Apax Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Apax has acquired 32 companies. It has also invested in 13 others.

Apax’s most common sectors for investment areinformation technology (12%) and internet software and services (11%) . The Firm’s most common investment types include secondary buyout (25%) and buyout (lbo, mbo, mbi) (24%). In total, Apax has invested in 27 US states and 28 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired TDC A/S for $15.8B.

In the last 3 years, Apax has exited 30 companies. The Firm’s most common exit type is secondary buyout (36%). Apax’s largest (disclosed) exit occurred in 2008 when it sold Intelsat Global SA for $13.6B.

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M&A Summary

  • M&A Total Activity388
    • M&A Buy Activity234
    • M&A Sell Activity154
  • Total Sectors Invested 41
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 154
  • M&A Advisors 74

Apax

33 Jermyn Street,
London, SW1Y 6DN
United Kingdom
+44 20 7872 6300
www.apax.com
communications@apax.com

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Machinery, Marketing, Media, Medical Products, Plastics, Publishing, Restaurants, Retail, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, 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, Australia/New Zealand, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 1,000 5,000
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (11.4/yr) # 177 14 12 11 6 14 234
vol $75.9B $597M $300M $5.0B $344M $82.2B
Sell (7.2/yr) # 118 6 3 9 10 8 154
vol $62.6B $510M $6.7B $1.5B $8.5B $79.8B
  388

Most Recent M&A

Company Date Value Type
Inmarsat Group Ltd. 2021-11-08 7.3B USD Add-on Acquisition
London, United Kingdom · www.inmarsat.com
American Water Works Co., Inc. - Homeowner Services Group 2021-10-29 - Divestiture
Camden, New Jersey
ClassPass, Inc. 2021-10-13 - Add-on Acquisition
New York, New York · www.classpass.com
Wizeline, Inc. 2021-09-01 - Secondary Buyout
San Francisco, California · www.wizeline.com
SavATree LLC 2021-08-31 - Secondary Buyout
Bedford Hills, New York · www.savatree.com
Social Solutions Global, Inc. 2021-08-04 - Secondary Buyout
Austin, Texas · www.socialsolutions.com
EveryAction, Inc. 2021-08-04 - Secondary Buyout
Washington, District of Columbia · www.everyaction.com
Revolution Prep LLC 2021-06-23 - Secondary Buyout
Santa Monica, California · www.revolutionprep.com
CyberGrants, Inc. 2021-06-15 - Secondary Buyout
Andover, Massachusetts · impact.cybergrants.com
Business Integration Partners SpA 2021-06-01 - Secondary Buyout
Milano, Italy · www.bipconsulting.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Coalfire Systems, Inc. 2019-12-13 Denim Group Ltd. 2021-06-01 2
Westminster, Colorado · www.coalfire.com San Antonio, Texas · www.denimgroup.com
Quality Distribution, Inc. 2015-05-06 Quality Carriers, Inc. 2021-05-12 1
Tampa, Florida · www.qualitydistribution.com Tampa, Florida · www.qualitycarriersinc.com
AssuredPartners, Inc. 2019-02-21 Marquis Transportation Retail Division 2021-01-20 80
Lake Mary, Florida · www.assuredpartners.com Woodbridge, New Jersey
AssuredPartners, Inc. 2019-02-21 People's United Insurance Agency, Inc. 2020-09-22 79
Lake Mary, Florida · www.assuredpartners.com Hartford, Connecticut
Tosca Services LLC 2017-10-02 Contraload NV 2020-06-29 2
Atlanta, Georgia · www.toscaltd.com Niel, Belgium · www.contraload.be
Gomes Serviceco Ltd. 2019-10-14 GNB Seguros Vida 2019-10-14 1
London, United Kingdom · www.gamalife.com Lisbon, Portugal · www.gnb-seguros.pt
Baltic Classifieds Group 2019-05-09 auto24 AS 2019-08-23 1
Vilnius, Lithuania · www.balticclassifiedsgroup.eu Tallinn, Estonia · www..auto24.ee
Authority Brands LLC 2018-09-24 Clockwork Home Services, Inc. 2019-02-21 6
Columbia, Maryland · www.theauthoritybrands.com Sarasota, Florida · www.clockworkhomeservices.com
Keystone Peer Review Organization, Inc. 2017-05-30 Health Information Designs LLC 2018-07-31 3
Nashville, Tennessee · www.kepro.com Auburn, Alabama · www.hidinc.com
Unilabs AB 2007-08-07 Alpha medical a.s. 2017-02-09 2
Geneva, Switzerland · www.unilabs.com Martin, Slovakia · www.alphamedical.sk

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 13 (19%) - 27 (11%) 1.3B (2%)
Internet Software and Services 12 (17%) 3.3B (44%) 25 (11%) 6.7B (8%)
Software 2 (3%) 151M (2%) 19 (8%) 3.4B (4%)
Communications - - 13 (6%) 31.2B (37%)
Healthcare Services 4 (6%) - 13 (6%) 1.9B (2%)
Retail 3 (4%) 1.7B (23%) 11 (5%) 2.8B (3%)
Business Services 6 (9%) - 11 (5%) -
Medical Products 3 (4%) 697M (9%) 10 (4%) 7.0B (8%)
Media - - 10 (4%) 1.6B (2%)
Financial Services 5 (7%) - 9 (4%) 472M (1%)
Technology Hardware 1 (1%) 200M (3%) 8 (3%) 200M (< 1%)
Life Science 1 (1%) - 7 (3%) -
Insurance 2 (3%) - 6 (3%) 1.8B (2%)
Semiconductors - - 6 (3%) -
Publishing - - 5 (2%) 7.7B (9%)
Apparel/Textiles 2 (3%) 570M (8%) 5 (2%) 2.2B (3%)
E-Commerce 3 (4%) - 5 (2%) 1.1B (1%)
Education 2 (3%) - 4 (2%) 7.8B (9%)
Consumer Products 2 (3%) - 4 (2%) -
Distribution - - 4 (2%) -
Environmental 2 (3%) - 3 (1%) 590M (1%)
Electronics - - 3 (1%) -
Leisure - - 3 (1%) -
Transportation 1 (1%) 800M (11%) 2 (1%) 2.3B (3%)
Food - - 2 (1%) 900M (1%)
Safety/Security - - 2 (1%) 836M (1%)
Franchising 1 (1%) - 2 (1%) 563M (1%)
Building Materials 1 (1%) - 2 (1%) 315M (< 1%)
Consumer Services - - 2 (1%) -
Information Services - - 2 (1%) -
Gaming - - 1 (< 1%) 1.0B (1%)
Automotive - - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Manufacturing - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Packaging 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Restaurants - - 1 (< 1%) -
Staffing 1 (1%) - 1 (< 1%) -
Utilities 1 (1%) - 1 (< 1%) -
Total 69 $7.4B 236 $83.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 32 (46%) 2.0B (26%) 95 (40%) 29.6B (35%)
  California 5 (7%) 193M (3%) 21 (9%) 193M (< 1%)
  New York 6 (9%) - 15 (6%) 2.7B (3%)
  Texas 3 (4%) - 10 (4%) 7.3B (9%)
  Florida 3 (4%) 800M (11%) 5 (2%) 800M (1%)
  Massachusetts 2 (3%) 397M (5%) 5 (2%) 8.1B (10%)
  Pennsylvania - - 5 (2%) 6.0B (7%)
  Colorado 1 (1%) - 4 (2%) 1.4B (2%)
  Illinois 2 (3%) - 3 (1%) 1.8B (2%)
  New Jersey 1 (1%) - 3 (1%) 16M (< 1%)
  North Carolina 1 (1%) - 3 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  Georgia 1 (1%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (8%) 1 (< 1%) 570M (1%)
  Tennessee 1 (1%) - 1 (< 1%) -
  Maryland 1 (1%) - 1 (< 1%) -
  Indiana 1 (1%) - 1 (< 1%) -
  District of Columbia 1 (1%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Kentucky - - 1 (< 1%) -
United Kingdom 6 (9%) 1.7B (23%) 30 (13%) 13.3B (16%)
France - - 18 (8%) 1.1B (1%)
Israel 8 (12%) 200M (3%) 16 (7%) 200M (< 1%)
Germany 3 (4%) - 14 (6%) 646M (1%)
Netherlands 2 (3%) - 8 (3%) 823M (1%)
Italy 1 (1%) - 7 (3%) 2.6B (3%)
India 5 (7%) 300M (4%) 6 (3%) 300M (< 1%)
Spain 1 (1%) 1.5B (20%) 6 (3%) 2.4B (3%)
China 3 (4%) - 5 (2%) 250M (< 1%)
Canada 2 (3%) - 5 (2%) 1.6B (2%)
  Quebec 1 (1%) - 2 (1%) 836M (1%)
  Ontario 1 (1%) - 2 (1%) 745M (1%)
  Alberta - - 1 (< 1%) -
Switzerland 1 (1%) - 4 (2%) 2.1B (2%)
Belgium - - 3 (1%) 2.3B (3%)
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
Norway - - 2 (1%) -
Portugal - - 2 (1%) -
New Zealand 1 (1%) 1.6B (22%) 1 (< 1%) 1.6B (2%)
Singapore 1 (1%) 151M (2%) 1 (< 1%) 151M (< 1%)
Brazil 1 (1%) - 1 (< 1%) -
Finland 1 (1%) - 1 (< 1%) -
Lithuania 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (19%)
Greece - - 1 (< 1%) 1.8B (2%)
Australia - - 1 (< 1%) 590M (1%)
Bermuda - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 6 (9%) 1.7B (23%) 30 (13%) 13.3B (16%)
Cross-border 63 (91%) 5.7B (77%) 206 (87%) 70.3B (84%)
Total 69 $7.4B 236 $83.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 26 (38%) 3.5B (47%) 58 (25%) 8.6B (10%)
Buyout (LBO, MBO, MBI) 9 (13%) - 56 (24%) 12.4B (15%)
Venture 3 (4%) - 34 (14%) -
Divestiture 7 (10%) 1.1B (15%) 25 (11%) 21.2B (25%)
Going Private 5 (7%) 2.8B (38%) 20 (8%) 23.6B (28%)
Stake Purchase 11 (16%) - 18 (8%) 2.1B (2%)
Growth Capital 4 (6%) - 13 (6%) 10M (< 1%)
PIPE 3 (4%) - 8 (3%) 15.8B (19%)
Consolidation 1 (1%) - 3 (1%) -
Recapitalization - - 1 (< 1%) -
Total 69 $7.4B 236 $83.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 58 (38%) 37.1B (47%)
Trade Sale - Public Company 30 (19%) 26.5B (34%)
Trade Sale 25 (16%) 15.0B (19%)
IPO 25 (16%) -
Sold to Management 5 (3%) -
Bankruptcy 4 (3%) -
Stake Sale 3 (2%) -
Merger 2 (1%) -
Recapitalization 2 (1%) -
Total 154 $78.6B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
11
Credit Suisse Investment Banking
10
J.P. Morgan Securities LLC
9
Legal Deals
Simpson Thacher & Bartlett LLP
24
Kirkland & Ellis LLP
23
Skadden, Arps, Slate, Meagher & Flom LLP
9

Deal Values

buy # Total
> $1B 23 $70.0B
$100M to $1B 25 $13.4B
< $100M 4 $172M
TOTAL $83.6B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 23 $71.4B
$100M to $1B 18 $8.2B
< $100M 6 $247M
TOTAL $79.8B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
25%
59 (25%)
Strategic(s)
11%
25 (11%)
Exited to
Investor(s)
38%
59 (38%)
Strategic(s)
38%
58 (38%)

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