M&A Deal Summary

HgCapital Acquires P&I

On November 20, 2013, private equity firm HgCapital acquired software company P&I from The Carlyle Group

Acquisition Highlights
  • This is HgCapital’s 11th transaction in the Software sector.
  • This is HgCapital’s 14th transaction in Germany.
Investment Fate
  • P&I was sold to a consortium of financial buyers in 2016.
  • P&I was sold to a consortium of financial buyers in 2019 for 2.0B EUR.

M&A Deal Summary
Date 2013-11-20
Target P&I
Sector Software
Buyer(s) HgCapital
Sellers(s) The Carlyle Group
Deal Type Secondary Buyout

Target

P&I

Wiesbaden, Germany
website
P&I is an internationally operating, full suite provider of cloud-based HR software solutions and a driver of innovation in HR technology. P&I’s scalable subscription-based platform exhibits characteristics that resonate with Hg Saturn’s core focus, with a broad, diversified and loyal customer base, and has delivered an exceptional historical operating performance. P&I was founded in 1968 and is based in Wiesbaden, Germany.

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Buyer(S) 1

Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2000
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.

DEAL STATS #
Overall 67 of 137
Sector (Software) 11 of 41
Type (Secondary Buyout) 16 of 47
Country (Germany) 14 of 25
Year (2013) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-30 Epyx

Meriden, United Kingdom

Epyx is a private electronic marketplace serving the contract automobile hire & leasing market. Epyx operates over 50 buyer schemes and hosts 11,000+ registered suppliers. The Epyx trading environment enables both customers and suppliers in the contract automobile hire & leasing market to reduce costs and increase efficiency across multiple business processes.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-09 Leasedrive Velo

Berkshire, United Kingdom

Leasedrive Velo Vehicle Management offers blue chip clients the highest quality bespoke total vehicle management service available. Working in partnership with fleet managers, or delivering a complete outsourced service, Leasedrive Velo provides a range of services including fleet management; contract hire; contract purchase; finance lease; hire purchase; personal contract purchase; plus sale and leaseback. Leasedrive Velo was founded in 1983 and is based in Berkshire, United Kingdom.

Buy -

Seller(S) 1

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 237 of 443
Sector (Software) 18 of 32
Type (Secondary Buyout) 44 of 114
Country (Germany) 4 of 11
Year (2013) 20 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 Chesapeake

Old Amersham, United Kingdom

Chesapeake is a manufacturer of value-added specialty paperboard packaging, including folding cartons, leaflets and labels for the pharmaceutical, confectionary and drinks markets, as well as rigid plastic packaging for niche markets in Europe and Africa.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-22 Numericable-SFR

Paris, France

Numericable-SFR is the cable operator providing digital television, broadband and telephony services to the residential market ('B2C'). The company also serves the enterprise market ('B2B') in France, Belgium, and Luxembourg.

Sell -
Mergr

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