Apax Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Apax has acquired 30 companies. It has also invested in 7 others.

Apax’s most common sectors for investment areinformation technology (12%) and internet software and services (10%) . 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 35 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 Activity400
    • M&A Buy Activity238
    • M&A Sell Activity162
  • Total Sectors Invested 40
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 159
  • M&A Advisors 79

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (9.4/yr) # 191 12 11 6 16 2 238
vol $76.5B $300M $5.0B $344M $5.1B $87.3B
Sell (7.6/yr) # 124 3 9 10 9 7 162
vol $63.1B $6.7B $1.5B $8.5B $585M $80.4B
  400

Most Recent M&A

Company Date Value Type
Keystone Peer Review Organization, Inc. 2022-11-09 - Merger
Nashville, Tennessee · www.kepro.com
Boasso Global, Inc. 2022-10-06 - Secondary Buyout
Tampa, Florida · www.boassoglobal.com
Authority Brands LLC 2022-09-20 - Secondary Buyout
Columbia, Maryland · www.theauthoritybrands.com
Pickles Auctions Pty Ltd. 2022-07-25 - Buyout (LBO, MBO, MBI)
Belmore, Australia · www.pickles.com.au
MyCase, Inc. 2022-06-09 - Add-on Acquisition
San Diego, California · www.mycase.com
Karl Lagerfeld B.V. 2022-05-02 225M EUR Add-on Acquisition
Amsterdam, Netherlands · www.karl.com
Attenti Electronic Monitoring, Ltd. 2022-04-05 - Add-on Acquisition
Tel Aviv, Israel · www.attentigroup.com
Alcumus Group Ltd. 2022-02-11 - Secondary Buyout
Cardiff, United Kingdom · www.alcumusgroup.com
Fractal Analytics, Inc. 2022-01-05 360M USD Secondary Buyout
New York, New York · www.fractal.ai
Unilabs AB 2021-12-03 - Secondary Buyout
Geneva, Switzerland · www.unilabs.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lutech SpA 2021-03-16 Atos Italia S.p.A. 2022-11-17 1
Cologno Monzese, Italy · www.lutech.it Milan, Italy
Tosca Services LLC 2017-10-02 Bristol Manufacturing - Cheese Box Division 2022-07-05 3
Atlanta, Georgia · www.toscaltd.com Springfield, Missouri
Gomes Serviceco Ltd. 2019-10-14 Zurich - Life & Pensions Back Book 2022-01-03 2
London, United Kingdom · www.gamalife.com Zurich, Switzerland
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 99
Lake Mary, Florida · www.assuredpartners.com Woodbridge, New Jersey
AssuredPartners, Inc. 2019-02-21 People's United Insurance Agency, Inc. 2020-09-22 98
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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (18%) - 27 (11%) 1.3B (1%)
Internet Software and Services 11 (17%) 3.1B (26%) 24 (10%) 6.1B (7%)
Software 3 (5%) 151M (1%) 20 (8%) 3.4B (4%)
Communications 1 (2%) 5.1B (42%) 14 (6%) 36.3B (41%)
Healthcare Services 3 (5%) - 14 (6%) 1.9B (2%)
Business Services 8 (12%) - 13 (5%) -
Retail 3 (5%) 1.7B (14%) 12 (5%) 2.8B (3%)
Medical Products 3 (5%) 697M (6%) 10 (4%) 7.0B (8%)
Media - - 10 (4%) 1.6B (2%)
Financial Services 5 (8%) - 9 (4%) 472M (1%)
Technology Hardware - - 8 (3%) 200M (< 1%)
Life Science 1 (2%) - 7 (3%) -
Insurance 2 (3%) - 6 (3%) 1.8B (2%)
Semiconductors - - 6 (3%) -
Publishing - - 5 (2%) 7.7B (9%)
Apparel/Textiles 1 (2%) 570M (5%) 5 (2%) 2.2B (2%)
Education 2 (3%) - 4 (2%) 7.8B (9%)
E-Commerce 3 (5%) - 4 (2%) 1.1B (1%)
Consumer Products 2 (3%) - 4 (2%) -
Distribution - - 4 (2%) -
Environmental 2 (3%) - 3 (1%) 590M (1%)
Information Services - - 3 (1%) 571M (1%)
Electronics - - 3 (1%) -
Leisure - - 3 (1%) -
Transportation 1 (2%) 800M (7%) 2 (1%) 2.3B (3%)
Food - - 2 (1%) 900M (1%)
Safety/Security - - 2 (1%) 836M (1%)
Franchising - - 2 (1%) 563M (1%)
Building Materials 1 (2%) - 2 (1%) 315M (< 1%)
Consumer 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 (2%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Restaurants - - 1 (< 1%) -
Utilities 1 (2%) - 1 (< 1%) -
Total 66 $12.1B 240 $88.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 29 (44%) 1.8B (15%) 96 (40%) 29.6B (33%)
  California 4 (6%) - 21 (9%) 193M (< 1%)
  New York 5 (8%) - 15 (6%) 2.7B (3%)
  Texas 3 (5%) - 10 (4%) 7.3B (8%)
  Florida 3 (5%) 800M (7%) 5 (2%) 800M (1%)
  Massachusetts 2 (3%) 397M (3%) 5 (2%) 8.1B (9%)
  Colorado 2 (3%) - 5 (2%) 1.4B (2%)
  Pennsylvania - - 5 (2%) 6.0B (7%)
  Illinois 2 (3%) - 3 (1%) 1.8B (2%)
  New Jersey 1 (2%) - 3 (1%) 16M (< 1%)
  North Carolina 1 (2%) - 3 (1%) -
  Ohio 1 (2%) - 2 (1%) -
  Georgia 1 (2%) - 2 (1%) -
  Arizona 1 (2%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (2%) 570M (5%) 1 (< 1%) 570M (1%)
  Indiana 1 (2%) - 1 (< 1%) -
  District of Columbia 1 (2%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (< 1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Maryland - - 1 (< 1%) -
  Kentucky - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
United Kingdom 7 (11%) 1.7B (14%) 31 (13%) 13.3B (15%)
France - - 18 (8%) 1.1B (1%)
Israel 7 (11%) - 16 (7%) 200M (< 1%)
Germany 3 (5%) - 14 (6%) 646M (1%)
Netherlands 2 (3%) 5.1B (42%) 9 (4%) 5.9B (7%)
Italy 1 (2%) - 7 (3%) 2.6B (3%)
India 5 (8%) 300M (2%) 6 (3%) 300M (< 1%)
Spain 1 (2%) 1.5B (12%) 6 (3%) 2.4B (3%)
China 3 (5%) - 5 (2%) 250M (< 1%)
Canada 2 (3%) - 5 (2%) 1.6B (2%)
  Quebec 1 (2%) - 2 (1%) 836M (1%)
  Ontario 1 (2%) - 2 (1%) 745M (1%)
  Alberta - - 1 (< 1%) -
Switzerland - - 4 (2%) 2.1B (2%)
Belgium - - 3 (1%) 2.3B (3%)
Australia 1 (2%) - 2 (1%) 590M (1%)
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
Norway - - 2 (1%) -
Portugal - - 2 (1%) -
New Zealand 1 (2%) 1.6B (13%) 1 (< 1%) 1.6B (2%)
Singapore 1 (2%) 151M (1%) 1 (< 1%) 151M (< 1%)
Brazil 1 (2%) - 1 (< 1%) -
Finland 1 (2%) - 1 (< 1%) -
Lithuania 1 (2%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (18%)
Greece - - 1 (< 1%) 1.8B (2%)
Bermuda - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 7 (11%) 1.7B (14%) 31 (13%) 13.3B (15%)
Cross-border 59 (89%) 10.4B (86%) 209 (87%) 75.4B (85%)
Total 66 $12.1B 240 $88.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 25 (38%) 3.5B (29%) 60 (25%) 8.6B (10%)
Buyout (LBO, MBO, MBI) 9 (14%) - 57 (24%) 12.4B (14%)
Venture 3 (5%) - 34 (14%) -
Divestiture 6 (9%) 5.8B (48%) 26 (11%) 26.3B (30%)
Going Private 4 (6%) 2.8B (23%) 20 (8%) 23.6B (27%)
Stake Purchase 11 (17%) - 18 (8%) 2.1B (2%)
Growth Capital 4 (6%) - 13 (5%) 10M (< 1%)
PIPE 3 (5%) - 8 (3%) 15.8B (18%)
Consolidation 1 (2%) - 3 (1%) -
Recapitalization - - 1 (< 1%) -
Total 66 $12.1B 240 $88.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 62 (38%) 37.4B (47%)
Trade Sale - Public Company 32 (20%) 26.8B (34%)
Trade Sale 26 (16%) 15.0B (19%)
IPO 25 (15%) -
Sold to Management 5 (3%) -
Bankruptcy 4 (2%) -
Merger 3 (2%) -
Stake Sale 3 (2%) -
Recapitalization 2 (1%) -
Total 162 $79.2B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
11
Bank of America Merrill Lynch (BofA Securities)
11
J.P. Morgan Securities LLC
9
Legal Deals
Simpson Thacher & Bartlett LLP
27
Kirkland & Ellis LLP
26
Skadden, Arps, Slate, Meagher & Flom LLP
9

Deal Values

buy # Total
> $1B 24 $75.1B
$100M to $1B 25 $13.4B
< $100M 4 $172M
TOTAL $88.7B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 23 $71.4B
$100M to $1B 20 $8.8B
< $100M 6 $247M
TOTAL $80.4B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
25%
61 (25%)
Strategic(s)
11%
26 (11%)
Exited to
Investor(s)
39%
63 (39%)
Strategic(s)
38%
62 (38%)

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