Apax Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Apax has acquired 28 companies. It has also invested in 7 others.

Apax’s most common sectors for investment areinformation technology (12%) and internet software and services (11%) . The Firm’s most common investment types include secondary buyout (26%) and buyout (lbo, mbo, mbi) (24%). In total, Apax has invested in 26 US states and 28 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired TDC A/S for $15.8B.

In the last 3 years, Apax has exited 25 companies. The Firm’s most common exit type is trade sale (35%). Apax’s largest (disclosed) exit occurred in 2008 when it sold Intelsat SA for $13.6B.

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M&A Summary

  • M&A Total Activity430
    • M&A Buy Activity259
    • M&A Sell Activity171
  • Total Sectors Invested 41
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 160
  • M&A Advisors 82

Apax

Apax Partners LLP

1 Knightsbridge,
London, SW1Y 6DN
United Kingdom
+44 20 7872 6300
www.apax.com
communications@apax.com

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Marketing, Media, Medical Products, Plastics, Publishing, Restaurants, Retail, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific, Australia/New Zealand, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 1,000 5,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (8.2/yr) # 218 6 18 5 6 6 259
vol $81.8B $344M $5.1B $87.3B
Sell (7.0/yr) # 136 10 14 6 2 3 171
vol $69.9B $1.5B $8.5B $225M $63M $3.3B $83.4B
  430

Most Recent M&A

Company Date Value Type
Altus Fire and Life Safety 2024-09-03 - Secondary Buyout
New York, New York · www.altusfire.com
Veriforce LLC 2024-08-28 - Secondary Buyout
The Woodlands, Texas · www.veriforce.com
idealista S.A.U. 2024-06-28 3.3B EUR Secondary Sale
Madrid, Spain · www.idealista.com
Vyaire Medical, Inc. 2024-06-10 - Bankruptcy
Mettawa, Illinois · www.vyaire.com
Healthium MedTech Pvt. Ltd. 2024-05-06 - Secondary Sale
Bengaluru, India · www.healthiummedtech.com
IANS Research 2024-04-23 - Growth Capital
Boston, Massachusetts · www.iansresearch.com
Zellis UK Ltd. 2024-04-15 - Secondary Buyout
Bristol, United Kingdom · www.zellis.com
Integrated Environmental Solutions Ltd. 2024-02-27 - Growth Capital
Glasgow, United Kingdom · www.iesve.com
WGSN Ltd. 2024-02-01 - Divestiture
London, United Kingdom · www.wgsn.com
Matchesfashion Ltd. 2023-12-20 63M USD Trade Sale
London, United Kingdom · www.matchesfashion.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Bonterra LLC 2021-06-15 Global Cloud, Ltd. 2024-09-10 5
Austin, Texas · www.bonterratech.com Cincinnati, Ohio · www.donordrive.com
Zellis UK Ltd. 2024-04-15 Benify AB 2024-09-03 1
Bristol, United Kingdom · www.zellis.com Stockholm, Sweden · www.benify.se
FullBeauty Brands Operations LLC 2015-08-18 Avenue Stores LLC 2024-06-18 4
New York, New York · www.fbbrands.com Ridgewood, New Jersey · www.avenue.com
Lutech SpA 2021-03-16 Finwave S.p.A. 2023-12-12 1
Cologno Monzese, Italy · www.lutech.group Milan, Italy · www.finwave.it
Bonterra LLC 2021-06-15 WeSpire, Inc. 2023-05-31 4
Austin, Texas · www.bonterratech.com Boston, Massachusetts · www.wespire.com
FullBeauty Brands Operations LLC 2015-08-18 Eloquii Design, Inc. 2023-04-21 3
New York, New York · www.fbbrands.com Columbus, Ohio · www.eloquii.com
Alcumus Group Ltd. 2022-02-11 Alcumus - Health & Safety software business 2023-01-23 1
Cardiff, United Kingdom · www.alcumusgroup.com Cardiff, United Kingdom
PIB Group Ltd. 2021-01-25 BHP Community Ltd. 2022-12-15 22
London, United Kingdom · www.pibgroup.co.uk Dublin, Ireland · www.bhpinsurance.ie
Lutech SpA 2021-03-16 Atos Italia S.p.A. 2022-11-17 1
Cologno Monzese, Italy · www.lutech.group Milan, Italy
Rodenstock GmbH 2021-03-24 Indo Optical S.L.U. 2022-09-06 1
Munich, Germany · www.rodenstock.com Barcelona, Spain · www.indo.es

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (16%) - 29 (11%) 1.3B (1%)
Internet Software and Services 9 (12%) 1.6B (17%) 27 (10%) 6.1B (7%)
Software 9 (12%) 151M (2%) 26 (10%) 3.4B (4%)
Communications 1 (1%) 5.1B (53%) 14 (5%) 36.3B (41%)
Healthcare Services 2 (3%) - 14 (5%) 1.9B (2%)
Business Services 9 (12%) - 14 (5%) -
Retail 3 (4%) 1.7B (18%) 12 (5%) 2.8B (3%)
Medical Products 1 (1%) 397M (4%) 10 (4%) 7.0B (8%)
Media - - 10 (4%) 1.6B (2%)
Financial Services 5 (7%) - 10 (4%) 472M (1%)
Technology Hardware - - 8 (3%) 200M (< 1%)
Life Science - - 7 (3%) -
Insurance 2 (3%) - 6 (2%) 1.8B (2%)
Distribution 2 (3%) - 6 (2%) -
Semiconductors - - 6 (2%) -
Education 3 (4%) - 5 (2%) 7.8B (9%)
Publishing - - 5 (2%) 7.7B (9%)
Apparel/Textiles 1 (1%) 570M (6%) 5 (2%) 2.2B (2%)
E-Commerce 2 (3%) - 4 (2%) 1.1B (1%)
Consumer Products 2 (3%) - 4 (2%) -
Food 1 (1%) - 3 (1%) 900M (1%)
Safety/Security 1 (1%) - 3 (1%) 836M (1%)
Environmental 2 (3%) - 3 (1%) 590M (1%)
Information Services - - 3 (1%) 571M (1%)
Consumer Services 1 (1%) - 3 (1%) -
Electronics - - 3 (1%) -
Leisure - - 3 (1%) -
Transportation - - 2 (1%) 2.3B (3%)
Franchising 1 (1%) - 2 (1%) 563M (1%)
Building Materials 1 (1%) - 2 (1%) 315M (< 1%)
Beverages 2 (3%) - 2 (1%) -
Gaming - - 1 (< 1%) 1.0B (1%)
Automotive - - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Manufacturing - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Packaging 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Restaurants - - 1 (< 1%) -
Utilities 1 (1%) - 1 (< 1%) -
Total 74 $9.5B 261 $88.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 34 (46%) 967M (10%) 104 (40%) 29.6B (33%)
  California 5 (7%) - 22 (8%) 193M (< 1%)
  New York 9 (12%) 570M (6%) 18 (7%) 3.2B (4%)
  Texas 4 (5%) - 11 (4%) 7.3B (8%)
  Florida 3 (4%) - 7 (3%) 800M (1%)
  Massachusetts 2 (3%) 397M (4%) 5 (2%) 8.1B (9%)
  Colorado 2 (3%) - 5 (2%) 1.4B (2%)
  Pennsylvania - - 5 (2%) 6.0B (7%)
  Illinois 1 (1%) - 4 (2%) 1.8B (2%)
  North Carolina 1 (1%) - 3 (1%) -
  Tennessee 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  Missouri 1 (1%) - 2 (1%) -
  Georgia 1 (1%) - 2 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  New Jersey - - 2 (1%) 16M (< 1%)
  Vermont - - 2 (1%) -
  Maryland 1 (1%) - 1 (< 1%) -
  Indiana 1 (1%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (< 1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Kentucky - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
United Kingdom 10 (14%) - 35 (13%) 11.6B (13%)
Israel 8 (11%) - 20 (8%) 200M (< 1%)
France - - 18 (7%) 1.1B (1%)
Germany 4 (5%) 1.7B (18%) 15 (6%) 2.3B (3%)
Italy 3 (4%) - 9 (3%) 2.6B (3%)
Netherlands 2 (3%) 5.1B (53%) 9 (3%) 5.9B (7%)
India 2 (3%) - 7 (3%) 300M (< 1%)
Spain 1 (1%) - 7 (3%) 2.4B (3%)
China 3 (4%) - 5 (2%) 250M (< 1%)
Canada 1 (1%) - 4 (2%) 1.6B (2%)
  Quebec 1 (1%) - 2 (1%) 836M (1%)
  Ontario - - 1 (< 1%) 745M (1%)
  Alberta - - 1 (< 1%) -
Switzerland - - 4 (2%) 2.1B (2%)
Belgium - - 3 (1%) 2.3B (3%)
Singapore 2 (3%) 151M (2%) 2 (1%) 151M (< 1%)
Australia 1 (1%) - 2 (1%) 590M (1%)
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
Norway - - 2 (1%) -
Portugal - - 2 (1%) -
New Zealand 1 (1%) 1.6B (17%) 1 (< 1%) 1.6B (2%)
Brazil 1 (1%) - 1 (< 1%) -
Finland 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (18%)
Greece - - 1 (< 1%) 1.8B (2%)
Bermuda - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Lithuania - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 10 (14%) - 35 (13%) 11.6B (13%)
Cross-border 64 (86%) 9.5B (100%) 226 (87%) 77.1B (87%)
Total 74 $9.5B 261 $88.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 28 (38%) 1.7B (18%) 66 (25%) 8.6B (10%)
Buyout (LBO, MBO, MBI) 10 (14%) - 62 (24%) 12.4B (14%)
Venture 3 (4%) - 34 (13%) -
Divestiture 6 (8%) 5.8B (61%) 27 (10%) 26.3B (30%)
Going Private 4 (5%) 2.0B (21%) 21 (8%) 23.6B (27%)
Stake Purchase 10 (14%) - 19 (7%) 2.1B (2%)
Growth Capital 9 (12%) - 19 (7%) 10M (< 1%)
PIPE 3 (4%) - 8 (3%) 15.8B (18%)
Consolidation 1 (1%) - 3 (1%) -
Joint Venture - - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 74 $9.5B 261 $88.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 62 (36%) 40.3B (49%)
Trade Sale - Public Company 34 (20%) 26.8B (33%)
IPO 28 (16%) -
Trade Sale 27 (16%) 15.0B (18%)
Bankruptcy 5 (3%) -
Sold to Management 5 (3%) -
Merger 4 (2%) -
Stake Sale 4 (2%) -
Recapitalization 2 (1%) -
Total 171 $82.2B

Top M&A Advisors

Financial Deals
BofA Securities
 12
Credit Suisse Investment Banking
 11
J.P. Morgan Securities
 9
Legal Deals
Kirkland & Ellis
 28
Simpson Thacher & Bartlett
 27
Allen & Overy
 7

Deal Values

buy # Total
> $1B 24 $75.1B
$100M to $1B 25 $13.4B
< $100M 4 $172M
TOTAL $88.7B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 24 $74.7B
$100M to $1B 19 $8.4B
< $100M 7 $310M
TOTAL $83.4B
Largest Intelsat SA
$13.6B (2008-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
26%
68 (26%)
Strategic(s)
10%
27 (10%)
Exited to
Investor(s)
37%
63 (37%)
Strategic(s)
38%
65 (38%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

77.0B USD

Established

1981

Specialist/Generalist

Generalist

Leadership

David Su

Managing Partner

Marcelo Gigliani

Managing Partner, Apax Digital

Ellie Beare

Global Head of Client Services

Bharat Patel

Global Head of Finance

Stephen Kempen

Global Head of Funds Administration

FAQ

When was Apax founded?

Apax was founded in 1981.

What type of investor is Apax?

Apax is a private equity firm.

Where is Apax headquartered?

Apax is headquartered in London, United Kingdom.

How much capital does Apax have under management?

Apax has 77.0B USD under management.

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