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Dry Line Partners

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Overview

Dry Line Partners is a private equity firm based in San Antonio and Austin, Texas, focused on acquiring underperforming B2B recurring revenue technology and software businesses, typically with enterprise values around $100 million.123 It operates on a deal-by-deal basis, providing investors visibility into specific targets rather than blind pool investments, and targets companies with low customer concentration and high retention rates bought at deep-value prices (1-2x sales or 4-7x pro forma EBITDA minus CapEx).34

History

Dry Line Partners was founded in early 2021 by Bret Piatt, Matt Morris, and another partner as a private equity firm targeting mid-market B2B software businesses.4 Its first investments backed Jungle Disk's acquisition of three backup and disaster recovery businesses—KeepItSafe, LiveVault, and OffsiteDataSync—from J2 Global in 2021, significantly expanding Jungle Disk and making it one of San Antonio's largest private tech companies.4 In 2023, it acquired all assets of VizExplorer's parent company, VizExp., Inc., to expand its competitive position in analytics software.1

Notable Products

  • Jungle Disk expansions (KeepItSafe, LiveVault, OffsiteDataSync) - Acquired backup and disaster recovery businesses integrated into Jungle Disk cybersecurity platform in 2021.
  • VizExplorer - Analytics software assets acquired from VizExp., Inc. in 2023 to strengthen market position.

Reputation

Dry Line Partners is viewed by investors as a specialized firm unlocking value in underperforming software assets through targeted acquisitions and operational improvements.3 Professionals note its deal-by-deal transparency as a strength for LPs seeking visibility into investments.3 Limited public reviews exist due to its small size and focus on private equity deals.5

Sources (6)
  1. https://www.zoominfo.com/c/dry-line-partners/558116415
  2. https://theorg.com/org/dry-line-partners
  3. https://www.optoinvest.com/insights/how-dry-line-partners-unlocks-value-in-unloved-software-firms
  4. https://www.startupssanantonio.com/dry-line-partners-backs-jungle-disk-acquisition-of-3-tech-companies/
  5. https://www.glassdoor.sg/Overview/Working-at-Dry-Line-Partners-EI_IE6740953.11,28.htm
  6. https://adviserinfo.sec.gov/firm/summary/318277