Advent International Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Advent International has acquired 21 companies. It has also invested in 3 others.

Advent International’s most common sectors for investment are financial services (11%) and business services (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (53%) and secondary buyout (17%). In total, Advent International has invested in 23 US states and 35 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Evonik Industries AG - Methacrylates Business for $3.4B.

In the last 3 years, Advent International has exited 16 companies. The Firm’s most common exit type is trade sale (39%). Advent International’s largest (disclosed) exit occurred in 2017 when it sold Worldpay UK for $12.0B.

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M&A Summary

  • M&A Total Activity446
    • M&A Buy Activity274
    • M&A Sell Activity172
  • Total Sectors Invested 46
  • Total Countries Invested 35
  • M&A Buy/Sell Connections 151
  • M&A Advisors 50

Advent International

800 Boylston Street,
Boston, Massachusetts 02109
United States,
(617)951-9400
www.adventinternational.com

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 and $3.5 billion and can commit up to $1 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Plastics, Publishing, Real Estate, Restaurants, Retail, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Going Private, Growth Capital, Recapitalization

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 1,000
Enterprise Value 50 3,500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (9.8/yr) # 225 12 14 8 15 - 274
vol $21.3B $3.1B $179M $7.0B $3.4B $34.9B
Sell (4.4/yr) # 150 6 5 9 2 - 172
vol $22.9B $2.0B $14.1B $3.2B $42.3B
  446

Most Recent M&A

Company Date Value Type
Olaplex LLC 2019-11-19 - Buyout (LBO, MBO, MBI)
Santa Barbara, California · www.olalplex.com
Bharat Serums and Vaccines Ltd. 2019-11-18 - Secondary Buyout
Thane, India · www.bharatserums.com
Mariana Tek 2019-11-14 - Buyout (LBO, MBO, MBI)
Washington, District of Columbia · www.marianatek.com
TES VSETÍN a.s. 2019-10-15 - Secondary Buyout
Vsetín, Czech Republic · www.tes.cz
GokaLdas Intimatewear Pvt. Ltd. 2019-10-04 - Buyout (LBO, MBO, MBI)
Bangalore, India · www.enamor.co.in
Industria Chimica Emiliana 2019-09-30 - Buyout (LBO, MBO, MBI)
Reggio Emilia, Italy · www.iceitaly.com
DFM Foods Ltd. 2019-09-09 - Going Private
Delhi, India · www.dfmfoods.com
Northgate Information Solutions Ltd. 2019-08-22 - Add-on Acquisition
London, United Kingdom · www.ngahr.com
CI&T, Inc. 2019-07-29 - Growth Capital
Campinas, Brazil · www.ciandt.com
Transaction Services Group 2019-06-27 - Secondary Buyout
Auckland, New Zealand · www.transactionservices.co.nz
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Culligan International Co. 2016-12-01 AquaVenture Holdings LLC 2019-12-23 2
Rosemont, Illinois · www.culligan.com Tampa, Florida · www.aquaventure.com
UNIT4 N.V. 2013-11-18 VerzuimSignaal 2019-11-04 4
Sliedrecht, Netherlands · www.unit4.com Utrecht, Netherlands · www.verzuimsignaal.com
Hudson Group 2008-09-04 OHM Concession Group 2019-10-31 2
East Rutherford, New Jersey · www.hudsongroupusa.com Woodson Terrace, Missouri · www.ohmconcessiongroup.com
Zentiva Group, a.s. 2018-04-17 Alvogen, Inc. 2019-10-25 1
Prague, Czech Republic · www.zentiva.cz Pinebrook, New Jersey · www.alvogen.com
Hudson Group 2008-09-04 Brookstone Co., Inc. 2019-10-10 1
East Rutherford, New Jersey · www.hudsongroupusa.com Merrimack, New Hampshire · www.brookstone.com
Aimbridge Hospitality 2019-01-07 Interstate Hotels & Resorts, Inc. 2019-08-29 1
Plano, Texas · www.aimbridgehospitality.com Arlington, Virginia · www.interstatehotels.com
Nets Denmark AS 2014-03-24 Nets Denmark AS - Corporate Services Businesses 2019-08-06 1
Ballerup, Denmark · www.nets.eu Ballerup, Denmark
Distribution International, Inc. 2014-12-16 Silvercote LLC 2019-06-11 8
Houston, Texas · www.distributionintl.com Greenville, South Carolina · www.silvercote.com
Ansira, Inc. 2016-11-17 BrightWave Marketing, Inc. 2019-04-02 5
St. Louis, Missouri · www.ansira.com Atlanta, Georgia · www.brightwave.com
Charlotte Russe, Inc. 2009-08-24 Peek Kids 2019-03-29 1
San Diego, California · www.charlotterusse.com San Francisco, California · www.PeekKids.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 10 (11%) 2.4B (12%) 30 (11%) 6.0B (16%)
Business Services 5 (5%) 344M (2%) 19 (7%) 1.3B (3%)
Retail 7 (8%) 380M (2%) 19 (7%) 549M (1%)
Healthcare Services 6 (7%) - 18 (7%) 2.0B (5%)
Communications 2 (2%) 1.1B (5%) 18 (7%) 1.1B (3%)
Information Technology 8 (9%) 2.8B (13%) 17 (6%) 2.8B (7%)
Life Science 4 (4%) 2.3B (11%) 14 (5%) 2.4B (6%)
Consumer Products 3 (3%) - 12 (4%) 5.2B (14%)
Software 4 (4%) 1.6B (8%) 9 (3%) 1.6B (4%)
Distribution 5 (5%) 341M (2%) 9 (3%) 341M (1%)
Chemicals 2 (2%) 3.4B (16%) 8 (3%) 3.4B (9%)
Food 2 (2%) - 8 (3%) -
Media - - 8 (3%) -
Consumer Services 3 (3%) - 6 (2%) 807M (2%)
Apparel/Textiles 4 (4%) - 6 (2%) 120M (< 1%)
Internet Software and Services - - 5 (2%) 2.2B (6%)
Restaurants 1 (1%) - 5 (2%) -
Energy Services and Equipment 3 (3%) 3.3B (16%) 4 (1%) 3.8B (10%)
Building Materials - - 4 (1%) 39M (< 1%)
Education 3 (3%) - 4 (1%) -
Manufacturing 1 (1%) - 4 (1%) -
Medical Products 1 (1%) - 4 (1%) -
Electronics 2 (2%) 1.5B (7%) 3 (1%) 1.5B (4%)
Information Services 1 (1%) - 3 (1%) 123M (< 1%)
Beverages - - 3 (1%) -
Engineering 2 (2%) - 3 (1%) -
Machinery - - 3 (1%) -
Marketing 2 (2%) - 3 (1%) -
Plastics 1 (1%) - 3 (1%) -
Metals/Mining 1 (1%) 1.3B (6%) 2 (1%) 1.3B (3%)
Electrical Equipment 1 (1%) - 2 (1%) -
Leisure 1 (1%) - 2 (1%) -
Marine 1 (1%) - 2 (1%) -
Packaging 2 (2%) - 2 (1%) -
Staffing - - 2 (1%) -
Construction - - 1 (< 1%) 1.0B (3%)
Aerospace - - 1 (< 1%) -
Agriculture - - 1 (< 1%) -
Automotive 1 (1%) - 1 (< 1%) -
Digital Media 1 (1%) - 1 (< 1%) -
Environmental - - 1 (< 1%) -
Oil/Gas Exploration 1 (1%) - 1 (< 1%) -
Publishing - - 1 (< 1%) -
Safety/Security 1 (1%) - 1 (< 1%) -
Semiconductors - - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 92 $20.8B 275 $37.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (25%) 3.6B (17%) 76 (28%) 8.3B (22%)
  Massachusetts 1 (1%) - 15 (5%) 130M (< 1%)
  California 4 (4%) 380M (2%) 8 (3%) 380M (1%)
  Texas 3 (3%) - 7 (3%) -
  New Jersey 1 (1%) - 6 (2%) 3.8B (10%)
  Illinois 4 (4%) - 5 (2%) -
  New York 1 (1%) - 5 (2%) -
  Florida 1 (1%) - 4 (1%) 120M (< 1%)
  Georgia 1 (1%) - 3 (1%) -
  Colorado 1 (1%) - 3 (1%) -
  Pennsylvania - - 3 (1%) -
  Missouri 2 (2%) - 2 (1%) -
  Utah - - 2 (1%) 545M (1%)
  District of Columbia 1 (1%) - 1 (< 1%) -
  Maryland - - 1 (< 1%) 115M (< 1%)
  Washington - - 1 (< 1%) -
  Virginia - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  Ohio - - 1 (< 1%) -
  North Carolina - - 1 (< 1%) -
  New Hampshire - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Kansas - - 1 (< 1%) -
United Kingdom 5 (5%) 1.9B (9%) 33 (12%) 10.0B (27%)
Brazil 13 (14%) - 21 (8%) -
Germany 6 (7%) 4.7B (23%) 20 (7%) 6.6B (17%)
Mexico 7 (8%) 124M (1%) 14 (5%) 124M (< 1%)
France 6 (7%) 2.7B (13%) 14 (5%) 4.3B (11%)
Poland 1 (1%) - 9 (3%) -
India 7 (8%) - 8 (3%) -
Italy 4 (4%) 3.5B (17%) 8 (3%) 3.5B (9%)
Czech Republic 2 (2%) 2.2B (10%) 7 (3%) 2.4B (6%)
Netherlands 2 (2%) 1.6B (8%) 7 (3%) 1.6B (4%)
Spain 1 (1%) - 7 (3%) -
Romania - - 7 (3%) 178M (< 1%)
Argentina 2 (2%) - 6 (2%) -
Denmark 2 (2%) 3M (< 1%) 5 (2%) 3M (< 1%)
Hungary - - 4 (1%) -
Canada 2 (2%) - 3 (1%) -
  British Columbia 1 (1%) - 2 (1%) -
  Alberta 1 (1%) - 1 (< 1%) -
Uruguay - - 3 (1%) 167M (< 1%)
Bulgaria - - 3 (1%) -
Turkey - - 3 (1%) -
Singapore 1 (1%) - 2 (1%) -
Belgium - - 2 (1%) -
Colombia 1 (1%) 344M (2%) 1 (< 1%) 344M (1%)
Peru 1 (1%) 55M (< 1%) 1 (< 1%) 55M (< 1%)
China 1 (1%) - 1 (< 1%) -
Austria 1 (1%) - 1 (< 1%) -
Chile 1 (1%) - 1 (< 1%) -
Costa Rica 1 (1%) - 1 (< 1%) -
New Zealand 1 (1%) - 1 (< 1%) -
Ukraine 1 (1%) - 1 (< 1%) -
Dominican Republic - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Slovakia - - 1 (< 1%) -
Switzerland - - 1 (< 1%) -
Domestic 23 (25%) 3.6B (17%) 76 (28%) 8.3B (22%)
Cross-border 69 (75%) 17.1B (83%) 199 (72%) 29.3B (78%)
Total 92 $20.8B 275 $37.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 32 (35%) 2.8B (14%) 145 (53%) 4.6B (12%)
Secondary Buyout 24 (26%) - 45 (16%) 3.1B (8%)
Divestiture 15 (16%) 14.1B (68%) 26 (9%) 20.0B (53%)
Growth Capital 2 (2%) - 13 (5%) -
Going Private 6 (7%) 3.5B (17%) 12 (4%) 6.5B (17%)
Recapitalization 1 (1%) - 11 (4%) 2.9B (8%)
Stake Purchase 8 (9%) 344M (2%) 11 (4%) 344M (1%)
Venture - - 6 (2%) -
Acquisition Financing 2 (2%) - 2 (1%) -
Add-on Acquisition - - 1 (< 1%) -
Consolidation 1 (1%) - 1 (< 1%) -
Joint Venture - - 1 (< 1%) -
PIPE 1 (1%) - 1 (< 1%) -
Total 92 $20.8B 275 $37.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 48 (28%) 10.9B (26%)
Trade Sale 44 (26%) 3.8B (9%)
Trade Sale - Public Company 41 (24%) 15.1B (36%)
IPO 24 (14%) -
Merger 4 (2%) 12.0B (29%)
Stake Sale 4 (2%) -
Shut Down 2 (1%) -
Sold to Management 2 (1%) -
Divestiture 1 (1%) -
Recapitalization 1 (1%) -
Sold to Existing Investors 1 (1%) -
Total 172 $41.8B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 7
Rothschild Global Advisory
 5
Deutsche Bank Corporate & Investment Banking
 5
Legal Deals
Weil Gotshal & Manges LLP
 13
Ropes & Gray LLP
 6
Kirkland & Ellis LLP
 3

Deal Values

buy # Total
> $1B 15 $31.4B
$100M to $1B 19 $6.1B
< $100M 3 $97M
TOTAL $37.6B
Largest Evonik Industries AG - Methacrylates Business
$3.4B (2019-03-04)
sell # Total
> $1B 12 $28.9B
$100M to $1B 26 $13.0B
< $100M 8 $350M
TOTAL $42.3B
Largest Worldpay UK Ltd.
$12.0B (2017-08-09)

M&A Connections

Deals %
Acquired from
PE Firm(s)
75%
70 75%
Strategic(s)
25%
23 25%
Exited to
PE Firm(s)
47%
63 47%
Strategic(s)
53%
71 53%

Investor Summary

Size

Mega

PE Assets

39.0B USD

Established

1984

Specialist/Generalist

Generalist

Leadership

John Maldonado

Managing Partner

David McKenna

Managing Partner

Chris Pike

Managing Partner

James Westra

Managing Partner & CLO

James Brocklebank

Managing Partner

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