FPE Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, FPE Capital has acquired 3 companies. It has also invested in 4 others.

FPE Capital’s most common sectors for investment areinternet software and services (18%) and software (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (42%) and growth capital (30%). In total, FPE Capital has invested in 1 US state and 5 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Net 1 Ueps Technologies for $53M.

In the last 3 years, FPE Capital has exited 8 companies. The Firm’s most common exit type is secondary buyout (44%). FPE Capital’s largest (disclosed) exit occurred in 2005 when it sold Net 1 Ueps Technologies for $335M.

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M&A Summary

  • M&A Total Activity57
    • M&A Buy Activity34
    • M&A Sell Activity23
  • Total Sectors Invested 15
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 19
  • M&A Advisors 9

FPE Capital LLP

8 Sackville Street,
London, W1S 3EZ
United Kingdom
+44 203 912 8800
www.fpecapital.com
peenquiries@fpecapital.com

FPE Capital is the private equity investment arm of Fleming Family & Partners, a multi-family office. FF&P invests in lower middle market companies throughout the UK and Western Europe. FF&P focuses on rapidly growing companies led by experienced management, with proven track records and scalable business models. Sectors of interest include financial services, healthcare, business/support services, energy/resources and media/information. The Firm will consider buyouts (MBOs, MBIs) as well as growth capital financings. FPE Capital was formed in 2004 and is based in London.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Business Services, Digital Media, Energy Services and Equipment, Engineering, Financial Services, Healthcare Services, Information Technology, Insurance, Media, Medical Products, Oil/Gas Exploration, Renewable Energy, Software

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

Geographic Preferences: United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue 5 50
Target EBITDA - -
Investment Size 3 15
Enterprise Value 10 75
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.6/yr) # 26 1 2 2 2 1 34
vol $92M $11M $15M $118M
Sell (2.0/yr) # 13 2 3 1 - 4 23
vol $696M $696M
  57

Most Recent M&A

Company Date Value Type
Zest Technology Ltd. 2021-07-21 15M GBP Divestiture
Surrey, United Kingdom · www.zestbenefits.com
Questionmark Computing Ltd. 2021-06-16 - Add-on Acquisition
Trumbull, Connecticut · www.questionmark.com
Masstech Innovations, Inc. 2021-03-11 - Add-on Acquisition
Whiteley, United Kingdom · www.masstech.com
Sohonet Ltd. 2021-03-04 - Secondary Buyout
London, United Kingdom · www.sohonet.com
IWSR Drinks Market Analysis Ltd. 2021-02-22 - Secondary Buyout
London, United Kingdom · www.theiwsr.com
Togetherall Ltd. 2020-11-06 - Growth Capital
London, United Kingdom · www.togetherall.com
Trivoni Software Ltd. 2020-10-12 - Growth Capital
Manchester, United Kingdom · www.maxcontact.com
Intragen Ltd. 2019-09-03 - Growth Capital
Wyboston, United Kingdom · www.intragen.com
Kallik Ltd. 2019-09-02 - Buyout (LBO, MBO, MBI)
Birmingham, United Kingdom · www.kallik.com
Kallidus Ltd. 2019-03-14 - Secondary Buyout
Cirencester, United Kingdom · www.kallidus.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 2 (29%) - 6 (18%) -
Software 2 (29%) 15M (100%) 5 (15%) 15M (13%)
Business Services 1 (14%) - 4 (12%) 53M (45%)
Information Technology 1 (14%) - 3 (9%) 24M (20%)
Information Services - - 3 (9%) 11M (9%)
Financial Services - - 2 (6%) 3M (3%)
Medical Products - - 2 (6%) -
Retail - - 2 (6%) -
Media - - 1 (3%) 12M (10%)
Agriculture - - 1 (3%) -
Consumer Products - - 1 (3%) -
Insurance - - 1 (3%) -
Life Science - - 1 (3%) -
Oil/Gas Exploration - - 1 (3%) -
Packaging 1 (14%) - 1 (3%) -
Total 7 $15M 34 $118M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 7 (100%) 15M (100%) 29 (85%) 51M (44%)
United States - - 2 (6%) -
  Connecticut - - 2 (6%) -
South Africa - - 1 (3%) 53M (45%)
Ireland - - 1 (3%) 14M (12%)
Netherlands - - 1 (3%) -
Domestic 7 (100%) 15M (100%) 29 (85%) 51M (44%)
Cross-border - - 5 (15%) 67M (56%)
Total 7 $15M 34 $118M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (14%) - 14 (41%) 79M (67%)
Growth Capital 5 (71%) - 10 (29%) -
Venture - - 5 (15%) 24M (20%)
Divestiture 1 (14%) 15M (100%) 2 (6%) 15M (13%)
Recapitalization - - 1 (3%) -
Secondary Buyout - - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 7 $15M 34 $118M

Exits by Deal Type

Type Total # Value
Secondary Sale 10 (43%) 183M (26%)
Trade Sale 8 (35%) -
IPO 2 (9%) 335M (48%)
Trade Sale - Public Company 2 (9%) 178M (26%)
Unknown 1 (4%) -
Total 23 $696M

Top M&A Advisors

Financial Deals
RSM EquiCo Capital Markets LLC
3
Spectrum Corporate Finance (CF)
2
Avendus Capital Pvt. Ltd.
1
Legal Deals
Charles Russell Speechlys LLP
7
Armstrong Teasdale LLP
2
Macfarlanes LLP
1

Deal Values

buy # Total
< $100M 7 $118M
TOTAL $118M
Largest Net 1 Ueps Technologies, Inc.
$53M (2004-06-07)
sell # Total
$100M to $1B 2 $489M
< $100M 4 $207M
TOTAL $696M
Largest Net 1 Ueps Technologies, Inc.
$335M (2005-08-08)

M&A Connections

Deals
Acquired from
Investor(s)
3%
1 (3%)
Strategic(s)
6%
2 (6%)
Exited to
Investor(s)
43%
10 (43%)
Strategic(s)
39%
9 (39%)

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