GIC Private Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, GIC Private has acquired 8 companies. It has also invested in 2 others.

GIC Private’s most common sectors for investment are business services (10%) and energy services and equipment (10%). The Firm’s most common investment types include secondary buyout (37%) and divestiture (19%). In total, GIC Private has invested in 6 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired The Ultimate Software Group for $11.0B.

In the last 3 years, GIC Private has exited 5 companies. The Firm’s most common exit type is trade sale (40%). 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 Activity27
    • M&A Buy Activity22
    • M&A Sell Activity5
  • Total Sectors Invested 17
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 20
  • 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 10 2 2 2 5 1 22
vol $13.0B $2.6B $2.0B $22.2B $39.8B
Sell (1.0/yr) # - - - - 2 3 5
vol $1.8B $4.7B $6.5B
  27

Most Recent M&A

Company Date Value Type
Miller Insurance Services LLP 2020-11-09 - Divestiture
London, United Kingdom · www.millerinsurance.co.uk
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
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
WaterBridge Resources LLC 2019-05-17 2.8B USD Secondary Buyout
Houston, Texas · www.h2obridge.com
Mergermarket Ltd. 2019-05-10 - Add-on Acquisition
London, United Kingdom · www.acuris.com
India Grid Trust 2019-05-04 - Stake Purchase
New Delhi, India · www.indigrid.co.in
Turnitin LLC 2019-03-06 1.8B USD Add-on Acquisition
Oakland, California · www.turnitin.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
VERITAS Software Corp. 2015-08-11 Globanet 2020-09-28 3
Mountain View, California · www.veritas.com Sherman Oaks, California · www.globanet.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
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
Allfunds S.A. 2017-03-07 Credit Suisse InvestLab 2019-06-25 1
Madrid, Spain · www.allfunds.com Zurich, Switzerland
VERITAS Software Corp. 2015-08-11 APTARE, Inc. 2019-03-06 2
Mountain View, California · www.veritas.com Campbell, California · www.aptare.com
VERITAS Software Corp. 2015-08-11 fluid Operations AG 2018-03-27 1
Mountain View, California · www.veritas.com Walldorf, Germany · www.fluidops.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services - - 2 (9%) 11.8B (30%)
Information Services - - 2 (9%) 3.2B (8%)
Financial Services 2 (13%) 2.0B (8%) 2 (9%) 2.0B (5%)
Business Services 1 (6%) - 2 (9%) -
Energy Services and Equipment 2 (13%) - 2 (9%) -
Transportation 1 (6%) 8.4B (34%) 1 (5%) 8.4B (21%)
Software 1 (6%) 8.0B (32%) 1 (5%) 8.0B (20%)
Aerospace 1 (6%) 3.3B (13%) 1 (5%) 3.3B (8%)
Infrastructure 1 (6%) 2.8B (11%) 1 (5%) 2.8B (7%)
Consumer Services 1 (6%) 345M (1%) 1 (5%) 345M (1%)
Engineering 1 (6%) - 1 (5%) -
Insurance 1 (6%) - 1 (5%) -
Medical Products 1 (6%) - 1 (5%) -
Metals/Mining 1 (6%) - 1 (5%) -
Real Estate 1 (6%) - 1 (5%) -
Retail - - 1 (5%) -
Utilities 1 (6%) - 1 (5%) -
Total 16 $24.9B 22 $39.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (19%) 19.2B (77%) 7 (32%) 33.6B (84%)
  California 1 (6%) 8.0B (32%) 2 (9%) 8.8B (22%)
  Connecticut 1 (6%) 8.4B (34%) 1 (5%) 8.4B (21%)
  Texas 1 (6%) 2.8B (11%) 1 (5%) 2.8B (7%)
  Florida - - 1 (5%) 11.0B (28%)
  Utah - - 1 (5%) 2.6B (7%)
  Arizona - - 1 (5%) -
United Kingdom 5 (31%) - 6 (27%) 588M (1%)
Australia 1 (6%) - 2 (9%) -
Denmark 1 (6%) 3.3B (13%) 1 (5%) 3.3B (8%)
Spain 1 (6%) 2.0B (8%) 1 (5%) 2.0B (5%)
Sweden 1 (6%) 345M (1%) 1 (5%) 345M (1%)
China 1 (6%) - 1 (5%) -
India 1 (6%) - 1 (5%) -
Indonesia 1 (6%) - 1 (5%) -
Singapore 1 (6%) - 1 (5%) -
Total 16 $24.9B 22 $39.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (31%) 5.2B (21%) 8 (36%) 8.5B (21%)
Divestiture 2 (13%) 8.0B (32%) 4 (18%) 8.6B (22%)
Growth Capital 3 (19%) - 3 (14%) -
Going Private 1 (6%) 8.4B (34%) 2 (9%) 19.4B (49%)
Stake Purchase 2 (13%) - 2 (9%) -
Buyout (LBO, MBO, MBI) 1 (6%) 3.3B (13%) 1 (5%) 3.3B (8%)
Joint Venture 1 (6%) - 1 (5%) -
PIPE 1 (6%) - 1 (5%) -
Total 16 $24.9B 22 $39.8B

Exits by Deal Type

Type Total # Value
Trade Sale 2 (40%) 1.8B (27%)
Secondary Sale 1 (20%) 4.7B (73%)
IPO 1 (20%) -
Merger 1 (20%) -
Total 5 $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
Goodwin Procter LLP
1
Simpson Thacher & Bartlett LLP
1

Deal Values

buy # Total
> $1B 7 $38.1B
$100M to $1B 3 $1.7B
TOTAL $39.8B
Largest The Ultimate Software Group, Inc.
$11.0B (2019-02-04)
sell # Total
> $1B 2 $6.5B
TOTAL $6.5B
Largest Ancestry.com, Inc.
$4.7B (2020-08-05)

M&A Connections

Deals %
Acquired from
PE Firm(s)
71%
12 71%
Strategic(s)
29%
5 29%
Exited to
PE Firm(s)
25%
1 25%
Strategic(s)
75%
3 75%

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