Apax Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Apax has acquired 28 companies. It has also invested in 13 others.

Apax’s most common sectors for investment are information technology (12%) and internet software and services (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (25%) and secondary buyout (24%). In total, Apax has invested in 26 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 27 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 Activity381
    • M&A Buy Activity230
    • M&A Sell Activity151
  • Total Sectors Invested 40
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 151
  • M&A Advisors 73

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 (10.6/yr) # 177 14 12 11 6 10 230
vol $75.9B $597M $300M $5.0B $344M $82.2B
Sell (6.6/yr) # 118 6 3 9 10 5 151
vol $62.6B $510M $6.7B $1.5B $1.2B $72.5B
  381

Most Recent M&A

Company Date Value Type
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
Faculty Science Ltd. 2021-05-24 - Venture
London, United Kingdom · www.faculty.ai
Nulo, Inc. 2021-05-13 - Secondary Buyout
West Lake Hills, Texas · www.nulo.com
Guesty, Inc. 2021-04-27 - Venture
Walnut, California · www.guesty.com
Verint Systems, Inc. 2021-04-05 - Stake Purchase
Melville, New York · www.verint.com
Rodenstock GmbH 2021-03-24 - Secondary Buyout
Munich, Germany · www.rodenstock.com
Lutech SpA 2021-03-16 - Secondary Buyout
Cologno Monzese, Italy · www.lutech.it
SAS Sandaya 2021-03-08 - Secondary Buyout
Paris, France · www.sandaya.fr
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 73
Lake Mary, Florida · www.assuredpartners.com Woodbridge, New Jersey
AssuredPartners, Inc. 2019-02-21 People's United Insurance Agency, Inc. 2020-09-22 72
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 2
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 14 (21%) - 26 (11%) 1.3B (2%)
Internet Software and Services 12 (18%) 3.3B (30%) 25 (11%) 6.7B (8%)
Software 1 (1%) 151M (1%) 18 (8%) 3.4B (4%)
Communications 1 (1%) 3.4B (31%) 14 (6%) 31.2B (37%)
Healthcare Services 4 (6%) - 13 (6%) 1.9B (2%)
Retail 3 (4%) 1.7B (16%) 11 (5%) 2.8B (3%)
Business Services 6 (9%) - 11 (5%) -
Medical Products 3 (4%) 697M (6%) 10 (4%) 7.0B (8%)
Media - - 10 (4%) 1.6B (2%)
Financial Services 5 (7%) - 9 (4%) 472M (1%)
Technology Hardware 1 (1%) 200M (2%) 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 (5%) 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%) -
Electronics - - 3 (1%) -
Leisure - - 3 (1%) -
Transportation 1 (1%) 800M (7%) 2 (1%) 2.3B (3%)
Food - - 2 (1%) 900M (1%)
Safety/Security - - 2 (1%) 836M (1%)
Environmental 1 (1%) - 2 (1%) 590M (1%)
Franchising 1 (1%) - 2 (1%) 563M (1%)
Building Materials 1 (1%) - 2 (1%) 315M (< 1%)
Information Services - - 2 (1%) -
Gaming - - 1 (< 1%) 1.0B (1%)
Automotive - - 1 (< 1%) -
Consumer Services - - 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%) -
Total 68 $10.8B 232 $83.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (44%) 2.0B (18%) 91 (39%) 29.6B (35%)
  California 6 (9%) 193M (2%) 21 (9%) 193M (< 1%)
  New York 6 (9%) - 14 (6%) 2.7B (3%)
  Texas 2 (3%) - 9 (4%) 7.3B (9%)
  Florida 3 (4%) 800M (7%) 5 (2%) 800M (1%)
  Massachusetts 2 (3%) 397M (4%) 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%)
  North Carolina 1 (1%) - 3 (1%) -
  Georgia 1 (1%) - 2 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  New Jersey - - 2 (1%) 16M (< 1%)
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (5%) 1 (< 1%) 570M (1%)
  Indiana 1 (1%) - 1 (< 1%) -
  Tennessee 1 (1%) - 1 (< 1%) -
  Maryland 1 (1%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Kentucky - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
United Kingdom 7 (10%) 5.1B (47%) 30 (13%) 13.3B (16%)
France - - 18 (8%) 1.1B (1%)
Israel 8 (12%) 200M (2%) 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 (3%) 6 (3%) 300M (< 1%)
Spain 1 (1%) 1.5B (14%) 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 (15%) 1 (< 1%) 1.6B (2%)
Singapore 1 (1%) 151M (1%) 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 7 (10%) 5.1B (47%) 30 (13%) 13.3B (16%)
Cross-border 61 (90%) 5.7B (53%) 202 (87%) 70.3B (84%)
Total 68 $10.8B 232 $83.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (13%) - 56 (24%) 12.4B (15%)
Secondary Buyout 23 (34%) 3.5B (32%) 55 (24%) 8.6B (10%)
Venture 5 (7%) - 34 (15%) -
Divestiture 6 (9%) 1.1B (10%) 24 (10%) 21.2B (25%)
Going Private 6 (9%) 6.2B (58%) 20 (9%) 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 68 $10.8B 232 $83.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 57 (38%) 37.1B (52%)
Trade Sale - Public Company 29 (19%) 19.2B (27%)
IPO 25 (17%) -
Trade Sale 24 (16%) 15.0B (21%)
Sold to Management 5 (3%) -
Bankruptcy 4 (3%) -
Stake Sale 3 (2%) -
Merger 2 (1%) -
Recapitalization 2 (1%) -
Total 151 $71.3B

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
23
Kirkland & Ellis LLP
22
Skadden, Arps, Slate, Meagher & Flom LLP
7

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 22 $64.1B
$100M to $1B 18 $8.2B
< $100M 6 $247M
TOTAL $72.5B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
24%
56 (24%)
Strategic(s)
10%
24 (10%)
Exited to
Investor(s)
38%
58 (38%)
Strategic(s)
37%
56 (37%)

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