Apax Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Apax Partners has acquired 27 companies. It has also invested in 2 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 (26%) and buyout (lbo, mbo, mbi) (24%). In total, Apax Partners has invested in 27 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 (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 Activity363
    • M&A Buy Activity228
    • M&A Sell Activity135
  • Total Sectors Invested 42
  • Total Countries Invested 25
  • M&A Buy/Sell Connections 151
  • M&A Advisors 66

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 (7.4/yr) # 191 9 10 9 6 3 228
vol $78.7B $597M $3.4B $344M $83.0B
Sell (4.6/yr) # 112 5 3 7 6 2 135
vol $62.6B $510M $6.7B $1.5B $1.2B $72.5B
  363

Most Recent M&A

Company Date Value Type
Herjavec Group 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
Squad SAS 2021-01-12 - Secondary Buyout
Poissonnière, France · www.squad.fr
NL Mental Care Group B.V. 2021-01-08 - Secondary Buyout
Hilversum, Netherlands · www.mentaalbeter.nl
Boats Group 2020-12-29 - Secondary Buyout
Miami, Florida · www.boatsgroup.com
Azentio Software 2020-12-28 151M INR Divestiture
Mumbai, India
Diapason 2020-11-20 - Buyout (LBO, MBO, MBI)
Paris, France · www.diapason-treasury.com
eCommerce Industries, Inc. (ECi Software Solutions) 2020-11-19 - Secondary Buyout
Fort Worth, Texas · www.ecisolutions.com
SK FireSafety Group B.V. 2020-10-05 - Add-on Acquisition
Noord Brabant, Netherlands · www.skfiresafetygroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aptos, Inc. 2015-05-11 Revionics, Inc. 2020-09-09 3
Atlanta, Georgia · www.aptos.com Austin, Texas · www.revionics.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.diginet.lt Tallinn, Estonia · www..auto24.ee
Authority Brands LLC 2018-09-24 Clockwork Home Services, Inc. 2019-02-21 6
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
Aptos, Inc. 2015-05-11 TXT Retail 2017-07-24 2
Atlanta, Georgia · www.aptos.com Milano, Italy · www.txtretail.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
InfoVista S.A. 2016-03-23 Ascom - The Network Testing Division (TEMS) 2016-08-22 1
Cedex, France · www.infovista.com Reston, Virginia · www.tems.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 11 (13%) 1.2B (6%) 23 (10%) 2.5B (3%)
Software 7 (8%) 151M (1%) 22 (10%) 3.4B (4%)
Internet Software and Services 6 (7%) 1.7B (8%) 18 (8%) 5.1B (6%)
Communications 4 (5%) 3.4B (16%) 17 (7%) 31.2B (37%)
Healthcare Services 7 (8%) - 13 (6%) 1.9B (2%)
Medical Products 3 (4%) 397M (2%) 10 (4%) 6.7B (8%)
Retail 4 (5%) 2.6B (12%) 10 (4%) 3.5B (4%)
Business Services 6 (7%) - 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 (38%) 7 (3%) 8.1B (10%)
Financial Services 3 (4%) - 7 (3%) 472M (1%)
Publishing 1 (1%) 1.1B (5%) 6 (3%) 8.3B (10%)
Insurance 2 (2%) - 6 (3%) 1.8B (2%)
Semiconductors - - 6 (3%) -
Apparel/Textiles 2 (2%) 1.7B (8%) 5 (2%) 3.3B (4%)
Food 3 (4%) - 4 (2%) 900M (1%)
Distribution - - 4 (2%) -
Safety/Security 1 (1%) - 3 (1%) 836M (1%)
Consumer Services 2 (2%) - 3 (1%) -
E-Commerce 2 (2%) - 3 (1%) -
Electronics - - 3 (1%) -
Leisure 1 (1%) - 3 (1%) -
Transportation 1 (1%) 800M (4%) 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%) -
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 83 $21.3B 229 $84.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (36%) 11.8B (56%) 85 (37%) 30.1B (36%)
  California 5 (6%) 202M (1%) 19 (8%) 202M (< 1%)
  New York 3 (4%) - 11 (5%) 2.7B (3%)
  Texas 1 (1%) - 8 (3%) 7.3B (9%)
  Florida 3 (4%) 1.0B (5%) 5 (2%) 1.0B (1%)
  Pennsylvania 1 (1%) 1.1B (5%) 5 (2%) 5.5B (6%)
  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%) 7.8B (36%) 2 (1%) 7.8B (9%)
  Massachusetts 1 (1%) 1.2B (6%) 2 (1%) 1.2B (1%)
  Ohio 1 (1%) - 2 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (3%) 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%)
  Michigan - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
United Kingdom 11 (13%) 6.2B (29%) 31 (14%) 14.4B (17%)
France 12 (14%) 980M (5%) 28 (12%) 2.1B (2%)
Germany 1 (1%) - 12 (5%) 646M (1%)
Netherlands 4 (5%) - 10 (4%) 823M (1%)
Israel 4 (5%) 397M (2%) 10 (4%) 397M (< 1%)
India 7 (8%) 151M (1%) 7 (3%) 151M (< 1%)
Italy 2 (2%) - 7 (3%) 2.6B (3%)
Canada 3 (4%) - 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 (7%) 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%) -
China 2 (2%) 250M (1%) 2 (1%) 250M (< 1%)
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
Portugal - - 2 (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%)
Ireland - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 11 (13%) 6.2B (29%) 31 (14%) 14.4B (17%)
Cross-border 72 (87%) 15.1B (71%) 198 (86%) 70.0B (83%)
Total 83 $21.3B 229 $84.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 32 (39%) 5.0B (24%) 59 (26%) 10.2B (12%)
Buyout (LBO, MBO, MBI) 10 (12%) 250M (1%) 53 (23%) 12.4B (15%)
Venture 4 (5%) 9M (< 1%) 31 (14%) 9M (< 1%)
Divestiture 13 (16%) 9.2B (43%) 28 (12%) 20.9B (25%)
Going Private 5 (6%) 5.7B (27%) 18 (8%) 22.0B (26%)
Stake Purchase 11 (13%) - 18 (8%) 2.1B (2%)
Growth Capital 4 (5%) - 12 (5%) 10M (< 1%)
PIPE 3 (4%) - 7 (3%) 15.8B (19%)
Consolidation 1 (1%) 1.1B (5%) 2 (1%) 1.1B (1%)
Recapitalization - - 1 (< 1%) -
Total 83 $21.3B 229 $84.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 54 (40%) 37.1B (52%)
Trade Sale - Public Company 28 (21%) 19.2B (27%)
Trade Sale 22 (16%) 15.0B (21%)
IPO 18 (13%) -
Sold to Management 5 (4%) -
Bankruptcy 2 (1%) -
Merger 2 (1%) -
Recapitalization 2 (1%) -
Stake Sale 2 (1%) -
Total 135 $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
21
Skadden, Arps, Slate, Meagher & Flom LLP
6

Deal Values

buy # Total
> $1B 24 $70.2B
$100M to $1B 26 $14.1B
< $100M 5 $181M
TOTAL $84.5B
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)
26%
59 (26%)
Strategic(s)
12%
28 (12%)
Exited to
Investor(s)
41%
55 (41%)
Strategic(s)
39%
52 (39%)

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