Bain Capital Private Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Bain Capital Private Equity has acquired 32 companies. It has also invested in 7 others.

Bain Capital Private Equity’s most common sectors for investment aresoftware (8%) and information technology (7%) . The Firm’s most common investment types include secondary buyout (26%) and buyout (lbo, mbo, mbi) (23%). In total, Bain Capital Private Equity has invested in 30 US states and 30 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired HCA Healthcare for $33.0B.

In the last 3 years, Bain Capital Private Equity has exited 19 companies. The Firm’s most common exit type is trade sale (30%). Bain Capital Private Equity’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 Activity329
    • M&A Buy Activity201
    • M&A Sell Activity128
  • Total Sectors Invested 48
  • Total Countries Invested 30
  • M&A Buy/Sell Connections 151
  • M&A Advisors 64

Bain Capital Private Equity

200 Clarendon Street,
Boston, Massachusetts 02199
United States
(617) 516-2000
www.baincapitalprivateequity.com

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Insurance, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Restaurants, Retail, Safety/Security, Semiconductors, Software, Test/Measurement Equipment, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Acquisition Financing, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (11.0/yr) # 146 16 14 6 7 12 201
vol $166.1B $21.2B $3.6B $4.3B $24.2B $219.3B
Sell (7.6/yr) # 90 19 8 5 5 1 128
vol $64.9B $15.8B $1.2B $2.7B $5.4B $89.9B
  329

Most Recent M&A

Company Date Value Type
athenahealth, Inc. 2021-11-22 17.0B USD Secondary Buyout
Watertown, Massachusetts · www.athenahealth.com
InnovaCare Health Solutions LLC 2021-11-19 - Secondary Buyout
Orlando, Florida · www.innovacarehealth.com
Gluware, Inc. 2021-10-27 - Growth Capital
Sacramento, California · www.gluware.com
ITP Aero 2021-09-27 1.9B EUR Divestiture
Zamudio, Spain · www.itpaero.com
PartsSource, Inc. 2021-07-20 - Secondary Buyout
Aurora, Ohio · www.partssource.com
Carson Group 2021-07-14 - Secondary Buyout
Omaha, Nebraska · www.carsongroup.com
Icelandair Group hf. 2021-06-23 - Stake Purchase
Reykjavik, Iceland · www.icelandairgroup.is
ExtraHop 2021-06-08 900M USD Buyout (LBO, MBO, MBI)
Seattle, Washington · www.extrahop.com
Valeo Foods Group Ltd. 2021-05-10 - Secondary Buyout
Dublin, Ireland · www.valeofoods.com
Dessert Holdings 2021-04-26 - Secondary Buyout
St. Paul, Minnesota
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Rocket Software, Inc. 2018-10-08 Zumasys - Database and Tools Products 2021-10-14 5
Waltham, Massachusetts · www.rocketsoftware.com Irvine, California
Penn Foster Education Group, Inc. 2018-05-01 Career Step LLC 2021-10-13 3
Scranton, Pennsylvania · www.pennfoster.edu Provo, Utah · www.careerstep.com
Ahlstrom-Munksjo Oyj 2020-09-24 Kammerer GmbH - Electrotechnical Paper Business 2021-09-02 2
Helsinki, Finland · www.ahlstrom-munksjo.com Osnabrück, Germany
The Kantar Group Ltd. 2019-07-12 The Kantar Group Ltd. - Reputation Intelligence Business 2021-08-04 3
London, United Kingdom · www.kantar.com London, United Kingdom
US LBM Holdings LLC 2020-11-13 American Construction Source 2021-05-25 20
Buffalo Grove, Illinois · www.uslbm.com Springfield, Missouri · www.acs-lbm.com
Fedrigoni S.p.A. 2017-12-23 Fedrigoni - Security business 2021-04-28 1
Verona, Italy · www.fedrigoni.com Bollate, Italy
The Kantar Group Ltd. 2019-07-12 Market Track LLC 2021-04-19 1
London, United Kingdom · www.kantar.com Chicago, Illinois · www.numerator.com
The Kantar Group Ltd. 2019-07-12 Kantar Health LLC 2021-04-01 2
London, United Kingdom · www.kantar.com New York, New York
Consolis Service Co SA NV 2016-12-23 Consolis Rail Business 2020-12-03 1
Brussels, Belgium · www.consolis.com Brussels, Belgium
Rocket Software, Inc. 2018-10-08 ActiveOps - ConnectiQ & WebConnect Business 2020-10-20 4
Waltham, Massachusetts · www.rocketsoftware.com Reading, United Kingdom

M&A by Sector

Sector Current # Value All-time # Value
Software 5 (7%) 2.0B (4%) 15 (7%) 22.5B (10%)
Information Technology 8 (11%) 900M (2%) 13 (6%) 3.3B (2%)
Healthcare Services 4 (5%) - 12 (6%) 33.7B (15%)
Retail 2 (3%) - 12 (6%) 16.8B (8%)
Business Services 2 (3%) - 12 (6%) 2.9B (1%)
Distribution 5 (7%) - 10 (5%) 9.0B (4%)
Life Science 5 (7%) - 10 (5%) 6.1B (3%)
Consumer Products 3 (4%) - 9 (4%) 2.5B (1%)
Media - - 8 (4%) 32.9B (15%)
Internet Software and Services 3 (4%) 17.0B (31%) 6 (3%) 17.0B (8%)
Restaurants 1 (1%) - 6 (3%) 10.0B (5%)
Financial Services 3 (4%) 2.4B (4%) 6 (3%) 8.4B (4%)
Chemicals 2 (3%) 4.4B (8%) 6 (3%) 7.6B (3%)
Automotive 2 (3%) - 6 (3%) 3.3B (2%)
Manufacturing 3 (4%) - 6 (3%) 165M (< 1%)
Apparel/Textiles - - 6 (3%) 60M (< 1%)
Food 4 (5%) - 5 (2%) -
Medical Products 1 (1%) - 4 (2%) 1.8B (1%)
Airlines 3 (4%) 3.5B (6%) 3 (1%) 3.5B (2%)
Education 1 (1%) - 3 (1%) 1.3B (1%)
Communications - - 3 (1%) 1.3B (1%)
Packaging 1 (1%) - 3 (1%) 800M (< 1%)
Safety/Security 2 (3%) 249M (< 1%) 3 (1%) 249M (< 1%)
Aerospace 2 (3%) 2.7B (5%) 2 (1%) 2.7B (1%)
Machinery 1 (1%) 1.6B (3%) 2 (1%) 2.0B (1%)
Electronics - - 2 (1%) 1.2B (1%)
Energy Services and Equipment - - 2 (1%) 545M (< 1%)
Information Services 1 (1%) - 2 (1%) 501M (< 1%)
Electrical Equipment - - 2 (1%) 361M (< 1%)
Building Materials 2 (3%) - 2 (1%) -
Consumer Services 2 (3%) - 2 (1%) -
Environmental - - 2 (1%) -
Forest Products 1 (1%) - 2 (1%) -
Transportation 1 (1%) - 2 (1%) -
Technology Hardware 1 (1%) 18.0B (33%) 1 (< 1%) 18.0B (8%)
Publishing - - 1 (< 1%) 1.7B (1%)
Plastics - - 1 (< 1%) 1.6B (1%)
Insurance 1 (1%) 1.6B (3%) 1 (< 1%) 1.6B (1%)
Marine - - 1 (< 1%) 1.5B (1%)
Agriculture - - 1 (< 1%) 786M (< 1%)
E-Commerce 1 (1%) 500M (1%) 1 (< 1%) 500M (< 1%)
Beverages - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Leisure - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Real Estate 1 (1%) - 1 (< 1%) -
Semiconductors - - 1 (< 1%) -
Total 75 $54.8B 203 $217.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (40%) 22.0B (40%) 108 (53%) 162.2B (74%)
  California 4 (5%) - 16 (8%) 7.0B (3%)
  Massachusetts 3 (4%) 19.0B (35%) 10 (5%) 24.7B (11%)
  Georgia 1 (1%) - 8 (4%) 14.2B (6%)
  Pennsylvania 1 (1%) - 8 (4%) 13.5B (6%)
  Texas 3 (4%) - 7 (3%) 12.9B (6%)
  Washington 3 (4%) 1.4B (3%) 6 (3%) 1.9B (1%)
  New York 2 (3%) - 6 (3%) 29.3B (13%)
  New Jersey 1 (1%) - 6 (3%) 9.4B (4%)
  Florida 2 (3%) - 5 (2%) 5.5B (2%)
  Illinois 2 (3%) - 4 (2%) 675M (< 1%)
  Ohio 2 (3%) - 3 (1%) -
  Minnesota 1 (1%) - 3 (1%) 1.3B (1%)
  North Carolina - - 3 (1%) 3.0B (1%)
  Tennessee 1 (1%) - 2 (1%) 33.0B (15%)
  Connecticut 1 (1%) - 2 (1%) -
  South Carolina - - 2 (1%) 3.3B (1%)
  Utah - - 2 (1%) 710M (< 1%)
  Kentucky - - 2 (1%) -
  Colorado - - 2 (1%) -
  Maryland 1 (1%) 1.6B (3%) 1 (< 1%) 1.6B (1%)
  Nebraska 1 (1%) - 1 (< 1%) -
  Michigan 1 (1%) - 1 (< 1%) -
  Wisconsin - - 1 (< 1%) 358M (< 1%)
  Kansas - - 1 (< 1%) -
  Indiana - - 1 (< 1%) -
  Delaware - - 1 (< 1%) -
  Oregon - - 1 (< 1%) -
  New Hampshire - - 1 (< 1%) -
  Nevada - - 1 (< 1%) -
  Louisiana - - 1 (< 1%) -
China 6 (8%) - 12 (6%) -
United Kingdom 5 (7%) 1.6B (3%) 11 (5%) 6.7B (3%)
Italy 6 (8%) 2.4B (4%) 9 (4%) 3.7B (2%)
Japan 2 (3%) 18.8B (34%) 8 (4%) 22.4B (10%)
Germany 2 (3%) - 8 (4%) 1.5B (1%)
France 2 (3%) - 6 (3%) 2.3B (1%)
Netherlands 2 (3%) - 6 (3%) -
Australia 4 (5%) 3.5B (6%) 5 (2%) 4.4B (2%)
India 4 (5%) - 5 (2%) 60M (< 1%)
Canada - - 3 (1%) 879M (< 1%)
  Quebec - - 2 (1%) 879M (< 1%)
  Ontario - - 1 (< 1%) -
Ireland 1 (1%) - 2 (1%) 3.1B (1%)
Belgium 1 (1%) - 2 (1%) 1.8B (1%)
Sweden 1 (1%) 249M (< 1%) 2 (1%) 249M (< 1%)
Switzerland 1 (1%) 4.4B (8%) 1 (< 1%) 4.4B (2%)
Spain 1 (1%) 1.9B (3%) 1 (< 1%) 1.9B (1%)
Austria 1 (1%) - 1 (< 1%) -
Bermuda 1 (1%) - 1 (< 1%) -
Chile 1 (1%) - 1 (< 1%) -
Finland 1 (1%) - 1 (< 1%) -
Iceland 1 (1%) - 1 (< 1%) -
Maldives 1 (1%) - 1 (< 1%) -
Singapore 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 2.6B (1%)
Luxembourg - - 1 (< 1%) 1.2B (1%)
Norway - - 1 (< 1%) 786M (< 1%)
Argentina - - 1 (< 1%) -
Brazil - - 1 (< 1%) -
South Korea - - 1 (< 1%) -
South Africa - - 1 (< 1%) -
Domestic 30 (40%) 22.0B (40%) 108 (53%) 162.2B (74%)
Cross-border 45 (60%) 32.8B (60%) 95 (47%) 57.7B (26%)
Total 75 $54.8B 203 $220.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 28 (37%) 19.2B (35%) 52 (26%) 28.1B (13%)
Buyout (LBO, MBO, MBI) 13 (17%) 4.1B (8%) 45 (22%) 40.4B (19%)
Divestiture 9 (12%) 25.9B (47%) 36 (18%) 65.4B (30%)
Stake Purchase 10 (13%) - 19 (9%) -
Going Private 5 (7%) 5.6B (10%) 18 (9%) 80.9B (37%)
Growth Capital 4 (5%) - 13 (6%) -
Recapitalization - - 7 (3%) 3.0B (1%)
PIPE 4 (5%) - 5 (2%) -
Venture - - 5 (2%) -
Consolidation 1 (1%) - 2 (1%) -
Joint Venture 1 (1%) - 1 (< 1%) -
Total 75 $54.8B 203 $217.9B

Exits by Deal Type

Type Total # Value
IPO 36 (28%) -
Trade Sale - Public Company 27 (21%) 53.5B (60%)
Secondary Sale 26 (20%) 15.4B (17%)
Trade Sale 12 (9%) 6.2B (7%)
Merger 11 (9%) 13.6B (15%)
Bankruptcy 6 (5%) -
Recapitalization 3 (2%) -
Unknown 3 (2%) -
Divestiture 1 (1%) -
Sold to Existing Investors 1 (1%) -
Sold to Management 1 (1%) -
Stake Sale 1 (1%) -
Total 128 $88.7B

Top M&A Advisors

Financial Deals
Morgan Stanley
9
Bank of America Merrill Lynch (BofA Securities)
8
Barclays Investment Bank
8
Legal Deals
Kirkland & Ellis LLP
42
Ropes & Gray LLP
23
PwC Law LLP
4

Deal Values

buy # Total
> $1B 42 $206.8B
$100M to $1B 22 $13.1B
< $100M 2 $117M
TOTAL $220.0B
Largest HCA Healthcare, Inc.
$33.0B (2006-11-17)
sell # Total
> $1B 27 $83.6B
$100M to $1B 12 $6.2B
< $100M 2 $158M
TOTAL $89.9B
Largest Worldpay UK Ltd.
$12.0B (2017-08-09)

M&A Connections

Deals
Acquired from
Investor(s)
28%
57 (28%)
Strategic(s)
15%
31 (15%)
Exited to
Investor(s)
22%
28 (22%)
Strategic(s)
39%
50 (39%)

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