Apax Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Apax Partners has acquired 9 companies. It has also invested in 2 others.

Apax Partners’ most common sectors for investment are information technology (12%) and software (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (25%) and secondary buyout (25%). In total, Apax Partners has invested in 25 US states and 25 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 13 companies. The Firm’s most common exit type is trade sale (37%). 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 Activity336
    • M&A Buy Activity212
    • M&A Sell Activity124
  • Total Sectors Invested 41
  • Total Countries Invested 25
  • M&A Buy/Sell Connections 141
  • M&A Advisors 63

Apax Partners

33 Jermyn Street,
London, SW1Y 6DN
United Kingdom,
+44 20 7872 6300
www.apax.com
investments@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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (7.0/yr) # 177 9 9 10 7 - 212
vol $79.2B $597M $3.4B $83.2B
Sell (4.4/yr) # 102 8 5 3 6 - 124
vol $59.9B $2.7B $510M $6.7B $69.8B
  336

Most Recent M&A

Company Date Value Type
Coalfire Systems, Inc. 2019-12-13 - Secondary Buyout
Louisville, Colorado · www.coalfire.com
Groupe Sylpa 2019-11-29 - Secondary Buyout
Rungis, France
Destiny NV 2019-11-25 - Secondary Buyout
Diegem, Belgium · www.destiny.be
Lexitas 2019-11-05 - Secondary Buyout
Houston, Texas · www.lexitaslegal.com
ADCO Umweltdienste Holding GmbH 2019-08-05 - Buyout (LBO, MBO, MBI)
Ratingen, Germany · www.toitoidixi.de
MetaMetrics, Inc. 2019-07-30 - Secondary Buyout
Durham, North Carolina · www.metametricsinc.com
Grupo Electro Stocks S.L. 2019-06-07 - Add-on Acquisition
Barcelona, Spain · www.grupoelectrostocks.com
Melita Ltd. 2019-05-23 - Secondary Buyout
Mriehel By-Pass, Malta · www.melita.com
Baltic Classifieds Group 2019-05-09 - Buyout (LBO, MBO, MBI)
Vilnius, Lithuania · www.diginet.lt
Acelity LP, Inc. 2019-05-02 6.7B USD Add-on Acquisition
San Antonio, Texas · www.acelity.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Business Integration Partners SpA 2018-03-15 Mea Consulting 2019-11-14 1
Milano, Italy · www.businessintegrationpartners.com Bologna, Italy · www.meaconsulting.it
Engineering Ingegneria Informatica S.p.A. 2016-02-08 Digitelematica Srl 2019-10-22 2
Roma, Italy · www.eng.it Lomazzo, Italy · www.digitelematica.it
Tosca Services LLC 2017-10-02 Polymer Logistics 2019-10-16 1
Atlanta, Georgia · www.toscaltd.com Hod Hasharon, Israel · www.polymerlogistics.com
Engineering Ingegneria Informatica S.p.A. 2016-02-08 Deus Technology Srl 2019-09-25 1
Roma, Italy · www.eng.it Milano, Italy · www.deustechnology.com
Baltic Classifieds Group 2019-05-09 auto24 AS 2019-08-23 1
Vilnius, Lithuania · www.diginet.lt Tallinn, Estonia · www..auto24.ee
eCommerce Industries, Inc. (ECi Software Solutions) 2017-08-14 Pacsoft 2019-07-02 5
Fort Worth, Texas · www.ecisolutions.com Westbrook, Michigan · www.pacsoft.com
Paycor, Inc. 2018-09-11 Nimble Software Systems, Inc. 2019-05-21 1
Cincinnati, Ohio · www.paycor.com Carlsbad, California · www.ximble.com
AEB SpA 2018-09-20 Danmil A/S 2019-02-25 1
Brescia, Italy · www.aeb-group.com Greve, Denmark · www.danmil.com
Authority Brands LLC 2018-09-24 Clockwork Home Services, Inc. 2019-02-21 3
Columbia, Maryland 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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 13 (16%) 1.2B (10%) 24 (11%) 2.5B (3%)
Software 5 (6%) - 19 (9%) 3.2B (4%)
Communications 7 (9%) 3.4B (28%) 17 (8%) 31.2B (38%)
Retail 6 (7%) 3.1B (26%) 14 (7%) 4.0B (5%)
Internet Software and Services 7 (9%) - 13 (6%) 3.4B (4%)
Healthcare Services 6 (7%) - 12 (6%) 1.9B (2%)
Medical Products 7 (9%) 397M (3%) 11 (5%) 6.7B (8%)
Media 1 (1%) - 9 (4%) 1.6B (2%)
Technology Hardware 2 (2%) 209M (2%) 8 (4%) 209M (< 1%)
Business Services 4 (5%) - 8 (4%) -
Life Science 2 (2%) - 7 (3%) -
Publishing 1 (1%) 1.1B (9%) 6 (3%) 8.3B (10%)
Education 4 (5%) 305M (2%) 6 (3%) 8.1B (10%)
Financial Services 2 (2%) - 6 (3%) 472M (1%)
Insurance 1 (1%) - 5 (2%) 1.8B (2%)
Semiconductors - - 5 (2%) -
Apparel/Textiles 2 (2%) 1.7B (14%) 4 (2%) 3.3B (4%)
Distribution - - 4 (2%) -
Food 2 (2%) - 3 (1%) 900M (1%)
Consumer Services 2 (2%) - 3 (1%) -
Electronics - - 3 (1%) -
Transportation 1 (1%) 800M (7%) 2 (1%) 2.3B (3%)
Gaming 1 (1%) - 2 (1%) 1.0B (1%)
Safety/Security 1 (1%) - 2 (1%) 836M (1%)
Consumer Products - - 2 (1%) -
Leisure - - 2 (1%) -
Environmental - - 1 (< 1%) 590M (1%)
Franchising - - 1 (< 1%) 563M (1%)
Building Materials - - 1 (< 1%) 315M (< 1%)
Automotive 1 (1%) - 1 (< 1%) -
Chemicals 1 (1%) - 1 (< 1%) -
Digital Media 1 (1%) - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Information Services - - 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 82 $12.2B 212 $83.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 29 (35%) 3.9B (32%) 81 (38%) 29.9B (36%)
  California 4 (5%) 9M (< 1%) 18 (8%) 9M (< 1%)
  New York 4 (5%) - 11 (5%) 2.7B (3%)
  Texas 2 (2%) - 8 (4%) 7.3B (9%)
  Pennsylvania 1 (1%) 1.1B (9%) 5 (2%) 5.5B (7%)
  Florida 3 (4%) 1.0B (8%) 4 (2%) 1.0B (1%)
  New Jersey 2 (2%) - 4 (2%) 16M (< 1%)
  Illinois 2 (2%) - 3 (1%) 1.8B (2%)
  Colorado 1 (1%) - 3 (1%) 1.4B (2%)
  North Carolina 1 (1%) - 3 (1%) -
  Georgia 2 (2%) - 2 (1%) -
  Kentucky 1 (1%) - 2 (1%) 7.8B (9%)
  Massachusetts 1 (1%) 1.2B (10%) 2 (1%) 1.2B (1%)
  Virginia 1 (1%) - 2 (1%) 420M (1%)
  Ohio 1 (1%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (5%) 1 (< 1%) 570M (1%)
  South Carolina 1 (1%) - 1 (< 1%) -
  Maryland 1 (1%) - 1 (< 1%) -
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Connecticut - - 1 (< 1%) -
  Arizona - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
United Kingdom 10 (12%) 6.2B (51%) 30 (14%) 14.4B (17%)
France 8 (10%) 980M (8%) 22 (10%) 2.1B (3%)
Germany 3 (4%) - 12 (6%) 646M (1%)
Israel 7 (9%) 401M (3%) 10 (5%) 401M (< 1%)
Netherlands 3 (4%) 507M (4%) 8 (4%) 1.3B (2%)
Italy 3 (4%) - 7 (3%) 2.6B (3%)
India 5 (6%) - 5 (2%) -
Canada 2 (2%) - 5 (2%) 1.6B (2%)
  Quebec 1 (1%) - 2 (1%) 836M (1%)
  Ontario 1 (1%) - 2 (1%) 745M (1%)
  Alberta - - 1 (< 1%) -
Spain 1 (1%) - 5 (2%) 900M (1%)
Belgium 1 (1%) - 4 (2%) 2.3B (3%)
Switzerland 1 (1%) - 4 (2%) 2.1B (2%)
Norway 2 (2%) - 3 (1%) -
China 2 (2%) 250M (2%) 2 (1%) 250M (< 1%)
Portugal 2 (2%) - 2 (1%) -
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
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%)
Ireland - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 10 (12%) 6.2B (51%) 30 (14%) 14.4B (17%)
Cross-border 72 (88%) 6.0B (49%) 182 (86%) 68.7B (83%)
Total 82 $12.2B 212 $83.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 10 (12%) 757M (6%) 52 (25%) 12.9B (15%)
Secondary Buyout 29 (35%) 3.6B (29%) 52 (25%) 8.7B (10%)
Venture 7 (9%) 13M (< 1%) 30 (14%) 13M (< 1%)
Divestiture 13 (16%) 1.1B (9%) 25 (12%) 20.6B (25%)
Going Private 6 (7%) 5.7B (47%) 18 (8%) 22.0B (26%)
Stake Purchase 10 (12%) - 15 (7%) 2.1B (2%)
Growth Capital 3 (4%) - 10 (5%) 10M (< 1%)
PIPE 3 (4%) - 7 (3%) 15.8B (19%)
Consolidation 1 (1%) 1.1B (9%) 2 (1%) 1.1B (1%)
Recapitalization - - 1 (< 1%) -
Total 82 $12.2B 212 $83.2B

Exits by Deal Type

Type Total # Value
Secondary Sale 48 (39%) 35.6B (51%)
Trade Sale - Public Company 26 (21%) 19.2B (28%)
Trade Sale 21 (17%) 15.0B (22%)
IPO 17 (14%) -
Sold to Management 5 (4%) -
Bankruptcy 2 (2%) -
Recapitalization 2 (2%) -
Stake Sale 2 (2%) -
Merger 1 (1%) -
Total 124 $69.8B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 10
Bank of America Merrill Lynch
 9
J.P. Morgan Securities LLC
 9
Legal Deals
Kirkland & Ellis LLP
 19
Simpson Thacher & Bartlett LLP
 16
Skadden, Arps, Slate, Meagher & Flom LLP
 6

Deal Values

buy # Total
> $1B 23 $68.7B
$100M to $1B 25 $14.3B
< $100M 6 $186M
TOTAL $83.2B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 20 $61.4B
$100M to $1B 18 $8.2B
< $100M 5 $214M
TOTAL $69.8B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
74%
70 74%
Strategic(s)
26%
24 26%
Exited to
PE Firm(s)
58%
69 58%
Strategic(s)
42%
50 42%

Investor Summary

Size

Mega

PE Assets

51.0B USD

Established

1981

Specialist/Generalist

Generalist

Leadership

Marcelo Gigliani

Managing Partner

Mitch Truwit

Partner & Co-CEO

Andrew Sillitoe

Partner & Co-CEO

Frank Ehmer

Partner

Alex Pellegrini

Partner

Mergr

Product

Company

Legal