Advent International Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Advent International has acquired 37 companies. It has also invested in 14 others.

Advent International’s most common sectors for investment arefinancial services (10%) and information technology (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and secondary buyout (16%). In total, Advent International has invested in 22 US states and 37 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Cobham for $6.2B.

In the last 3 years, Advent International has exited 28 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 Activity498
    • M&A Buy Activity304
    • M&A Sell Activity194
  • Total Sectors Invested 46
  • Total Countries Invested 37
  • M&A Buy/Sell Connections 177
  • M&A Advisors 54

Advent International

800 Boylston Street,
Boston, Massachusetts 02109
United States
(617) 951-9400
www.adventinternational.com
LPS@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 $2000 billion and can commit up to $5 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: Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Energy Services and Equipment, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Restaurants, Retail, Software, Technology Hardware

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

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 2,000
Enterprise Value 50 5,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (12.8/yr) # 240 13 9 15 14 13 304
vol $28.9B $209M $7.0B $3.4B $10.8B $50.2B
Sell (6.8/yr) # 161 6 9 3 3 13 195
vol $25.0B $14.1B $3.2B $2.1B $7.6B $52.0B
  499

Most Recent M&A

Company Date Value Type
Distribution International, Inc. 2021-09-08 1.0B USD Add-on Acquisition
Houston, Texas · www.distributioninternational.com
AI Dream 2021-08-25 - Secondary Buyout
Shanghai, China
bareMinerals 2021-08-25 - Divestiture
New York, New York · www.bareminerals.com
BUXOM Cosmetics 2021-08-25 - Divestiture
New York, New York · www.buxomcosmetics.com
Laura Mercier Cosmetics 2021-08-25 - Divestiture
New York, New York · www.lauramercier.com
Shanxi Guangsheng Medicinal Capsule Co., Ltd. 2021-08-09 - Buyout (LBO, MBO, MBI)
Jinzhong, China · www.en.gscapsule.com
Laird Thermal Systems 2021-07-23 - Secondary Buyout
London, United Kingdom · www.lairdtech.com
Allnex GmbH 2021-07-12 4.5B EUR Add-on Acquisition
Frankfurt, Germany · www.allnex.com
Hoist Group 2021-06-02 - Secondary Buyout
Stockholm, Sweden · www.hoistgroup.com
Culligan International Co. 2021-05-25 - Secondary Buyout
Rosemont, Illinois · www.corporate.culligan.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
AccentCare, Inc. 2019-05-16 Southeastern Home Health Services, Inc. 2021-06-28 2
Dallas, Texas · www.accentcare.com Bristol, Pennsylvania · www.sehomehealth.com
Xplor Technologies 2021-02-25 Clearent LLC 2021-02-25 2
Atlanta, Georgia · www.xplortechnologies.com Creve Coeur, Missouri · www.clearent.com
Xplor Technologies 2021-02-25 Transaction Services Group 2021-02-25 1
Atlanta, Georgia · www.xplortechnologies.com Auckland, New Zealand · www.transactionservices.co.nz
TK Elevator GmbH 2020-02-27 Sdiptech AB - Swedish Elevator Business 2021-02-19 6
Düsseldorf, Germany · www.tkelevator.com Stockholm, Sweden
Cobham Ltd. 2020-01-22 Cobham Mission Systems Wimborne Ltd. 2021-02-01 1
Bournemouth, United Kingdom · www.cobham.com Wimborne, United Kingdom · www.cobhammissionsystems.com
Industria Chimica Emiliana 2019-09-30 New Zealand Pharmaceuticals Ltd. 2020-08-17 1
Reggio Emilia, Italy · www.iceitaly.com Palmerston North, New Zealand · www.nzp.co.nz
Ansira Holdings, Inc. 2016-11-17 CDK Global, Inc. - Digital Marketing Business 2020-02-20 6
St. Louis, Missouri · www.ansira.com Hoffman Estates, Illinois
Zentiva Group a.s. 2018-04-17 Alvogen CEE 2019-10-25 1
Prague, Czech Republic · www.zentiva.com , Poland
Aimbridge Hospitality 2019-01-07 Interstate Hotels & Resorts, Inc. 2019-08-29 2
Plano, Texas · www.aimbridgehospitality.com Arlington, Virginia · www.interstatehotels.com
Sovos Brands Intermediate, Inc. 2017-01-01 Noosa Yoghurt LLC 2018-10-30 4
Berkeley, California · www.sovosbrands.com Bellvue, Colorado · www.noosayoghurt.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 9 (10%) 3.1B (13%) 30 (10%) 9.2B (17%)
Information Technology 15 (16%) 4.7B (19%) 27 (9%) 7.4B (14%)
Retail 2 (2%) - 20 (7%) 3.0B (6%)
Life Science 8 (9%) 2.3B (9%) 18 (6%) 2.4B (5%)
Healthcare Services 5 (5%) - 18 (6%) 2.0B (4%)
Communications - - 18 (6%) 1.1B (2%)
Business Services 3 (3%) - 18 (6%) 422M (1%)
Consumer Products 8 (9%) - 16 (5%) 3.1B (6%)
Software 7 (8%) - 14 (5%) 1.6B (3%)
Food 2 (2%) - 10 (3%) 212M (< 1%)
Chemicals 2 (2%) 3.4B (14%) 9 (3%) 4.4B (8%)
Distribution 2 (2%) - 8 (3%) 341M (1%)
Internet Software and Services 1 (1%) - 7 (2%) 2.2B (4%)
Media - - 7 (2%) -
Apparel/Textiles 3 (3%) - 6 (2%) 120M (< 1%)
Restaurants 2 (2%) - 6 (2%) -
Consumer Services 1 (1%) - 5 (2%) 1.1B (2%)
Machinery 1 (1%) - 5 (2%) 915M (2%)
Marketing 3 (3%) - 5 (2%) -
Energy Services and Equipment 2 (2%) 3.7B (15%) 4 (1%) 4.2B (8%)
Manufacturing - - 4 (1%) 1.5B (3%)
Building Materials - - 4 (1%) 39M (< 1%)
Education 2 (2%) - 4 (1%) -
Medical Products 1 (1%) - 4 (1%) -
Information Services 1 (1%) - 3 (1%) 123M (< 1%)
Beverages - - 3 (1%) -
Plastics - - 3 (1%) -
Transportation 3 (3%) - 3 (1%) -
Metals/Mining 1 (1%) 1.3B (5%) 2 (1%) 1.3B (2%)
Electrical Equipment 1 (1%) - 2 (1%) -
Engineering - - 2 (1%) -
Leisure 1 (1%) - 2 (1%) -
Marine 1 (1%) - 2 (1%) -
Packaging 2 (2%) - 2 (1%) -
Staffing - - 2 (1%) -
Technology Hardware 1 (1%) - 2 (1%) -
Defense 1 (1%) 6.2B (25%) 1 (< 1%) 6.2B (12%)
Aerospace - - 1 (< 1%) -
Agriculture - - 1 (< 1%) -
Automotive 1 (1%) - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Environmental - - 1 (< 1%) -
Publishing - - 1 (< 1%) -
Safety/Security - - 1 (< 1%) -
Semiconductors - - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 92 $24.6B 305 $52.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (30%) 4.6B (19%) 91 (30%) 10.6B (20%)
  Massachusetts 2 (2%) - 17 (6%) 130M (< 1%)
  New York 7 (8%) - 12 (4%) -
  California 6 (7%) 1.9B (8%) 11 (4%) 2.3B (4%)
  Texas 2 (2%) - 8 (3%) -
  Illinois 3 (3%) 2.7B (11%) 6 (2%) 3.6B (7%)
  Georgia 2 (2%) - 5 (2%) -
  New Jersey - - 5 (2%) 3.8B (7%)
  Utah 1 (1%) - 4 (1%) 545M (1%)
  Florida 1 (1%) - 4 (1%) 120M (< 1%)
  Colorado 1 (1%) - 3 (1%) -
  Pennsylvania - - 3 (1%) -
  Missouri 1 (1%) - 2 (1%) -
  Washington 1 (1%) - 2 (1%) -
  Alabama 1 (1%) - 1 (< 1%) -
  Maryland - - 1 (< 1%) 115M (< 1%)
  Tennessee - - 1 (< 1%) -
  Ohio - - 1 (< 1%) -
  North Carolina - - 1 (< 1%) -
  New Hampshire - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Kansas - - 1 (< 1%) -
  Virginia - - 1 (< 1%) -
United Kingdom 7 (8%) 6.2B (25%) 36 (12%) 16.2B (31%)
Brazil 11 (12%) - 23 (8%) -
Germany 7 (8%) 4.7B (19%) 20 (7%) 6.6B (12%)
France 3 (3%) - 15 (5%) 4.3B (8%)
Mexico 5 (5%) 124M (1%) 14 (5%) 441M (1%)
India 10 (11%) - 11 (4%) -
Italy 3 (3%) 2.4B (10%) 9 (3%) 3.5B (7%)
Poland 1 (1%) - 9 (3%) -
Netherlands - - 7 (2%) 1.6B (3%)
Romania - - 7 (2%) 178M (< 1%)
Spain - - 7 (2%) -
Argentina 2 (2%) - 6 (2%) -
Czech Republic 1 (1%) 2.2B (9%) 6 (2%) 2.2B (4%)
Denmark - - 5 (2%) 2.6B (5%)
Hungary - - 5 (2%) 212M (< 1%)
Uruguay - - 3 (1%) 167M (< 1%)
Bulgaria - - 3 (1%) -
Turkey - - 3 (1%) -
Austria 2 (2%) 3.3B (13%) 2 (1%) 3.3B (6%)
Colombia 2 (2%) 418M (2%) 2 (1%) 418M (1%)
China 2 (2%) - 2 (1%) -
Ireland 1 (1%) 659M (3%) 2 (1%) 659M (1%)
Canada 1 (1%) - 2 (1%) -
  British Columbia 1 (1%) - 2 (1%) -
Singapore 1 (1%) - 2 (1%) -
Belgium - - 2 (1%) -
Peru 1 (1%) 85M (< 1%) 1 (< 1%) 85M (< 1%)
Chile 1 (1%) - 1 (< 1%) -
Costa Rica 1 (1%) - 1 (< 1%) -
Israel 1 (1%) - 1 (< 1%) -
Sweden 1 (1%) - 1 (< 1%) -
Dominican Republic - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
New Zealand - - 1 (< 1%) -
Slovakia - - 1 (< 1%) -
Switzerland - - 1 (< 1%) -
Ukraine - - 1 (< 1%) -
Domestic 28 (30%) 4.6B (19%) 91 (30%) 10.6B (20%)
Cross-border 64 (70%) 20.0B (81%) 214 (70%) 42.3B (80%)
Total 92 $24.6B 305 $52.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 23 (25%) 2.4B (10%) 145 (48%) 5.0B (10%)
Secondary Buyout 17 (18%) 659M (3%) 48 (16%) 4.9B (10%)
Divestiture 19 (21%) 13.4B (55%) 33 (11%) 20.2B (42%)
Growth Capital 9 (10%) - 21 (7%) -
Going Private 3 (3%) 8.1B (33%) 14 (5%) 15.3B (32%)
Venture 8 (9%) - 14 (5%) -
Recapitalization 3 (3%) - 13 (4%) 2.9B (6%)
Stake Purchase 7 (8%) - 10 (3%) -
PIPE 2 (2%) - 3 (1%) -
Consolidation 1 (1%) - 2 (1%) -
Add-on Acquisition - - 1 (< 1%) -
Joint Venture - - 1 (< 1%) -
Total 92 $24.6B 305 $48.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 53 (27%) 12.9B (25%)
Trade Sale 50 (26%) 7.0B (14%)
Trade Sale - Public Company 43 (22%) 19.6B (38%)
IPO 25 (13%) -
Merger 8 (4%) 12.0B (23%)
Stake Sale 4 (2%) -
Shut Down 3 (2%) -
Sold to Management 3 (2%) -
Bankruptcy 2 (1%) -
Divestiture 1 (1%) -
Recapitalization 1 (1%) -
Sold to Existing Investors 1 (1%) -
SPAC 1 (1%) -
Total 195 $51.5B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 8
Deutsche Bank Corporate & Investment Banking
 8
UBS Investment Bank
 5
Legal Deals
Weil Gotshal & Manges LLP
 17
Ropes & Gray LLP
 8
Kirkland & Ellis LLP
 4

Deal Values

buy # Total
> $1B 19 $44.7B
$100M to $1B 22 $8.0B
< $100M 2 $124M
TOTAL $52.9B
Largest Cobham Ltd.
$6.2B (2020-01-22)
sell # Total
> $1B 16 $38.6B
$100M to $1B 26 $13.0B
< $100M 9 $400M
TOTAL $52.0B
Largest Worldpay UK Ltd.
$12.0B (2017-08-09)

M&A Connections

Deals
Acquired from
Investor(s)
17%
52 (17%)
Strategic(s)
11%
34 (11%)
Exited to
Investor(s)
28%
54 (28%)
Strategic(s)
43%
83 (43%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

76.0B USD

Established

1984

Specialist/Generalist

Generalist

Leadership

Bryan Taylor

Managing Partner

Chris Egan

Managing Partner

Chris Pike

Managing Partner

David McKenna

Managing Partner

David Mussafer

Managing Partner

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