Apax Partners Mergers and Acquisitions Summary

Private Equity Profile

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

Apax Partners’ most common sectors for investment are information technology (10%) and software (9%). The Firm’s most common investment types include secondary buyout (26%) and buyout (lbo, mbo, mbi) (25%). In total, Apax Partners has invested in 26 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 18 companies. The Firm’s most common exit type is secondary buyout (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 Activity348
    • M&A Buy Activity219
    • M&A Sell Activity129
  • Total Sectors Invested 42
  • Total Countries Invested 25
  • M&A Buy/Sell Connections 146
  • M&A Advisors 65

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (8.2/yr) # 178 10 9 10 8 4 219
vol $79.2B $597M $3.4B $193M $83.4B
Sell (5.2/yr) # 103 8 5 3 6 4 129
vol $59.9B $2.7B $510M $6.7B $1.5B $71.3B
  348

Most Recent M&A

Company Date Value Type
SK FireSafety Group B.V. 2020-10-05 - Add-on Acquisition
Noord Brabant, Netherlands · www.skfiresafetygroup.com
neuraxpharm Arzneimittel GmbH 2020-09-22 - Secondary Buyout
Langenfeld, Germany · www.neuraxpharm.de
Odigo 2020-09-22 - Divestiture
Issy-les-Moulineaux, France · www.odigo.com
idealista SA 2020-09-10 1.5B EUR Secondary Buyout
Madrid, Spain · www.idealista.com
MyCase, Inc. 2020-09-08 193M USD Divestiture
Goleta, California · www.mycase.com
KAR Auction Services, Inc. 2020-05-26 - Stake Purchase
Carmel, Indiana · www.karglobal.com
Cadence Education, Inc. 2020-02-12 - Secondary Buyout
Scottsdale, Arizona · www.cadence-education.com
Engineering Ingegneria Informatica S.p.A. (Engineering Group) 2020-02-05 - Secondary Buyout
Roma, Italy · www.eng.it
Coalfire Systems, Inc. 2019-12-13 - Secondary Buyout
Westminster, Colorado · www.coalfire.com
Groupe Sylpa 2019-11-29 - Secondary Buyout
Rungis, France
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Expereo International BV 2018-05-25 Globalinternet 2020-10-06 2
Amsterdam, Netherlands · www.expereo.com Amsterdam, Netherlands · www.globalinter.net
eCommerce Industries, Inc. (ECi Software Solutions) 2017-08-14 BOLT Software Technology LLC 2020-10-05 10
Fort Worth, Texas · www.ecisolutions.com Grand Prairie, Texas · www.boltsoftware.com
Boats Group 2016-07-19 Botentekoop 2020-10-05 1
Miami, Florida · www.boatsgroup.com , Netherlands · www.botentekoop.nl
Paycor, Inc. 2018-09-11 Paltech Solutions, Inc. 2020-09-29 2
Cincinnati, Ohio · www.paycor.com Vancouver, British Columbia · www.7geese.com
Authority Brands LLC 2018-09-24 Monster Tree Service 2020-09-16 4
Columbia, Maryland Doylestown, Pennsylvania · www.whymonster.com
eCommerce Industries, Inc. (ECi Software Solutions) 2017-08-14 Shoptech Industrial Software Corp. 2020-09-09 9
Fort Worth, Texas · www.ecisolutions.com Glastonbury, Connecticut · www.shoptech.com
Lexitas 2019-11-05 Axiom Requisition 2020-09-09 4
Houston, Texas · www.lexitaslegal.com Lansing, Michigan · www.axiomcopy.com
Aptos, Inc. 2015-05-11 Revionics, Inc. 2020-09-09 2
Atlanta, Georgia · www.aptos.com Austin, Texas · www.revionics.com
eCommerce Industries, Inc. (ECi Software Solutions) 2017-08-14 ThermoGRID 2020-09-03 8
Fort Worth, Texas · www.ecisolutions.com Dubuque, Iowa · www.thermogrid.org
Lexitas 2019-11-05 Lumen Legal 2020-07-14 3
Houston, Texas · www.lexitaslegal.com Troy, Michigan · www.lumenlegal.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (15%) 1.2B (10%) 21 (10%) 2.5B (3%)
Software 5 (6%) - 19 (9%) 3.2B (4%)
Communications 7 (9%) 3.4B (27%) 18 (8%) 31.2B (37%)
Internet Software and Services 7 (9%) 193M (2%) 17 (8%) 3.6B (4%)
Retail 6 (7%) 3.1B (25%) 12 (5%) 4.0B (5%)
Healthcare Services 6 (7%) - 12 (5%) 1.9B (2%)
Medical Products 4 (5%) 397M (3%) 10 (5%) 6.7B (8%)
Media 1 (1%) - 9 (4%) 1.6B (2%)
Business Services 5 (6%) - 9 (4%) -
Technology Hardware 2 (2%) 209M (2%) 8 (4%) 209M (< 1%)
Life Science 2 (2%) - 8 (4%) -
Education 5 (6%) 305M (2%) 7 (3%) 8.1B (10%)
Publishing 1 (1%) 1.1B (9%) 6 (3%) 8.3B (10%)
Financial Services 2 (2%) - 6 (3%) 472M (1%)
Apparel/Textiles 2 (2%) 1.7B (13%) 5 (2%) 3.3B (4%)
Insurance 1 (1%) - 5 (2%) 1.8B (2%)
Semiconductors - - 5 (2%) -
Food 3 (4%) - 4 (2%) 900M (1%)
Distribution - - 4 (2%) -
Safety/Security 1 (1%) - 3 (1%) 836M (1%)
Consumer Services 2 (2%) - 3 (1%) -
Electronics - - 3 (1%) -
Leisure 1 (1%) - 3 (1%) -
Transportation 1 (1%) 800M (6%) 2 (1%) 2.3B (3%)
Gaming 1 (1%) - 2 (1%) 1.0B (1%)
Consumer Products - - 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%) -
E-Commerce - - 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 $12.4B 219 $83.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 31 (38%) 4.1B (33%) 84 (38%) 30.1B (36%)
  California 5 (6%) 202M (2%) 19 (9%) 202M (< 1%)
  New York 3 (4%) - 11 (5%) 2.7B (3%)
  Texas 2 (2%) - 8 (4%) 7.3B (9%)
  Florida 4 (5%) 1.0B (8%) 5 (2%) 1.0B (1%)
  Pennsylvania 1 (1%) 1.1B (9%) 5 (2%) 5.5B (7%)
  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%)
  Ohio 1 (1%) - 2 (1%) -
  Arizona 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%) -
  Indiana 1 (1%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Utah - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
United Kingdom 10 (12%) 6.2B (50%) 30 (14%) 14.4B (17%)
France 10 (12%) 980M (8%) 25 (11%) 2.1B (3%)
Germany 2 (2%) - 12 (5%) 646M (1%)
Israel 6 (7%) 401M (3%) 10 (5%) 401M (< 1%)
Netherlands 3 (4%) 507M (4%) 9 (4%) 1.3B (2%)
Italy 2 (2%) - 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 - - 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 (50%) 30 (14%) 14.4B (17%)
Cross-border 72 (88%) 6.2B (50%) 189 (86%) 68.9B (83%)
Total 82 $12.4B 219 $83.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 29 (35%) 3.6B (29%) 55 (25%) 8.7B (10%)
Buyout (LBO, MBO, MBI) 10 (12%) 757M (6%) 53 (24%) 12.9B (15%)
Venture 6 (7%) 13M (< 1%) 30 (14%) 13M (< 1%)
Divestiture 14 (17%) 1.3B (10%) 27 (12%) 20.8B (25%)
Going Private 6 (7%) 5.7B (46%) 18 (8%) 22.0B (26%)
Stake Purchase 10 (12%) - 16 (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 $12.4B 219 $83.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 51 (40%) 37.1B (52%)
Trade Sale - Public Company 26 (20%) 19.2B (27%)
Trade Sale 22 (17%) 15.0B (21%)
IPO 18 (14%) -
Sold to Management 5 (4%) -
Bankruptcy 2 (2%) -
Recapitalization 2 (2%) -
Stake Sale 2 (2%) -
Merger 1 (1%) -
Total 129 $71.3B

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
Simpson Thacher & Bartlett LLP
21
Kirkland & Ellis LLP
19
Skadden, Arps, Slate, Meagher & Flom LLP
6

Deal Values

buy # Total
> $1B 23 $68.7B
$100M to $1B 26 $14.5B
< $100M 6 $186M
TOTAL $83.4B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 21 $62.9B
$100M to $1B 18 $8.2B
< $100M 5 $214M
TOTAL $71.3B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
73%
73 73%
Strategic(s)
27%
27 27%
Exited to
PE Firm(s)
59%
72 59%
Strategic(s)
41%
51 41%

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