GIC Private Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

In the last 3 years, GIC Private has acquired 9 companies. It has also invested in 5 others.

GIC Private’s most common sectors for investment areinternet software and services (11%) and real estate (9%) . The Firm’s most common investment types include secondary buyout (36%) and stake purchase (19%). In total, GIC Private has invested in 11 US states and 15 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Medline Industries for $34.0B.

In the last 3 years, GIC Private has exited 5 companies. The Firm’s most common exit type is trade sale (34%). GIC Private’s largest (disclosed) exit occurred in 2020 when it sold Ancestry.com for $4.7B.

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M&A Summary

  • M&A Total Activity43
    • M&A Buy Activity37
    • M&A Sell Activity6
  • Total Sectors Invested 22
  • Total Countries Invested 15
  • M&A Buy/Sell Connections 30
  • M&A Advisors 19

GIC Private Ltd.

168 Robinson Road, #37-01 Capital Tower,
Singapore, 068912
Singapore
(65) 6889 8888
www.gic.com.sg

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


Investment Criteria

Sectors of Interest: Business Services, Energy Services and Equipment, Engineering, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Manufacturing, Metals/Mining, Retail, Software, Technology Hardware

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

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.4/yr) # 20 3 7 1 4 2 37
vol $15.8B $22.2B $48.0B $86.0B
Sell (1.0/yr) # 1 - 2 3 - - 6
vol $1.8B $4.7B $6.5B
  43

Most Recent M&A

Company Date Value Type
Sani/Ikos Group 2022-09-22 - Stake Purchase
Halkidiki, Greece · www.saniikos.com
Direct ChassisLink, Inc. 2022-06-24 - Secondary Buyout
Charlotte, North Carolina · www.dcli.com
McAfee Corp. 2021-11-08 14.0B USD Going Private
Santa Clara, California · www.mcafee.com
Medline Industries, Inc. 2021-06-05 34.0B USD Buyout (LBO, MBO, MBI)
Northfield, Illinois · www.medline.com
Ascensus LLC 2021-04-26 - Secondary Buyout
Dresher, Pennsylvania · www.ascensus.com
Altium Packaging LLC 2021-03-12 - Stake Purchase
Atlanta, Georgia · www.altiumpkg.com
Miller Insurance Services LLP 2020-11-09 - Divestiture
London, United Kingdom · www.miller-insurance.com
Leslie's Poolmart, Inc. 2020-10-28 - IPO
Phoenix, Arizona · www.lesliespool.com
Ancestry.com, Inc. 2020-08-05 4.7B USD Secondary Buyout
Provo, Utah · www.ancestry.com
The Ultimate Software Group, Inc. 2020-02-20 - Merger
Weston, Florida · www.ultimatesoftware.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Visma Oy 2017-06-29 Visma - IT Consulting Business 2022-06-16 3
Oslo, Norway · www.visma.com Oslo, Norway
Medline Industries, Inc. 2021-06-05 Asid Bonz GmbH 2022-04-04 1
Northfield, Illinois · www.medline.com Herrenberg, Germany · www.asid-bonz.de
Visma Oy 2017-06-29 Lyanthe BV 2022-03-10 41
Oslo, Norway · www.visma.com Echt, Netherlands · www.lyanthe.com
UKG, Inc. 2007-03-23 Ascentis Corp. 2022-03-09 20
Chelmsford, Massachusetts · www.ukg.com Eden Prairie, Minnesota · www.ascentis.com
Ascensus LLC 2021-04-26 Newport Group, Inc. 2021-11-03 2
Dresher, Pennsylvania · www.ascensus.com Walnut Creek, California · www.newportgroup.com
WaterBridge Resources LLC 2019-05-17 Centennial Resource Development LLC - Produced Water Assets 2020-02-25 1
Houston, Texas · www.h2obridge.com Delaware Basin, Texas
Visma Oy 2017-06-29 Onguard Holding 2020-02-20 40
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.onguard.com
UKG, Inc. 2007-03-23 The Ultimate Software Group, Inc. 2020-02-20 19
Chelmsford, Massachusetts · www.ukg.com Weston, Florida · www.ultimatesoftware.com
RAC Ltd. 2015-12-02 Nebula Systems Ltd. 2019-12-04 1
Walsall, United Kingdom · www.rac.co.uk Buckingham, United Kingdom · www.nebulasystems.com
Visma Oy 2017-06-29 VerzuimSignaal 2019-11-04 2
Oslo, Norway · www.visma.com Utrecht, Netherlands · www.verzuimsignaal.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 2 (7%) 1.8B (3%) 4 (11%) 13.6B (16%)
Information Technology 3 (10%) 14.0B (20%) 3 (8%) 14.0B (16%)
Financial Services 2 (7%) 2.0B (3%) 3 (8%) 2.0B (2%)
Real Estate 3 (10%) - 3 (8%) -
Medical Products 2 (7%) 34.0B (48%) 2 (5%) 34.0B (40%)
Transportation 2 (7%) 8.4B (12%) 2 (5%) 8.4B (10%)
Information Services - - 2 (5%) 3.2B (4%)
Business Services 1 (3%) - 2 (5%) -
Consumer Services 2 (7%) - 2 (5%) -
Energy Services and Equipment 2 (7%) - 2 (5%) -
Software 1 (3%) 8.0B (11%) 1 (3%) 8.0B (9%)
Infrastructure 1 (3%) 2.8B (4%) 1 (3%) 2.8B (3%)
Aerospace 1 (3%) - 1 (3%) -
Agriculture 1 (3%) - 1 (3%) -
Automotive 1 (3%) - 1 (3%) -
Healthcare Services 1 (3%) - 1 (3%) -
Insurance 1 (3%) - 1 (3%) -
Leisure 1 (3%) - 1 (3%) -
Metals/Mining 1 (3%) - 1 (3%) -
Packaging 1 (3%) - 1 (3%) -
Retail - - 1 (3%) -
Utilities 1 (3%) - 1 (3%) -
Total 30 $71.0B 37 $86.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (30%) 69.0B (97%) 13 (35%) 83.4B (97%)
  California 2 (7%) 22.0B (31%) 3 (8%) 22.8B (26%)
  Illinois 1 (3%) 34.0B (48%) 1 (3%) 34.0B (40%)
  Connecticut 1 (3%) 8.4B (12%) 1 (3%) 8.4B (10%)
  Texas 1 (3%) 2.8B (4%) 1 (3%) 2.8B (3%)
  Massachusetts 1 (3%) 1.8B (3%) 1 (3%) 1.8B (2%)
  Pennsylvania 1 (3%) - 1 (3%) -
  North Carolina 1 (3%) - 1 (3%) -
  Georgia 1 (3%) - 1 (3%) -
  Florida - - 1 (3%) 11.0B (13%)
  Utah - - 1 (3%) 2.6B (3%)
  Arizona - - 1 (3%) -
United Kingdom 6 (20%) - 7 (19%) 588M (1%)
India 2 (7%) - 2 (5%) -
Czech Republic 2 (7%) - 2 (5%) -
Singapore 2 (7%) - 2 (5%) -
Australia 1 (3%) - 2 (5%) -
Spain 1 (3%) 2.0B (3%) 1 (3%) 2.0B (2%)
Brazil 1 (3%) - 1 (3%) -
Greece 1 (3%) - 1 (3%) -
Indonesia 1 (3%) - 1 (3%) -
Ireland 1 (3%) - 1 (3%) -
Norway 1 (3%) - 1 (3%) -
Philippines 1 (3%) - 1 (3%) -
Sweden 1 (3%) - 1 (3%) -
China - - 1 (3%) -
Total 30 $71.0B 37 $86.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 10 (33%) 4.8B (7%) 13 (35%) 8.2B (10%)
Stake Purchase 7 (23%) - 7 (19%) -
Going Private 3 (10%) 24.2B (34%) 4 (11%) 35.2B (41%)
Divestiture 2 (7%) 8.0B (11%) 4 (11%) 8.6B (10%)
Growth Capital 3 (10%) - 4 (11%) -
Buyout (LBO, MBO, MBI) 3 (10%) 34.0B (48%) 3 (8%) 34.0B (40%)
Joint Venture 1 (3%) - 1 (3%) -
PIPE 1 (3%) - 1 (3%) -
Total 30 $71.0B 37 $86.0B

Exits by Deal Type

Type Total # Value
Trade Sale 2 (33%) 1.8B (27%)
IPO 2 (33%) -
Secondary Sale 1 (17%) 4.7B (73%)
Merger 1 (17%) -
Total 6 $6.5B

Top M&A Advisors

Financial Deals
UBS Investment Bank
2
Citigroup Investment Banking
2
Credit Suisse Investment Banking
2
Legal Deals
Sidley Austin LLP
4
McCarthy Tétrault LLP
1
Herbert Smith Freehills
1

Deal Values

buy # Total
> $1B 9 $84.6B
$100M to $1B 2 $1.3B
TOTAL $86.0B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 2 $6.5B
TOTAL $6.5B
Largest Ancestry.com, Inc.
$4.7B (2020-08-05)

M&A Connections

Deals
Acquired from
Investor(s)
43%
16 (43%)
Strategic(s)
24%
9 (24%)
Exited to
Investor(s)
17%
1 (17%)
Strategic(s)
50%
3 (50%)

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