First Analysis Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, First Analysis has invested in 1 company.

First Analysis’ most common sectors for investment are software (20%) and information technology (15%). The Firm’s most common investment types include venture (50%) and buyout (lbo, mbo, mbi) (27%). In total, First Analysis has invested in 19 US states and 3 different countries.

In the last 3 years, First Analysis has exited 4 companies. The Firm’s most common exit type is trade sale (73%). First Analysis’ largest (disclosed) exit occurred in 2005 when it sold Lake Region Medical for $1.3B.

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M&A Summary

  • M&A Total Activity101
    • M&A Buy Activity42
    • M&A Sell Activity59
  • Total Sectors Invested 15
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 76

First Analysis

One South Wacker Drive, Suite 3900,
Chicago, Illinois 60606
United States,
(312) 258-1400
www.firstanalysis.com

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, E-Commerce, Education, Electrical Equipment, Energy Services and Equipment, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Life Science, Manufacturing, Marketing, Medical Products, Metals/Mining, Renewable Energy, Software, Staffing, Technology Hardware, Test/Measurement Equipment

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

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 3 10
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.2/yr) # 41 - - 1 - - 42
Sell (0.8/yr) # 55 - 3 1 - - 59
vol $6.0B $6.0B
  101

Most Recent M&A

Company Date Value Type
Scale Computing, Inc. 2018-11-06 - Add-on Acquisition
Indianapolis, Indiana · www.scalecomputing.com
Waggl, Inc. 2018-05-25 - Venture
, United States · www.waggl.com
Princeton Lightwave, Inc. 2017-11-08 - Add-on Acquisition
Cranbury, New Jersey · www.princetonlightwave.com
AdvancePath Academics, Inc. 2017-05-05 - Add-on Acquisition
Williamsburg, Virginia · www.advancepath.com
Community Education Centers, Inc. 2017-02-22 - Add-on Acquisition
West Caldwell, New Jersey · www.cecintl.com
Checkpoint Surgical 2015-12-17 - Growth Capital
Cleveland, Ohio · www.checkpointsurgical.com
Yello, Inc. 2015-11-04 - Venture
Chicago, Illinois · www.yello.co
BuyerQuest, Inc. 2015-10-05 - Venture
Cleveland, Ohio · www.buyerquest.com
Metalico, Inc. 2015-09-11 87M USD Stake Sale
Cranford, New Jersey · www.metalico.com
Courtagen Life Sciences, Inc. 2015-07-15 - Growth Capital
Woburn, Massachusetts · www.courtagen.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
QPS Holdings LLC 2008-03-03 Miami Research Associates LLC 2013-02-12 5
Newark, Delaware · www.qps-usa.com South Miami, Florida · www.miamiresearch.com
QPS Holdings LLC 2008-03-03 JSW LifeSciences GmbH 2012-08-29 4
Newark, Delaware · www.qps-usa.com Grambach, Austria · www.jswresearch.com
QPS Holdings LLC 2008-03-03 Qualitix Clinical Research Co., Ltd. 2011-03-08 3
Newark, Delaware · www.qps-usa.com Taipei, Taiwan · www.qualitix.com.tw
QPS Holdings LLC 2008-03-03 Development Center - Center of Toxicology & Preclinical Sciences 2011-02-14 2
Newark, Delaware · www.qps-usa.com New Taipei City, Taiwan
QPS Holdings LLC 2008-03-03 Bioserve Clinical Research (P) Ltd. 2011-01-26 1
Newark, Delaware · www.qps-usa.com Hyderabad, India · www.bioserve.co.in

M&A by Sector

Sector Current # Value All-time # Value
Software 4 (27%) - 8 (19%) -
Information Technology - - 6 (14%) -
Medical Products 2 (13%) - 6 (14%) -
Internet Software and Services 3 (20%) - 4 (10%) -
Financial Services 1 (7%) - 3 (7%) -
Life Science 2 (13%) - 3 (7%) -
Healthcare Services - - 2 (5%) -
Machinery 1 (7%) - 2 (5%) -
Technology Hardware - - 2 (5%) -
Business Services 1 (7%) - 1 (2%) -
Chemicals - - 1 (2%) -
Education - - 1 (2%) -
Electrical Equipment 1 (7%) - 1 (2%) -
Environmental - - 1 (2%) -
Food - - 1 (2%) -
Total 15 - 42 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (93%) - 40 (98%) -
  Illinois 5 (33%) - 7 (17%) -
  California 2 (13%) - 5 (12%) -
  New York 1 (7%) - 4 (10%) -
  New Jersey - - 4 (10%) -
  Ohio 2 (13%) - 2 (5%) -
  Washington 1 (7%) - 2 (5%) -
  Pennsylvania - - 2 (5%) -
  Minnesota - - 2 (5%) -
  Georgia - - 2 (5%) -
  Massachusetts 1 (7%) - 1 (2%) -
  Delaware 1 (7%) - 1 (2%) -
  Virginia - - 1 (2%) -
  Utah - - 1 (2%) -
  Texas - - 1 (2%) -
  Indiana - - 1 (2%) -
  Florida - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Colorado - - 1 (2%) -
United Kingdom 1 (7%) - 1 (2%) -
Domestic 14 (93%) - 40 (98%) -
Cross-border 1 (7%) - 1 (2%) -
Total 15 - 41 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 9 (60%) - 21 (50%) -
Buyout (LBO, MBO, MBI) 1 (7%) - 11 (26%) -
Growth Capital 5 (33%) - 7 (17%) -
Divestiture - - 1 (2%) -
PIPE - - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 15 - 42 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 32 (54%) 2.3B (43%)
Trade Sale 13 (22%) 1.1B (20%)
Secondary Sale 8 (14%) 1.9B (35%)
IPO 3 (5%) -
Merger 2 (3%) -
Stake Sale 1 (2%) 87M (2%)
Total 59 $5.4B

Deal Values

sell # Total
> $1B 2 $2.3B
$100M to $1B 10 $3.4B
< $100M 8 $323M
TOTAL $6.0B
Largest Lake Region Medical, Inc.
$1.3B (2005-11-22)

M&A Connections

Deals %
Acquired from
Strategic(s)
100%
1 100%
Exited to
PE Firm(s)
20%
11 20%
Strategic(s)
80%
44 80%