Goldman Sachs Merchant Banking Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Goldman Sachs Merchant Banking has acquired 14 companies. It has also invested in 5 others.

Goldman Sachs Merchant Banking’s most common sectors for investment aresoftware (9%) and business services (8%) . The Firm’s most common investment types include secondary buyout (36%) and buyout (lbo, mbo, mbi) (19%). In total, Goldman Sachs Merchant Banking has invested in 30 US states and 21 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 24 companies. The Firm’s most common exit type is trade sale (33%). 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 Activity282
    • M&A Buy Activity175
    • M&A Sell Activity107
  • Total Sectors Invested 49
  • Total Countries Invested 21
  • M&A Buy/Sell Connections 165
  • M&A Advisors 38

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (6.2/yr) # 144 12 4 8 4 3 175
vol $174.0B $2.6B $859M $177.5B
Sell (6.0/yr) # 77 6 4 3 13 4 107
vol $80.2B $2.9B $8.6B $3.9B $95.6B
  282

Most Recent M&A

Company Date Value Type
Blue Nile, Inc. 2022-08-09 360M USD Add-on Acquisition
Seattle, Washington · www.bluenile.com
Clear Insurance Management Ltd. 2022-06-27 - Secondary Buyout
London, United Kingdom · www.thecleargroup.com
Lucid Energy Group II LLC 2022-06-16 3.6B USD Acquisition Financing
Dallas, Texas
Norgine B.V. 2022-05-26 - Buyout (LBO, MBO, MBI)
Amsterdam, Netherlands · www.norgine.com
Restaurant Technologies, Inc. 2022-02-28 - Secondary Buyout
Mendota Heights, Minnesota · www.rti-inc.com
FinanceIt Canada, Inc. 2022-02-11 - Secondary Buyout
Toronto, Ontario · www.financeit.io
project44 2022-01-11 - Growth Capital
Chicago, Illinois · www.project44.com
The Belfry 2021-11-11 - Secondary Buyout
West Midlands, United Kingdom · www.thebelfry.com
Continental Bakeries B.V. 2021-10-22 - Add-on Acquisition
Dordrecht, Netherlands · www.continentalbakeries.com
Aston Lark Ltd. 2021-10-13 - Add-on Acquisition
London, United Kingdom · www.astonlark.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aptos LLC 2020-01-13 Revionics, Inc. 2020-09-09 2
Atlanta, Georgia · www.aptos.com Austin, Texas · www.revionics.com
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 8
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
Associated Asphalt, Inc. 2012-03-09 Axeon Marketing LLC 2017-02-09 2
Roanoke, Virginia · www.associatedasphalt.com San Antonio, Texas
Flint Group Germany GmbH 2014-04-11 Flint Group - European Publication Gravure Ink Business 2016-08-05 1
Ahaus-Ottenstein, Germany · www.flintgrp.com Ahaus-Ottenstein, Germany
LeasePlan Corporation N.V. 2015-07-23 Travelcard Nederland B.V. 2016-08-04 1
Amsterdam, Netherlands · www.leaseplan.com Almere, Netherlands · www.travelcard.nl
Flint Group Germany GmbH 2014-04-11 Xeikon NV 2015-12-29 6
Ahaus-Ottenstein, Germany · www.flintgrp.com Eede, Netherlands · www.xeikon.com
MediaMath, Inc. 2011-07-22 Akamai Technologies, Inc. - Advertising Decision Solutions 2013-01-24 6
New York, New York · www.mediamath.com Cambridge, Massachusetts

M&A by Sector

Sector Current # Value All-time # Value
Software 5 (8%) - 15 (9%) 11.4B (6%)
Business Services 6 (10%) 5.0B (31%) 14 (8%) 13.3B (8%)
Internet Software and Services 8 (13%) - 12 (7%) 975M (1%)
Information Technology 6 (10%) - 12 (7%) 800M (< 1%)
Communications - - 8 (5%) 27.5B (16%)
Financial Services 2 (3%) - 8 (5%) -
Insurance 2 (3%) 1.6B (10%) 6 (3%) 3.3B (2%)
Healthcare Services 2 (3%) - 6 (3%) -
Retail 1 (2%) 5.5B (34%) 5 (3%) 13.6B (8%)
Media - - 5 (3%) 4.1B (2%)
Life Science 3 (5%) - 5 (3%) 110M (< 1%)
Technology Hardware 1 (2%) 828M (5%) 4 (2%) 2.8B (2%)
Food - - 4 (2%) 1.7B (1%)
Consumer Products - - 4 (2%) 1.5B (1%)
Medical Products - - 3 (2%) 11.4B (6%)
Distribution - - 3 (2%) 5.6B (3%)
Environmental 1 (2%) - 3 (2%) 3.5B (2%)
Restaurants 1 (2%) - 3 (2%) 2.3B (1%)
Oil/Gas Exploration - - 3 (2%) 1.6B (1%)
Metals/Mining - - 3 (2%) 525M (< 1%)
Transportation 1 (2%) - 3 (2%) 40M (< 1%)
Automotive - - 3 (2%) -
Consumer Services 2 (3%) - 3 (2%) -
Real Estate 3 (5%) - 3 (2%) -
Education - - 2 (1%) 4.7B (3%)
Machinery 1 (2%) 576M (4%) 2 (1%) 4.6B (3%)
Manufacturing 2 (3%) 2.5B (15%) 2 (1%) 2.5B (1%)
Building Materials 1 (2%) - 2 (1%) 1.8B (1%)
Plastics 1 (2%) - 2 (1%) 838M (< 1%)
Safety/Security - - 2 (1%) 640M (< 1%)
E-Commerce 1 (2%) - 2 (1%) 500M (< 1%)
Information Services - - 2 (1%) 222M (< 1%)
Digital Media 2 (3%) 200M (1%) 2 (1%) 200M (< 1%)
Aerospace 1 (2%) - 2 (1%) -
Leisure 2 (3%) - 2 (1%) -
Staffing 1 (2%) - 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%)
Construction 1 (2%) 66M (< 1%) 1 (1%) 66M (< 1%)
Agriculture 1 (2%) - 1 (1%) -
Beverages - - 1 (1%) -
Electronics - - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Infrastructure - - 1 (1%) -
Marketing - - 1 (1%) -
Packaging - - 1 (1%) -
Renewable Energy 1 (2%) - 1 (1%) -
Total 60 $16.3B 175 $177.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 39 (65%) 7.2B (44%) 119 (68%) 137.0B (80%)
  New York 4 (7%) - 15 (9%) 2.5B (1%)
  California 6 (10%) - 13 (7%) -
  Texas 3 (5%) 1.6B (10%) 9 (5%) 46.0B (27%)
  Illinois 2 (3%) - 9 (5%) 4.2B (2%)
  Massachusetts 5 (8%) - 8 (5%) 1.5B (1%)
  Michigan 1 (2%) - 6 (3%) 612M (< 1%)
  Pennsylvania - - 6 (3%) 23.1B (13%)
  Virginia 5 (8%) 66M (< 1%) 5 (3%) 66M (< 1%)
  Georgia 3 (5%) - 5 (3%) 640M (< 1%)
  Florida 1 (2%) - 5 (3%) 3.3B (2%)
  Ohio - - 5 (3%) 110M (< 1%)
  Colorado - - 4 (2%) -
  Connecticut 2 (3%) - 3 (2%) 279M (< 1%)
  Minnesota 1 (2%) - 3 (2%) 1.7B (1%)
  Washington 1 (2%) - 3 (2%) 500M (< 1%)
  Arizona - - 3 (2%) -
  Arkansas 1 (2%) - 2 (1%) 27.5B (16%)
  Maryland 1 (2%) - 2 (1%) -
  Indiana - - 2 (1%) 12.2B (7%)
  Nebraska 1 (2%) 5.5B (34%) 1 (1%) 5.5B (3%)
  North Carolina 1 (2%) - 1 (1%) -
  Nevada 1 (2%) - 1 (1%) -
  Tennessee - - 1 (1%) 7.3B (4%)
  New Jersey - - 1 (1%) 20M (< 1%)
  Alabama - - 1 (1%) -
  Vermont - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  Missouri - - 1 (1%) -
  Idaho - - 1 (1%) -
United Kingdom 5 (8%) 828M (5%) 10 (6%) 4.5B (3%)
Germany 2 (3%) 2.5B (15%) 8 (5%) 9.1B (5%)
France 2 (3%) 200M (1%) 6 (3%) 6.6B (4%)
Canada 2 (3%) 859M (5%) 5 (3%) 4.4B (3%)
  Ontario 1 (2%) - 2 (1%) -
  Manitoba 1 (2%) 859M (5%) 1 (1%) 859M (1%)
  Alberta - - 1 (1%) 3.5B (2%)
  Quebec - - 1 (1%) -
India 2 (3%) - 5 (3%) 40M (< 1%)
Netherlands 2 (3%) 4.2B (26%) 4 (2%) 4.2B (2%)
Denmark 1 (2%) - 3 (2%) -
China 1 (2%) - 2 (1%) -
Belgium - - 2 (1%) 1.4B (1%)
Italy 1 (2%) 576M (4%) 1 (1%) 576M (< 1%)
Argentina 1 (2%) - 1 (1%) -
Cyprus 1 (2%) - 1 (1%) -
Czech Republic 1 (2%) - 1 (1%) -
Ireland - - 1 (1%) 2.0B (1%)
Sweden - - 1 (1%) 1.4B (1%)
Norway - - 1 (1%) 701M (< 1%)
Bermuda - - 1 (1%) -
Japan - - 1 (1%) -
South Korea - - 1 (1%) -
Singapore - - 1 (1%) -
Domestic 39 (65%) 7.2B (44%) 119 (68%) 137.0B (80%)
Cross-border 21 (35%) 9.1B (56%) 56 (32%) 34.7B (20%)
Total 60 $16.3B 175 $171.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 24 (40%) 3.1B (19%) 62 (35%) 17.1B (10%)
Buyout (LBO, MBO, MBI) 8 (13%) 200M (1%) 33 (19%) 11.9B (7%)
Growth Capital 13 (22%) - 25 (14%) -
Going Private 3 (5%) 3.3B (20%) 14 (8%) 112.9B (69%)
Divestiture 2 (3%) 4.2B (26%) 12 (7%) 17.3B (10%)
Stake Purchase 1 (2%) - 11 (6%) -
Venture 6 (10%) - 11 (6%) -
Recapitalization 2 (3%) 66M (< 1%) 5 (3%) 66M (< 1%)
Add-on Acquisition 1 (2%) 5.5B (34%) 1 (1%) 5.5B (3%)
PIPE - - 1 (1%) -
Total 60 $16.3B 175 $164.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 32 (30%) 16.5B (17%)
IPO 26 (24%) -
Trade Sale - Public Company 23 (21%) 74.2B (78%)
Trade Sale 15 (14%) 5.0B (5%)
Bankruptcy 3 (3%) -
Sold to Management 3 (3%) -
Recapitalization 2 (2%) -
Unknown 2 (2%) -
Merger 1 (1%) -
Total 107 $95.6B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
24
J.P. Morgan Securities LLC
3
Morgan Stanley
2
Legal Deals
Weil Gotshal & Manges LLP
6
Fried Frank Harris Shriver & Jacobson LLP
6
Davis Polk & Wardwell LLP
5

Deal Values

buy # Total
> $1B 27 $168.3B
$100M to $1B 18 $9.0B
< $100M 4 $143M
TOTAL $177.5B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 21 $92.9B
$100M to $1B 6 $2.6B
< $100M 3 $136M
TOTAL $95.6B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
36%
63 (36%)
Strategic(s)
7%
13 (7%)
Exited to
Investor(s)
31%
33 (31%)
Strategic(s)
36%
39 (36%)

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