M&A Deal Summary

Exponent Private Equity and HarbourVest Partners Acquire Trainline

On July 5, 2006, private equity firms Exponent Private Equity and HarbourVest Partners acquired internet software and services company Trainline from National Express Group, Stagecoach Group and Virgin Group for 163M GBP

Acquisition Highlights
  • This is Exponent Private Equity’s 2nd and HarbourVest Partners’ 2nd transaction in the Internet Software and Services sector.
  • This is Exponent Private Equity’s 8th and HarbourVest Partners’ 54th largest (disclosed) transaction.
  • This is Exponent Private Equity’s 5th and HarbourVest Partners’ 4th transaction in the United Kingdom.
Investment Fate
  • Trainline was sold to a consortium of financial buyers in 2015.
  • Trainline went public in 2019.

M&A Deal Summary
Date 2006-07-05
Target Trainline
Sector Internet Software and Services
Buyer(s) Exponent Private Equity
HarbourVest Partners
Sellers(s) National Express Group
Stagecoach Group
Virgin Group
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 163M GBP

Target

Trainline

London, United Kingdom
website
Trainline is an online provider of rail tickets for rail travel in the UK. The Company was Founded in 1999 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

Exponent Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2004
PE ASSETS 2.9B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Exponent is a private equity firm focused on acquiring middle-market businesses located in the UK and broader Europe. Exponent targets opportunities in the media, business and financial services, healthcare, consumer, and leisure sectors. The Firm seeks to invest in businesses valued from £150 to £500 million. Exponent has a particular interest in businesses that are prominent in their respective markets, but may benefit from or need operational improvement. Exponent Private Equity was formed in 2004 and is based in London.

DEAL STATS #
Overall 5 of 38
Sector (Internet Software and Services) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 3 of 10
Country (United Kingdom) 5 of 32
Year (2006) 4 of 4
Size (of disclosed) 8 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-12 Group GTI

London, United Kingdom

Group GTI is a provider of media, data, and technology solutions to the graduate recruitment market in the UK and Ireland. The business has over 30 years of experience in providing students, universities, and businesses with a suite of products to enable UK and Irish graduates to move into the industry and secure employment. Group GTI was founded in 1988 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-19 V.Group

London, United Kingdom

V.Group specializes in technical management of maritime assets outsourced by ship owners, and the provision of a wide range of high-value technical, personnel, and advisory services. V.Group was founded in 1984 and is headquartered in London, United Kingdom.

Buy $340M
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 37 of 223
Sector (Internet Software and Services) 2 of 17
Type (Buyout (LBO, MBO, MBI)) 10 of 39
Country (United Kingdom) 4 of 19
Year (2006) 8 of 14
Size (of disclosed) 54 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-12 Flash Networks

Neptune, New Jersey, United States

Flash Networks is a provider of optimization solutions that enable telecommunications operators to improve Radio Access Network spectral efficiency, boost network speed, optimize video and web traffic, and generate over-the-top revenues from the mobile internet. Flash Networks was formed in 1996 and is based in Neptune, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-14 Petco Health and Wellness Company

San Diego, California, United States

Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

Buy $1.8B

Seller(S) 3

SELLER

National Express Group

Birmingham, United Kingdom

website

Category Company
Founded 1991
Sector Transportation
Employees46,200
Revenue 2.8B GBP (2022)
DESCRIPTION

National Express Group is a transport provider delivering services in the UK, North America, Germany, Spain and Morocco. National Express Group was founded in 1991 and is based in Birmingham, the United Kingdom.

DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
Country (United Kingdom) 1 of 1
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-01 ALSA GRUPO S.L.U.

Madrid, Spain

Grupo Alsa is the leader in the Spanish bus transportation sector and has international presence in China, Morocco, Portugal and Chile.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-13 Petermann

Cincinnati, Ohio, United States

Petermann Ltd. is a provider of transportation services for school districts.

Buy -
SELLER

Stagecoach Group

Perth, United Kingdom

website

Category Company
Founded 1980
Sector Transportation
Employees24
Revenue 1.2B GBP (2022)
DESCRIPTION

Stagecoach Group is a public transport provider in the UK and North America. Stagecoach Group was founded in 1980 and is based in Perth, United kingdom.

DEAL STATS #
Overall 10 of 11
Sector (Internet Software and Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
Country (United Kingdom) 6 of 6
Year (2006) 3 of 3
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-23 South East London & Kent Bus

Ilford, United Kingdom

South East London & Kent Bus Co. Ltd. is a provider of bus services on routes within and from London, principally under contract from Transport for London.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-16 Highland Country Buses

Inverness, United Kingdom

Highland Country Buses Ltd. is a provider of bus transportation services.

Buy -
SELLER

Virgin Group

London, United Kingdom

website

Category Company
Founded 1970
Sector Diversified
Employees50,000
Revenue 15.0B GBP (2012)
DESCRIPTION

Virgin Group Ltd. is a British multinational company that operates in the travel, entertainment and lifestyle industries. It also manages ventures in financial services, transport, healthcare, food, and communications.

DEAL STATS #
Overall 2 of 4
Sector (Internet Software and Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 1
Country (United Kingdom) 1 of 1
Year (2006) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-11 Virgin Mobile Australia Pty

Royal Exchange, Australia

Virgin Mobile Australia Pty Ltd. is a provider of communication services in Australia.

Sell AU$30M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-10 Virgin America

Burlingame, California, United States

Virgin America, Inc. is a domestic airline serving the United States. Virgin America's fleet of 60 Airbus A319 and A320 aircraft have three classes of service, in-flight WiFi and power outlets on every flight, as well as personal, touch-screen seatback entertainment. The airline was established in 2004.

Buy -
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