Adams Street Partners Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, Adams Street Partners has acquired 5 companies. It has also invested in 20 others.

Adams Street Partners’ most common sectors for investment areinternet software and services (23%) and software (21%) . The Firm’s most common investment types include venture (69%) and growth capital (11%). In total, Adams Street Partners has invested in 27 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Univision Communications for $13.7B.

In the last 3 years, Adams Street Partners has exited 13 companies. The Firm’s most common exit type is trade sale (53%). Adams Street Partners’ largest (disclosed) exit occurred in 2015 when it sold Shred-it International for $2.3B.

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M&A Summary

  • M&A Total Activity232
    • M&A Buy Activity146
    • M&A Sell Activity86
  • Total Sectors Invested 25
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 128
  • M&A Advisors 4

Adams Street Partners

One North Wacker Drive, Suite 2700,
Chicago, Illinois 60606
United States
(312) 553-7890
www.adamsstreetpartners.com
info@adamsstreetpartners.com

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Consumer Services, Electronics, Financial Services, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Marketing, Media, Medical Products, Semiconductors, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (7.0/yr) # 111 10 6 6 11 2 146
vol $21.4B $400M $21.8B
Sell (3.6/yr) # 68 5 2 6 3 2 86
vol $7.9B $250M $8.2B
  232

Most Recent M&A

Company Date Value Type
Peerless Network, Inc. 2022-07-27 200M USD Add-on Acquisition
Chicago, Illinois · www.peerlessnetwork.com
Mineralys Therapeutics, Inc. 2022-06-08 - Venture
Radnor, Pennsylvania · www.mineralystx.com
Vitalyst LLC 2022-02-01 50M USD Add-on Acquisition
Bala Cynwyd, Pennsylvania · www.vitalyst.com
Dremio 2022-01-25 - Venture
Santa Clara, California · www.dremio.com
Orca Security 2021-10-06 - Venture
Portland, Oregon · www.orca.security
Nomad Health 2021-09-21 - Venture
New York, New York · www.nomadhealth.com
Dynamic Signal, Inc. 2021-09-14 - Merger
San Bruno, California · www.dynamicsignal.com
Reify Health, Inc. 2021-08-10 - Venture
Boston, Massachusetts · www.reifyhealth.com
Icosavax, Inc. 2021-08-02 - IPO
Seattle, Washington · www.icosavax.com
Remote 2021-07-23 - Venture
San Francisco, California · www.remote.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Millennium Trust Co. 2019-01-04 PayFlex Systems USA, Inc. 2022-04-05 2
Oak Brook, Illinois · www.mtrustcompany.com Omaha, Nebraska · www.payflex.com
Alula Holdings LLC 2018-03-14 ipDatatel LLC 2018-03-14 1
St. Paul, Minnesota · www.alula.net Sugar Land, Texas · www.ipdatatel.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 16 (31%) 400M (100%) 33 (23%) 530M (2%)
Software 10 (19%) - 30 (21%) 5.0B (23%)
Life Science 10 (19%) - 23 (16%) -
Medical Products 2 (4%) - 12 (8%) -
Information Technology 4 (8%) - 7 (5%) -
Business Services 1 (2%) - 5 (3%) 30M (< 1%)
Technology Hardware 1 (2%) - 5 (3%) -
Media - - 3 (2%) 16.1B (74%)
Communications - - 3 (2%) -
Financial Services 1 (2%) - 3 (2%) -
Semiconductors - - 3 (2%) -
Digital Media - - 2 (1%) -
Healthcare Services 2 (4%) - 2 (1%) -
Information Services - - 2 (1%) -
Marketing - - 2 (1%) -
Renewable Energy 1 (2%) - 2 (1%) -
Electronics - - 1 (1%) 165M (1%)
Agriculture - - 1 (1%) -
Building Materials - - 1 (1%) -
Construction 1 (2%) - 1 (1%) -
Consumer Services - - 1 (1%) -
E-Commerce - - 1 (1%) -
Leisure 1 (2%) - 1 (1%) -
Packaging 1 (2%) - 1 (1%) -
Real Estate 1 (2%) - 1 (1%) -
Total 52 $400M 146 $21.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 49 (94%) 400M (100%) 134 (92%) 19.4B (89%)
  California 23 (44%) - 59 (40%) 134M (1%)
  Texas 2 (4%) - 11 (8%) 5.0B (23%)
  Illinois 2 (4%) - 7 (5%) -
  Virginia 3 (6%) 400M (100%) 6 (4%) 400M (2%)
  New York 2 (4%) - 6 (4%) 13.7B (63%)
  Colorado - - 5 (3%) -
  Pennsylvania 2 (4%) - 3 (2%) -
  North Carolina 2 (4%) - 3 (2%) -
  Minnesota 2 (4%) - 3 (2%) -
  Massachusetts 2 (4%) - 3 (2%) -
  Florida - - 3 (2%) 30M (< 1%)
  Washington - - 3 (2%) -
  Oregon 2 (4%) - 2 (1%) -
  Michigan 2 (4%) - 2 (1%) -
  Indiana 1 (2%) - 2 (1%) 165M (1%)
  New Jersey 1 (2%) - 2 (1%) -
  Arizona 1 (2%) - 2 (1%) -
  Nevada - - 2 (1%) -
  Georgia - - 2 (1%) -
  Wisconsin 1 (2%) - 1 (1%) -
  South Carolina 1 (2%) - 1 (1%) -
  Utah - - 1 (1%) -
  Tennessee - - 1 (1%) -
  Missouri - - 1 (1%) -
  Maryland - - 1 (1%) -
  Delaware - - 1 (1%) -
  Connecticut - - 1 (1%) -
Canada 1 (2%) - 4 (3%) -
  British Columbia 1 (2%) - 2 (1%) -
  Ontario - - 2 (1%) -
Netherlands - - 2 (1%) 2.4B (11%)
Ireland - - 2 (1%) -
United Kingdom 1 (2%) - 1 (1%) -
Sweden 1 (2%) - 1 (1%) -
China - - 1 (1%) -
France - - 1 (1%) -
Domestic 49 (94%) 400M (100%) 134 (92%) 19.4B (89%)
Cross-border 3 (6%) - 12 (8%) 2.4B (11%)
Total 52 $400M 146 $21.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 33 (63%) - 100 (68%) -
Growth Capital 10 (19%) - 15 (10%) -
Buyout (LBO, MBO, MBI) 1 (2%) - 12 (8%) 199M (1%)
Secondary Buyout 5 (10%) 400M (100%) 7 (5%) 2.8B (13%)
Recapitalization 1 (2%) - 4 (3%) 130M (1%)
Going Private - - 2 (1%) 18.7B (86%)
Stake Purchase - - 2 (1%) -
Consolidation 1 (2%) - 1 (1%) -
Divestiture - - 1 (1%) -
Merger 1 (2%) - 1 (1%) -
PIPE - - 1 (1%) -
Total 52 $400M 146 $21.8B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 31 (36%) 6.1B (77%)
IPO 30 (35%) -
Trade Sale 17 (20%) 1.3B (16%)
Secondary Sale 4 (5%) 600M (7%)
Shut Down 2 (2%) -
Bankruptcy 1 (1%) -
Unknown 1 (1%) -
Total 86 $8.0B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
1
Deutsche Bank Corporate & Investment Banking
1
Stifel, Nicolaus & Co., Inc.
1
Legal Deals
Cleary Gottlieb Steen & Hamilton LLP
1

Deal Values

buy # Total
> $1B 3 $21.1B
$100M to $1B 3 $695M
< $100M 2 $34M
TOTAL $21.8B
Largest Univision Communications, Inc.
$13.7B (2007-03-27)
sell # Total
> $1B 1 $2.3B
$100M to $1B 13 $5.6B
< $100M 6 $329M
TOTAL $8.2B
Largest Shred-it International, Inc.
$2.3B (2015-07-15)

M&A Connections

Deals
Acquired from
Investor(s)
6%
9 (6%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
6%
5 (6%)
Strategic(s)
52%
45 (52%)

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