Centerville, VA – October 3, 2023 – Mill Point Capital LLC (“Mill Point Capital”), a private equity firm focused on control-oriented investments in the Business Services, Industrials and IT Services sectors, announced today the sale of Avenu Insights & Analytics (“Avenu”), a global leader in revenue enhancement and administration solutions for state and local governments, to
Arlington Capital Partners (“ACP”), a Washington, DC-based private equity firm. ACP is focused on middle market investment opportunities in growth industries including government services and technology, aerospace & defense, healthcare, business services and software.
“Mill Point created Avenu through two corporate carveout transactions – the 2017 acquisition of PRA’s Government Services division and the 2018 purchase of Conduent’s Local and Municipal Government Software Solutions business. We have worked tirelessly with Paul Colangelo, Avenu’s Chief Executive Officer, and his team to create a true market leader in this fragmented industry,” said Dustin Smith, Partner of Mill Point Capital.
“We are incredibly proud of the successful partnership with Paul and the entire Avenu team, as well as the many Value Creation Plan achievements during our investment period,” added Mark Paolano, Partner of Mill Point Capital.
About Avenu Insights & Analytics
More than 4,000 state and local governments have partnered with Avenu to drive positive results for their communities through software administration and revenue enhancement solutions. Avenu’s comprehensive software solutions digitally transform government by modernizing processes, providing online access to records, and reducing costs. Avenu also provides a robust ecosystem of revenue management services that identify and recover untapped revenue. State and local governments work closely with Avenu to increase revenue without raising taxes, streamline internal operations and improve services by enhancing connectivity for constituents. To learn more, visit www.avenuinsights.com
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies in North America across the industrials, business services and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.