Ardian Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Ardian has acquired 18 companies. It has also invested in 15 others.

Ardian’s most common sectors for investment are business services (9%) and food (6%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (36%) and secondary buyout (31%). In total, Ardian has invested in 21 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 30 companies. The Firm’s most common exit type is secondary buyout (45%). 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 Activity449
    • M&A Buy Activity306
    • M&A Sell Activity143
  • Total Sectors Invested 50
  • Total Countries Invested 24
  • M&A Buy/Sell Connections 158
  • M&A Advisors 61

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (13.0/yr) # 241 17 18 10 19 1 306
vol $203.7B $203.7B
Sell (8.8/yr) # 99 12 13 10 6 3 143
vol $25.2B $3.6B $12.8B $248M $41.8B
  449

Most Recent M&A

Company Date Value Type
Les Derives Resiniques Et Terpeniques SA 2020-03-06 - Add-on Acquisition
Dax, France · www.drt.fr
CLS Group 2020-02-03 - Stake Purchase
Ramonville Saint-Agne, France · www.cls.fr
Frulact 2020-01-16 - Buyout (LBO, MBO, MBI)
Covilha, Portugal · www.frulact.com
Riemser Arzneimittel AG 2020-01-08 - Add-on Acquisition
Greifswald - Insel Riems, Germany · www.riemser.de
Cerelia SASU 2019-12-19 - Secondary Buyout
Paris, France · www.cerelia.com
Audiotonix Ltd. 2019-12-16 - Stake Purchase
Chessington, United Kingdom · www.audiotonix.com
Nutripack SAS 2019-12-11 - Stake Purchase
Raches, France · www.nutripack.fr
EWE AG 2019-12-06 - Stake Purchase
Oldenburg, Germany · www.ewe.com
Competence Call Center Holding GmbH 2019-12-05 - Add-on Acquisition
Vienna, Austria · www.yourccc.com
S&H Groupe 2019-12-04 - Growth Capital
Paris , France · www.s-h.fr
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Envision Pharma, Inc. (Envision Pharma Group) 2016-07-06 90TEN Group Ltd. 2020-04-08 1
Philadelphia, Pennsylvania · www.envisionpharmagroup.com London, United Kingdom · www.90ten.co.uk
Celli S.p.A. 2019-02-11 T&J Installations Ltd. 2020-03-25 2
San Giovanni in Marignano, Italy · www.celli.com Fazeley, United Kingdom · www.tandjinstallations.com
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
Neopharmed Gentili S.r.l. 2018-11-28 MDM S.p.A. 2019-10-31 1
Milan, Spain · www.neogen.it Monza, Italy · www.mdmspa.com
Celli S.p.A. 2019-02-11 MF Refrigeration Ltd. 2019-10-31 1
San Giovanni in Marignano, Italy · www.celli.com Kent, United Kingdom · www.mf-refrigeration.co.uk
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
Opteven 2018-10-17 The WMS Group Ltd. 2019-09-30 1
Villeurbanne, France · www.opteven.com Thame, United Kingdom · www.wmsgroup.co.uk
CEVA Sante Animale SA 2007-04-25 Thundershirt LLC 2019-07-30 4
Libourne, France · www.ceva.com Durham, North Carolina · www.thundershirt.com
Hypred SA 2016-11-03 Choisy Laboratories Ltd. 2019-07-18 2
Dinard, France · www.hypred.fr Louiseville, Quebec · www.choisy.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

M&A by Sector

Sector Current # Value All-time # Value
Business Services 13 (8%) 49M (< 1%) 25 (8%) 4.6B (2%)
Food 8 (5%) - 16 (5%) 800M (< 1%)
Information Technology 8 (5%) - 15 (5%) 4.4B (2%)
Life Science 11 (7%) 414M (2%) 15 (5%) 414M (< 1%)
Software 12 (8%) - 15 (5%) -
Retail 7 (4%) 11.4B (59%) 14 (5%) 14.4B (7%)
Building Materials 4 (3%) 485M (3%) 14 (5%) 1.1B (1%)
Internet Software and Services 9 (6%) - 14 (5%) -
Communications 3 (2%) - 11 (4%) 7.1B (3%)
Consumer Products 2 (1%) - 11 (4%) 238M (< 1%)
Chemicals 3 (2%) - 10 (3%) 1.8B (1%)
Healthcare Services 4 (3%) 79M (< 1%) 9 (3%) 2.4B (1%)
Media 5 (3%) - 9 (3%) 2.4B (1%)
Transportation 4 (3%) - 8 (3%) 37M (< 1%)
Automotive 3 (2%) - 7 (2%) 5.6B (3%)
Packaging 4 (3%) 4.9B (25%) 7 (2%) 5.4B (3%)
Machinery 2 (1%) - 7 (2%) -
Manufacturing 5 (3%) - 7 (2%) -
Energy Services and Equipment 6 (4%) 581M (3%) 6 (2%) 581M (< 1%)
Utilities 3 (2%) 322M (2%) 5 (2%) 47.3B (23%)
Engineering 1 (1%) - 5 (2%) 8.7B (4%)
Construction 3 (2%) - 5 (2%) -
Electrical Equipment 1 (1%) - 5 (2%) -
Infrastructure 5 (3%) - 5 (2%) -
Insurance 5 (3%) - 5 (2%) -
Renewable Energy 5 (3%) - 5 (2%) -
Aerospace 3 (2%) - 4 (1%) 375M (< 1%)
Electronics 3 (2%) - 4 (1%) -
Marketing 3 (2%) - 4 (1%) -
Medical Products 2 (1%) - 4 (1%) -
Staffing 2 (1%) - 4 (1%) -
Technology Hardware 2 (1%) - 4 (1%) -
Distribution - - 3 (1%) -
Financial Services - - 2 (1%) 31.7B (16%)
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%)
Education 1 (1%) - 2 (1%) -
Restaurants 1 (1%) - 2 (1%) -
Safety/Security - - 2 (1%) -
Plastics 1 (1%) 1.0B (5%) 1 (< 1%) 1.0B (< 1%)
Airlines - - 1 (< 1%) 607M (< 1%)
Beverages - - 1 (< 1%) -
Digital Media 1 (1%) - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Real Estate 1 (1%) - 1 (< 1%) -
Total 159 $19.2B 308 $203.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 75 (47%) 1.0B (5%) 154 (50%) 15.6B (8%)
  Pennsylvania - - 1 (< 1%) -
United States 11 (7%) 8.7B (45%) 32 (10%) 159.9B (79%)
  Texas 1 (1%) - 5 (2%) 62.0B (30%)
  California 2 (1%) - 3 (1%) -
  Arizona 1 (1%) 8.7B (45%) 2 (1%) 12.5B (6%)
  Pennsylvania 1 (1%) - 2 (1%) 1.4B (1%)
  Illinois 1 (1%) - 2 (1%) 520M (< 1%)
  Georgia - - 2 (1%) 29.0B (14%)
  Washington 1 (1%) - 1 (< 1%) -
  Ohio 1 (1%) - 1 (< 1%) -
  Missouri 1 (1%) - 1 (< 1%) -
  Massachusetts 1 (1%) - 1 (< 1%) -
  Colorado 1 (1%) - 1 (< 1%) -
  Nevada - - 1 (< 1%) 30.7B (15%)
  Indiana - - 1 (< 1%) 5.6B (3%)
  New York - - 1 (< 1%) 4.4B (2%)
  Maryland - - 1 (< 1%) 800M (< 1%)
  Kansas - - 1 (< 1%) 375M (< 1%)
  Utah - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  North Carolina - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
Germany 12 (8%) - 25 (8%) 238M (< 1%)
Italy 15 (9%) 1.3B (7%) 24 (8%) 2.0B (1%)
United Kingdom 10 (6%) 371M (2%) 18 (6%) 12.3B (6%)
Spain 8 (5%) - 11 (4%) 586M (< 1%)
Belgium 6 (4%) 485M (3%) 7 (2%) 485M (< 1%)
Netherlands 3 (2%) 2.8B (14%) 6 (2%) 5.1B (3%)
Switzerland 3 (2%) 4.2B (22%) 4 (1%) 4.2B (2%)
Poland 1 (1%) - 4 (1%) -
Sweden 1 (1%) - 3 (1%) 2.8B (1%)
Austria 1 (1%) - 3 (1%) -
Australia 2 (1%) - 2 (1%) -
Portugal 2 (1%) - 2 (1%) -
Finland 1 (1%) - 2 (1%) -
Luxembourg 1 (1%) - 2 (1%) -
Denmark - - 2 (1%) -
Czech Republic 1 (1%) 414M (2%) 1 (< 1%) 414M (< 1%)
Canada 1 (1%) - 1 (< 1%) -
  Alberta 1 (1%) - 1 (< 1%) -
China 1 (1%) - 1 (< 1%) -
India 1 (1%) - 1 (< 1%) -
Ireland 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Latvia 1 (1%) - 1 (< 1%) -
Domestic 75 (47%) 1.0B (5%) 154 (50%) 15.6B (8%)
Cross-border 84 (53%) 18.2B (95%) 154 (50%) 188.1B (92%)
Total 159 $19.2B 308 $203.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 49 (31%) 7.3B (38%) 108 (35%) 35.4B (18%)
Secondary Buyout 43 (27%) 1.6B (8%) 94 (31%) 22.4B (11%)
Growth Capital 27 (17%) - 39 (13%) 37M (< 1%)
Divestiture 14 (9%) 630M (3%) 23 (7%) 10.7B (5%)
Stake Purchase 15 (9%) - 22 (7%) -
Going Private 3 (2%) 9.8B (51%) 8 (3%) 131.5B (66%)
Venture 5 (3%) - 6 (2%) -
Add-on Acquisition 1 (1%) - 2 (1%) -
Consolidation 1 (1%) - 2 (1%) -
PIPE - - 2 (1%) -
Merger 1 (1%) - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 159 $19.2B 308 $199.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 67 (47%) 13.4B (32%)
Trade Sale - Public Company 23 (16%) 14.1B (34%)
Trade Sale 21 (15%) 2.3B (5%)
IPO 19 (13%) -
Stake Sale 6 (4%) -
Merger 3 (2%) 12.0B (29%)
Sold to Management 3 (2%) -
Bankruptcy 1 (1%) -
Total 143 $41.8B

Top M&A Advisors

Financial Deals
Ernst & Young Capital Advisors LLC
 5
Rothschild Global Advisory
 4
PwC Corporate Finance LLC
 3
Legal Deals
Latham & Watkins
 8
Willkie Farr & Gallagher LLP
 6
Giovannelli e Associati
 4

Deal Values

buy # Total
> $1B 23 $192.3B
$100M to $1B 23 $11.2B
< $100M 5 $201M
TOTAL $203.7B
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
PE Firm(s)
82%
123 82%
Strategic(s)
18%
27 18%
Exited to
PE Firm(s)
66%
92 66%
Strategic(s)
34%
47 34%

Investor Summary

Size

Mega

PE Assets

62.0B USD

Established

1996

Specialist/Generalist

Generalist

Leadership

Olivier Berment

Co-Head of Private Debt & Managing Director

Mark Brenke

Co-Head of Private Debt & Managing Director

Guillaume Chinardet

Head of Private Debt

Mathias Burghardt

Member of the Executive Committee & Head of Infrastructure

Philippe Poletti

Member of the Executive Committee & Head of Buyout

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