CELEX: 32022M10622
Language: en
Date: 2022-02-22 00:00:00
Title: Commission Decision of 22/02/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10622 - GENSTAR CAPITAL / MDP / LIGHTSPEED) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

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
                                        1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
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 Articles 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 financial 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 ‘Community’ 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.
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.
 ---pagebreak---      − 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 application 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.
                                              2