HGGC Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, HGGC has acquired 8 companies. It has also invested in 1 other.

HGGC’s most common sectors for investment are internet software and services (22%) and software (22%). The Firm’s most common investment types include growth capital (31%) and secondary buyout (31%). In total, HGGC has invested in 16 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Monotype Imaging Holdings for $825M.

In the last 3 years, HGGC has exited 5 companies. The Firm’s most common exit type is trade sale (65%). HGGC’s largest (disclosed) exit occurred in 2012 when it sold Sunquest Information Systems for $1.4B.

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M&A Summary

  • M&A Total Activity47
    • M&A Buy Activity33
    • M&A Sell Activity14
  • Total Sectors Invested 12
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 14
  • M&A Advisors 11

HGGC

1950 University Avenue,
Palo Alto, California 94303
United States
(650) 321-4910
www.hggc.com
info@hgequity.com

HGGC, LLC (formerly Huntsman Gay Global Capital, LLC) focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks to invest $25 to $100 million in companies generating sales of $75 million to $1 billion. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.


Investment Criteria

Sectors of Interest: Business Services, Communications, Construction, Consumer Products, Engineering, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Insurance, Internet Software and Services, Machinery, Plastics, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 100 -
Target EBITDA 15 40
Investment Size 25 100
Enterprise Value 100 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 22 2 4 2 2 1 33
vol $831M $446M $555M $825M $2.7B
Sell (1.2/yr) # 8 1 1 1 3 - 14
vol $3.9B $540M $4.4B
  47

Most Recent M&A

Company Date Value Type
Peter C. Foy & Associates Insurance Services LLC (PCF) 2020-04-01 - Secondary Buyout
Woodland Hills, California · www.pcfoy.com
Innovative Interfaces, Inc. 2019-12-05 - Add-on Acquisition
Emeryville, California · www.iii.com
Integrity Marketing Group LLC 2019-08-28 - Recapitalization
Dallas, Texas · www.integritymarketinggroup.com
Monotype Imaging Holdings, Inc. 2019-07-26 825M USD Going Private
Woburn, Massachusetts · www.monotype.com
American Megatrends International LLC 2019-04-02 - Growth Capital
Norcross, Georgia · www.ami.com
Nutraceutical International Corp. 2019-03-25 - Stake Purchase
Park City, Utah · www.nutraceutical.com
MyWebGrocer, Inc. 2018-10-15 - Add-on Acquisition
Colchester, Vermont · www.mywebgrocer.com
RPX Corp. 2018-05-01 555M USD Going Private
San Francisco, California · www.rpxcorp.com
HelpSystems LLC 2018-04-04 - Secondary Buyout
Eden Prairie, Minnesota · www.helpsystems.com
Denodo Technologies, Inc. 2017-06-28 - Buyout (LBO, MBO, MBI)
Palo Alto, California · www.denodo.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Idera, Inc. 2014-09-10 Qubole, Inc. 2020-10-13 14
Houston, Texas · www.idera.com Santa Clara, California · www.qubole.com
Monotype Imaging Holdings, Inc. 2019-07-26 Olapic, Inc. 2020-09-29 1
Woburn, Massachusetts · www.monotype.com New York, New York · www.olapic.com
Peter C. Foy & Associates Insurance Services LLC (PCF) 2020-04-01 Avidity Insurance Services 2020-07-22 4
Woodland Hills, California · www.pcfoy.com Overland Park, Kansas · www.avidityinsurance.com
Peter C. Foy & Associates Insurance Services LLC (PCF) 2020-04-01 Moulton Insurance Agency, Inc. 2020-07-22 3
Woodland Hills, California · www.pcfoy.com Ware, Massachusetts · www.moultonins.com
Peter C. Foy & Associates Insurance Services LLC (PCF) 2020-04-01 Horizon Insurance 2020-07-22 2
Woodland Hills, California · www.pcfoy.com Bradenton, Florida · www.horizonins.net
Peter C. Foy & Associates Insurance Services LLC (PCF) 2020-04-01 First Fidelity Brokerage, Inc. 2020-07-22 1
Woodland Hills, California · www.pcfoy.com New York, New York · www.ffbinsurance.com
HelpSystems LLC 2018-04-04 TITUS, Inc. 2020-06-25 4
Eden Prairie, Minnesota · www.helpsystems.com Ottawa, Ontario · www.titus.com
HelpSystems LLC 2018-04-04 Boldon James Ltd. 2020-06-25 3
Eden Prairie, Minnesota · www.helpsystems.com Farnborough, United Kingdom · www.boldonjames.com
Monotype Imaging Holdings, Inc. 2019-07-26 URW Type Foundry GmbH 2020-05-18 2
Woburn, Massachusetts · www.monotype.com Hamburg, Germany · www.urwpp.de
Idera, Inc. 2014-09-10 InfoSoft Global Pvt Ltd. 2020-03-16 13
Houston, Texas · www.idera.com Kolkata, India · www.fusioncharts.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 5 (26%) 825M (60%) 7 (21%) 825M (31%)
Software 4 (21%) - 7 (21%) 450M (17%)
Insurance 3 (16%) - 4 (12%) -
Business Services 3 (16%) 555M (40%) 3 (9%) 555M (21%)
Information Technology 3 (16%) - 3 (9%) -
Consumer Products - - 2 (6%) 446M (17%)
Construction - - 2 (6%) -
Medical Products - - 1 (3%) 381M (14%)
Food - - 1 (3%) -
Machinery - - 1 (3%) -
Plastics - - 1 (3%) -
Technology Hardware 1 (5%) - 1 (3%) -
Total 19 $1.4B 33 $2.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (84%) 1.4B (100%) 28 (85%) 2.7B (100%)
  California 6 (32%) 555M (40%) 8 (24%) 1.0B (38%)
  Texas 2 (11%) - 3 (9%) -
  Connecticut 2 (11%) - 2 (6%) -
  Florida 1 (5%) - 2 (6%) -
  Louisiana - - 2 (6%) -
  Massachusetts 1 (5%) 825M (60%) 1 (3%) 825M (31%)
  Oklahoma 1 (5%) - 1 (3%) -
  New York 1 (5%) - 1 (3%) -
  Minnesota 1 (5%) - 1 (3%) -
  Georgia 1 (5%) - 1 (3%) -
  Utah - - 1 (3%) 446M (17%)
  Arizona - - 1 (3%) 381M (14%)
  Vermont - - 1 (3%) -
  Ohio - - 1 (3%) -
  Illinois - - 1 (3%) -
  Alabama - - 1 (3%) -
Canada 1 (5%) - 2 (6%) -
  Ontario 1 (5%) - 1 (3%) -
  Quebec - - 1 (3%) -
United Kingdom 1 (5%) - 1 (3%) -
Belgium 1 (5%) - 1 (3%) -
Germany - - 1 (3%) -
Domestic 16 (84%) 1.4B (100%) 28 (85%) 2.7B (100%)
Cross-border 3 (16%) - 5 (15%) -
Total 19 $1.4B 33 $2.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 6 (32%) - 10 (30%) 450M (17%)
Growth Capital 6 (32%) - 10 (30%) -
Buyout (LBO, MBO, MBI) 3 (16%) - 7 (21%) 381M (14%)
Going Private 2 (11%) 1.4B (100%) 3 (9%) 1.8B (69%)
Recapitalization 2 (11%) - 2 (6%) -
Stake Purchase - - 1 (3%) -
Total 19 $1.4B 33 $2.7B

Exits by Deal Type

Type Total # Value
Trade Sale 5 (36%) -
Trade Sale - Public Company 4 (29%) 4.1B (91%)
Secondary Sale 3 (21%) 380M (9%)
Recapitalization 1 (7%) -
Stake Sale 1 (7%) -
Total 14 $4.4B

Top M&A Advisors

Financial Deals
Evercore Group LLC
2
Jefferies LLC
2
Houlihan Lokey
1
Legal Deals
Kirkland & Ellis LLP
9
King & Wood Mallesons
1

Deal Values

buy # Total
$100M to $1B 5 $2.7B
TOTAL $2.7B
Largest Monotype Imaging Holdings, Inc.
$825M (2019-07-26)
sell # Total
> $1B 2 $2.7B
$100M to $1B 3 $1.7B
TOTAL $4.4B
Largest Sunquest Information Systems, Inc.
$1.4B (2012-07-30)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
20 100%
Exited to
PE Firm(s)
40%
6 40%
Strategic(s)
60%
9 60%

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