HarbourVest Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, HarbourVest Partners has invested in 2 companies.

HarbourVest Partners’ most common sectors for investment are information technology (13%) and software (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (21%) and secondary buyout (19%). In total, HarbourVest Partners has invested in 23 US states and 22 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 (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 Activity228
    • M&A Buy Activity131
    • M&A Sell Activity97
  • Total Sectors Invested 43
  • Total Countries Invested 22
  • M&A Buy/Sell Connections 170
  • 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 (0.8/yr) # 127 - 2 1 1 - 131
vol $140.6B $140.6B
Sell (5.0/yr) # 72 8 9 2 5 1 97
vol $59.3B $11.1B $7.1B $1.2B $1.7B $80.4B
  228

Most Recent M&A

Company Date Value Type
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
ABILITY Network, Inc. 2018-03-07 1.2B USD Add-on Acquisition
Minneapolis, Minnesota · www.abilitynetwork.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 ivari - MGA Assets 2020-07-02 256
Chicago, Illinois · www.hubinternational.com Toronto, Ontario
HUB International Ltd. 2013-08-05 The Clements Agency, Inc. 2020-06-08 255
Chicago, Illinois · www.hubinternational.com Tucson, Arizona · www.clementsinsurance.com
HUB International Ltd. 2013-08-05 HB Consultants 2020-06-03 254
Chicago, Illinois · www.hubinternational.com Calgary, Alberta · www.hbconsultants.ca
HUB International Ltd. 2013-08-05 J.M. Rose Insurance Agency Ltd. 2020-06-02 253
Chicago, Illinois · www.hubinternational.com Toronto, Ontario · www.usefulideas.com
HUB International Ltd. 2013-08-05 Lashua-LaChance & Poliks Insurance Agency, Inc. 2020-05-15 252
Chicago, Illinois · www.hubinternational.com Gardner, Massachusetts · www.lashua-lachance.com
HUB International Ltd. 2013-08-05 Hatchett Insurance Agency LLC 2020-05-14 251
Chicago, Illinois · www.hubinternational.com Winchester, Tennessee · www.hatchettinsurance.com
HUB International Ltd. 2013-08-05 Vestas Damage Insurance Firm, Inc. 2020-05-13 250
Chicago, Illinois · www.hubinternational.com Montreal, Quebec · www.vestasassurance.com
HUB International Ltd. 2013-08-05 Vestas Financial Services Firm, Inc. 2020-05-13 249
Chicago, Illinois · www.hubinternational.com Montreal, Quebec · www.vestasassurance.com
HUB International Ltd. 2013-08-05 The Healy Group, Inc. - Employee Benefits Division 2020-05-12 248
Chicago, Illinois · www.hubinternational.com South Bend, Indiana
HUB International Ltd. 2013-08-05 The B&G Group, Inc. 2020-05-11 247
Chicago, Illinois · www.hubinternational.com Plainview, New York · www.thebggroup.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (6%) - 16 (12%) 797M (1%)
Software 3 (10%) - 15 (11%) 13.5B (10%)
Communications 1 (3%) - 11 (8%) 2.0B (1%)
Healthcare Services 3 (10%) - 8 (6%) 2.9B (2%)
Business Services 2 (6%) - 8 (6%) -
Financial Services 2 (6%) - 7 (5%) 5.9B (4%)
Insurance 1 (3%) 4.4B (49%) 6 (5%) 15.1B (11%)
Internet Software and Services 2 (6%) 294M (3%) 5 (4%) 545M (< 1%)
Chemicals 2 (6%) - 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 (6%) - 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%)
Technology Hardware 1 (3%) 15M (< 1%) 2 (2%) 15M (< 1%)
Manufacturing - - 2 (2%) -
Marine 2 (6%) - 2 (2%) -
Publishing 1 (3%) - 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%) -
Safety/Security 1 (3%) - 1 (1%) -
Staffing - - 1 (1%) -
Total 31 $8.9B 132 $140.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (52%) 4.9B (55%) 80 (61%) 112.3B (80%)
  Texas 2 (6%) - 11 (8%) 23.5B (17%)
  Florida 3 (10%) - 7 (5%) 3.4B (2%)
  New York 1 (3%) - 7 (5%) -
  California - - 7 (5%) 8.3B (6%)
  Massachusetts - - 6 (5%) 2.0B (1%)
  Illinois 2 (6%) 4.4B (49%) 5 (4%) 17.7B (13%)
  Maryland 1 (3%) - 5 (4%) 634M (< 1%)
  Connecticut 3 (10%) - 4 (3%) -
  North Carolina - - 4 (3%) 134M (< 1%)
  Georgia 1 (3%) 214M (2%) 3 (2%) 214M (< 1%)
  New Jersey 1 (3%) 15M (< 1%) 3 (2%) 35M (< 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 (6%) - 3 (2%) 1.2B (1%)
Australia 2 (6%) 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%) -
Luxembourg - - 1 (1%) -
Poland - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 16 (52%) 4.9B (55%) 80 (61%) 112.3B (80%)
Cross-border 15 (48%) 4.0B (45%) 51 (39%) 28.2B (20%)
Total 31 $8.9B 131 $140.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (29%) 1.9B (21%) 27 (20%) 19.4B (14%)
Secondary Buyout 5 (16%) 4.4B (49%) 25 (19%) 15.4B (11%)
Growth Capital 8 (26%) - 21 (16%) -
Going Private 1 (3%) 294M (3%) 18 (14%) 83.6B (61%)
Venture 2 (6%) 15M (< 1%) 18 (14%) 45M (< 1%)
Divestiture 3 (10%) 2.3B (26%) 8 (6%) 7.7B (6%)
Recapitalization 2 (6%) - 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 31 $8.9B 132 $137.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 28 (29%) 15.2B (19%)
Trade Sale - Public Company 25 (26%) 54.3B (67%)
IPO 19 (20%) -
Trade Sale 17 (18%) 9.0B (11%)
Merger 4 (4%) 2.0B (2%)
Bankruptcy 2 (2%) -
Recapitalization 1 (1%) -
Stake Sale 1 (1%) -
Total 97 $80.4B

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 5 $119M
TOTAL $140.6B
Largest Caesars Entertainment Corp.
$30.7B (2008-01-01)
sell # Total
> $1B 19 $73.2B
$100M to $1B 13 $7.1B
< $100M 3 $167M
TOTAL $80.4B
Largest Nycomed Pharma AG
$10.8B (2011-05-19)

M&A Connections

Deals %
Acquired from
PE Firm(s)
78%
38 78%
Strategic(s)
22%
11 22%
Exited to
PE Firm(s)
47%
39 47%
Strategic(s)
53%
44 53%

Investor Summary

Size

Mega

PE Assets

45.0B USD

Established

1978

Specialist/Generalist

Generalist

Leadership

Alex Rogers

Managing Director

Brett Gordon

Managing Director

Carolina Espinal

Managing Director

Corentin du Roy

Managing Director

David Atterbury

Managing Director

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