EQT Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, EQT has acquired 48 companies. It has also invested in 3 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 (31%) and buyout (lbo, mbo, mbi) (27%). In total, EQT has invested in 25 US states and 30 different countries. Its largest (disclosed) acquisition occurred in 2024 when it acquired Nord Anglia Education for $14.5B.

In the last 3 years, EQT has exited 29 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 Activity501
    • M&A Buy Activity313
    • M&A Sell Activity188
  • Total Sectors Invested 52
  • Total Countries Invested 30
  • M&A Buy/Sell Connections 155
  • M&A Advisors 97

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (14.8/yr) # 239 24 13 16 21 - 313
vol $58.4B $20.3B $3.4B $10.2B $22.1B $114.4B
Sell (10.2/yr) # 137 22 10 9 10 - 188
vol $37.6B $23.9B $1.3B $4.8B $67.6B
  501

Most Recent M&A

Company Date Value Type
O2 Power Pvt. Ltd. 2024-12-27 1.5B USD Trade Sale
Gurugram, India · www.o2power.in
ju:niz Management GmbH 2024-12-05 - Buyout (LBO, MBO, MBI)
Traunstein, Germany · www.juniz.com
Calisen Group (Holdings) Ltd. 2024-12-02 - Secondary Buyout
Manchester, United Kingdom · www.calisen.com
Melita Ltd. 2024-11-23 - Trade Sale
Mriehel By-Pass, Malta · www.melita.com
PageUp People Ltd. 2024-10-31 - Secondary Buyout
Melbourne, Australia · www.pageuppeople.com
Nord Anglia Education, Inc. 2024-10-21 14.5B USD Secondary Buyout
London, United Kingdom · www.nordangliaeducation.com
OX2 Group AB 2024-10-08 - Going Private
Stockholm, Sweden · www.ox2.com
Reworld Waste LLC 2024-10-02 - Stake Sale
Morristown, New Jersey · www.reworldwaste.com
Dunlop Protective Footwear 2024-09-24 - Secondary Sale
Raalte, Netherlands · www.dunlopboots.com
IndoStar Home Finance Pvt Ltd. 2024-09-19 263M INR Divestiture
Mumbai, India · www.indostarhfc.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Segra 2017-02-20 Everstream - All-Fiber Network 2024-10-01 3
Charlotte, North Carolina · www.segra.com St. Louis, Missouri
GotPhoto 2023-03-28 Entagged 2024-08-13 2
Berlin, Germany · www.gotphoto.com Berlin, Germany
Constellation Cold Logistics S.à r.l. 2024-06-24 Agri-Norcold A/S 2024-08-07 1
London, United Kingdom · www.constellationcold.com Hobro, Denmark · www.agri-norcold.dk
Dechra Pharmaceuticals Plc 2023-07-20 Invetx, Inc. 2024-07-18 1
Northwich, United Kingdom · www.dechra.com Boston, Massachusetts · www.invetx.com
Industrial & Financial Systems IFS AB 2015-11-30 EmpowerMX 2024-07-10 14
Linköping, Sweden · www.ifs.com Frisco, Texas · www.empowermx.com
Cerba HealthCare SAS 2021-03-30 Cerba Vet 2024-05-03 1
Issy-les-Moulineaux, France · www.cerbahealthcare.com Massy, France · www.cerbavet.com
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
Osmose Utilities Services, Inc. 2019-01-24 Effigis Geo-Solutions 2023-04-12 5
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
Nordic Ferry Infrastructure 2022-12-21 Torghatten AS 2022-12-21 2
Oslo, Norway Brønnøysund, Norway · www.torghatten.no

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 13 (11%) 3.0B (4%) 27 (9%) 5.9B (5%)
Internet Software and Services 16 (13%) 3.9B (6%) 21 (7%) 5.4B (5%)
Communications 5 (4%) 15.8B (22%) 15 (5%) 16.2B (14%)
Life Science 7 (6%) 15.4B (22%) 14 (4%) 16.2B (14%)
Software 8 (7%) 2.5B (4%) 14 (4%) 2.8B (2%)
Healthcare Services 4 (3%) 829M (1%) 13 (4%) 11.4B (10%)
Medical Products 1 (1%) - 13 (4%) 8.5B (7%)
Machinery - - 13 (4%) -
Retail 1 (1%) - 13 (4%) -
Manufacturing - - 12 (4%) 366M (< 1%)
Transportation 5 (4%) 4.6B (6%) 11 (3%) 4.6B (4%)
Business Services 2 (2%) - 11 (3%) 419M (< 1%)
Real Estate 7 (6%) 2.6B (4%) 9 (3%) 4.2B (4%)
Renewable Energy 6 (5%) 169M (< 1%) 9 (3%) 169M (< 1%)
Education 5 (4%) 14.5B (20%) 8 (3%) 14.5B (13%)
Energy Services and Equipment 3 (3%) - 8 (3%) 5.3B (5%)
Environmental 4 (3%) - 8 (3%) 504M (< 1%)
Consumer Services 5 (4%) 320M (< 1%) 8 (3%) 320M (< 1%)
Consumer Products 2 (2%) - 7 (2%) 2.5B (2%)
Food 1 (1%) - 7 (2%) -
Media 1 (1%) - 5 (2%) 1.5B (1%)
Financial Services 4 (3%) 414M (1%) 5 (2%) 414M (< 1%)
Chemicals 2 (2%) - 4 (1%) -
Digital Media 2 (2%) 3.2B (5%) 3 (1%) 3.2B (3%)
Infrastructure 3 (3%) 3.0B (4%) 3 (1%) 3.0B (3%)
Electronics 1 (1%) - 3 (1%) 2.4B (2%)
Information Services - - 3 (1%) 2.4B (2%)
Technology Hardware - - 3 (1%) 40M (< 1%)
Aerospace - - 3 (1%) -
Apparel/Textiles 1 (1%) - 3 (1%) -
Automotive 2 (2%) - 3 (1%) -
Distribution 1 (1%) - 3 (1%) -
Restaurants - - 3 (1%) -
Utilities 2 (2%) - 3 (1%) -
Leisure 1 (1%) - 2 (1%) 1.1B (1%)
Test/Measurement Equipment 2 (2%) 1.0B (1%) 2 (1%) 1.0B (1%)
E-Commerce 1 (1%) - 2 (1%) -
Forest Products - - 2 (1%) -
Furniture - - 2 (1%) -
Insurance 1 (1%) - 2 (1%) -
Marine - - 2 (1%) -
Packaging - - 2 (1%) -
Safety/Security - - 2 (1%) -
Agriculture 1 (1%) - 1 (< 1%) -
Beverages - - 1 (< 1%) -
Construction - - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Oil/Gas Exploration - - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Publishing - - 1 (< 1%) -
Total 120 $71.3B 315 $114.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (25%) 39.0B (55%) 57 (18%) 52.2B (46%)
  California 9 (8%) 1.1B (2%) 11 (3%) 1.1B (1%)
  New Jersey 3 (3%) 1.7B (2%) 6 (2%) 7.9B (7%)
  New York 1 (1%) - 4 (1%) 480M (< 1%)
  North Carolina 2 (2%) 9.5B (13%) 3 (1%) 9.5B (8%)
  Washington 1 (1%) - 3 (1%) 248M (< 1%)
  Minnesota 1 (1%) - 3 (1%) 40M (< 1%)
  Texas 1 (1%) - 3 (1%) -
  Pennsylvania 2 (2%) 4.9B (7%) 2 (1%) 4.9B (4%)
  Georgia 2 (2%) - 2 (1%) -
  Colorado 1 (1%) 14.3B (20%) 2 (1%) 14.6B (13%)
  Ohio 1 (1%) 4.6B (6%) 2 (1%) 4.6B (4%)
  Utah 1 (1%) - 2 (1%) -
  Kentucky - - 2 (1%) 2.7B (2%)
  Missouri 1 (1%) 3.0B (4%) 1 (< 1%) 3.0B (3%)
  Virginia 1 (1%) - 1 (< 1%) -
  South Carolina 1 (1%) - 1 (< 1%) -
  New Mexico 1 (1%) - 1 (< 1%) -
  Indiana 1 (1%) - 1 (< 1%) -
  Massachusetts - - 1 (< 1%) 2.4B (2%)
  Maryland - - 1 (< 1%) 465M (< 1%)
  Louisiana - - 1 (< 1%) 419M (< 1%)
  Wisconsin - - 1 (< 1%) -
  Oregon - - 1 (< 1%) -
  North Dakota - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
Sweden 19 (16%) 320M (< 1%) 55 (17%) 7.8B (7%)
Germany 10 (8%) 2.7B (4%) 44 (14%) 10.2B (9%)
Denmark 4 (3%) - 26 (8%) 1.3B (1%)
United Kingdom 13 (11%) 22.4B (31%) 19 (6%) 22.4B (20%)
Finland - - 14 (4%) 1.1B (1%)
Norway 3 (3%) - 13 (4%) 181M (< 1%)
China 3 (3%) - 12 (4%) -
Spain 4 (3%) - 10 (3%) 1.5B (1%)
Switzerland 2 (2%) - 9 (3%) 11.0B (10%)
Australia 6 (5%) 702M (1%) 7 (2%) 702M (1%)
Netherlands 2 (2%) 550M (1%) 7 (2%) 550M (< 1%)
France 5 (4%) - 6 (2%) -
Singapore 3 (3%) 1.1B (2%) 6 (2%) 1.1B (1%)
India 2 (2%) 414M (1%) 4 (1%) 414M (< 1%)
Belgium 2 (2%) - 4 (1%) -
Ireland 2 (2%) 3.2B (5%) 3 (1%) 3.2B (3%)
Italy 1 (1%) - 3 (1%) -
Japan 2 (2%) - 2 (1%) -
South Korea 2 (2%) - 2 (1%) -
Bulgaria - - 2 (1%) -
United Arab Emirates - - 2 (1%) -
New Zealand 1 (1%) 829M (1%) 1 (< 1%) 829M (1%)
Indonesia 1 (1%) - 1 (< 1%) -
Israel 1 (1%) - 1 (< 1%) -
Luxembourg 1 (1%) - 1 (< 1%) -
Vietnam 1 (1%) - 1 (< 1%) -
Malta - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 19 (16%) 320M (< 1%) 55 (17%) 7.8B (7%)
Cross-border 101 (84%) 70.9B (100%) 260 (83%) 106.6B (93%)
Total 120 $71.3B 315 $114.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 45 (38%) 27.3B (40%) 97 (31%) 36.3B (33%)
Buyout (LBO, MBO, MBI) 19 (16%) 550M (1%) 84 (27%) 3.3B (3%)
Divestiture 11 (9%) 8.3B (12%) 51 (16%) 24.9B (23%)
Stake Purchase 13 (11%) - 25 (8%) -
Going Private 15 (13%) 32.1B (47%) 23 (7%) 44.9B (41%)
Growth Capital 10 (8%) - 20 (6%) -
Consolidation 2 (2%) - 4 (1%) -
Joint Venture 2 (2%) - 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 120 $68.3B 315 $109.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 62 (33%) 15.9B (24%)
Trade Sale - Public Company 39 (21%) 43.4B (64%)
Trade Sale 36 (19%) 8.2B (12%)
IPO 21 (11%) -
Merger 10 (5%) -
Stake Sale 6 (3%) -
Sold to Management 5 (3%) -
Bankruptcy 4 (2%) -
Unknown 3 (2%) -
Sold to Existing Investors 1 (1%) -
Spin Off 1 (1%) -
Total 188 $67.6B

Top M&A Advisors

Financial Deals
Morgan Stanley
 14
Goldman Sachs
 11
Barclays Investment Bank
 9
Legal Deals
Simpson Thacher & Bartlett
 25
Kirkland & Ellis
 11
Allen Overy Shearman Sterling (A&O Shearman)
 9

Deal Values

buy # Total
> $1B 28 $106.8B
$100M to $1B 17 $7.5B
< $100M 2 $79M
TOTAL $114.4B
Largest Nord Anglia Education, Inc.
$14.5B (2024-10-21)
sell # Total
> $1B 18 $55.7B
$100M to $1B 24 $11.8B
< $100M 1 $38M
TOTAL $67.6B
Largest Aldevron LLC
$9.6B (2021-06-17)

M&A Connections

Deals
Acquired from
Investor(s)
33%
104 (33%)
Strategic(s)
16%
49 (16%)
Exited to
Investor(s)
34%
64 (34%)
Strategic(s)
45%
85 (45%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

242.0B 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 242.0B EUR under management.

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