Ardian Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ardian has acquired 33 companies. It has also invested in 18 others.

Ardian’s most common sectors for investment are business services (9%) and life science (6%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (35%) and secondary buyout (31%). In total, Ardian has invested in 20 US states and 24 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, Ardian has exited 29 companies. The Firm’s most common exit type is secondary buyout (44%). Ardian’s largest (disclosed) exit occurred in 2017 when it sold Worldpay UK for $12.0B.

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M&A Summary

  • M&A Total Activity485
    • M&A Buy Activity328
    • M&A Sell Activity157
  • Total Sectors Invested 51
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 166
  • M&A Advisors 66

Ardian

20, place Vendôme,
Paris, 75001
France
+33 1 44 45 92 00
www.ardian.com

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Forest Products, Gaming, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Medical Products, Packaging, Renewable Energy, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed

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 5 -
Target EBITDA - -
Investment Size - -
Enterprise Value - 1,500
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (13.6/yr) # 260 17 11 19 16 5 328
vol $203.7B $2.4B $206.1B
Sell (8.4/yr) # 115 13 11 8 8 2 157
vol $28.8B $12.8B $248M $41.8B
  485

Most Recent M&A

Company Date Value Type
Solina Group 2021-05-04 - Secondary Buyout
Bréal-Sous-Monfort, France · www.solina-group.fr
Deli Home Holding B.V. 2021-04-06 - Secondary Buyout
Gorinchem, Netherlands · www.deli.nl
Neotys SA 2021-03-30 - Add-on Acquisition
Gemenos, France · www.neotys.com
Kapten & Son GmbH 2021-03-10 - Growth Capital
Köln, Germany · www.kapten-son.com
GBA Holding GmbH 2021-02-25 - Secondary Buyout
Hamburg, Germany · www.gba-group.com
Elee 2021-01-21 - Growth Capital
Puteaux, France · www.elee.fr
Proteor SAS 2021-01-13 - Growth Capital
St Apollinaire, France · www.proteor.com
PRGX Global, Inc. 2020-12-24 195M USD Going Private
Atlanta, Georgia · www.prgx.com
Grand Frais 2020-12-23 - Secondary Sale
Lyon, France · www.grandfrais.fr
AD Education 2020-12-18 - Secondary Buyout
Paris, France · www.ad-education.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Acino International AG 2013-10-02 IlmixGroup - Select Portfolio of Prescription Pharmaceutical Products and Food Supplements 2021-04-01 5
Zurich, Czech Republic · www.acino.swiss Saint Petersburg, Russia
Staci SAS 2019-07-22 Base Logistics B.V. 2021-03-15 1
Saint-Ouen-l'Aumône, France · www.staci.com Klundert, Netherlands · www.baselogistics.com
Revere Plastics Systems LLC 2017-11-20 Alliance-McAlpin NY LLC 2021-01-05 3
Clyde, Ohio · www.revereplasticssystems.com Ramos Arizpe, Mexico · www.a-mmex.com
Envision Pharma, Inc. 2016-07-06 Two Labs LLC 2020-11-12 3
Horsham, United Kingdom · www.envisionpharmagroup.com Powell, Ohio · www.twolabs.com
Santé Cie Group 2020-01-17 APOSAN Dr. Künzer GmbH 2020-07-27 1
Lyon, France Cologne, Germany · www.aposan.de
Dedalus S.p.A 2016-07-08 DXC Technology Co. - Healthcare Provider Software Business 2020-07-20 3
Florence, Italy · www.dedalus.eu , Virginia
Revere Plastics Systems LLC 2017-11-20 Techniplas, Inc. - Plants 2020-06-18 2
Clyde, Ohio · www.revereplasticssystems.com , United States
Dedalus S.p.A 2016-07-08 Agfa-Gevaert N.V. - HealthCare IT Business 2020-01-30 2
Florence, Italy · www.dedalus.eu Mortsel, Belgium
Acino International AG 2013-10-02 Takeda Pharmaceutical Co.,Ltd. - Primary Care Portfolio 2019-10-15 4
Zurich, Czech Republic · www.acino.swiss Osaka, Japan
CEVA Sante Animale SA 2007-04-25 Thundershirt LLC 2019-07-30 4
Libourne, France · www.ceva.com Durham, North Carolina · www.thundershirt.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 15 (9%) 244M (1%) 28 (9%) 4.8B (2%)
Life Science 13 (8%) 414M (2%) 17 (5%) 414M (< 1%)
Software 13 (8%) - 16 (5%) -
Information Technology 8 (5%) - 15 (5%) 4.4B (2%)
Building Materials 4 (2%) - 15 (5%) 1.1B (1%)
Food 6 (4%) - 15 (5%) 800M (< 1%)
Internet Software and Services 9 (6%) - 14 (4%) -
Retail 3 (2%) 8.7B (50%) 13 (4%) 14.4B (7%)
Communications 2 (1%) - 12 (4%) 7.1B (3%)
Chemicals 3 (2%) 2.3B (13%) 12 (4%) 4.0B (2%)
Consumer Products 2 (1%) - 11 (3%) 238M (< 1%)
Healthcare Services 5 (3%) 79M (< 1%) 10 (3%) 2.4B (1%)
Media 5 (3%) - 10 (3%) 2.4B (1%)
Automotive 4 (2%) - 8 (2%) 5.6B (3%)
Transportation 4 (2%) - 8 (2%) 37M (< 1%)
Packaging 3 (2%) 4.2B (24%) 7 (2%) 5.4B (3%)
Energy Services and Equipment 6 (4%) 581M (3%) 7 (2%) 581M (< 1%)
Utilities 3 (2%) - 6 (2%) 47.3B (23%)
Construction 3 (2%) - 6 (2%) -
Electrical Equipment 2 (1%) - 6 (2%) -
Insurance 5 (3%) - 6 (2%) -
Machinery 2 (1%) - 6 (2%) -
Manufacturing 4 (2%) - 6 (2%) -
Engineering 1 (1%) - 5 (2%) 8.7B (4%)
Aerospace 3 (2%) - 5 (2%) 375M (< 1%)
Infrastructure 5 (3%) - 5 (2%) -
Medical Products 2 (1%) - 5 (2%) -
Renewable Energy 5 (3%) - 5 (2%) -
Technology Hardware 3 (2%) - 5 (2%) -
Electronics 2 (1%) - 4 (1%) -
Marketing 3 (2%) - 4 (1%) -
Staffing 2 (1%) - 4 (1%) -
Distribution - - 3 (1%) -
E-Commerce 2 (1%) - 3 (1%) -
Education 2 (1%) - 3 (1%) -
Financial Services - - 2 (1%) 31.7B (15%)
Gaming 1 (1%) - 2 (1%) 30.7B (15%)
Semiconductors - - 2 (1%) 17.6B (9%)
Information Services - - 2 (1%) 13.5B (7%)
Consumer Services 1 (1%) - 2 (1%) 727M (< 1%)
Test/Measurement Equipment - - 2 (1%) 282M (< 1%)
Restaurants 1 (1%) - 2 (1%) -
Safety/Security - - 2 (1%) -
Plastics 1 (1%) 1.0B (6%) 1 (< 1%) 1.0B (< 1%)
Airlines - - 1 (< 1%) 607M (< 1%)
Beverages - - 1 (< 1%) -
Digital Media 1 (1%) - 1 (< 1%) -
Environmental - - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Real Estate 1 (1%) - 1 (< 1%) -
Total 161 $17.5B 329 $206.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 79 (49%) 1.0B (6%) 164 (50%) 15.6B (8%)
  Pennsylvania - - 1 (< 1%) -
United States 11 (7%) 11.1B (64%) 33 (10%) 162.3B (79%)
  Texas - - 5 (2%) 62.0B (30%)
  Illinois 2 (1%) 2.3B (13%) 3 (1%) 2.8B (1%)
  California 2 (1%) - 3 (1%) -
  Georgia 1 (1%) 195M (1%) 3 (1%) 29.2B (14%)
  Colorado 2 (1%) - 2 (1%) -
  Arizona 1 (1%) 8.7B (50%) 2 (1%) 12.5B (6%)
  Ohio 1 (1%) - 1 (< 1%) -
  Massachusetts 1 (1%) - 1 (< 1%) -
  Florida 1 (1%) - 1 (< 1%) -
  Nevada - - 1 (< 1%) 30.7B (15%)
  Indiana - - 1 (< 1%) 5.6B (3%)
  New York - - 1 (< 1%) 4.4B (2%)
  Pennsylvania - - 1 (< 1%) 1.4B (1%)
  Maryland - - 1 (< 1%) 800M (< 1%)
  Kansas - - 1 (< 1%) 375M (< 1%)
  Utah - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  North Carolina - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
Italy 15 (9%) 581M (3%) 26 (8%) 2.0B (1%)
Germany 13 (8%) - 26 (8%) 238M (< 1%)
United Kingdom 9 (6%) 49M (< 1%) 19 (6%) 12.3B (6%)
Spain 8 (5%) - 11 (3%) 586M (< 1%)
Switzerland 6 (4%) 4.2B (24%) 7 (2%) 4.2B (2%)
Belgium 5 (3%) - 7 (2%) 485M (< 1%)
Netherlands 3 (2%) 79M (< 1%) 7 (2%) 5.1B (2%)
Austria 1 (1%) - 5 (2%) -
Poland - - 4 (1%) -
Finland 2 (1%) - 3 (1%) -
Sweden 1 (1%) - 3 (1%) 2.8B (1%)
Australia 2 (1%) - 2 (1%) -
Luxembourg 1 (1%) - 2 (1%) -
Denmark - - 2 (1%) -
Czech Republic 1 (1%) 414M (2%) 1 (< 1%) 414M (< 1%)
China 1 (1%) - 1 (< 1%) -
Ireland 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Portugal 1 (1%) - 1 (< 1%) -
Canada - - 1 (< 1%) -
  Alberta - - 1 (< 1%) -
India - - 1 (< 1%) -
Latvia - - 1 (< 1%) -
Domestic 79 (49%) 1.0B (6%) 164 (50%) 15.6B (8%)
Cross-border 82 (51%) 16.5B (94%) 165 (50%) 190.5B (92%)
Total 161 $17.5B 329 $206.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 47 (29%) 4.2B (24%) 113 (34%) 35.4B (17%)
Secondary Buyout 43 (27%) 3.3B (19%) 99 (30%) 24.7B (12%)
Growth Capital 30 (19%) - 44 (13%) 37M (< 1%)
Divestiture 13 (8%) 630M (4%) 25 (8%) 10.7B (5%)
Stake Purchase 17 (11%) - 25 (8%) -
Going Private 3 (2%) 9.3B (53%) 9 (3%) 131.7B (65%)
Venture 5 (3%) - 6 (2%) -
Add-on Acquisition 2 (1%) - 3 (1%) -
Consolidation 1 (1%) - 2 (1%) -
PIPE - - 2 (1%) -
Recapitalization - - 1 (< 1%) -
Total 161 $17.5B 329 $202.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 72 (46%) 13.4B (32%)
Trade Sale 25 (16%) 2.3B (5%)
Trade Sale - Public Company 23 (15%) 14.1B (34%)
IPO 21 (13%) -
Stake Sale 6 (4%) -
Merger 3 (2%) 12.0B (29%)
Sold to Management 3 (2%) -
Bankruptcy 2 (1%) -
Unknown 2 (1%) -
Total 157 $41.8B

Top M&A Advisors

Financial Deals
Ernst & Young Capital Advisors LLC
6
Rothschild Global Advisory
5
Deloitte
5
Legal Deals
Latham & Watkins
13
Willkie Farr & Gallagher LLP
7
Lamartine Conseil
4

Deal Values

buy # Total
> $1B 24 $194.5B
$100M to $1B 24 $11.4B
< $100M 5 $201M
TOTAL $206.1B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 12 $34.1B
$100M to $1B 16 $7.5B
< $100M 5 $182M
TOTAL $41.8B
Largest Worldpay UK Ltd.
$12.0B (2017-08-09)

M&A Connections

Deals
Acquired from
Investor(s)
29%
97 (29%)
Strategic(s)
9%
28 (9%)
Exited to
Investor(s)
46%
73 (46%)
Strategic(s)
32%
50 (32%)

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