Ardian Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ardian has acquired 30 companies. It has also invested in 18 others.

Ardian’s most common sectors for investment are business services (9%) and software (5%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (35%) and secondary buyout (30%). 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 27 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 Activity479
    • M&A Buy Activity324
    • M&A Sell Activity155
  • Total Sectors Invested 51
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 165
  • M&A Advisors 65

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 (13.0/yr) # 259 17 11 19 16 2 324
vol $203.7B $2.4B $206.1B
Sell (8.0/yr) # 115 13 11 8 8 - 155
vol $28.8B $12.8B $248M $41.8B
  479

Most Recent M&A

Company Date Value Type
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
Labosud 2020-11-24 - Stake Purchase
Montpellier, France · www.labosud.fr
Nevel Oy 2020-11-02 - Divestiture
Vantaa, Finland · www.nevel.com
H2 Pharma 2020-10-20 - Growth Capital
Bois-d'Arcy, France · www.h2pharma.com
GANTNER Electronic GmbH 2020-10-15 - Add-on Acquisition
Nüziders, Austria · www.gantner.com
ANGUS Chemical Co. 2020-10-13 2.3B USD Secondary Buyout
Buffalo Grove, Illinois · www.angus.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 2
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
Frans Bonhomme SAS 2005-10-20 Saint-Gobain Group - Distribution de Matériaux pour les Travaux Publics (DMTP) 2019-07-18 1
Joué lès Tours, France · www.fransbonhomme.fr Paris, France
Revere Plastics Systems LLC 2017-11-20 Sur-Flo Plastics & Engineering, Inc. - Manufacturing Operations & Assets 2019-01-04 1
Clyde, Ohio · www.revereplasticssystems.com Fraser, Michigan

M&A by Sector

Sector Current # Value All-time # Value
Business Services 16 (10%) 244M (1%) 28 (9%) 4.8B (2%)
Life Science 12 (7%) 414M (2%) 16 (5%) 414M (< 1%)
Software 13 (8%) - 16 (5%) -
Information Technology 8 (5%) - 15 (5%) 4.4B (2%)
Food 7 (4%) - 15 (5%) 800M (< 1%)
Building Materials 3 (2%) - 14 (4%) 1.1B (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%) - 9 (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 3 (2%) - 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%) -
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%)
E-Commerce 1 (1%) - 2 (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 325 $206.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 82 (51%) 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%) 25 (8%) 2.0B (1%)
Germany 11 (7%) - 24 (7%) 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 2 (1%) 79M (< 1%) 6 (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 82 (51%) 1.0B (6%) 164 (50%) 15.6B (8%)
Cross-border 79 (49%) 16.5B (94%) 161 (50%) 190.5B (92%)
Total 161 $17.5B 325 $206.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 47 (29%) 4.2B (24%) 112 (34%) 35.4B (17%)
Secondary Buyout 42 (26%) 3.3B (19%) 96 (30%) 24.7B (12%)
Growth Capital 29 (18%) - 43 (13%) 37M (< 1%)
Stake Purchase 19 (12%) - 26 (8%) -
Divestiture 13 (8%) 630M (4%) 25 (8%) 10.7B (5%)
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 325 $202.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 71 (46%) 13.4B (32%)
Trade Sale 24 (15%) 2.3B (5%)
Trade Sale - Public Company 23 (15%) 14.1B (34%)
IPO 21 (14%) -
Stake Sale 6 (4%) -
Merger 3 (2%) 12.0B (29%)
Sold to Management 3 (2%) -
Bankruptcy 2 (1%) -
Unknown 2 (1%) -
Total 155 $41.8B

Top M&A Advisors

Financial Deals
Ernst & Young Capital Advisors LLC
6
Rothschild Global Advisory
5
Citigroup Investment Banking
4
Legal Deals
Latham & Watkins
13
Willkie Farr & Gallagher LLP
6
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)
30%
96 (30%)
Strategic(s)
9%
28 (9%)
Exited to
Investor(s)
46%
72 (46%)
Strategic(s)
32%
49 (32%)

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