalize Advantage Software.  The recapitalization allowed management to rationalize the Company’s shareholder base by buying out the non-active owners while management reinvested.  Our partnership enabled more investment in technology and sales resources, and Carousel’s strategic support added focus on prioritizing and accelerating the development and growth of new software solutions.

What outcomes did we achieve?

Partial exit in January 2021 through a sale to Simpli.fi (a portfolio company of GTCR), with Carousel retaining a minority equity stake in the combined business.

In October 2021, Advantage's majority owner, Simpli.fi, announced a growth investment from Blackstone. Carousel remains a significant minority investor. 

How did we create value?

  • Invested in technology and human capital resources to support growth of software solutions
  • Expanded addressable market through successful development and launch of innovative new media management software
  • Increased growth trajectory of monthly recurring SaaS revenue to ~10% annually
  • Realized revenue retention of 97% annually
  • Established a management incentive plan to allow key management members to participate in the equity valuation creation in the Company

“

We wouldn’t have been able to achieve the great success we have without Carousel’s financial and strategic support. They have been a true partner to me and my entire management team. Carousel listened and understood our vision for Advantage’s future and provided invaluable strategic guidance to help chart the best path forward for our Company. We are grateful for our partnership with Carousel and couldn’t be happier with the outcome that we achieved together.

Ellen Coulter, CEO, Advantage Software

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Note: The above testimonial is provided by a current or former Carousel Capital portfolio company executive and reflects their own personal opinion and is provided to demonstrate the benefits of working with the Carousel Capital team and is not provided to solicit investors or to illustrate investment experience with Carousel Capital. The executive was not paid for their testimonial. A potential conflict of interest exists because an executive is generally incentivized to make positive statements to maintain goodwill with Carousel Capital.

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