GTCR Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, GTCR has acquired 10 companies. It has also invested in 1 other.

GTCR’s most common sectors for investment are healthcare services (16%) and business services (12%). The Firm’s most common investment types include stake purchase (23%) and buyout (lbo, mbo, mbi) (22%). In total, GTCR has invested in 30 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Wells Fargo Asset Management for $2.1B.

In the last 3 years, GTCR has exited 15 companies. The Firm’s most common exit type is trade sale (51%). GTCR’s largest (disclosed) exit occurred in 2020 when it sold Optimal Blue for $1.8B.

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M&A Summary

  • M&A Total Activity194
    • M&A Buy Activity115
    • M&A Sell Activity79
  • Total Sectors Invested 28
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 79
  • M&A Advisors 36

GTCR LLC

300 N. LaSalle Street, Suite 5600,
Chicago, Illinois 60654
United States
(312) 382-2200
www.gtcr.com
info@gtcr.com

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Aerospace, Business Services, Communications, Consumer Products, Consumer Services, Defense, Education, Electronics, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Marketing, Media, Medical Products, Safety/Security, Software, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

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 (3.6/yr) # 97 7 3 3 4 1 115
vol $6.5B $311M $1.1B $2.1B $10.0B
Sell (4.2/yr) # 58 6 7 1 6 1 79
vol $17.9B $1.6B $3.7B $1.8B $1.1B $26.2B
  194

Most Recent M&A

Company Date Value Type
Wells Fargo Asset Management 2021-02-23 2.1B USD Divestiture
San Francisco, California
Inteliquent, Inc. 2021-02-17 1.1B USD Add-on Acquisition
Chicago, Illinois · www.inteliquent.com
Jet Support Services, Inc. 2020-11-19 - Recapitalization
Chicago, Illinois · www.jetsupport.com
Maravai LifeSciences, Inc. 2020-11-19 - IPO
San Diego, California · www.maravai.com
Sotera Health Co. 2020-11-19 - IPO
Broadview Heights, Ohio · www.soterahealth.com
Consumer Cellular, Inc. 2020-10-28 - Buyout (LBO, MBO, MBI)
Portland, Oregon · www.consumercellular.com
Paya, Inc. 2020-08-03 - IPO
Dunwoody, Georgia · www.paya.com
Optimal Blue LLC 2020-07-27 1.8B USD Add-on Acquisition
Plano, Texas · www2.optimalblue.com
CapFinancial Partners LLC 2020-06-02 - Stake Purchase
Raleigh, North Carolina · www.captrust.com
Dreamscape, Inc. 2020-05-12 - Consolidation
Salt Lake City, Utah
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
AssuredPartners, Inc. 2019-02-21 Marquis Transportation Retail Division 2021-01-20 61
Lake Mary, Florida · www.assuredpartners.com Woodbridge, New Jersey
Simplifi Holdings, Inc. 2017-08-31 The Advantage Software Co. 2021-01-19 1
Fort Worth, Texas · www.simpli.fi Mooresville, North Carolina · www.gotoadvantage.com
Park Place Technologies, Inc. 2015-11-30 Curvature, Inc. 2020-11-11 14
Cleveland, Ohio · www.parkplacetechnologies.com Charlotte, North Carolina · www.curvature.com
AssuredPartners, Inc. 2019-02-21 People's United Insurance Agency, Inc. 2020-09-22 60
Lake Mary, Florida · www.assuredpartners.com Hartford, Connecticut
Corza Health, Inc. 2019-03-20 Takeda Pharmaceutical Co.,Ltd. - TachoSil 2020-09-16 1
San Diego, California · www.corzahealth.com Osaka, Japan
TerSera Therapeutics LLC 2016-02-04 Lexicon Pharmaceuticals, Inc. - XERMELO 2020-07-30 1
Lake Forest, Illinois · www.tersera.com The Woodlands, Texas · www.xermelo.com
Cedar Gate Technologies LLC 2014-08-14 Citra Health Solutions, Inc. 2020-06-25 4
Greenwich, Connecticut · www.cedargate.com Jacksonville, Florida · www.citrahealth.com
Park Place Technologies, Inc. 2015-11-30 IntelliNet Corp. - Network Operations Center (NOC) Business 2020-01-08 13
Cleveland, Ohio · www.parkplacetechnologies.com Cleveland, Ohio
Park Place Technologies, Inc. 2015-11-30 Entuity, Inc. 2019-08-06 12
Cleveland, Ohio · www.parkplacetechnologies.com Marlborough, Massachusetts · www.entuity.com
Mega Broadband Investments LLC 2017-10-01 Vyve Broadband LLC 2019-07-30 3
Chicago, Illinois Purchase, New York · www.vyvebb.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 2 (9%) - 18 (16%) 675M (7%)
Information Technology 4 (17%) - 13 (11%) 500M (5%)
Business Services 1 (4%) - 13 (11%) -
Communications 2 (9%) - 10 (9%) 800M (8%)
Financial Services 2 (9%) 2.1B (66%) 9 (8%) 4.0B (40%)
Life Science 2 (9%) - 7 (6%) -
Software 2 (9%) 1.1B (34%) 6 (5%) 1.5B (15%)
Insurance 1 (4%) - 5 (4%) 1.0B (10%)
Internet Software and Services - - 4 (3%) -
Medical Products 1 (4%) - 4 (3%) -
Safety/Security - - 3 (3%) 828M (8%)
Test/Measurement Equipment 1 (4%) - 2 (2%) 480M (5%)
Aerospace 1 (4%) - 2 (2%) -
Consumer Services 1 (4%) - 2 (2%) -
Information Services - - 2 (2%) -
Marketing 1 (4%) - 2 (2%) -
Media - - 2 (2%) -
Utilities - - 1 (1%) 205M (2%)
Transportation - - 1 (1%) 38M (< 1%)
Chemicals 1 (4%) - 1 (1%) -
Consumer Products - - 1 (1%) -
Defense - - 1 (1%) -
Distribution - - 1 (1%) -
Electrical Equipment 1 (4%) - 1 (1%) -
Environmental - - 1 (1%) -
Food - - 1 (1%) -
Machinery - - 1 (1%) -
Real Estate - - 1 (1%) -
Total 23 $3.2B 115 $10.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (100%) 3.2B (100%) 110 (96%) 7.1B (71%)
  Illinois 6 (26%) - 16 (14%) 1.5B (15%)
  California 2 (9%) 2.1B (66%) 10 (9%) 2.1B (21%)
  New York 2 (9%) 1.1B (34%) 10 (9%) 1.1B (11%)
  Florida 3 (13%) - 9 (8%) -
  Texas 1 (4%) - 6 (5%) -
  Tennessee - - 6 (5%) -
  Ohio 2 (9%) - 5 (4%) 675M (7%)
  Georgia - - 5 (4%) 516M (5%)
  Maryland - - 5 (4%) -
  North Carolina 1 (4%) - 4 (3%) 38M (< 1%)
  Missouri 2 (9%) - 3 (3%) -
  Colorado - - 3 (3%) -
  Virginia - - 3 (3%) -
  Connecticut 1 (4%) - 2 (2%) -
  Utah 1 (4%) - 2 (2%) -
  Oregon 1 (4%) - 2 (2%) -
  Kansas - - 2 (2%) 828M (8%)
  New Jersey - - 2 (2%) -
  Kentucky - - 2 (2%) -
  Wisconsin - - 2 (2%) -
  Pennsylvania - - 2 (2%) -
  Michigan 1 (4%) - 1 (1%) -
  New Hampshire - - 1 (1%) 390M (4%)
  Oklahoma - - 1 (1%) -
  Nevada - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Massachusetts - - 1 (1%) -
  Delaware - - 1 (1%) -
  Alabama - - 1 (1%) -
United Kingdom - - 3 (3%) 1.9B (19%)
Bermuda - - 1 (1%) 1.0B (10%)
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Domestic 23 (100%) 3.2B (100%) 110 (96%) 7.1B (71%)
Cross-border - - 5 (4%) 2.9B (29%)
Total 23 $3.2B 115 $10.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Stake Purchase 1 (4%) - 26 (23%) -
Buyout (LBO, MBO, MBI) 2 (9%) - 25 (22%) 1.2B (12%)
Secondary Buyout 7 (30%) - 22 (19%) 1.2B (12%)
Consolidation 6 (26%) - 12 (10%) -
Divestiture 1 (4%) 2.1B (66%) 9 (8%) 4.3B (43%)
Going Private 2 (9%) 1.1B (34%) 6 (5%) 3.1B (31%)
Growth Capital 2 (9%) - 6 (5%) -
Recapitalization 2 (9%) - 6 (5%) -
PIPE - - 2 (2%) 200M (2%)
Venture - - 1 (1%) -
Total 23 $3.2B 115 $10.0B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 27 (34%) 16.0B (65%)
Secondary Sale 17 (22%) 3.9B (16%)
Trade Sale 13 (16%) 4.6B (19%)
IPO 12 (15%) -
Unknown 4 (5%) -
Merger 3 (4%) -
Bankruptcy 2 (3%) -
Stake Sale 1 (1%) -
Total 79 $24.5B

Top M&A Advisors

Financial Deals
Jefferies LLC
4
Barclays Investment Bank
4
Morgan Stanley
3
Legal Deals
Kirkland & Ellis LLP
37
Latham & Watkins
9
Skadden, Arps, Slate, Meagher & Flom LLP
2

Deal Values

buy # Total
> $1B 4 $5.6B
$100M to $1B 9 $4.4B
< $100M 1 $38M
TOTAL $10.0B
Largest Wells Fargo Asset Management
$2.1B (2021-02-23)
sell # Total
> $1B 10 $13.8B
$100M to $1B 23 $12.4B
TOTAL $26.2B
Largest Optimal Blue LLC
$1.8B (2020-07-27)

M&A Connections

Deals
Acquired from
Investor(s)
21%
24 (21%)
Strategic(s)
6%
7 (6%)
Exited to
Investor(s)
23%
18 (23%)
Strategic(s)
56%
44 (56%)

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