STG Partners’ Acquisition of AFS Technologies


Barclays acted as financial advisor and Paul Hastings LLP acted as legal advisor to STG. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to TSL.

AFS Technologies, Inc. (“AFS”) a leading provider of software solutions purpose-built for consumer goods manufacturers, food distributors, and sales agencies, has reached an agreement with STG Partners (“STG”) in which funds managed by STG have acquired a majority equity interest in AFS. TPG Specialty Lending, Inc. (TSLX or “TSLX”), which has been an investor in AFS since 2011, will retain a meaningful ownership interest in AFS going forward and will continue to support AFS as a financing partner.

AFS is an established market leader, with an end-to-end consumer goods platform across Trade Promotion, Retail Execution, Mobility, Analytics, Customer Management, Order Management, Warehouse Management, ERP and automated revenue recognition. It serves leading Food and Beverage CPG companies, including seven of the top 10 constituents of the Forbes Top 100 list. With over 1,300 installations globally, AFS solutions deliver value across tier-1, tier-2, and tier-3 customers. AFS is also a Microsoft Globally Managed ISV Partner – managed through the Worldwide OCP team.

Independent analysts, including Gartner and the Promotion Optimization Institute, have ranked AFS software products best-in-class, noting AFS’ differentiation in having implementations across every major geography.

Fried Frank acted as counsel to TPG Specialty Lending, Inc. with a team including corporate partner Matthew V. Soran (Picture), corporate partners Christopher Ewan and Michael T. Gershberg; antitrust partners Nathaniel L. Asker and Tobias Caspary; executive compensation and ERISA partner Jeffrey Ross; intellectual property and technology partner Amir R. Ghavi; litigation partners Una A. Dean and Scott B. Luftglass; tax partner Michael J. Alter; corporate associates Brett C. Pedvis, Moshe A. Cohen, Adam S. Natan, and Justin A. Schenck; antitrust associate Julie Flandrin; executive compensation and ERISA associate Samantha Steinfeld Rozell; intellectual property and technology associate Marli Sussman; litigation associate Michael A. Kleinman; and tax associate Shane C. Hoffmann.

Involved fees earner: Matthew Soran – Fried Frank Harris Shriver & Jacobson; Christopher Ewan – Fried Frank Harris Shriver & Jacobson; Michael Gershberg – Fried Frank Harris Shriver & Jacobson; Brett Pedvis – Fried Frank Harris Shriver & Jacobson; Moshe Cohen – Fried Frank Harris Shriver & Jacobson; Adam Natan – Fried Frank Harris Shriver & Jacobson; Justin Schenck – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Tobias Caspary – Fried Frank Harris Shriver & Jacobson; Julie Flandrin – Fried Frank Harris Shriver & Jacobson; Jeffrey Ross – Fried Frank Harris Shriver & Jacobson; Samantha Steinfeld Rozell – Fried Frank Harris Shriver & Jacobson; Amir Ghavi – Fried Frank Harris Shriver & Jacobson; Marli Sussman – Fried Frank Harris Shriver & Jacobson; Una Dean – Fried Frank Harris Shriver & Jacobson; Scott Luftglass – Fried Frank Harris Shriver & Jacobson; Michael Kleinman – Fried Frank Harris Shriver & Jacobson; Michael Alter – Fried Frank Harris Shriver & Jacobson; Shane Hoffmann – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: TPG Specialty Lending Inc;