Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 22.2.2022  
C(2022) 1218 final  
PUBLIC VERSION 
Genstar Capital Partners, LLC  
Four Embarcadero Center Suite  1900  
San Francisco, CA 94111-4191  
United States of America   
 
Madison Dearborn Partners, LLC  
70 West Madison Street Suite 4600  
Chicago, IL 60602  
United States of America   
Subject : Case M. 10622 – GENSTAR CAPITAL / MDP / LIGHTSPEED  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 28 January 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Genstar 
Capital Partners , LLC (“Genstar Capital”, United States of America) and  Madison 
Dearborn Partners, LLC (“MDP”, United States of America) intend to acquire, within 
the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation, joint control of LS 
Topco Holdings, LLC (“Lightspeed”, United States of America), currently solely 
controlled by MDP. The concentration is accomplished by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− Genstar Capital: private equity firm specialising in investments in middle market companies in f inancial services, healthcare, industrial technology and software.  
 
− MDP: private equity investment firm specializing in investments in middle and upper-market companies active across a broad spectrum of industries.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Communi ty’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 63, 7.02.2022, p.13.  

2  
− Lightspeed: software company engaged in the provision of software as a service 
for classroom management, mobile device management, analytics and wellbeing 
alerts used by education providers. 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraphs  5(a) and 5(c ) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
  
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.