EQT Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, EQT has acquired 42 companies. It has also invested in 8 others.

EQT’s most common sectors for investment areinformation technology (9%) and internet software and services (7%) . The Firm’s most common investment types include secondary buyout (32%) and buyout (lbo, mbo, mbi) (27%). In total, EQT has invested in 24 US states and 29 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Zayo Group for $14.3B.

In the last 3 years, EQT has exited 39 companies. The Firm’s most common exit type is trade sale (40%). EQT’s largest (disclosed) exit occurred in 2021 when it sold Aldevron for $9.6B.

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M&A Summary

  • M&A Total Activity461
    • M&A Buy Activity286
    • M&A Sell Activity175
  • Total Sectors Invested 51
  • Total Countries Invested 29
  • M&A Buy/Sell Connections 147
  • M&A Advisors 92

EQT

EQT AB

Regeringsgatan 25,
Stockholm, SE-111 53
Sweden
+46 8 506 55 300
www.eqtgroup.com

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Real Estate, Retail, Semiconductors, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE, Secondary Buyout, Venture, Joint Venture

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 125 1,500
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (13.8/yr) # 217 19 23 10 13 4 286
vol $56.1B $2.3B $20.3B $3.4B $10.0B $92.1B
Sell (9.8/yr) # 126 10 22 8 7 2 175
vol $35.8B $1.8B $23.9B $1.3B $62.8B
  461

Most Recent M&A

Company Date Value Type
RIMES Technologies 2024-04-09 - Secondary Sale
New York, New York · www.rimes.com
Universidad Europea 2024-04-08 - Secondary Buyout
Madrid, Spain · www.universidadeuropea.es
Groupe OCEA SA 2024-04-04 - Secondary Buyout
Courbevoie, France · www.groupe-ocea.fr
Avetta LLC 2024-04-02 - Secondary Buyout
Lehi, Utah · www.avetta.com
Otto Bock HealthCare GmbH 2024-03-14 - Sold to Existing Investors
Duderstadt, Germany · www.ottobock.com
Mabtech AB 2024-01-09 - Secondary Buyout
Nacka Strand, Sweden · www.mabtech.com
Indium Software, Inc. 2023-12-22 - Buyout (LBO, MBO, MBI)
Cupertino, California · www.indiumsoftware.com
Next One Technology 2023-12-20 - Secondary Buyout
Linkoping, Sweden · www.next-tech.com
Zeus Industrial Products, Inc. 2023-12-18 - Buyout (LBO, MBO, MBI)
Orangeburg, South Carolina · www.zeusinc.com
Heritage Environmental Services LLC 2023-12-11 - Buyout (LBO, MBO, MBI)
Indianapolis, Indiana · www.heritage-enviro.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Madison Energy Infrastructure 2022-12-20 Sun Tribe - Commercial and K-12 Solar Portfolio 2024-04-16 1
New York, New York · www.madisonei.com Charlottesville, Virginia
Waystar, Inc. 2019-07-29 ImageVision.net, Inc. 2023-08-03 4
Louisville, Kentucky · www.waystar.com Mechanicsburg, Pennsylvania · www.healthpay24.com
Osmose Utilities Services, Inc. 2019-01-24 Effigis Geo-Solutions 2023-04-12 4
Peachtree City, Georgia · www.osmose.com Montreal, Quebec · www.effigis.com
Evidia GmbH 2021-07-09 4Ways Healthcare Ltd. 2023-04-05 2
Dortmund, Germany · www.evidia.de Hertfordshire, United Kingdom · www.4waysdiagnostics.co.uk
Covanta Holding Corp. 2021-07-14 Circon Environmental 2023-04-03 8
Morristown, New Jersey · www.covanta.com La Porte, Texas · www.circonenviro.com
Industrial & Financial Systems IFS AB 2015-11-30 Ultimo Software Solutions bv 2022-07-05 11
Linköping, Sweden · www.ifs.com Nunspeet, Netherlands · www.ultimo.com
PRO Unlimited, Inc. 2021-06-28 Geometric Results, Inc. 2022-03-29 3
San Francisco, California · www.prounlimited.com Detroit, Michigan · www.geometricresultsinc.com
Zayo Group LLC 2019-05-08 Education Networks of America, Inc. 2022-03-03 3
Boulder, Colorado · www.zayo.com Nashville, Tennessee · www.ena.com
First Student, Inc. 2021-04-23 Apple Bus Co. Inc. 2022-02-24 3
Cincinnati, Ohio · www.firststudentinc.com Cleveland, Missouri · www.applebuscompany.com
Galderma SA 2019-05-16 Alchemee LLC 2022-02-22 2
Zug, Switzerland · www.galderma.com El Segundo, California · www.alchemee.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (11%) 2.7B (4%) 24 (8%) 2.9B (3%)
Internet Software and Services 14 (13%) 4.3B (6%) 18 (6%) 4.3B (5%)
Communications 5 (5%) 15.8B (23%) 14 (5%) 16.2B (18%)
Life Science 7 (7%) 15.4B (22%) 14 (5%) 16.2B (18%)
Healthcare Services 6 (6%) 11.4B (17%) 14 (5%) 11.4B (12%)
Medical Products 1 (1%) - 13 (5%) 8.5B (9%)
Machinery - - 13 (5%) -
Retail 1 (1%) - 13 (5%) -
Manufacturing - - 12 (4%) 366M (< 1%)
Software 5 (5%) 2.5B (4%) 11 (4%) 2.8B (3%)
Business Services 1 (1%) - 10 (3%) 419M (< 1%)
Transportation 5 (5%) 4.6B (7%) 9 (3%) 4.6B (5%)
Real Estate 5 (5%) 2.6B (4%) 7 (2%) 4.2B (5%)
Consumer Products 2 (2%) - 7 (2%) 2.5B (3%)
Consumer Services 4 (4%) 320M (< 1%) 7 (2%) 320M (< 1%)
Food 1 (1%) - 7 (2%) -
Energy Services and Equipment 3 (3%) 5.3B (8%) 6 (2%) 5.3B (6%)
Media 2 (2%) - 6 (2%) 1.5B (2%)
Environmental 2 (2%) - 6 (2%) 504M (1%)
Education 3 (3%) - 6 (2%) -
Renewable Energy 4 (4%) - 6 (2%) -
Financial Services 4 (4%) 151M (< 1%) 4 (1%) 151M (< 1%)
Electronics 1 (1%) - 3 (1%) 2.4B (3%)
Information Services - - 3 (1%) 2.4B (3%)
Technology Hardware - - 3 (1%) 40M (< 1%)
Aerospace - - 3 (1%) -
Apparel/Textiles 2 (2%) - 3 (1%) -
Automotive 2 (2%) - 3 (1%) -
Chemicals 1 (1%) - 3 (1%) -
Distribution 1 (1%) - 3 (1%) -
Restaurants - - 3 (1%) -
Utilities 2 (2%) - 3 (1%) -
Infrastructure 2 (2%) 3.0B (4%) 2 (1%) 3.0B (3%)
Leisure 1 (1%) - 2 (1%) 1.1B (1%)
Test/Measurement Equipment 2 (2%) 1.0B (1%) 2 (1%) 1.0B (1%)
Digital Media 1 (1%) - 2 (1%) -
E-Commerce 1 (1%) - 2 (1%) -
Forest Products - - 2 (1%) -
Furniture - - 2 (1%) -
Insurance 1 (1%) - 2 (1%) -
Marine - - 2 (1%) -
Plastics - - 2 (1%) -
Safety/Security - - 2 (1%) -
Beverages - - 1 (< 1%) -
Construction 1 (1%) - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Oil/Gas Exploration - - 1 (< 1%) -
Packaging - - 1 (< 1%) -
Publishing - - 1 (< 1%) -
Total 105 $69.1B 287 $92.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 17 (16%) 320M (< 1%) 53 (18%) 7.8B (8%)
United States 28 (27%) 44.0B (64%) 52 (18%) 49.2B (53%)
  California 7 (7%) 1.1B (2%) 9 (3%) 1.1B (1%)
  New Jersey 3 (3%) 7.0B (10%) 5 (2%) 7.9B (9%)
  New York 1 (1%) - 4 (1%) 480M (1%)
  North Carolina 2 (2%) 9.5B (14%) 3 (1%) 9.5B (10%)
  Texas 2 (2%) - 3 (1%) -
  Washington 1 (1%) - 3 (1%) 248M (< 1%)
  Pennsylvania 2 (2%) 4.9B (7%) 2 (1%) 4.9B (5%)
  Georgia 2 (2%) - 2 (1%) -
  Colorado 1 (1%) 14.3B (21%) 2 (1%) 14.6B (16%)
  Ohio 1 (1%) 4.6B (7%) 2 (1%) 4.6B (5%)
  Kentucky 1 (1%) 2.7B (4%) 2 (1%) 2.7B (3%)
  Utah 1 (1%) - 2 (1%) -
  Minnesota - - 2 (1%) 40M (< 1%)
  Indiana 1 (1%) - 1 (< 1%) -
  Virginia 1 (1%) - 1 (< 1%) -
  South Carolina 1 (1%) - 1 (< 1%) -
  New Mexico 1 (1%) - 1 (< 1%) -
  Massachusetts - - 1 (< 1%) 2.4B (3%)
  Maryland - - 1 (< 1%) 465M (1%)
  Louisiana - - 1 (< 1%) 419M (< 1%)
  Wisconsin - - 1 (< 1%) -
  Oregon - - 1 (< 1%) -
  North Dakota - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
Germany 6 (6%) - 40 (14%) 7.5B (8%)
Denmark 6 (6%) - 26 (9%) 1.3B (1%)
Finland - - 14 (5%) 1.1B (1%)
United Kingdom 8 (8%) 7.9B (11%) 13 (5%) 7.9B (9%)
China 4 (4%) - 12 (4%) -
Norway 3 (3%) - 12 (4%) 181M (< 1%)
Spain 4 (4%) 1.5B (2%) 9 (3%) 1.5B (2%)
Switzerland 3 (3%) 10.6B (15%) 8 (3%) 11.0B (12%)
France 5 (5%) - 7 (2%) -
Netherlands 3 (3%) 550M (1%) 7 (2%) 550M (1%)
Australia 4 (4%) 702M (1%) 5 (2%) 702M (1%)
Singapore 2 (2%) - 5 (2%) -
India 2 (2%) 151M (< 1%) 3 (1%) 151M (< 1%)
Italy 1 (1%) - 3 (1%) -
Belgium 1 (1%) - 3 (1%) -
Luxembourg 2 (2%) 2.5B (4%) 2 (1%) 2.5B (3%)
Bulgaria - - 2 (1%) -
United Arab Emirates - - 2 (1%) -
New Zealand 1 (1%) 829M (1%) 1 (< 1%) 829M (1%)
Israel 1 (1%) - 1 (< 1%) -
Japan 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Malta 1 (1%) - 1 (< 1%) -
Vietnam 1 (1%) - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 17 (16%) 320M (< 1%) 53 (18%) 7.8B (8%)
Cross-border 88 (84%) 68.7B (100%) 234 (82%) 84.3B (92%)
Total 105 $69.1B 287 $92.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 44 (42%) 17.0B (25%) 89 (31%) 21.8B (24%)
Buyout (LBO, MBO, MBI) 14 (13%) 550M (1%) 77 (27%) 3.3B (4%)
Divestiture 9 (9%) 18.6B (27%) 48 (17%) 24.7B (27%)
Stake Purchase 12 (11%) - 23 (8%) -
Growth Capital 8 (8%) - 18 (6%) -
Going Private 10 (10%) 32.9B (48%) 17 (6%) 40.4B (45%)
Consolidation 2 (2%) - 4 (1%) -
Joint Venture 3 (3%) - 3 (1%) -
Venture 2 (2%) - 3 (1%) -
Special Situations/Distressed - - 1 (< 1%) 465M (1%)
Acquisition Financing - - 1 (< 1%) -
Add-on Acquisition 1 (1%) - 1 (< 1%) -
Merger - - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 105 $69.1B 287 $90.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 60 (34%) 12.6B (20%)
Trade Sale - Public Company 39 (22%) 43.4B (69%)
Trade Sale 31 (18%) 6.7B (11%)
IPO 17 (10%) -
Merger 10 (6%) -
Stake Sale 5 (3%) -
Bankruptcy 4 (2%) -
Sold to Management 4 (2%) -
Unknown 3 (2%) -
Sold to Existing Investors 1 (1%) -
Spin Off 1 (1%) -
Total 175 $62.8B

Top M&A Advisors

Financial Deals
Morgan Stanley
 13
Goldman Sachs
 11
PwC Corporate Finance LLC
 7
Legal Deals
Simpson Thacher & Bartlett
 20
Kirkland & Ellis
 10
Allen & Overy
 8

Deal Values

buy # Total
> $1B 24 $85.0B
$100M to $1B 15 $7.0B
< $100M 2 $79M
TOTAL $92.1B
Largest Zayo Group LLC
$14.3B (2019-05-08)
sell # Total
> $1B 16 $51.0B
$100M to $1B 24 $11.8B
< $100M 1 $38M
TOTAL $62.8B
Largest Aldevron LLC
$9.6B (2021-06-17)

M&A Connections

Deals
Acquired from
Investor(s)
33%
94 (33%)
Strategic(s)
16%
46 (16%)
Exited to
Investor(s)
35%
61 (35%)
Strategic(s)
46%
80 (46%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

50.0B EUR

Established

1994

Specialist/Generalist

Generalist

Leadership

Christian Sinding

CEO

Lennart Blecher

Deputy Managing Partner

Simon Griffiths

Head of Private Equity Asia Pacific

John Ostlund

Managing Director

Julia Zhu

Managing Director

FAQ

When was EQT founded?

EQT was founded in 1994.

What type of investor is EQT?

EQT is a private equity firm.

Where is EQT headquartered?

EQT is headquartered in Stockholm, Sweden.

How much capital does EQT have under management?

EQT has 50.0B EUR under management.

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