First Analysis Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, First Analysis has acquired 1 company. It has also invested in 9 others.

First Analysis’ most common sectors for investment are software (21%) and information technology (16%). The Firm’s most common investment types include venture (54%) and growth capital (21%). In total, First Analysis has invested in 24 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 (72%). 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 Activity117
    • M&A Buy Activity58
    • M&A Sell Activity59
  • Total Sectors Invested 19
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 78

First Analysis

One South Wacker Drive, Suite 3900,
Chicago, Illinois 60606
United States
(312) 258-1400
www.firstanalysis.com
onicklin@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 (2.8/yr) # 44 4 3 1 4 2 58
Sell (0.8/yr) # 55 - 3 - 1 - 59
vol $6.0B $1.0B $7.0B
  117

Most Recent M&A

Company Date Value Type
VIDA Diagnostics, Inc. 2020-03-17 - Growth Capital
Coralville, Iowa · www.vidalung.ai
4G Clinical 2020-01-29 - Growth Capital
Wellesley, Massachusetts · www.4gclinical.com
SmartWitness 2019-08-27 - Venture
Schaumburg, Illinois · www.smartwitness.com
SynergySuite 2019-07-16 - Venture
Dublin, Ireland · www.synergysuite.com
Current Ways 2019-07-02 - Growth Capital
Santee, California · www.currentways.com
AppDetex 2019-03-20 - Venture
Boise, Idaho · www.appdetex.com
Chrome River Technologies, Inc. 2019-03-05 1.0B USD Merger
Los Angeles, California · www.chromeriver.com
Waggl, Inc. 2018-05-25 - Venture
Sausalito, California · www.waggl.com
Princeton Lightwave, Inc. 2017-11-08 - Add-on Acquisition
Cranbury, New Jersey · www.princetonlightwave.com
Blue Medora 2017-10-23 - Venture
Grand Rapids, Michigan · www.bluemedora.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aventri, Inc. 2017-05-09 ITN International, Inc. 2018-10-16 1
Norwalk, Connecticut · www.aventri.com Bethesda, Maryland · www2.itnint.com
QPS Holdings LLC 2008-03-03 Miami Research Associates LLC 2013-02-12 5
Newark, Delaware · www.qps.com South Miami, Florida · www.miamiresearch.com
QPS Holdings LLC 2008-03-03 JSW LifeSciences GmbH 2012-08-29 4
Newark, Delaware · www.qps.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.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.com New Taipei City, Taiwan
QPS Holdings LLC 2008-03-03 Bioserve Clinical Research (P) Ltd. 2011-01-26 1
Newark, Delaware · www.qps.com Hyderabad, India · www.bioserve.co.in

M&A by Sector

Sector Current # Value All-time # Value
Software 7 (25%) - 12 (21%) -
Information Technology 3 (11%) - 9 (16%) -
Internet Software and Services 5 (18%) - 8 (14%) -
Medical Products 4 (14%) - 8 (14%) -
Financial Services 1 (4%) - 3 (5%) -
Life Science 2 (7%) - 3 (5%) -
Business Services 1 (4%) - 2 (3%) -
Technology Hardware 1 (4%) - 2 (3%) -
Chemicals - - 1 (2%) -
Digital Media 1 (4%) - 1 (2%) -
Education - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Energy Services and Equipment 1 (4%) - 1 (2%) -
Environmental - - 1 (2%) -
Food - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Machinery - - 1 (2%) -
Marketing 1 (4%) - 1 (2%) -
Utilities 1 (4%) - 1 (2%) -
Total 28 - 58 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (96%) - 56 (97%) -
  California 4 (14%) - 9 (16%) -
  Illinois 3 (11%) - 7 (12%) -
  Massachusetts 4 (14%) - 4 (7%) -
  New Jersey - - 4 (7%) -
  Ohio 3 (11%) - 3 (5%) -
  New York 1 (4%) - 3 (5%) -
  Minnesota 1 (4%) - 3 (5%) -
  Texas 1 (4%) - 2 (3%) -
  Florida 1 (4%) - 2 (3%) -
  Connecticut 1 (4%) - 2 (3%) -
  Washington - - 2 (3%) -
  Pennsylvania - - 2 (3%) -
  Georgia - - 2 (3%) -
  Wisconsin 1 (4%) - 1 (2%) -
  Oregon 1 (4%) - 1 (2%) -
  Michigan 1 (4%) - 1 (2%) -
  Louisiana 1 (4%) - 1 (2%) -
  Iowa 1 (4%) - 1 (2%) -
  Indiana 1 (4%) - 1 (2%) -
  Idaho 1 (4%) - 1 (2%) -
  Delaware 1 (4%) - 1 (2%) -
  Virginia - - 1 (2%) -
  Utah - - 1 (2%) -
  Colorado - - 1 (2%) -
Ireland 1 (4%) - 1 (2%) -
United Kingdom - - 1 (2%) -
Domestic 27 (96%) - 56 (97%) -
Cross-border 1 (4%) - 2 (3%) -
Total 28 - 58 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 17 (61%) - 31 (53%) -
Growth Capital 9 (32%) - 12 (21%) -
Buyout (LBO, MBO, MBI) 1 (4%) - 11 (19%) -
Divestiture - - 1 (2%) -
PIPE - - 1 (2%) -
Secondary Buyout 1 (4%) - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 28 - 58 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 31 (53%) 2.3B (37%)
Trade Sale 13 (22%) 1.1B (17%)
Secondary Sale 8 (14%) 1.9B (29%)
Merger 3 (5%) 1.0B (16%)
IPO 3 (5%) -
Stake Sale 1 (2%) 87M (1%)
Total 59 $6.4B

Deal Values

sell # Total
> $1B 3 $3.3B
$100M to $1B 10 $3.4B
< $100M 8 $323M
TOTAL $7.0B
Largest Lake Region Medical, Inc.
$1.3B (2005-11-22)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
2 67%
Strategic(s)
33%
1 33%
Exited to
PE Firm(s)
20%
11 20%
Strategic(s)
80%
44 80%

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