HgCapital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HgCapital has acquired 12 companies. It has also invested in 5 others.

HgCapital’s most common sectors for investment aresoftware (30%) and internet software and services (14%) . The Firm’s most common investment types include secondary buyout (35%) 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 2023 when it acquired IRIS Software Group for $4.8B.

In the last 3 years, HgCapital has exited 8 companies. The Firm’s most common exit type is trade sale (48%). HgCapital’s largest (disclosed) exit occurred in 2023 when it sold IRIS Software Group for $4.8B.

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M&A Summary

  • M&A Total Activity221
    • M&A Buy Activity135
    • M&A Sell Activity86
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 64
  • M&A Advisors 47

HgCapital

HgCapital LLP

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, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic

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

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (5.4/yr) # 108 10 12 2 2 1 135
vol $8.7B $1.6B $1.7B $4.8B $16.8B
Sell (2.6/yr) # 73 5 3 3 2 - 86
vol $10.6B $3.1B $5.2B $18.9B
  221

Most Recent M&A

Company Date Value Type
Cube Content Governance Global Ltd. 2024-03-20 - Secondary Buyout
London, United Kingdom · www.cube.global
IRIS Software Group Ltd. 2023-12-23 4.8B GBP Secondary Buyout
Slough, United Kingdom · www.iris.co.uk
IRIS Software Group Ltd. 2023-12-20 4.8B GBP Secondary Sale
Slough, United Kingdom · www.iris.co.uk
Commify UK Ltd. 2023-09-05 338M EUR Secondary Sale
Nottingham, United Kingdom · www.commify.com
GTreasury SS LLC 2023-05-18 - Secondary Buyout
Buffalo Grove, Illinois · www.gtreasury.com
Transporeon GmbH 2022-12-12 2.1B EUR Trade Sale
Ulm, Germany · www.transporeon.com
TrustQuay Ltd. 2022-10-04 - Secondary Buyout
Fleet, United Kingdom · www.trustquay.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 Trade Sale
Hildesheim, Germany · www.medifoxdan.de
IT Relation A/S 2022-05-18 - Secondary Sale
Herning, Denmark · www.itm8.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Mitratech Holdings, Inc. 2021-05-18 Mineral, Inc. 2024-01-09 9
Austin, Texas · www.mitratech.com Portland, Oregon · www.trustmineral.com
Mitratech Holdings, Inc. 2021-05-18 Syntrio, Inc. 2024-01-09 8
Austin, Texas · www.mitratech.com Northbrook, Illinois · www.syntrio.com
Mitratech Holdings, Inc. 2021-05-18 The Infosoft Group LLC 2023-04-11 7
Austin, Texas · www.mitratech.com Milwaukee, Wisconsin · www.circaworks.com
Mitratech Holdings, Inc. 2021-05-18 Trakstar, Inc. 2023-04-11 6
Austin, Texas · www.mitratech.com Seattle, Washington · www.trakstar.com
Intelerad Medical Systems, Inc. 2020-01-23 lifeIMAGE, Inc. 2022-09-15 6
Montreal, Quebec · www.intelerad.com Newton, Massachusetts · www.lifeimage.com
Mitratech Holdings, Inc. 2021-05-18 talentReef, Inc. 2022-08-10 5
Austin, Texas · www.mitratech.com Denver, Colorado · www.talentreef.com
Industrial & Financial Systems IFS AB 2015-11-30 Ultimo Software Solutions bv 2022-07-05 11
Linköping, Sweden · www.ifs.com Nunspeet, Netherlands · www.ultimo.com
Visma Oy 2017-06-29 twoday 2022-06-16 3
Oslo, Norway · www.visma.com Copenhagen, Denmark · www.twoday.com
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
Waystone Management (UK) Ltd. 2021-07-01 Centaur Fund Services Ltd. 2022-03-30 2
Dublin, Ireland · www.waystone.com Dublin, Ireland · www.centaurfs.com

M&A by Sector

Sector Current # Value All-time # Value
Software 23 (46%) 10.3B (96%) 41 (30%) 12.6B (75%)
Internet Software and Services 7 (14%) - 19 (14%) 240M (1%)
Information Technology 8 (16%) - 14 (10%) 588M (4%)
Business Services 5 (10%) - 14 (10%) 77M (< 1%)
Healthcare Services - - 6 (4%) 363M (2%)
Renewable Energy 2 (4%) - 4 (3%) -
Distribution - - 3 (2%) 664M (4%)
Insurance 2 (4%) 385M (4%) 3 (2%) 385M (2%)
Electronics - - 3 (2%) 130M (1%)
Machinery - - 2 (1%) 231M (1%)
Automotive - - 2 (1%) 190M (1%)
Publishing 1 (2%) - 2 (1%) 115M (1%)
Consumer Services - - 2 (1%) -
Staffing - - 2 (1%) -
Technology Hardware 1 (2%) - 2 (1%) -
Test/Measurement Equipment - - 2 (1%) -
Manufacturing - - 1 (1%) 366M (2%)
Apparel/Textiles - - 1 (1%) 292M (2%)
Communications - - 1 (1%) 244M (1%)
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 50 $10.7B 137 $16.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 14 (28%) 6.9B (65%) 58 (42%) 10.0B (60%)
Germany 8 (16%) 2.3B (21%) 25 (18%) 2.9B (17%)
United States 11 (22%) 1.6B (14%) 13 (9%) 1.6B (9%)
  Massachusetts 2 (4%) - 2 (1%) -
  Illinois 2 (4%) - 2 (1%) -
  Georgia 2 (4%) - 2 (1%) -
  New York 1 (2%) - 2 (1%) -
  Florida 1 (2%) - 2 (1%) -
  Texas 1 (2%) 1.6B (14%) 1 (1%) 1.6B (9%)
  North Carolina 1 (2%) - 1 (1%) -
  California 1 (2%) - 1 (1%) -
Netherlands - - 7 (5%) 490M (3%)
Ireland 2 (4%) - 5 (4%) -
Canada 4 (8%) - 4 (3%) -
  Ontario 2 (4%) - 2 (1%) -
  Quebec 1 (2%) - 1 (1%) -
  Alberta 1 (2%) - 1 (1%) -
Norway 3 (6%) - 4 (3%) 588M (4%)
Italy 1 (2%) - 4 (3%) 637M (4%)
France 2 (4%) - 3 (2%) -
Belgium 2 (4%) - 3 (2%) -
Denmark 1 (2%) - 3 (2%) -
Sweden 1 (2%) - 2 (1%) -
Switzerland - - 2 (1%) 366M (2%)
Spain 1 (2%) - 1 (1%) -
New Zealand - - 1 (1%) 255M (2%)
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Domestic 14 (28%) 6.9B (65%) 58 (42%) 10.0B (60%)
Cross-border 36 (72%) 3.8B (35%) 79 (58%) 6.8B (40%)
Total 50 $10.7B 137 $16.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 20 (40%) 9.0B (84%) 47 (34%) 12.0B (71%)
Buyout (LBO, MBO, MBI) 4 (8%) - 28 (20%) 656M (4%)
Growth Capital 13 (26%) - 25 (18%) -
Stake Purchase 5 (10%) - 12 (9%) 54M (< 1%)
Divestiture 1 (2%) - 10 (7%) 1.3B (8%)
Going Private 2 (4%) 1.7B (16%) 8 (6%) 2.7B (16%)
Consolidation 4 (8%) - 4 (3%) -
Recapitalization 1 (2%) - 2 (1%) -
PIPE - - 1 (1%) -
Total 50 $10.7B 137 $16.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 31 (36%) 10.9B (58%)
Trade Sale - Public Company 23 (27%) 6.4B (34%)
Trade Sale 22 (26%) 1.5B (8%)
Merger 4 (5%) -
IPO 2 (2%) -
Sold to Management 2 (2%) -
Bankruptcy 1 (1%) -
Unknown 1 (1%) -
Total 86 $18.8B

Top M&A Advisors

Financial Deals
Deloitte
7
Rothschild Global Advisory
5
Robert W. Baird & Co., Inc.
4
Legal Deals
Clifford Chance
9
Linklaters
6
Hogan Lovells
5

Deal Values

buy # Total
> $1B 4 $10.3B
$100M to $1B 20 $6.0B
< $100M 7 $449M
TOTAL $16.8B
Largest IRIS Software Group Ltd.
$4.8B (2023-12-23)
sell # Total
> $1B 5 $10.5B
$100M to $1B 22 $8.0B
< $100M 6 $394M
TOTAL $18.9B
Largest IRIS Software Group Ltd.
$4.8B (2023-12-20)

M&A Connections

Deals
Acquired from
Investor(s)
36%
50 (36%)
Strategic(s)
7%
10 (7%)
Exited to
Investor(s)
34%
29 (34%)
Strategic(s)
52%
45 (52%)

FAQ

When was HgCapital founded?

HgCapital was founded in 2000.

What type of investor is HgCapital?

HgCapital is a private equity firm.

Where is HgCapital headquartered?

HgCapital is headquartered in London, United Kingdom.

How much capital does HgCapital have under management?

HgCapital has 65.0B USD under management.

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