Apax Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Apax Partners has acquired 33 companies. It has also invested in 6 others.

Apax Partners’ most common sectors for investment are information technology (11%) and software (10%). The Firm’s most common investment types include secondary buyout (28%) and buyout (lbo, mbo, mbi) (23%). In total, Apax Partners has invested in 26 US states and 27 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired TDC A/S for $15.8B.

In the last 3 years, Apax Partners has exited 23 companies. The Firm’s most common exit type is secondary buyout (38%). Apax Partners’ 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 Activity378
    • M&A Buy Activity238
    • M&A Sell Activity140
  • Total Sectors Invested 41
  • Total Countries Invested 27
  • M&A Buy/Sell Connections 153
  • M&A Advisors 67

Apax Partners

33 Jermyn Street,
London, SW1Y 6DN
United Kingdom
+44 20 7872 6300
www.apax.com
apax@greenbrookpr.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 (9.8/yr) # 189 11 12 12 6 8 238
vol $79.2B $597M $300M $5.0B $344M $85.5B
Sell (5.6/yr) # 112 5 3 7 9 4 140
vol $62.6B $510M $6.7B $1.5B $1.2B $72.5B
  378

Most Recent M&A

Company Date Value Type
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
Nulo Pet Food 2021-05-13 - Secondary Buyout
Austin, Texas · www.nulo.com
Verint Systems, Inc. 2021-04-06 - 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
The Herjavec Group, Inc. 2021-02-11 - Buyout (LBO, MBO, MBI)
Toronto, Ontario · www.herjavecgroup.com
Signavio GmbH 2021-01-27 1.2B USD Add-on Acquisition
Berlin, Germany · www.signavio.com
PIB Group Ltd. 2021-01-25 - Secondary Buyout
London, United Kingdom · www.pibgroup.co.uk
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
InfoVista S.A. 2016-03-23 Empirix, Inc. 2021-04-21 2
Cedex, France · www.infovista.com Billerica, Massachusetts · www.empirix.com
Tosca Services LLC 2017-10-02 Contraload NV 2020-06-29 2
Atlanta, Georgia · www.toscaltd.com Niel, Belgium · www.contraload.be
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
SK Fire & Security Group 2014-06-20 SK AeroSafety Group 2019-01-28 1
Breda, Netherlands · www.skfire-securitygroup.com Wokingham, United Kingdom · www.skaerosafetygroup.com
Nelson Education Ltd. 2007-06-27 McGraw-Hill Ryerson Ltd. - K-12 Business 2017-05-11 2
Scarborough, Ontario · www.nelson.com Whitby, Ontario
Central European Media Enterprises 2006-08-29 Port Network 2017-03-03 1
London, United Kingdom · www.cetv-net.com Baltimore, Maryland · www.portnetworks.com
Unilabs SA 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 12 (14%) 1.2B (5%) 24 (10%) 2.5B (3%)
Internet Software and Services 10 (11%) 3.3B (14%) 22 (9%) 6.7B (8%)
Software 5 (6%) 151M (1%) 22 (9%) 3.4B (4%)
Communications 4 (5%) 3.4B (15%) 17 (7%) 31.2B (36%)
Healthcare Services 7 (8%) - 13 (5%) 1.9B (2%)
Medical Products 3 (3%) 697M (3%) 10 (4%) 7.0B (8%)
Retail 4 (5%) 2.6B (11%) 10 (4%) 3.5B (4%)
Business Services 5 (6%) - 10 (4%) -
Media 1 (1%) - 9 (4%) 1.6B (2%)
Technology Hardware 2 (2%) 209M (1%) 8 (3%) 209M (< 1%)
Life Science 2 (2%) - 8 (3%) -
Education 6 (7%) 8.1B (35%) 7 (3%) 8.1B (9%)
Insurance 3 (3%) - 7 (3%) 1.8B (2%)
Financial Services 3 (3%) - 7 (3%) 472M (1%)
Publishing 1 (1%) 1.1B (5%) 6 (3%) 8.8B (10%)
Semiconductors - - 6 (3%) -
Apparel/Textiles 2 (2%) 1.7B (7%) 5 (2%) 3.3B (4%)
Food 3 (3%) - 4 (2%) 900M (1%)
Consumer Products 2 (2%) - 4 (2%) -
Distribution - - 4 (2%) -
E-Commerce 3 (3%) - 4 (2%) -
Safety/Security 1 (1%) - 3 (1%) 836M (1%)
Electronics - - 3 (1%) -
Leisure - - 3 (1%) -
Transportation 1 (1%) 800M (3%) 2 (1%) 2.3B (3%)
Gaming 1 (1%) - 2 (1%) 1.0B (1%)
Environmental 1 (1%) - 2 (1%) 590M (1%)
Franchising 1 (1%) - 2 (1%) 563M (1%)
Consumer Services 1 (1%) - 2 (1%) -
Information Services - - 2 (1%) -
Building Materials - - 1 (< 1%) 315M (< 1%)
Automotive 1 (1%) - 1 (< 1%) -
Digital Media 1 (1%) - 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 88 $23.2B 239 $86.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 33 (38%) 12.0B (52%) 90 (38%) 30.9B (35%)
  California 5 (6%) 202M (1%) 19 (8%) 202M (< 1%)
  New York 7 (8%) - 15 (6%) 2.7B (3%)
  Texas 2 (2%) - 9 (4%) 7.3B (8%)
  Massachusetts 3 (3%) 1.6B (7%) 5 (2%) 1.6B (2%)
  Pennsylvania 1 (1%) 1.1B (5%) 5 (2%) 6.0B (7%)
  Florida 2 (2%) 800M (3%) 4 (2%) 800M (1%)
  Illinois 2 (2%) - 3 (1%) 1.8B (2%)
  Colorado 1 (1%) - 3 (1%) 1.4B (2%)
  New Jersey 1 (1%) - 3 (1%) 16M (< 1%)
  North Carolina 1 (1%) - 3 (1%) -
  Kentucky 1 (1%) 7.8B (33%) 2 (1%) 7.8B (9%)
  Georgia 1 (1%) - 2 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (2%) 1 (< 1%) 570M (1%)
  Maryland 1 (1%) - 1 (< 1%) -
  Indiana 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%) -
United Kingdom 10 (11%) 6.2B (27%) 31 (13%) 14.4B (17%)
France 11 (13%) 980M (4%) 28 (12%) 2.1B (2%)
Germany 2 (2%) - 13 (5%) 646M (1%)
Israel 5 (6%) 200M (1%) 11 (5%) 200M (< 1%)
Netherlands 4 (5%) - 10 (4%) 823M (1%)
Italy 2 (2%) - 8 (3%) 2.6B (3%)
India 6 (7%) 300M (1%) 6 (3%) 300M (< 1%)
Canada 3 (3%) - 6 (3%) 1.6B (2%)
  Ontario 2 (2%) - 3 (1%) 745M (1%)
  Quebec 1 (1%) - 2 (1%) 836M (1%)
  Alberta - - 1 (< 1%) -
Spain 1 (1%) 1.5B (6%) 6 (3%) 2.4B (3%)
Belgium 1 (1%) - 4 (2%) 2.3B (3%)
Switzerland 1 (1%) - 4 (2%) 2.1B (2%)
Norway 1 (1%) - 3 (1%) -
Portugal 1 (1%) - 3 (1%) -
China 2 (2%) 250M (1%) 2 (1%) 250M (< 1%)
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
New Zealand 1 (1%) 1.6B (7%) 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 (18%)
Greece - - 1 (< 1%) 1.8B (2%)
Australia - - 1 (< 1%) 590M (1%)
Ireland - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 10 (11%) 6.2B (27%) 31 (13%) 14.4B (17%)
Cross-border 78 (89%) 17.0B (73%) 208 (87%) 72.5B (83%)
Total 88 $23.2B 239 $86.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 35 (40%) 5.3B (23%) 65 (27%) 10.5B (12%)
Buyout (LBO, MBO, MBI) 10 (11%) 250M (1%) 53 (22%) 12.4B (14%)
Venture 5 (6%) 9M (< 1%) 32 (13%) 9M (< 1%)
Divestiture 12 (14%) 9.2B (40%) 29 (12%) 21.5B (25%)
Stake Purchase 13 (15%) - 20 (8%) 2.1B (2%)
Going Private 6 (7%) 7.3B (32%) 19 (8%) 23.6B (27%)
Growth Capital 4 (5%) - 12 (5%) 10M (< 1%)
PIPE 2 (2%) - 6 (3%) 15.8B (18%)
Consolidation 1 (1%) 1.1B (5%) 2 (1%) 1.1B (1%)
Recapitalization - - 1 (< 1%) -
Total 88 $23.2B 239 $86.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 57 (41%) 37.1B (52%)
Trade Sale - Public Company 28 (20%) 19.2B (27%)
Trade Sale 22 (16%) 15.0B (21%)
IPO 20 (14%) -
Sold to Management 5 (4%) -
Bankruptcy 2 (1%) -
Merger 2 (1%) -
Recapitalization 2 (1%) -
Stake Sale 2 (1%) -
Total 140 $71.3B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 10
Credit Suisse Investment Banking
 10
J.P. Morgan Securities LLC
 9
Legal Deals
Simpson Thacher & Bartlett LLP
 22
Kirkland & Ellis LLP
 22
Skadden, Arps, Slate, Meagher & Flom LLP
 7

Deal Values

buy # Total
> $1B 25 $72.3B
$100M to $1B 27 $14.4B
< $100M 5 $181M
TOTAL $86.9B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 22 $64.1B
$100M to $1B 18 $8.2B
< $100M 5 $214M
TOTAL $72.5B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
27%
65 (27%)
Strategic(s)
12%
29 (12%)
Exited to
Investor(s)
41%
58 (41%)
Strategic(s)
37%
52 (37%)

Investor Summary

Size

Mega

PE Assets

51.0B USD

Established

1981

Specialist/Generalist

Generalist

Leadership

Dan O’Keefe

Managing Partner

Marcelo Gigliani

Managing Partner

Zehavit Cohen

Managing Partner & Office Head

Devora Har-Tuv

CFO of Apax Israel

Xiaoni Shi

Managing Director, Investor Relations

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