HgCapital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, HgCapital has acquired 9 companies. It has also invested in 9 others.

HgCapital’s most common sectors for investment are software (25%) and internet software and services (13%). The Firm’s most common investment types include secondary buyout (33%) and buyout (lbo, mbo, mbi) (21%). 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 13 companies. The Firm’s most common exit type is trade sale (52%). 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 Activity183
    • M&A Buy Activity113
    • M&A Sell Activity70
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 52
  • M&A Advisors 45

HgCapital

2 More London Riverside,
London, SE1 2AP
United Kingdom
+44 (0)20 8396 0930
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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.8/yr) # 94 1 7 4 6 1 113
vol $6.4B $255M $2.3B $8.9B
Sell (3.8/yr) # 51 6 8 1 4 - 70
vol $8.1B $1.9B $631M $10.6B
  183

Most Recent M&A

Company Date Value Type
Prophix Software, Inc. 2021-01-06 - Growth Capital
Mississauga, Ontario · www.prophix.com
Geomatikk Group 2020-12-18 - Growth Capital
Oslo, Norway · www.geomatikk.com
The Septeo Group 2020-11-19 - Growth Capital
Lattes, France · www.septeo.fr
Eucon GmbH 2020-11-06 - Add-on Acquisition
Münster, Germany · www.eucon.de
STP Informationstechnologie AG 2020-11-02 - Secondary Buyout
Karlsruhe, Germany · www.stp-online.de
CaseWare International, Inc. 2020-10-27 - Growth Capital
Toronto, Ontario · www.caseware.com
A-Plan Ltd. 2020-09-23 - Add-on Acquisition
Witney, United Kingdom · www.aplan.co.uk
Citation Ltd. 2020-08-20 - Secondary Buyout
Wilmslow, United Kingdom · www.citation.co.uk
F24 AG 2020-07-07 - Stake Purchase
Munich, Germany · www.f24.com
smartTrade Technologies 2020-02-07 - Stake Purchase
Aix-en-Provence, France · www.smart-trade.net
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Sovos Compliance 2016-01-19 Keane’s Unclaimed Property Consulting Services and Software 2020-07-23 7
Wilmington, Massachusetts · www.sovos.com New York, New York
Access Group 2015-01-19 Eclipse (Hardware) Ltd. 2020-06-19 10
London, United Kingdom · www.theaccessgroup.com Bradford, United Kingdom · www.eclipselegal.co.uk
Access Group 2015-01-19 CoreHR Ltd. 2020-03-05 9
London, United Kingdom · www.theaccessgroup.com Cork, Ireland · www.corehr.com
Visma Oy 2010-09-25 Onguard Holding 2020-02-20 61
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.onguard.com
Mitratech Holdings, Inc. 2015-09-15 Cluster Seven Services Ltd. 2020-01-29 8
Austin, Texas · www.mitratech.com London, United Kingdom · www.clusterseven.com
Visma Oy 2010-09-25 VerzuimSignaal 2019-11-04 3
Oslo, Norway · www.visma.com Utrecht, Netherlands · www.verzuimsignaal.com
IRIS Software Group Ltd 2011-11-16 Eurowage Ltd. 2019-08-14 18
Datchet, Berkshire, United Kingdom · www.iris.co.uk London, United Kingdom · www.fmpglobal.com
IT Relation A / S 2018-06-14 Miracle 42 A/S 2019-08-12 1
Herning, Denmark · www.itrelation.dk Region Hovedstaden, Denmark
Litera Corp. 2019-05-07 Workshare Ltd. 2019-07-09 2
Chicago, Illinois · www.litera.com London, United Kingdom · www.workshare.com
Visma Oy 2010-09-25 ProLøn A/S 2019-06-24 60
Oslo, Norway · www.visma.com Randers, Denmark · www.proloen.dk

M&A by Sector

Sector Current # Value All-time # Value
Software 15 (33%) 3.2B (58%) 28 (24%) 4.5B (44%)
Internet Software and Services 7 (16%) - 14 (12%) 240M (2%)
Information Technology 8 (18%) 1.3B (24%) 12 (10%) 1.9B (19%)
Business Services 5 (11%) 236M (4%) 12 (10%) 236M (2%)
Healthcare Services 1 (2%) 363M (7%) 5 (4%) 363M (4%)
Renewable Energy 3 (7%) - 4 (3%) -
Distribution - - 3 (3%) 664M (6%)
Electronics - - 3 (3%) 130M (1%)
Staffing 1 (2%) - 3 (3%) -
Insurance 1 (2%) 385M (7%) 2 (2%) 385M (4%)
Machinery - - 2 (2%) 231M (2%)
Automotive - - 2 (2%) 190M (2%)
Media - - 2 (2%) 129M (1%)
Publishing 1 (2%) - 2 (2%) 115M (1%)
Infrastructure 1 (2%) - 2 (2%) 54M (1%)
Consumer Services - - 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%)
Consumer Products - - 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 45 $5.5B 115 $10.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 15 (33%) 1.6B (30%) 53 (46%) 3.7B (36%)
Germany 5 (11%) 2.3B (41%) 20 (17%) 2.9B (28%)
Netherlands 2 (4%) - 8 (7%) 490M (5%)
Italy 4 (9%) - 5 (4%) 637M (6%)
United States 3 (7%) - 5 (4%) -
  Texas 1 (2%) - 1 (1%) -
  Massachusetts 1 (2%) - 1 (1%) -
  Illinois 1 (2%) - 1 (1%) -
  New York - - 1 (1%) -
  Florida - - 1 (1%) -
Norway 3 (7%) 1.3B (24%) 4 (3%) 1.9B (19%)
Canada 3 (7%) - 3 (3%) -
  Ontario 2 (4%) - 2 (2%) -
  Quebec 1 (2%) - 1 (1%) -
France 3 (7%) - 3 (3%) -
Denmark 2 (4%) - 3 (3%) -
Ireland 1 (2%) - 3 (3%) -
Switzerland 1 (2%) - 2 (2%) 366M (4%)
New Zealand 1 (2%) 255M (5%) 1 (1%) 255M (2%)
Spain 1 (2%) - 1 (1%) -
Belgium 1 (2%) - 1 (1%) -
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Sweden - - 1 (1%) -
Domestic 15 (33%) 1.6B (30%) 53 (46%) 3.7B (36%)
Cross-border 30 (67%) 3.8B (70%) 62 (54%) 6.6B (64%)
Total 45 $5.5B 115 $10.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 19 (42%) 5.0B (91%) 37 (32%) 6.9B (68%)
Buyout (LBO, MBO, MBI) 5 (11%) - 24 (21%) 656M (6%)
Growth Capital 12 (27%) - 21 (18%) -
Stake Purchase 5 (11%) - 14 (12%) 54M (1%)
Divestiture 2 (4%) 255M (5%) 10 (9%) 1.3B (13%)
Going Private 1 (2%) 236M (4%) 6 (5%) 1.3B (12%)
Consolidation 1 (2%) - 1 (1%) -
PIPE - - 1 (1%) -
Recapitalization - - 1 (1%) -
Total 45 $5.5B 115 $10.2B

Exits by Deal Type

Type Total # Value
Secondary Sale 25 (36%) 5.7B (55%)
Trade Sale - Public Company 21 (30%) 3.2B (31%)
Trade Sale 19 (27%) 1.5B (14%)
IPO 2 (3%) -
Sold to Management 2 (3%) -
Unknown 1 (1%) -
Total 70 $10.5B

Top M&A Advisors

Financial Deals
Deloitte
 8
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 21 $6.2B
< $100M 7 $449M
TOTAL $10.2B
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
Investor(s)
34%
39 (34%)
Strategic(s)
9%
10 (9%)
Exited to
Investor(s)
34%
24 (34%)
Strategic(s)
51%
36 (51%)

Investor Summary

Size

Mega

PE Assets

9.0B GBP

Established

2000

Specialist/Generalist

Generalist

Leadership

Justin von Simson

Managing Partner

Matthew Brockman

Managing Partner

Nic Humphries

Senior Partner

Stephen Bough

Deputy-Chairman of Hg

Martin Block

Non-Executive Director & Member of Hg's Portfolio Team

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