HgCapital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HgCapital has acquired 14 companies. It has also invested in 12 others.

HgCapital’s most common sectors for investment aresoftware (28%) and internet software and services (15%) . The Firm’s most common investment types include secondary buyout (33%) and buyout (lbo, mbo, mbi) (21%). In total, HgCapital has invested in 8 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 11 companies. The Firm’s most common exit type is trade sale (49%). 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 Activity207
    • M&A Buy Activity127
    • M&A Sell Activity80
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 62
  • M&A Advisors 47

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (7.0/yr) # 92 10 6 9 10 - 127
vol $6.2B $255M $2.3B $1.6B $10.2B
Sell (4.2/yr) # 59 10 4 5 2 - 80
vol $10.0B $631M $10.6B
  207

Most Recent M&A

Company Date Value Type
Fonds Finanz Maklerservice GmbH 2021-12-10 - Growth Capital
Munich, Germany · www.fondsfinanz.de
Serrala Group GmbH 2021-08-26 - Secondary Buyout
Hamburg, Germany · www.serrala.com
Riskalyze, Inc. 2021-08-25 - Recapitalization
Auburn, California · www.riskalyze.com
MDT Software, Inc. 2021-08-04 - Growth Capital
Alpharetta, Georgia · www.mdt-software.com
Revalize, Inc. 2021-06-29 - Buyout (LBO, MBO, MBI)
Jacksonville, Florida · www.revalizesoftware.com
Mitratech Holdings, Inc. 2021-05-18 1.6B USD Secondary Buyout
Austin, Texas · www.mitratech.com
EidosMedia SpA 2021-05-04 - Secondary Buyout
Milan, Italy · www.eidosmedia.com
Auvesy GmbH & Co. KG 2021-04-16 - Secondary Buyout
Landau, Germany · www.auvesy.com
Trace One SA 2021-03-24 - Secondary Buyout
Paris, France · www.traceone.com
Trackunit ApS 2021-03-24 - Secondary Buyout
Aalborg, Denmark · www.trackunit.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
IRIS Software Group Ltd. 2011-11-16 Invu Services Ltd. 2021-11-22 1
Berkshire, United Kingdom · www.iris.co.uk Northampton, United Kingdom · www.invu.net
Revalize, Inc. 2021-06-29 Procad GmbH & Co. KG 2021-11-17 8
Jacksonville, Florida · www.revalizesoftware.com Karlsruhe, Germany · www.pro-file.com
Revalize, Inc. 2021-06-29 TENADO GmbH 2021-11-17 7
Jacksonville, Florida · www.revalizesoftware.com Bochum, Germany · www.tenado.de
insightsoftware, Inc. 2018-06-14 Magnitude Software, Inc. 2021-10-28 12
Raleigh, North Carolina · www.insightsoftware.com Austin, Texas · www.magnitude.com
Revalize, Inc. 2021-06-29 Sofon B.V. 2021-10-05 6
Jacksonville, Florida · www.revalizesoftware.com Son, Netherlands · www.sofon.com
Access Group 2015-01-19 Servelec Ltd. 2021-09-01 11
London, United Kingdom · www.theaccessgroup.com Sheffield, United Kingdom · www.servelec.co.uk
Revalize, Inc. 2021-06-29 Attainia, Inc. 2021-08-31 5
Jacksonville, Florida · www.revalizesoftware.com Scottsdale, Arizona · www.attainia.com
Revalize, Inc. 2021-06-29 MicroD LLC 2021-08-31 4
Jacksonville, Florida · www.revalizesoftware.com Charlotte, North Carolina · www.microdinc.com
Sovos Compliance LLC 2016-01-19 Saphety Level - Trusted Services S.A. 2021-07-07 13
Wilmington, Massachusetts · www.sovos.com Lisbon, Portugal · www.saphety.com
Lyniate 2020-02-19 Datica Integration Business 2021-04-27 3
Boston, Massachusetts · www.lyniate.com Minneapolis, Minnesota

M&A by Sector

Sector Current # Value All-time # Value
Software 20 (43%) 4.5B (92%) 35 (27%) 6.1B (59%)
Internet Software and Services 8 (17%) - 19 (15%) 240M (2%)
Information Technology 8 (17%) - 13 (10%) 588M (6%)
Business Services 4 (9%) - 13 (10%) 77M (1%)
Healthcare Services - - 6 (5%) 363M (4%)
Renewable Energy 2 (4%) - 4 (3%) -
Distribution - - 3 (2%) 664M (6%)
Insurance 2 (4%) 385M (8%) 3 (2%) 385M (4%)
Electronics - - 3 (2%) 130M (1%)
Machinery - - 2 (2%) 231M (2%)
Automotive - - 2 (2%) 190M (2%)
Publishing 1 (2%) - 2 (2%) 115M (1%)
Consumer Services - - 2 (2%) -
Staffing - - 2 (2%) -
Technology Hardware 1 (2%) - 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%)
Media - - 1 (1%) 52M (1%)
Consumer Products - - 1 (1%) -
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Food - - 1 (1%) -
Information Services 1 (2%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Restaurants - - 1 (1%) -
Semiconductors - - 1 (1%) -
Total 47 $4.8B 129 $10.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 11 (23%) 1.0B (21%) 53 (41%) 3.4B (34%)
Germany 10 (21%) 2.3B (47%) 25 (19%) 2.9B (28%)
United States 10 (21%) 1.6B (32%) 12 (9%) 1.6B (15%)
  New York 2 (4%) - 3 (2%) -
  Massachusetts 2 (4%) - 2 (2%) -
  Florida 1 (2%) - 2 (2%) -
  Texas 1 (2%) 1.6B (32%) 1 (1%) 1.6B (15%)
  Illinois 1 (2%) - 1 (1%) -
  Georgia 1 (2%) - 1 (1%) -
  California 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
Netherlands - - 7 (5%) 490M (5%)
Canada 4 (9%) - 4 (3%) -
  Ontario 2 (4%) - 2 (2%) -
  Quebec 1 (2%) - 1 (1%) -
  Alberta 1 (2%) - 1 (1%) -
Norway 3 (6%) - 4 (3%) 588M (6%)
Italy 1 (2%) - 4 (3%) 637M (6%)
Ireland 1 (2%) - 4 (3%) -
France 2 (4%) - 3 (2%) -
Belgium 2 (4%) - 3 (2%) -
Denmark 2 (4%) - 3 (2%) -
Switzerland - - 2 (2%) 366M (4%)
Spain 1 (2%) - 1 (1%) -
New Zealand - - 1 (1%) 255M (2%)
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Sweden - - 1 (1%) -
Domestic 11 (23%) 1.0B (21%) 53 (41%) 3.4B (34%)
Cross-border 36 (77%) 3.8B (79%) 76 (59%) 6.8B (66%)
Total 47 $4.8B 129 $10.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 19 (40%) 4.8B (100%) 42 (33%) 7.1B (70%)
Buyout (LBO, MBO, MBI) 5 (11%) - 27 (21%) 656M (6%)
Growth Capital 13 (28%) - 25 (19%) -
Stake Purchase 4 (9%) - 12 (9%) 54M (1%)
Divestiture 1 (2%) - 10 (8%) 1.3B (13%)
Going Private - - 6 (5%) 1.0B (10%)
Consolidation 4 (9%) - 4 (3%) -
Recapitalization 1 (2%) - 2 (2%) -
PIPE - - 1 (1%) -
Total 47 $4.8B 129 $10.2B

Exits by Deal Type

Type Total # Value
Secondary Sale 27 (34%) 5.7B (55%)
Trade Sale 22 (28%) 1.5B (14%)
Trade Sale - Public Company 21 (26%) 3.2B (31%)
Merger 4 (5%) -
IPO 2 (3%) -
Sold to Management 2 (3%) -
Bankruptcy 1 (1%) -
Unknown 1 (1%) -
Total 80 $10.5B

Top M&A Advisors

Financial Deals
Deloitte
7
Rothschild Global Advisory
4
Close Brothers Group plc
3
Legal Deals
Clifford Chance LLP
9
Linklaters LLP
6
Hogan Lovells
5

Deal Values

buy # Total
> $1B 2 $3.8B
$100M to $1B 20 $6.0B
< $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)
35%
45 (35%)
Strategic(s)
8%
10 (8%)
Exited to
Investor(s)
33%
26 (33%)
Strategic(s)
54%
43 (54%)

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