HarbourVest Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, HarbourVest Partners has acquired 1 company. It has also invested in 3 others.

HarbourVest Partners’ most common sectors for investment are information technology (12%) and software (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (20%) and secondary buyout (20%). In total, HarbourVest Partners has invested in 23 US states and 21 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Caesars Entertainment for $30.7B.

In the last 3 years, HarbourVest Partners has exited 19 companies. The Firm’s most common exit type is trade sale (42%). HarbourVest Partners’ largest (disclosed) exit occurred in 2011 when it sold Nycomed Pharma AG for $10.8B.

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M&A Summary

  • M&A Total Activity229
    • M&A Buy Activity131
    • M&A Sell Activity98
  • Total Sectors Invested 43
  • Total Countries Invested 21
  • M&A Buy/Sell Connections 171
  • M&A Advisors 13

HarbourVest Partners

One Financial Center, 44th Floor,
Boston, Massachusetts 02111
United States
(617) 348-3707
www.harbourvest.com
usinfo@harbourvest.com

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.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Services, Digital Media, E-Commerce, Education, Energy Services and Equipment, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Leisure, Life Science, Manufacturing, Marketing, Packaging, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Going Private, Growth Capital, Recapitalization, Secondary Buyout, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Asia/Pacific, Australia/New Zealand, Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 250
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 126 1 2 1 1 - 131
vol $140.5B $140.5B
Sell (5.4/yr) # 71 8 9 3 5 2 98
vol $58.3B $11.1B $7.1B $1.2B $1.7B $79.4B
  229

Most Recent M&A

Company Date Value Type
Flash Networks, Inc. 2020-06-10 - Add-on Acquisition
Neptune, New Jersey · www.flashnetworks.com
Panda Security S.L. 2020-03-09 - Add-on Acquisition
Bilbao, Spain · www.pandasecurity.com
Radiation Therapy Services, Inc. 2019-12-13 1.1B USD Add-on Acquisition
Fort Myers, Florida · www.21co.com
Earth Networks, Inc. 2019-12-10 - Add-on Acquisition
Germantown, Maryland · www.earthnetworks.com
SevOne, Inc. 2019-11-04 - Add-on Acquisition
Wilmington, Delaware · www.sevone.com
Outbrain, Inc. 2019-10-03 - Merger
New York, New York · www.outbrain.com
Intelex Technologies Inc. 2019-06-06 570M USD Trade Sale
Toronto, Ontario · www.intelex.com
Travelstart 2019-05-28 - Growth Capital
Cape Town, South Africa · www.travelstart.co.za
Knowlton Development Corp. 2018-11-07 - Secondary Buyout
Longueuil, Quebec · www.kdc-one.com
Videology, Inc. 2018-05-10 - Bankruptcy
Baltimore, Maryland · www.videologygroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 Mumby Insurance Brokers, Inc. - Certain Assets 2020-10-08 266
Chicago, Illinois · www.hubinternational.com Waterloo, Ontario
HUB International Ltd. 2013-08-05 Bernstein Insurance LLC 2020-10-07 265
Chicago, Illinois · www.hubinternational.com Odenton, Maryland
HUB International Ltd. 2013-08-05 WFG Benefits, Inc. 2020-10-06 264
Chicago, Illinois · www.hubinternational.com McLean, Virginia · www.wfgbenefits.com
HUB International Ltd. 2013-08-05 Clearpoint Advisory Group, Inc. 2020-10-05 263
Chicago, Illinois · www.hubinternational.com Edmonton, Alberta · www.clearpointbenefits.com
HUB International Ltd. 2013-08-05 Todd and Associates LLC 2020-09-09 262
Chicago, Illinois · www.hubinternational.com Lake Charles, Louisiana
HUB International Ltd. 2013-08-05 Charles R. (Rhett) Butler 2020-09-08 261
Chicago, Illinois · www.hubinternational.com Rockville, Maryland
HUB International Ltd. 2013-08-05 Employee Benefits Corp. 2020-09-04 260
Chicago, Illinois · www.hubinternational.com Middleton, Wisconsin · www.ebcflex.com
HUB International Ltd. 2013-08-05 Hollis Companies LLC 2020-09-04 259
Chicago, Illinois · www.hubinternational.com Metairie, Louisiana · www.holliscompanies.com
HUB International Ltd. 2013-08-05 Rockville Insurance Agency, Inc. 2020-09-03 258
Chicago, Illinois · www.hubinternational.com Gaithersburg, Maryland · www.rockvilleins.com
HUB International Ltd. 2013-08-05 Elevate Insurance Brokers, Inc. 2020-09-02 257
Chicago, Illinois · www.hubinternational.com Grande Prairie, Alberta · www.elevateinsurance.ca

M&A by Sector

Sector Current # Value All-time # Value
Software 3 (10%) - 15 (11%) 13.5B (10%)
Information Technology 2 (7%) - 15 (11%) 797M (1%)
Communications 1 (3%) - 12 (9%) 2.0B (1%)
Healthcare Services 3 (10%) - 8 (6%) 2.9B (2%)
Financial Services 2 (7%) - 7 (5%) 5.9B (4%)
Internet Software and Services 3 (10%) 294M (3%) 7 (5%) 545M (< 1%)
Business Services 2 (7%) - 7 (5%) -
Insurance 1 (3%) 4.4B (50%) 6 (5%) 15.1B (11%)
Chemicals 2 (7%) - 4 (3%) 4.1B (3%)
Life Science - - 4 (3%) 2.7B (2%)
Machinery 1 (3%) 214M (2%) 3 (2%) 1.0B (1%)
Marketing - - 3 (2%) 119M (< 1%)
Consumer Products 2 (7%) - 3 (2%) -
Gaming - - 2 (2%) 32.6B (23%)
Semiconductors - - 2 (2%) 17.6B (13%)
E-Commerce - - 2 (2%) 7.3B (5%)
Leisure - - 2 (2%) 2.3B (2%)
Retail - - 2 (2%) 1.8B (1%)
Manufacturing - - 2 (2%) -
Marine 2 (7%) - 2 (2%) -
Technology Hardware - - 2 (2%) -
Information Services - - 1 (1%) 12.7B (9%)
Food - - 1 (1%) 5.3B (4%)
Aerospace - - 1 (1%) 2.9B (2%)
Test/Measurement Equipment - - 1 (1%) 2.7B (2%)
Media - - 1 (1%) 2.4B (2%)
Restaurants 1 (3%) 2.1B (24%) 1 (1%) 2.1B (1%)
Transportation 1 (3%) 1.0B (11%) 1 (1%) 1.0B (1%)
Agriculture 1 (3%) 880M (10%) 1 (1%) 880M (1%)
Automotive - - 1 (1%) 181M (< 1%)
Environmental - - 1 (1%) 134M (< 1%)
Building Materials - - 1 (1%) -
Digital Media 1 (3%) - 1 (1%) -
Distribution 1 (3%) - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Furniture - - 1 (1%) -
Infrastructure - - 1 (1%) -
Medical Products - - 1 (1%) -
Packaging - - 1 (1%) -
Plastics - - 1 (1%) -
Publishing - - 1 (1%) -
Safety/Security 1 (3%) - 1 (1%) -
Staffing - - 1 (1%) -
Total 30 $8.9B 132 $140.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (50%) 4.9B (55%) 81 (62%) 112.3B (80%)
  Texas 2 (7%) - 11 (8%) 23.5B (17%)
  Florida 3 (10%) - 7 (5%) 3.4B (2%)
  California - - 7 (5%) 8.3B (6%)
  Massachusetts - - 6 (5%) 2.0B (1%)
  New York - - 6 (5%) -
  Connecticut 4 (13%) - 5 (4%) -
  Illinois 2 (7%) 4.4B (50%) 5 (4%) 17.7B (13%)
  Maryland 1 (3%) - 5 (4%) 634M (< 1%)
  North Carolina - - 4 (3%) 134M (< 1%)
  New Jersey - - 4 (3%) 20M (< 1%)
  Georgia 1 (3%) 214M (2%) 3 (2%) 214M (< 1%)
  Nevada - - 3 (2%) 30.7B (22%)
  Virginia - - 3 (2%) -
  Colorado 1 (3%) 294M (3%) 2 (2%) 294M (< 1%)
  Minnesota - - 2 (2%) 143M (< 1%)
  Washington 1 (3%) - 1 (1%) -
  Pennsylvania - - 1 (1%) 11.4B (8%)
  Ohio - - 1 (1%) 815M (1%)
  New Hampshire - - 1 (1%) 390M (< 1%)
  Tennessee - - 1 (1%) -
  Michigan - - 1 (1%) -
  Delaware - - 1 (1%) -
United Kingdom 1 (3%) - 12 (9%) 11.7B (8%)
Germany 1 (3%) - 5 (4%) 3.1B (2%)
Canada 3 (10%) - 4 (3%) -
  Ontario 1 (3%) - 2 (2%) -
  Quebec 1 (3%) - 1 (1%) -
  Alberta 1 (3%) - 1 (1%) -
Netherlands - - 4 (3%) 2.4B (2%)
South Africa 2 (7%) - 3 (2%) 1.2B (1%)
Australia 2 (7%) 880M (10%) 3 (2%) 1.2B (1%)
Belgium - - 3 (2%) 181M (< 1%)
Italy 1 (3%) - 2 (2%) 2.9B (2%)
Bermuda 1 (3%) 1.0B (11%) 2 (2%) 1.0B (1%)
Sweden - - 2 (2%) 118M (< 1%)
Spain - - 2 (2%) -
Japan 1 (3%) 2.1B (24%) 1 (1%) 2.1B (1%)
China 1 (3%) - 1 (1%) -
Israel 1 (3%) - 1 (1%) -
Singapore 1 (3%) - 1 (1%) -
France - - 1 (1%) 2.4B (2%)
Ireland - - 1 (1%) -
Poland - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 15 (50%) 4.9B (55%) 81 (62%) 112.3B (80%)
Cross-border 15 (50%) 4.0B (45%) 50 (38%) 28.2B (20%)
Total 30 $8.9B 131 $140.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (30%) 1.9B (21%) 26 (20%) 19.4B (14%)
Secondary Buyout 6 (20%) 4.4B (50%) 26 (20%) 15.4B (11%)
Growth Capital 7 (23%) - 21 (16%) -
Going Private 1 (3%) 294M (3%) 18 (14%) 83.6B (61%)
Venture 1 (3%) - 18 (14%) 30M (< 1%)
Divestiture 3 (10%) 2.3B (26%) 8 (6%) 7.7B (6%)
Recapitalization 2 (7%) - 7 (5%) 2.0B (1%)
PIPE 1 (3%) - 3 (2%) -
Consolidation - - 2 (2%) 9.5B (7%)
Stake Purchase - - 2 (2%) -
Add-on Acquisition - - 1 (1%) -
Total 30 $8.9B 132 $137.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 27 (28%) 14.2B (18%)
Trade Sale - Public Company 25 (26%) 54.3B (68%)
IPO 19 (19%) -
Trade Sale 18 (18%) 9.0B (11%)
Merger 4 (4%) 2.0B (3%)
Bankruptcy 2 (2%) -
Recapitalization 1 (1%) -
Stake Sale 1 (1%) -
Unknown 1 (1%) -
Total 98 $79.4B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
3
Citigroup Investment Banking
2
Bank of America Merrill Lynch
2
Legal Deals
Simpson Thacher & Bartlett LLP
1
Ropes & Gray LLP
1
Skadden, Arps, Slate, Meagher & Flom LLP
1

Deal Values

buy # Total
> $1B 24 $135.4B
$100M to $1B 15 $5.0B
< $100M 4 $104M
TOTAL $140.5B
Largest Caesars Entertainment Corp.
$30.7B (2008-01-01)
sell # Total
> $1B 18 $72.2B
$100M to $1B 13 $7.1B
< $100M 3 $167M
TOTAL $79.4B
Largest Nycomed Pharma AG
$10.8B (2011-05-19)

M&A Connections

Deals %
Acquired from
PE Firm(s)
78%
39 78%
Strategic(s)
22%
11 22%
Exited to
PE Firm(s)
46%
39 46%
Strategic(s)
54%
45 54%

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