FPE Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, FPE Capital has acquired 1 company. It has also invested in 4 others.

FPE Capital’s most common sectors for investment aresoftware (17%) and internet software and services (17%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (39%) and growth capital (34%). In total, FPE Capital has invested in 1 US state and 5 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Lesaka Technologies for $53M.

In the last 3 years, FPE Capital has exited 4 companies. The Firm’s most common exit type is secondary buyout (44%). FPE Capital’s largest (disclosed) exit occurred in 2005 when it sold Lesaka Technologies for $335M.

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M&A Summary

  • M&A Total Activity59
    • M&A Buy Activity36
    • M&A Sell Activity23
  • Total Sectors Invested 16
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 20
  • M&A Advisors 10

FPE Capital LLP

7-9 Swallow Street,
London, W1B 4DE
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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.4/yr) # 29 2 2 1 2 - 36
vol $103M $15M $118M
Sell (1.0/yr) # 18 1 - 4 - - 23
vol $696M $696M
  59

Most Recent M&A

Company Date Value Type
SPA Worldwide Ltd. 2022-08-18 - Growth Capital
London, United Kingdom · www.globalapptesting.com
Dynamic Planner 2022-07-14 - Growth Capital
Berkshire, United Kingdom · www.dynamicplanner.com
Zest Technology Ltd. 2021-07-21 15M GBP Divestiture
Surrey, United Kingdom · www.zestbenefits.com
Questionmark Computing Ltd. 2021-06-16 - Trade Sale
Trumbull, Connecticut · www.questionmark.com
Masstech Innovations, Inc. 2021-03-11 - Trade Sale
Whiteley, United Kingdom · www.masstech.com
Sohonet Group Ltd. 2021-03-04 - Secondary Sale
London, United Kingdom · www.sohonet.com
IWSR Drinks Market Analysis Ltd. 2021-02-22 - Secondary Sale
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 2 (25%) 15M (100%) 6 (17%) 15M (13%)
Internet Software and Services 2 (25%) - 6 (17%) -
Business Services - - 3 (8%) 53M (45%)
Information Technology 1 (13%) - 3 (8%) 24M (20%)
Information Services - - 3 (8%) 11M (9%)
Financial Services 1 (13%) - 3 (8%) 3M (3%)
Medical Products - - 2 (6%) -
Retail - - 2 (6%) -
Media - - 1 (3%) 12M (10%)
Agriculture - - 1 (3%) -
Communications 1 (13%) - 1 (3%) -
Consumer Products - - 1 (3%) -
Insurance - - 1 (3%) -
Life Science - - 1 (3%) -
Oil/Gas Exploration - - 1 (3%) -
Packaging 1 (13%) - 1 (3%) -
Total 8 $15M 36 $118M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 8 (100%) 15M (100%) 31 (86%) 51M (44%)
United States - - 2 (6%) -
  Connecticut - - 2 (6%) -
South Africa - - 1 (3%) 53M (45%)
Ireland - - 1 (3%) 14M (12%)
Netherlands - - 1 (3%) -
Domestic 8 (100%) 15M (100%) 31 (86%) 51M (44%)
Cross-border - - 5 (14%) 67M (56%)
Total 8 $15M 36 $118M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (13%) - 14 (39%) 79M (67%)
Growth Capital 6 (75%) - 12 (33%) -
Venture - - 5 (14%) 24M (20%)
Divestiture 1 (13%) 15M (100%) 2 (6%) 15M (13%)
Recapitalization - - 1 (3%) -
Secondary Buyout - - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 8 $15M 36 $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
 7
Armstrong Teasdale
 2
Stephenson Harwood LLP
 1

Deal Values

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

Investor Summary

Investor Type

Growth Capital Firm

Size

Small

Established

2004

Specialist/Generalist

Generalist

Leadership

Andrew Joy

Chairman, Investment Committee

Llewellyn John

Co-founder & Partner

David Barbour

Managing Partner

Henry Sallitt

Managing Partner

Alison Ettridge

Head of Talent

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