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 4 others.

GIC Private’s most common sectors for investment arereal estate (10%) and financial services (10%) . The Firm’s most common investment types include secondary buyout (39%) and stake purchase (17%). In total, GIC Private has invested in 9 US states and 14 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 Activity37
    • M&A Buy Activity31
    • M&A Sell Activity6
  • Total Sectors Invested 20
  • Total Countries Invested 14
  • M&A Buy/Sell Connections 23
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.4/yr) # 14 4 3 6 1 3 31
vol $11.9B $2.0B $22.2B $34.0B $70.2B
Sell (1.0/yr) # 1 - - 2 3 - 6
vol $1.8B $4.7B $6.5B
  37

Most Recent M&A

Company Date Value Type
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
Metro Pacific Hospitals Hodings, Inc. 2019-12-08 - Stake Purchase
Makati City, Philippines · www.mphhi.com.ph
Kellas Midstream Ltd. 2019-11-10 - Secondary Buyout
Aberdeen, United Kingdom · www.kellasmidstream.com
Genesee & Wyoming, Inc. 2019-07-01 8.4B USD Going Private
Darien, Connecticut · www.gwrr.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 36
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.onguard.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
Allfunds S.A. 2017-03-07 Credit Suisse InvestLab 2019-06-25 1
Madrid, Spain · www.allfunds.com Zurich, Switzerland
Visma Oy 2017-06-29 ProLøn A/S 2019-06-24 35
Oslo, Norway · www.visma.com Randers, Denmark · www.proloen.dk
Visma Oy 2017-06-29 Roxit BV 2019-02-11 34
Oslo, Norway · www.visma.com Zwolle, Netherlands · www.roxit.nl
Visma Oy 2017-06-29 Extenda Retail 2018-09-20 1
Oslo, Norway · www.visma.com Stockholm, Sweden · www.extendaretail.com
Visma Oy 2017-06-29 Admincontrol AG 2017-10-04 33
Oslo, Norway · www.visma.com Oslo, Norway · www.admincontrol.com
Visma Oy 2017-06-29 Bluegarden Holding A/S 2017-09-12 32
Oslo, Norway · www.visma.com Ballerup, Denmark · www.bluegarden.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 2 (8%) 2.0B (4%) 3 (10%) 2.0B (3%)
Real Estate 3 (13%) - 3 (10%) -
Medical Products 2 (8%) 34.0B (62%) 2 (6%) 34.0B (48%)
Internet Software and Services - - 2 (6%) 11.8B (17%)
Information Services - - 2 (6%) 3.2B (5%)
Business Services 1 (4%) - 2 (6%) -
Consumer Services 2 (8%) - 2 (6%) -
Energy Services and Equipment 2 (8%) - 2 (6%) -
Information Technology 2 (8%) - 2 (6%) -
Transportation 1 (4%) 8.4B (15%) 1 (3%) 8.4B (12%)
Software 1 (4%) 8.0B (14%) 1 (3%) 8.0B (11%)
Infrastructure 1 (4%) 2.8B (5%) 1 (3%) 2.8B (4%)
Aerospace 1 (4%) - 1 (3%) -
Agriculture 1 (4%) - 1 (3%) -
Healthcare Services 1 (4%) - 1 (3%) -
Insurance 1 (4%) - 1 (3%) -
Metals/Mining 1 (4%) - 1 (3%) -
Packaging 1 (4%) - 1 (3%) -
Retail - - 1 (3%) -
Utilities 1 (4%) - 1 (3%) -
Total 24 $55.2B 31 $70.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (25%) 53.2B (96%) 10 (32%) 67.6B (96%)
  California 1 (4%) 8.0B (14%) 2 (6%) 8.8B (12%)
  Illinois 1 (4%) 34.0B (62%) 1 (3%) 34.0B (48%)
  Connecticut 1 (4%) 8.4B (15%) 1 (3%) 8.4B (12%)
  Texas 1 (4%) 2.8B (5%) 1 (3%) 2.8B (4%)
  Georgia 1 (4%) - 1 (3%) -
  Pennsylvania 1 (4%) - 1 (3%) -
  Florida - - 1 (3%) 11.0B (16%)
  Utah - - 1 (3%) 2.6B (4%)
  Arizona - - 1 (3%) -
United Kingdom 5 (21%) - 6 (19%) 588M (1%)
India 2 (8%) - 2 (6%) -
Czech Republic 2 (8%) - 2 (6%) -
Australia 1 (4%) - 2 (6%) -
Spain 1 (4%) 2.0B (4%) 1 (3%) 2.0B (3%)
Brazil 1 (4%) - 1 (3%) -
Indonesia 1 (4%) - 1 (3%) -
Ireland 1 (4%) - 1 (3%) -
Norway 1 (4%) - 1 (3%) -
Philippines 1 (4%) - 1 (3%) -
Singapore 1 (4%) - 1 (3%) -
Sweden 1 (4%) - 1 (3%) -
China - - 1 (3%) -
Total 24 $55.2B 31 $70.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (38%) 4.8B (9%) 12 (39%) 8.2B (12%)
Stake Purchase 5 (21%) - 5 (16%) -
Divestiture 2 (8%) 8.0B (14%) 4 (13%) 8.6B (12%)
Buyout (LBO, MBO, MBI) 3 (13%) 34.0B (62%) 3 (10%) 34.0B (48%)
Growth Capital 2 (8%) - 3 (10%) -
Going Private 1 (4%) 8.4B (15%) 2 (6%) 19.4B (28%)
Joint Venture 1 (4%) - 1 (3%) -
PIPE 1 (4%) - 1 (3%) -
Total 24 $55.2B 31 $70.2B

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
Citigroup Investment Banking
2
Credit Suisse Investment Banking
2
Barclays Investment Bank
2
Legal Deals
Sidley Austin LLP
4
Gilbert + Tobin
1
Freshfields Bruckhaus Deringer LLP
1

Deal Values

buy # Total
> $1B 7 $68.8B
$100M to $1B 2 $1.3B
TOTAL $70.2B
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)
45%
14 (45%)
Strategic(s)
23%
7 (23%)
Exited to
Investor(s)
17%
1 (17%)
Strategic(s)
50%
3 (50%)

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