HarbourVest Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HarbourVest Partners has acquired 19 companies. It has also invested in 4 others.

HarbourVest Partners’ most common sectors for investment aresoftware (13%) and information technology (12%) . The Firm’s most common investment types include secondary buyout (25%) and buyout (lbo, mbo, mbi) (18%). In total, HarbourVest Partners has invested in 30 US states and 30 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 (43%). HarbourVest Partners’ largest (disclosed) exit occurred in 2023 when it sold Triton International for $13.3B.

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M&A Summary

  • M&A Total Activity340
    • M&A Buy Activity220
    • M&A Sell Activity120
  • Total Sectors Invested 46
  • Total Countries Invested 30
  • M&A Buy/Sell Connections 195
  • 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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (6.4/yr) # 188 9 10 13 - - 220
vol $182.5B $11.8B $3.8B $7.6B $205.8B
Sell (5.0/yr) # 96 6 5 7 4 3 121
vol $77.8B $1.7B $500M $1.0B $13.3B $94.2B
  341

Most Recent M&A

Company Date Value Type
Towne Park Ltd. 2023-07-05 - Secondary Sale
Annapolis, Maryland · www.townepark.com
Elatec GmbH 2023-05-30 - Secondary Sale
Puchheim, Germany · www.elatec-rfid.com
Triton International Ltd. 2023-04-12 13.3B USD Trade Sale
Hamilton, Bermuda · www.tritoninternational.com
Lucid Holdings LLC 2022-12-29 - Trade Sale
New Orleans, Louisiana · www.luc.id
Hermetic Solutions Group 2022-11-03 - Trade Sale
Trevose, Pennsylvania · www.hermeticsolutions.com
Mercury Healthcare, Inc. 2022-06-29 - Trade Sale
Denver, Colorado · www.mercuryhealthcare.com
MEDIFOX DAN GMBH 2022-06-14 1.0B USD Trade Sale
Hildesheim, Germany · www.medifoxdan.de
Active Internet Technologies LLC 2021-12-01 - Secondary Sale
Glastonbury, Connecticut · www.finalsite.com
Consol Glass (Pty) Ltd. 2021-11-26 760M ZAR Add-on Acquisition
Johannesburg, South Africa · www.consol.co.za
Riverbed Technology, Inc. 2021-11-16 - Bankruptcy
San Francisco, California · www.riverbed.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Risk Strategies Co., Inc. 2015-10-20 First Insurance Group Ohio 2023-06-30 88
Boston, Massachusetts · www.risk-strategies.com Archbold, Ohio · www.firstinsurancegrp.com
Risk Strategies Co., Inc. 2015-10-20 Johnson Insurance Services LLC 2023-04-26 87
Boston, Massachusetts · www.risk-strategies.com , Wisconsin
Risk Strategies Co., Inc. 2015-10-20 Relation Education Services 2022-10-17 86
Boston, Massachusetts · www.risk-strategies.com Walnut Creek, California
HUB International Ltd. 2013-08-05 Quintes - Insurance Brokerage and Investment Advisory Businesses 2022-10-06 400
Chicago, Illinois · www.hubinternational.com Watsonville, California
Datavant Group 2014-10-31 Datavant Group - Curation Team 2022-08-24 1
Alpharetta, Georgia · www.datavant.com Alpharetta, Georgia
HUB International Ltd. 2013-08-05 Sandy Spring Insurance Corp. 2022-06-02 399
Chicago, Illinois · www.hubinternational.com Annapolis, Maryland · www.sandyspringbank.com/insurance/
HUB International Ltd. 2013-08-05 APEX Global Benefit Management System and Related Assets 2022-05-06 398
Chicago, Illinois · www.hubinternational.com , Illinois
Safety Holdings, Inc. 2016-04-06 Collision Management Systems Ltd. 2022-04-28 3
Denver, Colorado · www.sambasafety.com Milton Keynes, United Kingdom · www.c-m-s.tech
Sykes Cottages Ltd. 2019-10-28 Forest Holidays Ltd. 2022-04-08 1
Cheshire, United Kingdom · www.sykescottages.co.uk Moira, United Kingdom · www.forestholidays.co.uk
HUB International Ltd. 2013-08-05 Chun-Ha Insurance Services, Inc. 2022-04-04 397
Chicago, Illinois · www.hubinternational.com Garden Grove, California · www.chunha.com

M&A by Sector

Sector Current # Value All-time # Value
Software 9 (10%) 1.6B (3%) 27 (12%) 18.9B (9%)
Information Technology 8 (9%) 2.5B (4%) 25 (11%) 3.3B (2%)
Internet Software and Services 12 (13%) 3.0B (5%) 17 (8%) 3.2B (2%)
Financial Services 9 (10%) 5.0B (8%) 15 (7%) 15.9B (8%)
Communications 2 (2%) 402M (1%) 13 (6%) 3.6B (2%)
Healthcare Services 5 (5%) 10.6B (17%) 12 (5%) 13.5B (7%)
Insurance 6 (6%) 6.0B (10%) 11 (5%) 16.6B (8%)
Business Services 3 (3%) - 10 (5%) -
Life Science 4 (4%) 614M (1%) 8 (4%) 3.3B (2%)
Chemicals 3 (3%) 13.4B (22%) 6 (3%) 17.5B (8%)
Retail 3 (3%) 6.9B (11%) 5 (2%) 8.7B (4%)
Food 4 (4%) - 5 (2%) 5.3B (3%)
E-Commerce 2 (2%) 3.3B (5%) 4 (2%) 10.6B (5%)
Marketing 2 (2%) 1.5B (2%) 4 (2%) 1.6B (1%)
Consumer Products 3 (3%) - 4 (2%) -
Consumer Services 3 (3%) - 4 (2%) -
Information Services 1 (1%) - 3 (1%) 12.7B (6%)
Leisure 1 (1%) - 3 (1%) 2.3B (1%)
Packaging 1 (1%) 760M (1%) 3 (1%) 760M (< 1%)
Manufacturing - - 3 (1%) 214M (< 1%)
Technology Hardware - - 3 (1%) -
Gaming - - 2 (1%) 32.6B (16%)
Semiconductors - - 2 (1%) 17.6B (9%)
Transportation 1 (1%) 3.7B (6%) 2 (1%) 4.7B (2%)
Test/Measurement Equipment 1 (1%) 780M (1%) 2 (1%) 3.5B (2%)
Aerospace 1 (1%) - 2 (1%) 2.9B (1%)
Media - - 2 (1%) 2.4B (1%)
Restaurants 1 (1%) - 2 (1%) 2.1B (1%)
Machinery - - 2 (1%) 815M (< 1%)
Distribution 2 (2%) - 2 (1%) -
Electrical Equipment 1 (1%) - 2 (1%) -
Marine 1 (1%) - 2 (1%) -
Agriculture 1 (1%) 880M (1%) 1 (< 1%) 880M (< 1%)
Automotive - - 1 (< 1%) 181M (< 1%)
Environmental - - 1 (< 1%) 134M (< 1%)
Building Materials - - 1 (< 1%) -
Digital Media - - 1 (< 1%) -
Education 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Furniture - - 1 (< 1%) -
Infrastructure - - 1 (< 1%) -
Medical Products - - 1 (< 1%) -
Metals/Mining 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Renewable Energy 1 (1%) - 1 (< 1%) -
Safety/Security - - 1 (< 1%) -
Total 94 $60.9B 221 $205.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 52 (55%) 25.6B (42%) 131 (60%) 137.0B (67%)
  Texas 9 (10%) 4.1B (7%) 20 (9%) 27.6B (13%)
  California 9 (10%) 6.0B (10%) 18 (8%) 16.6B (8%)
  New York 5 (5%) - 11 (5%) 12.7B (6%)
  Massachusetts 3 (3%) 7.7B (13%) 9 (4%) 9.7B (5%)
  Florida 3 (3%) - 9 (4%) 3.4B (2%)
  Illinois 2 (2%) 4.4B (7%) 5 (2%) 17.7B (9%)
  North Carolina 1 (1%) - 5 (2%) 134M (< 1%)
  Connecticut 1 (1%) - 5 (2%) -
  Maryland - - 5 (2%) 634M (< 1%)
  Ohio 3 (3%) - 4 (2%) 815M (< 1%)
  Colorado 2 (2%) - 4 (2%) 294M (< 1%)
  Nevada 1 (1%) - 4 (2%) 30.7B (15%)
  Virginia 1 (1%) - 4 (2%) -
  New Jersey - - 4 (2%) 1.2B (1%)
  Tennessee 2 (2%) - 3 (1%) -
  Minnesota 1 (1%) - 3 (1%) 143M (< 1%)
  Georgia 1 (1%) - 3 (1%) -
  Michigan 1 (1%) - 2 (1%) -
  Pennsylvania - - 2 (1%) 11.4B (6%)
  Missouri 1 (1%) 2.0B (3%) 1 (< 1%) 2.0B (1%)
  Arkansas 1 (1%) 1.5B (2%) 1 (< 1%) 1.5B (1%)
  Washington 1 (1%) - 1 (< 1%) -
  Oregon 1 (1%) - 1 (< 1%) -
  Oklahoma 1 (1%) - 1 (< 1%) -
  Kansas 1 (1%) - 1 (< 1%) -
  Alabama 1 (1%) - 1 (< 1%) -
  New Hampshire - - 1 (< 1%) 390M (< 1%)
  Wisconsin - - 1 (< 1%) 214M (< 1%)
  Louisiana - - 1 (< 1%) -
  Delaware - - 1 (< 1%) -
United Kingdom 9 (10%) 1.6B (3%) 19 (9%) 13.4B (7%)
Germany - - 8 (4%) 3.1B (2%)
Canada 5 (5%) - 7 (3%) -
  Ontario 2 (2%) - 4 (2%) -
  British Columbia 1 (1%) - 1 (< 1%) -
  Alberta 1 (1%) - 1 (< 1%) -
  Quebec 1 (1%) - 1 (< 1%) -
Netherlands 3 (3%) 11.4B (19%) 7 (3%) 13.7B (7%)
France 3 (3%) - 4 (2%) 2.4B (1%)
Australia 2 (2%) 880M (1%) 4 (2%) 1.2B (1%)
Belgium 1 (1%) - 4 (2%) 181M (< 1%)
India 3 (3%) - 3 (1%) -
South Africa 2 (2%) 760M (1%) 3 (1%) 2.0B (1%)
Italy 1 (1%) - 3 (1%) 2.9B (1%)
Spain 1 (1%) 2.0B (3%) 3 (1%) 2.0B (1%)
Bermuda 1 (1%) - 3 (1%) 1.0B (< 1%)
Sweden 1 (1%) - 3 (1%) 118M (< 1%)
Switzerland 1 (1%) 10.6B (17%) 2 (1%) 10.6B (5%)
Poland 1 (1%) 3.3B (5%) 2 (1%) 3.3B (2%)
Israel 1 (1%) - 2 (1%) -
South Korea 1 (1%) 3.7B (6%) 1 (< 1%) 3.7B (2%)
Finland 1 (1%) 614M (1%) 1 (< 1%) 614M (< 1%)
Norway 1 (1%) 402M (1%) 1 (< 1%) 402M (< 1%)
China 1 (1%) - 1 (< 1%) -
Kenya 1 (1%) - 1 (< 1%) -
New Zealand 1 (1%) - 1 (< 1%) -
Romania 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 5.0B (2%)
Japan - - 1 (< 1%) 2.1B (1%)
Channel Islands - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Singapore - - 1 (< 1%) -
Domestic 52 (55%) 25.6B (42%) 131 (60%) 137.0B (67%)
Cross-border 42 (45%) 35.2B (58%) 89 (40%) 67.6B (33%)
Total 94 $60.9B 220 $204.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (29%) 10.1B (17%) 54 (24%) 21.1B (10%)
Buyout (LBO, MBO, MBI) 17 (18%) 4.6B (8%) 38 (17%) 23.1B (11%)
Growth Capital 14 (15%) - 30 (14%) -
Going Private 7 (7%) 11.9B (20%) 27 (12%) 104.0B (52%)
Venture 4 (4%) - 23 (10%) 30M (< 1%)
Divestiture 7 (7%) 25.2B (41%) 15 (7%) 32.9B (16%)
Recapitalization 3 (3%) - 11 (5%) 2.0B (1%)
Add-on Acquisition 9 (10%) 9.0B (15%) 10 (5%) 9.0B (4%)
Stake Purchase 5 (5%) - 7 (3%) -
PIPE - - 3 (1%) -
Consolidation - - 2 (1%) 9.5B (5%)
Merger 1 (1%) - 1 (< 1%) -
Total 94 $60.9B 221 $201.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 33 (27%) 14.2B (15%)
Trade Sale - Public Company 29 (24%) 68.6B (73%)
Trade Sale 25 (21%) 9.5B (10%)
IPO 21 (17%) -
Merger 7 (6%) 2.0B (2%)
Bankruptcy 3 (2%) -
Recapitalization 1 (1%) -
SPAC 1 (1%) -
Stake Sale 1 (1%) -
Total 121 $94.2B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 3
Citigroup Investment Banking
 2
BofA Securities
 2
Legal Deals
Cleary Gottlieb Steen & Hamilton
 1
Simpson Thacher & Bartlett
 1
Ropes & Gray
 1

Deal Values

buy # Total
> $1B 41 $197.7B
$100M to $1B 20 $7.9B
< $100M 6 $228M
TOTAL $205.8B
Largest Caesars Entertainment Corp. (old)
$30.7B (2008-01-01)
sell # Total
> $1B 20 $86.5B
$100M to $1B 14 $7.6B
< $100M 3 $167M
TOTAL $94.2B
Largest Triton International Ltd.
$13.3B (2023-04-12)

M&A Connections

Deals
Acquired from
Investor(s)
33%
72 (33%)
Strategic(s)
8%
17 (8%)
Exited to
Investor(s)
27%
33 (27%)
Strategic(s)
48%
58 (48%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

86.0B USD

Established

1978

Specialist/Generalist

Generalist

Leadership

Alex Rogers

Managing Director

Amanda Outerbridge

Managing Director

Brett Gordon

Managing Director

Carolina Espinal

Managing Director

Corentin du Roy

Managing Director

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