HgCapital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, HgCapital has acquired 2 companies. It has also invested in 4 others.

HgCapital’s most common sectors for investment are software (24%) and internet software and services (12%). The Firm’s most common investment types include secondary buyout (34%) and buyout (lbo, mbo, mbi) (23%). In total, HgCapital has invested in 5 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired P&I Personal & Informatik AG for $2.3B.

In the last 3 years, HgCapital has exited 10 companies. The Firm’s most common exit type is trade sale (53%). HgCapital’s largest (disclosed) exit occurred in 2010 when it sold Visma Oy for $1.3B.

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M&A Summary

  • M&A Total Activity172
    • M&A Buy Activity107
    • M&A Sell Activity65
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 50
  • M&A Advisors 40

HgCapital

2 More London Riverside,
London, SE1 2AP
United Kingdom
+44 (0)20 7089 7888
www.hgcapital.com
info@hgcapital.com

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.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Environmental, Food, Furniture, Gaming, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, South US, United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (5.4/yr) # 80 13 1 7 4 2 107
vol $6.0B $255M $2.3B $8.5B
Sell (3.8/yr) # 46 5 6 7 1 - 65
vol $7.8B $267M $1.9B $631M $10.6B
  172

Most Recent M&A

Company Date Value Type
smartTrade Technologies 2020-02-07 - Stake Purchase
Aix-en-Provence, France · www.smart-trade.net
Intelerad Medical Systems, Inc. 2020-01-23 - Secondary Buyout
Montreal, Quebec · www.intelerad.com
P&I Personal & Informatik AG (P&I) 2019-12-23 2.3B EUR Secondary Buyout
Wiesbaden, Germany · www.pi-ag.com
TransIP Group 2019-06-12 - Buyout (LBO, MBO, MBI)
Leiden, Netherlands · www.transip.eu
Litera Corp. 2019-05-07 - Secondary Buyout
Chicago, Illinois · www.litera.com
The Foundry Visionmongers Ltd. 2019-03-18 631M GBP Add-on Acquisition
London, United Kingdom · www.foundry.com
Transporeon GmbH 2019-01-29 - Secondary Buyout
Ulm, Germany · www.transporeon.com
Combell nv 2018-12-21 - Secondary Buyout
Ghent, Belgium · www.combell.com
Atlas Knowledge Ltd. 2018-11-08 - Trade Sale
Aberdeen, United Kingdom · www.atlasinteractive.com
Lumesse Ltd. 2018-10-01 - Add-on Acquisition
Bedfordshire, United Kingdom · www.lumesse.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Mitratech Holdings, Inc. 2015-09-15 CMPG LLC 2020-06-22 5
Austin, Texas · www.mitratech.com Blue Ash, Ohio · www.cmpg.com
Access Group 2015-01-19 Eclipse (Hardware) Ltd. 2020-06-19 9
London, United Kingdom · www.theaccessgroup.com Bradford, United Kingdom · www.eclipselegal.co.uk
Visma Oy 2010-09-25 Zetech S.A. 2020-05-12 49
Oslo, Norway · www.visma.com Buenos Aires, Brazil · www.zetech.com
Visma Oy 2010-09-25 Nmbrs BV 2020-05-12 48
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.nmbrs.com
Access Group 2015-01-19 CoreHR Ltd. 2020-03-05 8
London, United Kingdom · www.theaccessgroup.com Cork, Ireland · www.corehr.com
Visma Oy 2010-09-25 Onguard Holding 2020-02-20 47
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.onguard.com
Mitratech Holdings, Inc. 2015-09-15 Cluster Seven Services Ltd. 2020-01-29 4
Austin, Texas · www.mitratech.com London, United Kingdom · www.clusterseven.com
Visma Oy 2010-09-25 Circle Software Ltd. 2020-01-16 46
Oslo, Norway · www.visma.com Christchurch, New Zealand · www.circlepos.com
Access Group 2015-01-19 People HR 2019-11-20 7
London, United Kingdom · www.theaccessgroup.com Epworth, United Kingdom · www.peoplehr.com
Access Group 2015-01-19 The Payroll Service Co. Ltd. 2019-11-20 6
London, United Kingdom · www.theaccessgroup.com Cambridge, United Kingdom · www.pscpayroll.com

M&A by Sector

Sector Current # Value All-time # Value
Software 13 (30%) 3.2B (62%) 26 (24%) 4.5B (46%)
Internet Software and Services 6 (14%) - 13 (12%) 240M (2%)
Information Technology 8 (18%) 1.3B (26%) 11 (10%) 1.9B (19%)
Business Services 6 (14%) 236M (5%) 11 (10%) 236M (2%)
Healthcare Services 2 (5%) 363M (7%) 6 (6%) 363M (4%)
Renewable Energy 3 (7%) - 4 (4%) -
Distribution - - 3 (3%) 664M (7%)
Electronics - - 3 (3%) 130M (1%)
Staffing 1 (2%) - 3 (3%) -
Machinery - - 2 (2%) 231M (2%)
Automotive - - 2 (2%) 190M (2%)
Media - - 2 (2%) 129M (1%)
Publishing 1 (2%) - 2 (2%) 115M (1%)
Insurance 2 (5%) - 2 (2%) -
Test/Measurement Equipment - - 2 (2%) -
Manufacturing - - 1 (1%) 366M (4%)
Apparel/Textiles - - 1 (1%) 292M (3%)
Communications - - 1 (1%) 244M (2%)
Life Science - - 1 (1%) 101M (1%)
Leisure - - 1 (1%) 62M (1%)
Infrastructure - - 1 (1%) 54M (1%)
Consumer Products - - 1 (1%) -
Consumer Services - - 1 (1%) -
Digital Media 1 (2%) - 1 (1%) -
Education - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Food - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Restaurants 1 (2%) - 1 (1%) -
Semiconductors - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 44 $5.1B 109 $9.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 16 (36%) 1.3B (25%) 52 (48%) 3.3B (33%)
Germany 6 (14%) 2.3B (44%) 19 (17%) 2.9B (29%)
Netherlands 2 (5%) - 8 (7%) 490M (5%)
Italy 4 (9%) - 5 (5%) 637M (6%)
United States 3 (7%) - 5 (5%) -
  Texas 1 (2%) - 1 (1%) -
  Massachusetts 1 (2%) - 1 (1%) -
  Illinois 1 (2%) - 1 (1%) -
  New York - - 1 (1%) -
  Florida - - 1 (1%) -
Norway 2 (5%) 1.3B (26%) 3 (3%) 1.9B (19%)
Denmark 2 (5%) - 3 (3%) -
Ireland 1 (2%) - 3 (3%) -
France 2 (5%) - 2 (2%) -
Switzerland 1 (2%) - 2 (2%) 366M (4%)
New Zealand 1 (2%) 255M (5%) 1 (1%) 255M (3%)
Canada 1 (2%) - 1 (1%) -
  Quebec 1 (2%) - 1 (1%) -
Spain 1 (2%) - 1 (1%) -
Belgium 1 (2%) - 1 (1%) -
Sweden 1 (2%) - 1 (1%) -
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Domestic 16 (36%) 1.3B (25%) 52 (48%) 3.3B (33%)
Cross-border 28 (64%) 3.8B (75%) 57 (52%) 6.6B (67%)
Total 44 $5.1B 109 $9.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 21 (48%) 4.6B (90%) 36 (33%) 6.5B (66%)
Buyout (LBO, MBO, MBI) 6 (14%) - 25 (23%) 656M (7%)
Growth Capital 10 (23%) - 17 (16%) -
Stake Purchase 4 (9%) - 13 (12%) 54M (1%)
Divestiture 2 (5%) 255M (5%) 10 (9%) 1.3B (14%)
Going Private 1 (2%) 236M (5%) 6 (6%) 1.3B (13%)
PIPE - - 1 (1%) -
Recapitalization - - 1 (1%) -
Total 44 $5.1B 109 $9.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 22 (34%) 5.7B (55%)
Trade Sale - Public Company 21 (32%) 3.2B (31%)
Trade Sale 17 (26%) 1.5B (14%)
IPO 2 (3%) -
Sold to Management 2 (3%) -
Unknown 1 (2%) -
Total 65 $10.5B

Top M&A Advisors

Financial Deals
Deloitte
 7
Rothschild Global Advisory
 4
Morgan Stanley
 4
Legal Deals
Clifford Chance LLP
 9
Linklaters LLP
 8
Hogan Lovells
 5

Deal Values

buy # Total
> $1B 2 $3.6B
$100M to $1B 20 $5.8B
< $100M 7 $449M
TOTAL $9.9B
Largest P&I Personal & Informatik AG (P&I)
$2.3B (2019-12-23)
sell # Total
> $1B 2 $2.5B
$100M to $1B 21 $7.7B
< $100M 6 $394M
TOTAL $10.6B
Largest Visma Oy
$1.3B (2010-09-25)

M&A Connections

Deals %
Acquired from
PE Firm(s)
80%
41 80%
Strategic(s)
20%
10 20%
Exited to
PE Firm(s)
45%
28 45%
Strategic(s)
55%
34 55%

Investor Summary

Size

Mega

PE Assets

9.0B GBP

Established

2000

Specialist/Generalist

Generalist

Leadership

Nic Humphries

Senior Partner

Justin von Simson

Managing Partner

Matthew Brockman

Managing Partner

Steven Batchelor

Partner

Martin Block

Director

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