Explorer Investments Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Explorer Investments has acquired 8 companies. It has also invested in 8 others.

Explorer Investments’ most common sectors for investment areapparel/textiles (13%) and manufacturing (11%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (54%) and growth capital (45%). In total, Explorer Investments has invested in 1 US state and 4 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired Holmes Place Health Clubs for $124M.

In the last 3 years, Explorer Investments has exited 5 companies. The Firm’s most common exit type is trade sale (34%). Explorer Investments’ largest (disclosed) exit occurred in 2016 when it sold Nutricafes S.A. for $84M.

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M&A Summary

  • M&A Total Activity83
    • M&A Buy Activity65
    • M&A Sell Activity18
  • Total Sectors Invested 29
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 10
  • M&A Advisors 3

Explorer Investments

Explorer Investments

Avenida Eng.º Duarte Pacheco, 7, 7ºA,
Lisbon, 1070-110
Portugal
+351 21 324 1820
www.explorerinvestments.com
explorer@explorerinvestments.com

Explorer Investments is a private investment firm that looks to fund buyouts, as well as provide expansion and replacement capital to middle-market Portuguese companies. Explorer looks to invest a minimum of €15 million in transactions valued up to €150 million. Explorer does not have any sector preferences and typically holds investments for three to six years. Explorer Investments was formed in 2003 and is based in Lisbon.


Investment Criteria

Sectors of Interest: Agriculture, Business Services, Consumer Services, Distribution, Energy Services and Equipment, Environmental, Food, Life Science, Manufacturing, Marketing, Media, Medical Products, Publishing, Restaurants, Safety/Security, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 4 20
Investment Size 15 45
Enterprise Value 20 150
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.4/yr) # 48 1 5 3 8 - 65
vol $124M $124M
Sell (1.0/yr) # 13 - 4 1 - - 18
vol $84M $84M
  83

Most Recent M&A

Company Date Value Type
DevScope 2023-07-07 - Buyout (LBO, MBO, MBI)
Porto, Portugal · www.devscope.net
Grupo Your 2023-05-26 - Growth Capital
Lisbon, Portugal · www.grupoyour.com
Exaktus-Material de Reabilitação Oral, S.A. 2023-03-24 - Buyout (LBO, MBO, MBI)
Vila Nova de Gaia, Portugal · www.exaktus.pt
Magos Irrigation Systems 2023-01-24 - Buyout (LBO, MBO, MBI)
Salvaterra de Magos, Portugal · www.magos.pt
Laboratório Medinfar – Produtos Farmacêuticos SA 2023-01-01 - Growth Capital
Amadora, Portugal · www.medinfar.pt
Portocanna, S.A. 2023-01-01 - Growth Capital
Várzea, Portugal · www.portocanna.pt
Unbabel, Inc. 2023-01-01 - Buyout (LBO, MBO, MBI)
San Francisco, California · www.unbabel.com
CME - Construção e Manutenção Eletromecânica, SA 2023-01-01 - Growth Capital
Porto Salvo, Portugal · www.cme.pt
Nextbitt 2022-07-15 - Growth Capital
Lisbon, Portugal · www.nextbitt.com
Globaltest-Inspeção Automóvel 2022-07-06 - Trade Sale
Vila Nova de Gaia, Portugal · www.globaltest.pt
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Apparel/Textiles 8 (19%) - 8 (12%) -
Manufacturing 6 (14%) - 7 (11%) -
Life Science 4 (9%) - 5 (8%) -
Marketing 1 (2%) - 4 (6%) -
Software 3 (7%) - 4 (6%) -
Construction 3 (7%) - 3 (5%) -
Machinery 2 (5%) - 3 (5%) -
Business Services 2 (5%) - 2 (3%) -
Consumer Products - - 2 (3%) -
Energy Services and Equipment 1 (2%) - 2 (3%) -
Food 1 (2%) - 2 (3%) -
Furniture 2 (5%) - 2 (3%) -
Leisure 2 (5%) - 2 (3%) -
Medical Products 1 (2%) - 2 (3%) -
Plastics 2 (5%) - 2 (3%) -
Transportation - - 2 (3%) -
Consumer Services - - 1 (2%) 124M (100%)
Agriculture - - 1 (2%) -
Automotive - - 1 (2%) -
E-Commerce 1 (2%) - 1 (2%) -
Environmental - - 1 (2%) -
Forest Products 1 (2%) - 1 (2%) -
Information Technology 1 (2%) - 1 (2%) -
Metals/Mining 1 (2%) - 1 (2%) -
Packaging - - 1 (2%) -
Publishing - - 1 (2%) -
Restaurants 1 (2%) - 1 (2%) -
Retail - - 1 (2%) -
Safety/Security - - 1 (2%) -
Total 43 - 65 $124M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Portugal 42 (98%) - 61 (94%) -
Spain - - 2 (3%) -
United States 1 (2%) - 1 (2%) -
  California 1 (2%) - 1 (2%) -
Germany - - 1 (2%) 124M (100%)
Domestic 42 (98%) - 61 (94%) -
Cross-border 1 (2%) - 4 (6%) 124M (100%)
Total 43 - 65 $124M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 18 (42%) - 35 (54%) 124M (100%)
Growth Capital 25 (58%) - 29 (45%) -
Secondary Buyout - - 1 (2%) -
Total 43 - 65 $124M

Exits by Deal Type

Type Total # Value
Trade Sale 6 (33%) 84M (100%)
Secondary Sale 5 (28%) -
Unknown 5 (28%) -
Sold to Management 2 (11%) -
Total 18 $84M

Top M&A Advisors

Financial Deals
Espirito Santo Investment Bank
 1
Legal Deals
CMS Legal Services EEIG
 1
PLMJ Advogados, SP, RL
 1

Deal Values

buy # Total
$100M to $1B 1 $124M
TOTAL $124M
Largest Holmes Place Health Clubs GmbH
$124M (2005-08-12)
sell # Total
< $100M 1 $84M
TOTAL $84M
Largest Nutricafes, S.A.
$84M (2016-07-12)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Exited to
Investor(s)
28%
5 (28%)
Strategic(s)
33%
6 (33%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

1.4B EUR

Established

2003

Specialist/Generalist

Generalist

Leadership

Elizabeth Rothfield

Founding Partner

José Tiago Silva

Partner

Pedro Seabra

Partner

Rodrigo Guimaraes

Partner

António Hermenegildo

Investment Team Member

FAQ

When was Explorer Investments founded?

Explorer Investments was founded in 2003.

What type of investor is Explorer Investments?

Explorer Investments is a private equity firm.

Where is Explorer Investments headquartered?

Explorer Investments is headquartered in Lisbon, Portugal.

How much capital does Explorer Investments have under management?

Explorer Investments has 1.4B EUR under management.

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