Goldman Sachs Merchant Banking Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Goldman Sachs Merchant Banking has acquired 16 companies. It has also invested in 4 others.

Goldman Sachs Merchant Banking’s most common sectors for investment are software (10%) and business services (9%). The Firm’s most common investment types include secondary buyout (36%) and buyout (lbo, mbo, mbi) (20%). In total, Goldman Sachs Merchant Banking has invested in 29 US states and 23 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, Goldman Sachs Merchant Banking has exited 13 companies. The Firm’s most common exit type is secondary buyout (31%). Goldman Sachs Merchant Banking’s largest (disclosed) exit occurred in 2008 when it sold Alltel for $28.1B.

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M&A Summary

  • M&A Total Activity249
    • M&A Buy Activity161
    • M&A Sell Activity88
  • Total Sectors Invested 48
  • Total Countries Invested 23
  • M&A Buy/Sell Connections 147
  • M&A Advisors 32

Goldman Sachs Merchant Banking

85 Broad Street,
New York, New York 10004
United States
(212) 902-1000
www.goldmansachs.com/pia
peg@gs.com

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Electronics, Energy Services and Equipment, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Manufacturing, Media, Oil/Gas Exploration, Packaging, Plastics, Real Estate, Renewable Energy, Retail, Safety/Security, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 20 800
Enterprise Value - 10,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (6.0/yr) # 131 10 10 4 5 1 161
vol $174.5B $1.0B $859M $176.4B
Sell (4.2/yr) # 67 8 6 3 2 2 88
vol $75.6B $5.8B $2.9B $84.2B
  249

Most Recent M&A

Company Date Value Type
Trackunit ApS 2021-03-24 - Secondary Buyout
Aalborg, Denmark · www.trackunit.com
Oikos Group 2021-03-09 - Secondary Buyout
Protaras, Cyprus · www.oikos-cy.com
Nuxeo 2021-03-04 - Add-on Acquisition
Brooklyn, New York · www.nuxeo.com
People Corp. 2020-12-14 859M CAD Going Private
Winnipeg, Manitoba · www.peoplecorporation.com
Zaxby's Franchising LLC 2020-11-18 - Buyout (LBO, MBO, MBI)
Athens, Georgia · www.zaxbys.com
Information Builders 2020-10-22 - Add-on Acquisition
New York, New York · www.informationbuilders.com
Synagro Technologies, Inc. 2020-09-23 - Secondary Buyout
Baltimore, Maryland · www.synagro.com
QMetry, Inc. 2020-08-27 - Venture
Santa Clara, California · www.qmetry.com
Infostretch Corp. 2020-08-18 - Stake Purchase
Santa Clara, California · www.infostretch.com
Safe-Guard Products International LLC 2020-01-27 - Secondary Buyout
Atlanta, Georgia · www.safe-guardproducts.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aston Lark Ltd. 2019-05-17 Haven Knox-Johnston 2020-11-10 9
London, United Kingdom · www.astonlark.com London, United Kingdom
Standard Aero Holdings, Inc. 2018-12-18 Turbine Repair Services Global Ireland Limited 2020-01-20 1
Winnipeg, Ontario · www.standardaero.com Cork, Ireland
Brown Jordan International, Inc. 2016-12-19 Pride Family Brands, Inc. 2019-06-05 2
St. Augustine, Florida · www.bji.com Hollywood, Florida · www.pridefamilybrands.com
Boyd Corp. 2018-07-11 Henkel Corp. - Airflow Systems Business 2019-01-10 4
Modesto, California · www.boydcorp.com Rocky Hill, Connecticut
Sterling Infosystems, Inc. (Sterling Talent Solutions) 2015-06-23 SureID - Commercial Segment Business 2017-10-19 5
New York, New York · www.sterlingbackcheck.com Hillsboro, Oregon
Continental Bakeries B.V. 2016-04-29 DelicPol Sp. z o.o. 2017-07-01 1
Dordrecht, Netherlands · www.continentalbakeries.com ul. Grunwaldzka 8, Poland · www.delicpol.pl
Tikona Digital Networks Pvt. Ltd. 2010-02-11 Tikona Digital Networks Pvt. Ltd. - 4G Business 2017-03-24 1
Mumbai, India · www.tikona.in , India
TVS Logistics Services Ltd. 2012-04-19 SPC International Ltd. 2017-03-02 4
Teynampet, India · www.tvslogisticsservices.com Uxbridge, United Kingdom · www.spcint.com
Associated Asphalt, Inc. 2012-03-09 Axeon Marketing LLC 2017-02-09 2
Roanoke, Virginia · www.associatedasphalt.com San Antonio, Texas
DNA Diagnostics Center, Inc. (DDC) 2015-10-13 Identigene LLC 2016-12-02 3
Fairfield, Ohio · www.dnacenter.com Fairfield, Ohio · www.dnatesting.com

M&A by Sector

Sector Current # Value All-time # Value
Software 7 (10%) - 15 (9%) 11.4B (6%)
Business Services 7 (10%) 5.0B (28%) 13 (8%) 13.3B (8%)
Internet Software and Services 5 (7%) 50M (< 1%) 9 (6%) 1.0B (1%)
Information Technology 3 (4%) - 9 (6%) 800M (< 1%)
Communications 1 (1%) - 8 (5%) 27.5B (16%)
Financial Services 2 (3%) - 7 (4%) -
Media - - 6 (4%) 4.1B (2%)
Healthcare Services 3 (4%) - 6 (4%) -
Retail 1 (1%) 5.5B (31%) 5 (3%) 13.6B (8%)
Insurance 2 (3%) 1.6B (9%) 5 (3%) 3.3B (2%)
Technology Hardware 1 (1%) 828M (5%) 4 (2%) 2.8B (2%)
Food 1 (1%) - 4 (2%) 1.7B (1%)
Medical Products 1 (1%) 25M (< 1%) 3 (2%) 11.4B (6%)
Distribution - - 3 (2%) 5.6B (3%)
Environmental 2 (3%) - 3 (2%) 3.5B (2%)
Restaurants 1 (1%) - 3 (2%) 2.3B (1%)
Consumer Products - - 3 (2%) 1.5B (1%)
Metals/Mining - - 3 (2%) 525M (< 1%)
Life Science 3 (4%) 110M (1%) 3 (2%) 110M (< 1%)
Transportation 2 (3%) 40M (< 1%) 3 (2%) 40M (< 1%)
Automotive - - 3 (2%) -
Consumer Services 2 (3%) - 3 (2%) -
Real Estate 3 (4%) - 3 (2%) -
Staffing 2 (3%) - 3 (2%) -
Education - - 2 (1%) 4.7B (3%)
Machinery 1 (1%) 576M (3%) 2 (1%) 4.6B (3%)
Manufacturing 2 (3%) 2.5B (14%) 2 (1%) 2.5B (1%)
Building Materials 1 (1%) - 2 (1%) 1.8B (1%)
Plastics 1 (1%) - 2 (1%) 838M (< 1%)
Safety/Security - - 2 (1%) 640M (< 1%)
Information Services 1 (1%) 222M (1%) 2 (1%) 222M (< 1%)
Digital Media 2 (3%) 200M (1%) 2 (1%) 200M (< 1%)
Aerospace 1 (1%) - 2 (1%) -
Oil/Gas Exploration - - 2 (1%) -
Utilities - - 1 (1%) 44.4B (25%)
Electrical Equipment - - 1 (1%) 5.7B (3%)
Chemicals - - 1 (1%) 4.2B (2%)
Test/Measurement Equipment - - 1 (1%) 1.1B (1%)
E-Commerce 1 (1%) 500M (3%) 1 (1%) 500M (< 1%)
Infrastructure 1 (1%) 425M (2%) 1 (1%) 425M (< 1%)
Construction 1 (1%) 66M (< 1%) 1 (1%) 66M (< 1%)
Agriculture 1 (1%) - 1 (1%) -
Furniture 1 (1%) - 1 (1%) -
Leisure 1 (1%) - 1 (1%) -
Marine 1 (1%) - 1 (1%) -
Marketing 1 (1%) - 1 (1%) -
Packaging - - 1 (1%) -
Renewable Energy 1 (1%) - 1 (1%) -
Total 67 $17.6B 161 $176.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 40 (60%) 8.1B (46%) 109 (68%) 137.1B (80%)
  New York 6 (9%) 50M (< 1%) 15 (9%) 2.6B (1%)
  California 6 (9%) - 12 (7%) -
  Illinois 3 (4%) - 9 (6%) 4.2B (2%)
  Texas 2 (3%) 1.6B (9%) 7 (4%) 46.0B (27%)
  Michigan 2 (3%) 222M (1%) 6 (4%) 612M (< 1%)
  Pennsylvania - - 6 (4%) 23.1B (13%)
  Virginia 5 (7%) 66M (< 1%) 5 (3%) 66M (< 1%)
  Massachusetts 2 (3%) - 5 (3%) 2.5B (1%)
  Ohio 1 (1%) 110M (1%) 5 (3%) 110M (< 1%)
  Georgia 2 (3%) - 4 (2%) 640M (< 1%)
  Florida 1 (1%) - 4 (2%) 2.3B (1%)
  Colorado 1 (1%) 25M (< 1%) 4 (2%) 25M (< 1%)
  Connecticut 2 (3%) - 3 (2%) 279M (< 1%)
  Arizona - - 3 (2%) -
  Arkansas 1 (1%) - 2 (1%) 27.5B (16%)
  Minnesota 1 (1%) - 2 (1%) 1.7B (1%)
  Washington 1 (1%) 500M (3%) 2 (1%) 500M (< 1%)
  Maryland 1 (1%) - 2 (1%) -
  Indiana - - 2 (1%) 12.2B (7%)
  New Jersey - - 2 (1%) 20M (< 1%)
  Nebraska 1 (1%) 5.5B (31%) 1 (1%) 5.5B (3%)
  North Carolina 1 (1%) - 1 (1%) -
  Nevada 1 (1%) - 1 (1%) -
  Tennessee - - 1 (1%) 7.3B (4%)
  South Carolina - - 1 (1%) -
  Missouri - - 1 (1%) -
  Idaho - - 1 (1%) -
  Alabama - - 1 (1%) -
  Vermont - - 1 (1%) -
Germany 2 (3%) 2.5B (14%) 8 (5%) 9.1B (5%)
France 4 (6%) 200M (1%) 7 (4%) 6.6B (4%)
United Kingdom 3 (4%) 828M (5%) 7 (4%) 4.5B (3%)
Canada 4 (6%) 859M (5%) 5 (3%) 4.4B (3%)
  Ontario 2 (3%) - 2 (1%) -
  Manitoba 1 (1%) 859M (5%) 1 (1%) 859M (< 1%)
  Quebec 1 (1%) - 1 (1%) -
  Alberta - - 1 (1%) 3.5B (2%)
India 3 (4%) 40M (< 1%) 4 (2%) 40M (< 1%)
Netherlands 2 (3%) 4.2B (24%) 3 (2%) 4.2B (2%)
Denmark 1 (1%) - 3 (2%) -
Italy 1 (1%) 576M (3%) 1 (1%) 576M (< 1%)
Singapore 1 (1%) 425M (2%) 1 (1%) 425M (< 1%)
China 1 (1%) - 1 (1%) -
Argentina 1 (1%) - 1 (1%) -
Cyprus 1 (1%) - 1 (1%) -
Czech Republic 1 (1%) - 1 (1%) -
Hong Kong 1 (1%) - 1 (1%) -
Switzerland 1 (1%) - 1 (1%) -
Ireland - - 1 (1%) 2.0B (1%)
Belgium - - 1 (1%) 1.4B (1%)
Sweden - - 1 (1%) 1.4B (1%)
Norway - - 1 (1%) 701M (< 1%)
Bermuda - - 1 (1%) -
Japan - - 1 (1%) -
South Korea - - 1 (1%) -
Domestic 40 (60%) 8.1B (46%) 109 (68%) 137.1B (80%)
Cross-border 27 (40%) 9.6B (54%) 52 (32%) 35.1B (20%)
Total 67 $17.6B 161 $172.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (40%) 3.2B (18%) 57 (35%) 15.5B (9%)
Buyout (LBO, MBO, MBI) 10 (15%) 462M (3%) 31 (19%) 11.9B (7%)
Growth Capital 13 (19%) 50M (< 1%) 22 (14%) 50M (< 1%)
Going Private 4 (6%) 3.8B (21%) 14 (9%) 112.9B (69%)
Divestiture 2 (3%) 4.2B (24%) 12 (7%) 17.3B (11%)
Stake Purchase 3 (4%) 425M (2%) 10 (6%) 425M (< 1%)
Venture 5 (7%) 25M (< 1%) 9 (6%) 25M (< 1%)
Recapitalization 2 (3%) 66M (< 1%) 4 (2%) 66M (< 1%)
Add-on Acquisition 1 (1%) 5.5B (31%) 1 (1%) 5.5B (3%)
PIPE - - 1 (1%) -
Total 67 $17.6B 161 $163.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 27 (31%) 16.7B (20%)
IPO 23 (26%) -
Trade Sale - Public Company 18 (20%) 63.0B (75%)
Trade Sale 10 (11%) 3.6B (4%)
Bankruptcy 3 (3%) -
Sold to Management 3 (3%) -
Recapitalization 2 (2%) -
Merger 1 (1%) 880M (1%)
Unknown 1 (1%) -
Total 88 $84.2B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
24
J.P. Morgan Securities LLC
3
Citigroup Investment Banking
2
Legal Deals
Weil Gotshal & Manges LLP
7
Davis Polk & Wardwell LLP
5
Fried Frank Harris Shriver & Jacobson LLP
5

Deal Values

buy # Total
> $1B 26 $166.7B
$100M to $1B 19 $9.4B
< $100M 6 $218M
TOTAL $176.4B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 17 $81.0B
$100M to $1B 6 $3.1B
< $100M 3 $136M
TOTAL $84.2B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
35%
56 (35%)
Strategic(s)
8%
13 (8%)
Exited to
Investor(s)
32%
28 (32%)
Strategic(s)
32%
28 (32%)

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