Thoma Bravo seeks buyer for Command Alkon stake at up to $1.75 billion valuation

Thoma Bravo is exploring a sale of its roughly 55% stake in construction software maker Command Alkon, Reuters reported May 14, citing four people familiar with the matter. The process, run with Evercore, could value the company at more than $1.5 billion and potentially as much as $1.75 billion. Heidelberg Materials, which owns the remaining 45% and is Command Alkon’s largest customer, plans to retain its stake, a structure that may limit interest from private equity buyers seeking full control. Thoma Bravo, Heidelberg Materials, Evercore and Command Alkon declined or did not respond to requests for comment. Command Alkon is expected to generate more than $230 million in 2026 revenue and $92 million in EBITDA, with revenue projected to grow 11% in 2027, sources told Reuters. Thoma Bravo acquired the company in 2020 and sold the 45% stake to Heidelberg in 2021 at a reported $1.7 billion valuation.