HarbourVest Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HarbourVest Partners has acquired 1 company.

HarbourVest Partners’ most common sectors for investment areinformation technology (13%) and software (12%) . The Firm’s most common investment types include secondary buyout (21%) and buyout (lbo, mbo, mbi) (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 15 companies. The Firm’s most common exit type is trade sale (45%). 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 Activity236
    • M&A Buy Activity132
    • M&A Sell Activity104
  • Total Sectors Invested 42
  • Total Countries Invested 21
  • M&A Buy/Sell Connections 175
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.6/yr) # 129 2 1 - - - 132
vol $141.7B $141.7B
Sell (4.8/yr) # 80 9 4 5 2 4 104
vol $69.5B $7.1B $1.2B $1.7B $500M $79.9B
  236

Most Recent M&A

Company Date Value Type
Investment Metrics LLC 2021-11-03 500M USD Add-on Acquisition
Norwalk, Connecticut · www.invmetrics.com
Healthgrades Operating Company, Inc. 2021-08-04 - Add-on Acquisition
Denver, Colorado · www.healthgrades.com
Outbrain, Inc. 2021-07-23 - IPO
New York, New York · www.outbrain.com
VIX, Inc. 2021-02-01 - Add-on Acquisition
Coral Gables, Florida · www.vix.com
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
Veriato, Inc. 2019-06-12 - Add-on Acquisition
Vero Beach, Florida · www.spectorsoft.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 National Home Warranty Group, Inc. 2021-08-24 328
Chicago, Illinois · www.hubinternational.com Edmonton, Alberta · www.nationalhomewarranty.com
Finalsite 2016-09-08 SchoolAdmin LLC 2021-03-10 3
Glastonbury, Connecticut · www.finalsite.com Austin, Texas · www.schooladmin.com
HUB International Ltd. 2013-08-05 Eagle American Insurance Agency LLC 2021-01-14 327
Chicago, Illinois · www.hubinternational.com Longwood, Florida · www.eagleamericaninsurance.com
Envision Pharma, Inc. 2016-07-06 Two Labs LLC 2020-11-12 3
Horsham, United Kingdom · www.envisionpharmagroup.com Powell, Ohio · www.twolabs.com
HUB International Ltd. 2013-08-05 Mumby Insurance Brokers, Inc. - Certain Assets 2020-10-08 326
Chicago, Illinois · www.hubinternational.com Waterloo, Ontario
HUB International Ltd. 2013-08-05 ivari - MGA Assets 2020-07-02 325
Chicago, Illinois · www.hubinternational.com Toronto, Ontario
HUB International Ltd. 2013-08-05 The Healy Group, Inc. - Employee Benefits Division 2020-05-12 324
Chicago, Illinois · www.hubinternational.com South Bend, Indiana
CareCentrix, Inc. 2011-09-20 Turn-Key Health 2020-05-04 1
Hartford, Connecticut · www.carecentrix.com Philadelphia, Pennsylvania · www.turn-keyhealth.com
HUB International Ltd. 2013-08-05 Morneau Shepell - Benefits Consulting Practice 2020-03-02 323
Chicago, Illinois · www.hubinternational.com Toronto, Ontario
Knowlton Development Corp. 2018-11-07 Zobele Holding S.p.A. 2020-02-19 8
Longueuil, Quebec · www.kdc-one.com Trento, Italy · www.zobele.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (8%) - 16 (12%) 797M (1%)
Software 2 (8%) - 15 (11%) 13.5B (10%)
Communications - - 12 (9%) 3.2B (2%)
Healthcare Services 3 (13%) - 8 (6%) 2.9B (2%)
Business Services 2 (8%) - 8 (6%) -
Financial Services 1 (4%) - 7 (5%) 5.9B (4%)
Internet Software and Services 2 (8%) - 7 (5%) 251M (< 1%)
Insurance 1 (4%) 4.4B (68%) 6 (5%) 15.1B (11%)
Life Science - - 4 (3%) 2.7B (2%)
Chemicals 1 (4%) - 3 (2%) 4.1B (3%)
Machinery 1 (4%) 214M (3%) 3 (2%) 1.0B (1%)
Consumer Products 2 (8%) - 3 (2%) -
Gaming - - 2 (2%) 32.6B (23%)
Semiconductors - - 2 (2%) 17.6B (12%)
Information Services - - 2 (2%) 13.0B (9%)
E-Commerce - - 2 (2%) 7.3B (5%)
Leisure - - 2 (2%) 2.3B (2%)
Retail - - 2 (2%) 1.8B (1%)
Marketing - - 2 (2%) 119M (< 1%)
Manufacturing - - 2 (2%) -
Marine 2 (8%) - 2 (2%) -
Packaging 1 (4%) - 2 (2%) -
Technology Hardware - - 2 (2%) -
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 (1%) 2.1B (1%)
Transportation 1 (4%) 1.0B (15%) 1 (1%) 1.0B (1%)
Agriculture 1 (4%) 880M (14%) 1 (1%) 880M (1%)
Automotive - - 1 (1%) 181M (< 1%)
Environmental - - 1 (1%) 134M (< 1%)
Building Materials - - 1 (1%) -
Digital Media - - 1 (1%) -
Distribution 1 (4%) - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Furniture - - 1 (1%) -
Infrastructure - - 1 (1%) -
Medical Products - - 1 (1%) -
Plastics - - 1 (1%) -
Publishing - - 1 (1%) -
Safety/Security 1 (4%) - 1 (1%) -
Total 24 $6.5B 133 $141.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (42%) 4.6B (71%) 81 (61%) 113.5B (80%)
  Texas 2 (8%) - 11 (8%) 23.5B (17%)
  California - - 8 (6%) 8.3B (6%)
  Florida - - 7 (5%) 3.4B (2%)
  Massachusetts - - 6 (5%) 2.0B (1%)
  Connecticut 3 (13%) - 5 (4%) -
  Illinois 2 (8%) 4.4B (68%) 5 (4%) 17.7B (12%)
  Maryland 1 (4%) - 5 (4%) 634M (< 1%)
  New York - - 5 (4%) -
  New Jersey - - 4 (3%) 1.2B (1%)
  North Carolina - - 4 (3%) 134M (< 1%)
  Georgia 1 (4%) 214M (3%) 3 (2%) 214M (< 1%)
  Nevada - - 3 (2%) 30.7B (22%)
  Virginia - - 3 (2%) -
  Colorado - - 2 (2%) 294M (< 1%)
  Minnesota - - 2 (2%) 143M (< 1%)
  Washington 1 (4%) - 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 2 (8%) - 13 (10%) 11.7B (8%)
Germany 1 (4%) - 5 (4%) 3.1B (2%)
Canada 3 (13%) - 4 (3%) -
  Ontario 1 (4%) - 2 (2%) -
  Quebec 1 (4%) - 1 (1%) -
  Alberta 1 (4%) - 1 (1%) -
Netherlands - - 4 (3%) 2.4B (2%)
South Africa 2 (8%) - 3 (2%) 1.2B (1%)
Australia 2 (8%) 880M (14%) 3 (2%) 1.2B (1%)
Belgium - - 3 (2%) 181M (< 1%)
Italy 1 (4%) - 2 (2%) 2.9B (2%)
Bermuda 1 (4%) 1.0B (15%) 2 (2%) 1.0B (1%)
Sweden - - 2 (2%) 118M (< 1%)
Spain - - 2 (2%) -
China 1 (4%) - 1 (1%) -
Singapore 1 (4%) - 1 (1%) -
France - - 1 (1%) 2.4B (2%)
Japan - - 1 (1%) 2.1B (1%)
Ireland - - 1 (1%) -
Israel - - 1 (1%) -
Poland - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 10 (42%) 4.6B (71%) 81 (61%) 113.5B (80%)
Cross-border 14 (58%) 1.9B (29%) 51 (39%) 28.2B (20%)
Total 24 $6.5B 132 $141.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (29%) 4.4B (68%) 27 (20%) 15.4B (11%)
Buyout (LBO, MBO, MBI) 9 (38%) 1.9B (29%) 26 (20%) 19.4B (14%)
Growth Capital 3 (13%) - 20 (15%) -
Venture 1 (4%) - 19 (14%) 30M (< 1%)
Going Private - - 18 (14%) 83.6B (61%)
Divestiture 1 (4%) 214M (3%) 8 (6%) 7.7B (6%)
Recapitalization 2 (8%) - 7 (5%) 2.0B (1%)
PIPE 1 (4%) - 3 (2%) -
Consolidation - - 2 (2%) 9.5B (7%)
Stake Purchase - - 2 (2%) -
Add-on Acquisition - - 1 (1%) -
Total 24 $6.5B 133 $137.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 27 (26%) 14.2B (18%)
Trade Sale - Public Company 26 (25%) 54.3B (68%)
Trade Sale 22 (21%) 9.5B (12%)
IPO 21 (20%) -
Merger 3 (3%) 2.0B (3%)
Bankruptcy 2 (2%) -
Recapitalization 1 (1%) -
Stake Sale 1 (1%) -
Unknown 1 (1%) -
Total 104 $79.9B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
3
Bank of America Merrill Lynch (BofA Securities)
2
Citigroup Investment Banking
2
Legal Deals
Skadden, Arps, Slate, Meagher & Flom LLP
1
Herbert Smith Freehills
1
Debevoise & Plimpton LLP
1

Deal Values

buy # Total
> $1B 25 $136.6B
$100M to $1B 15 $5.0B
< $100M 4 $104M
TOTAL $141.7B
Largest Caesars Entertainment Corp. (old)
$30.7B (2008-01-01)
sell # Total
> $1B 18 $72.2B
$100M to $1B 14 $7.6B
< $100M 3 $167M
TOTAL $79.9B
Largest Nycomed Pharma AG
$10.8B (2011-05-19)

M&A Connections

Deals
Acquired from
Investor(s)
22%
29 (22%)
Strategic(s)
7%
9 (7%)
Exited to
Investor(s)
27%
28 (27%)
Strategic(s)
47%
49 (47%)

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