HgCapital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HgCapital has acquired 11 companies. It has also invested in 11 others.

HgCapital’s most common sectors for investment aresoftware (29%) and internet software and services (14%) . The Firm’s most common investment types include secondary buyout (33%) and buyout (lbo, mbo, mbi) (22%). 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 2022 when it sold Transporeon for $2.1B.

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M&A Summary

  • M&A Total Activity214
    • M&A Buy Activity130
    • M&A Sell Activity84
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 62
  • M&A Advisors 48

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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (5.4/yr) # 103 6 9 11 1 - 130
vol $6.4B $2.3B $1.6B $1.7B $11.9B
Sell (3.0/yr) # 69 4 5 3 3 - 84
vol $10.0B $631M $3.1B $13.7B
  214

Most Recent M&A

Company Date Value Type
Transporeon GmbH 2022-12-12 2.1B EUR Add-on Acquisition
Ulm, Germany · www.transporeon.com
Ideagen Plc 2022-06-27 1.7B GBP Going Private
Ruddington, United Kingdom · www.ideagen.com
MEDIFOX DAN GMBH 2022-06-14 1.0B USD Add-on Acquisition
Hildesheim, Germany · www.medifoxdan.de
IT Relation A/S 2022-05-18 - Secondary Buyout
Herning, Denmark · www.itm8.com
Fonds Finanz Maklerservice GmbH 2021-12-10 - Growth Capital
Munich, Germany · www.fondsfinanz.de
Achilles Information Ltd. 2021-09-15 - Secondary Buyout
Abingdon, United Kingdom · www.achilles.com
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
Waystone Management (UK) Ltd. 2021-07-01 - Secondary Buyout
Dublin, Ireland · www.waystone.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
IRIS Software Group Ltd. 2011-11-16 myPay Solutions 2022-10-26 21
Berkshire, United Kingdom · www.iris.co.uk Ann Arbor, Michigan · mypaysolutions.thomsonreuters.com
Mitratech Holdings, Inc. 2021-05-18 talentReef, Inc. 2022-08-10 4
Austin, Texas · www.mitratech.com Denver, Colorado · www.talentreef.com
Visma Oy 2017-06-29 Visma - IT Consulting Business 2022-06-16 3
Oslo, Norway · www.visma.com Oslo, Norway
Howden Group Holdings Ltd. 2013-03-27 TigerRisk Partners LLC 2022-06-09 1
London, United Kingdom · www.howdengroupholdings.com Stamford, Connecticut · www.tigerrisk.com
Visma Oy 2017-06-29 Lyanthe BV 2022-03-10 41
Oslo, Norway · www.visma.com Echt, Netherlands · www.lyanthe.com
Waystone Management (UK) Ltd. 2021-07-01 KB Associates 2022-01-25 1
Dublin, Ireland · www.waystone.com Dublin, Ireland · www.kbassociates.ie
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 9
Jacksonville, Florida · www.revalizesoftware.com Karlsruhe, Germany · www.pro-file.com
Revalize, Inc. 2021-06-29 TENADO GmbH 2021-11-17 8
Jacksonville, Florida · www.revalizesoftware.com Bochum, Germany · www.tenado.de
insightsoftware, Inc. 2018-06-14 Magnitude Software, Inc. 2021-10-28 15
Raleigh, North Carolina · www.insightsoftware.com Austin, Texas · www.magnitude.com

M&A by Sector

Sector Current # Value All-time # Value
Software 22 (47%) 6.2B (94%) 38 (29%) 7.8B (65%)
Internet Software and Services 6 (13%) - 18 (14%) 240M (2%)
Business Services 5 (11%) - 14 (11%) 77M (1%)
Information Technology 7 (15%) - 13 (10%) 588M (5%)
Healthcare Services - - 6 (5%) 363M (3%)
Renewable Energy 2 (4%) - 4 (3%) -
Distribution - - 3 (2%) 664M (6%)
Insurance 2 (4%) 385M (6%) 3 (2%) 385M (3%)
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 (3%)
Apparel/Textiles - - 1 (1%) 292M (2%)
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 $6.5B 132 $11.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 12 (26%) 2.7B (42%) 54 (41%) 5.1B (43%)
Germany 8 (17%) 2.3B (34%) 25 (19%) 2.9B (24%)
United States 10 (21%) 1.6B (24%) 12 (9%) 1.6B (13%)
  New York 2 (4%) - 3 (2%) -
  Massachusetts 2 (4%) - 2 (2%) -
  Florida 1 (2%) - 2 (2%) -
  Texas 1 (2%) 1.6B (24%) 1 (1%) 1.6B (13%)
  North Carolina 1 (2%) - 1 (1%) -
  Illinois 1 (2%) - 1 (1%) -
  Georgia 1 (2%) - 1 (1%) -
  California 1 (2%) - 1 (1%) -
Netherlands - - 7 (5%) 490M (4%)
Ireland 2 (4%) - 5 (4%) -
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 (5%)
Italy 1 (2%) - 4 (3%) 637M (5%)
France 2 (4%) - 3 (2%) -
Belgium 2 (4%) - 3 (2%) -
Denmark 1 (2%) - 3 (2%) -
Sweden 1 (2%) - 2 (2%) -
Switzerland - - 2 (2%) 366M (3%)
Spain 1 (2%) - 1 (1%) -
New Zealand - - 1 (1%) 255M (2%)
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Domestic 12 (26%) 2.7B (42%) 54 (41%) 5.1B (43%)
Cross-border 35 (74%) 3.8B (58%) 78 (59%) 6.8B (57%)
Total 47 $6.5B 132 $11.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 17 (36%) 4.8B (74%) 43 (33%) 7.1B (60%)
Buyout (LBO, MBO, MBI) 5 (11%) - 28 (21%) 656M (6%)
Growth Capital 13 (28%) - 25 (19%) -
Stake Purchase 4 (9%) - 11 (8%) 54M (< 1%)
Divestiture 1 (2%) - 10 (8%) 1.3B (11%)
Going Private 2 (4%) 1.7B (26%) 8 (6%) 2.7B (23%)
Consolidation 4 (9%) - 4 (3%) -
Recapitalization 1 (2%) - 2 (2%) -
PIPE - - 1 (1%) -
Total 47 $6.5B 132 $11.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 29 (35%) 5.7B (42%)
Trade Sale - Public Company 23 (27%) 6.4B (47%)
Trade Sale 22 (26%) 1.5B (11%)
Merger 4 (5%) -
IPO 2 (2%) -
Sold to Management 2 (2%) -
Bankruptcy 1 (1%) -
Unknown 1 (1%) -
Total 84 $13.6B

Top M&A Advisors

Financial Deals
Deloitte
7
Robert W. Baird & Co., Inc.
4
Rothschild Global Advisory
4
Legal Deals
Clifford Chance LLP
9
Linklaters LLP
6
Weil Gotshal & Manges LLP
5

Deal Values

buy # Total
> $1B 3 $5.5B
$100M to $1B 20 $6.0B
< $100M 7 $449M
TOTAL $11.9B
Largest P&I Personal & Informatik AG (P&I)
$2.3B (2019-12-23)
sell # Total
> $1B 4 $5.6B
$100M to $1B 21 $7.7B
< $100M 6 $394M
TOTAL $13.7B
Largest Transporeon GmbH
$2.1B (2022-12-12)

M&A Connections

Deals
Acquired from
Investor(s)
35%
46 (35%)
Strategic(s)
8%
10 (8%)
Exited to
Investor(s)
33%
28 (33%)
Strategic(s)
54%
45 (54%)

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