Advent International Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Advent International has acquired 40 companies. It has also invested in 5 others.

Advent International’s most common sectors for investment are financial services (11%) and retail (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (52%) 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 19 companies. The Firm’s most common exit type is trade sale (40%). 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 Activity459
    • M&A Buy Activity284
    • M&A Sell Activity175
  • Total Sectors Invested 46
  • Total Countries Invested 35
  • M&A Buy/Sell Connections 160
  • M&A Advisors 51

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 (11.6/yr) # 226 13 14 8 15 8 284
vol $21.7B $3.1B $179M $7.0B $3.4B $1.9B $37.2B
Sell (5.0/yr) # 150 6 6 9 2 2 175
vol $22.9B $2.0B $14.1B $3.2B $42.3B
  459

Most Recent M&A

Company Date Value Type
Easynvest 2020-09-11 - Add-on Acquisition
São Paulo, Brazil · www.easynvest.com.br
Aareon AG 2020-08-14 - Stake Purchase
Mainz, Germany · www.aareon.com
Hermes Parcelnet Ltd. 2020-08-10 - Divestiture
Morley, United Kingdom · www.myhermes.co.uk
Hermes Germany GmbH 2020-08-10 - Stake Purchase
Hamburg, Germany · www.myhermes.de
RA Chem Pharma Ltd. 2020-07-30 - Divestiture
Hyderabad, India · www.rachempharma.com
DEPObank SpA 2020-05-13 - Add-on Acquisition
Milan, Italy · www.depobank.it
ThyssenKrupp Elevator AG 2020-02-27 - Divestiture
Dusseldorf, Germany · www.thyssenkrupp-elevator.de
Zingfit LLC 2020-02-07 - Buyout (LBO, MBO, MBI)
Louisville, Colorado · www.zingfit.com
Triib, Inc. 2020-02-07 - Buyout (LBO, MBO, MBI)
Boston, Massachusetts · www.triib.com
ForeScout Technologies, Inc. 2020-02-06 1.9B USD Going Private
Campbell, California · www.forescout.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Clearent LLC 2018-03-30 Davisware, Inc. - Wintac Brand 2020-09-22 3
Creve Coeur, Missouri · www.clearent.com West Dundee, Illinois
Sovos Brands Intermediate, Inc. 2017-01-01 Birch Benders 2020-08-26 4
, United States · www.sovosbrands.com Denver, Colorado · www.birchbenders.com
Transaction Services Group 2019-06-27 TrueCoach, Inc. 2020-04-27 3
Auckland, New Zealand · www.transactionservices.co.nz Boulder, Colorado · www.truecoach.co
Transaction Services Group 2019-06-27 Groupe STADLINE 2020-04-24 2
Auckland, New Zealand · www.transactionservices.co.nz La Madeleine, France · www.stadline.com
Transaction Services Group 2019-06-27 PerfectMind, Inc. 2020-04-15 1
Auckland, New Zealand · www.transactionservices.co.nz Burnaby, British Columbia · www.perfectmind.com
Nets Denmark AS 2014-03-24 Polskie ePłatności S.A. 2020-03-11 6
Ballerup, Denmark · www.nets.eu Warszawa, Poland · www.pep.pl
Rubix 2017-05-15 Walter Gondrom GmbH & Co. KG 2020-03-06 3
London, United Kingdom · www.rubix-group.com Koeln, Germany · www.gondrom.com
Rubix 2017-05-15 Barlotti Srl 2020-03-06 2
London, United Kingdom · www.rubix-group.com Sala Bolognese, Italy · www.barlotti.com
Ansira, Inc. 2016-11-17 CDK Global, Inc. - Digital Marketing Business 2020-02-20 6
St. Louis, Missouri · www.ansira.com Hoffman Estates, Illinois
Culligan International Co. 2016-12-01 AquaVenture Holdings LLC 2019-12-23 3
Rosemont, Illinois · www.culligan.com Tampa, Florida · www.aquaventure.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 9 (9%) 2.4B (11%) 30 (11%) 6.0B (15%)
Retail 7 (7%) 380M (2%) 20 (7%) 1.1B (3%)
Information Technology 10 (10%) 4.7B (22%) 19 (7%) 4.7B (12%)
Healthcare Services 6 (6%) - 18 (6%) 2.0B (5%)
Communications 1 (1%) - 18 (6%) 1.1B (3%)
Business Services 5 (5%) 344M (2%) 18 (6%) 766M (2%)
Life Science 5 (5%) 2.3B (11%) 15 (5%) 2.4B (6%)
Consumer Products 3 (3%) - 12 (4%) 5.2B (13%)
Software 6 (6%) 1.6B (7%) 10 (4%) 1.6B (4%)
Chemicals 2 (2%) 3.4B (16%) 9 (3%) 4.4B (11%)
Distribution 4 (4%) - 9 (3%) 341M (1%)
Food 2 (2%) - 8 (3%) -
Media - - 8 (3%) -
Internet Software and Services 1 (1%) - 7 (2%) 2.2B (6%)
Consumer Services 3 (3%) - 6 (2%) 807M (2%)
Apparel/Textiles 3 (3%) - 6 (2%) 120M (< 1%)
Energy Services and Equipment 4 (4%) 3.7B (17%) 5 (2%) 4.2B (11%)
Restaurants 1 (1%) - 5 (2%) -
Building Materials - - 4 (1%) 39M (< 1%)
Education 3 (3%) - 4 (1%) -
Machinery 1 (1%) - 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%) -
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%) -
Transportation 2 (2%) - 2 (1%) -
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 98 $21.6B 285 $39.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (28%) 5.5B (26%) 80 (28%) 10.2B (26%)
  Massachusetts 2 (2%) - 16 (6%) 130M (< 1%)
  California 5 (5%) 2.3B (11%) 9 (3%) 2.3B (6%)
  Texas 3 (3%) - 7 (2%) -
  New Jersey 1 (1%) - 6 (2%) 3.8B (9%)
  Illinois 4 (4%) - 5 (2%) -
  New York 1 (1%) - 5 (2%) -
  Colorado 2 (2%) - 4 (1%) -
  Florida 1 (1%) - 4 (1%) 120M (< 1%)
  Utah 1 (1%) - 3 (1%) 545M (1%)
  Georgia 1 (1%) - 3 (1%) -
  Pennsylvania - - 3 (1%) -
  Missouri 2 (2%) - 2 (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 6 (6%) 1.5B (7%) 35 (12%) 10.0B (25%)
Germany 9 (9%) 4.7B (22%) 23 (8%) 6.6B (16%)
Brazil 11 (11%) - 21 (7%) -
Mexico 7 (7%) 124M (1%) 14 (5%) 124M (< 1%)
France 5 (5%) 2.7B (13%) 13 (5%) 4.3B (11%)
India 8 (8%) - 9 (3%) -
Poland 1 (1%) - 9 (3%) -
Italy 3 (3%) 2.4B (11%) 8 (3%) 3.5B (9%)
Czech Republic 2 (2%) 2.2B (10%) 7 (2%) 2.4B (6%)
Netherlands 2 (2%) 1.6B (7%) 7 (2%) 1.6B (4%)
Spain 1 (1%) - 7 (2%) -
Romania - - 7 (2%) 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%) -
Colombia 2 (2%) 762M (4%) 2 (1%) 762M (2%)
Singapore 1 (1%) - 2 (1%) -
Belgium - - 2 (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 27 (28%) 5.5B (26%) 80 (28%) 10.2B (26%)
Cross-border 71 (72%) 16.1B (74%) 205 (72%) 29.7B (74%)
Total 98 $21.6B 285 $39.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 32 (33%) 2.8B (13%) 147 (52%) 4.6B (12%)
Secondary Buyout 25 (26%) - 46 (16%) 3.1B (8%)
Divestiture 18 (18%) 13.4B (62%) 30 (11%) 20.4B (54%)
Going Private 6 (6%) 5.0B (23%) 13 (5%) 6.5B (17%)
Stake Purchase 10 (10%) 344M (2%) 13 (5%) 344M (1%)
Growth Capital 2 (2%) - 13 (5%) -
Recapitalization 1 (1%) - 11 (4%) 2.9B (8%)
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 98 $21.6B 285 $38.0B

Exits by Deal Type

Type Total # Value
Secondary Sale 48 (27%) 10.9B (26%)
Trade Sale 45 (26%) 3.8B (9%)
Trade Sale - Public Company 42 (24%) 15.1B (36%)
IPO 24 (14%) -
Merger 5 (3%) 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 175 $41.8B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 8
Rothschild Global Advisory
 5
Deutsche Bank Corporate & Investment Banking
 5
Legal Deals
Weil Gotshal & Manges LLP
 13
Ropes & Gray LLP
 7
Kirkland & Ellis LLP
 4

Deal Values

buy # Total
> $1B 16 $33.3B
$100M to $1B 20 $6.5B
< $100M 3 $97M
TOTAL $39.9B
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)
71%
71 71%
Strategic(s)
29%
29 29%
Exited to
PE Firm(s)
46%
63 46%
Strategic(s)
54%
74 54%

Investor Summary

Size

Mega

PE Assets

39.0B USD

Established

1984

Specialist/Generalist

Generalist

Leadership

Chris Mruck

Managing Partner

Chris Pike

Managing Partner

David McKenna

Managing Partner

David Mussafer

Managing Partner

Fred Wakeman

Managing Partner

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