First Analysis Mergers and Acquisitions Summary

Venture Capital Firm Profile

In the last 3 years, First Analysis has invested in 2 companies.

First Analysis’ most common sectors for investment aresoftware (20%) and information technology (20%) . The Firm’s most common investment types include venture (50%) and growth capital (24%). In total, First Analysis has invested in 24 US states and 4 different countries.

In the last 3 years, First Analysis has exited 10 companies. The Firm’s most common exit type is trade sale (72%). First Analysis’ largest (disclosed) exit occurred in 2005 when it sold Lake Region Medical for $1.3B.

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M&A Summary

  • M&A Total Activity131
    • M&A Buy Activity60
    • M&A Sell Activity71
  • Total Sectors Invested 19
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 81

First Analysis

One South Wacker Drive, Suite 3900,
Chicago, Illinois 60606
United States
(312) 258-1400
www.firstanalysis.com
onicklin@firstanalysis.com

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, E-Commerce, Education, Electrical Equipment, Energy Services and Equipment, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Life Science, Manufacturing, Marketing, Medical Products, Metals/Mining, Renewable Energy, Software, Staffing, Technology Hardware, Test/Measurement Equipment

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 3 10
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 56 2 1 1 - - 60
Sell (2.2/yr) # 60 1 5 2 3 - 71
vol $7.0B $15M $7.0B
  131

Most Recent M&A

Company Date Value Type
Fleetworthy Solutions, Inc. 2023-11-28 - Trade Sale
Madison, Wisconsin · www.fleetworthy.com
S&W Payroll Services LLC 2023-06-07 - Secondary Sale
Covington, Louisiana · www.netchex.com
Mediant Communications LLC 2023-03-01 - Trade Sale
New York, New York · www.mediant.com
Gyrodata, Inc. 2022-10-26 - Trade Sale
Houston, Texas · www.gyrodata.com
Insellerate LLC 2022-02-15 - Growth Capital
Newport Beach, California · www.insellerate.com
Aventri, Inc. 2022-01-10 - Merger
Norwalk, Connecticut · www.aventri.com
SmartWitness Holdings, Inc. 2021-10-26 - Trade Sale
Schaumburg, Illinois · www.smartwitness.com
Lender Price 2021-10-12 - Growth Capital
Pasadena, California · www.lenderprice.com
Achilles Information Ltd. 2021-09-15 - Secondary Sale
Abingdon, United Kingdom · www.achilles.com
Waggl, Inc. 2021-07-14 - Trade Sale
Sausalito, California · www.waggl.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
QPS Holdings LLC 2008-03-03 Scantox Neuro GmbH 2023-11-30 1
Newark, Delaware · www.qps.com Grambach, Austria · www.scantoxneuro.com
QPS Holdings LLC 2008-03-03 Development Center - Center of Toxicology & Preclinical Sciences 2011-02-14 5
Newark, Delaware · www.qps.com New Taipei City, Taiwan

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (13%) - 12 (20%) -
Software 3 (19%) - 12 (20%) -
Internet Software and Services 4 (25%) - 9 (15%) -
Medical Products 2 (13%) - 7 (12%) -
Financial Services - - 3 (5%) -
Life Science 2 (13%) - 3 (5%) -
Business Services - - 2 (3%) -
Chemicals - - 1 (2%) -
Digital Media 1 (6%) - 1 (2%) -
Education - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Electronics - - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Environmental - - 1 (2%) -
Food - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Machinery - - 1 (2%) -
Marketing 1 (6%) - 1 (2%) -
Utilities 1 (6%) - 1 (2%) -
Total 16 - 60 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (94%) - 57 (95%) -
  California 3 (19%) - 11 (18%) -
  Illinois 2 (13%) - 7 (12%) -
  Massachusetts 2 (13%) - 4 (7%) -
  Ohio 2 (13%) - 3 (5%) -
  New York - - 3 (5%) -
  New Jersey - - 3 (5%) -
  Minnesota - - 3 (5%) -
  Florida 1 (6%) - 2 (3%) -
  Georgia - - 2 (3%) -
  Connecticut - - 2 (3%) -
  Washington - - 2 (3%) -
  Texas - - 2 (3%) -
  Pennsylvania - - 2 (3%) -
  Idaho 1 (6%) - 1 (2%) -
  Delaware 1 (6%) - 1 (2%) -
  Oregon 1 (6%) - 1 (2%) -
  Iowa 1 (6%) - 1 (2%) -
  Indiana 1 (6%) - 1 (2%) -
  Colorado - - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Virginia - - 1 (2%) -
  Utah - - 1 (2%) -
  Michigan - - 1 (2%) -
  Louisiana - - 1 (2%) -
Ireland 1 (6%) - 1 (2%) -
United Kingdom - - 1 (2%) -
Canada - - 1 (2%) -
  Quebec - - 1 (2%) -
Domestic 15 (94%) - 57 (95%) -
Cross-border 1 (6%) - 3 (5%) -
Total 16 - 60 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 8 (50%) - 30 (50%) -
Growth Capital 7 (44%) - 14 (23%) -
Buyout (LBO, MBO, MBI) 1 (6%) - 11 (18%) -
Stake Purchase - - 2 (3%) -
Divestiture - - 1 (2%) -
PIPE - - 1 (2%) -
Secondary Buyout - - 1 (2%) -
Total 16 - 60 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 36 (51%) 2.4B (37%)
Trade Sale 17 (24%) 1.1B (17%)
Secondary Sale 10 (14%) 1.9B (29%)
Merger 4 (6%) 1.0B (16%)
IPO 3 (4%) -
Stake Sale 1 (1%) 87M (1%)
Total 71 $6.4B

Deal Values

sell # Total
> $1B 3 $3.3B
$100M to $1B 10 $3.4B
< $100M 9 $338M
TOTAL $7.0B
Largest Lake Region Medical, Inc.
$1.3B (2005-11-22)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
14%
10 (14%)
Strategic(s)
76%
54 (76%)

Investor Summary

Investor Type

Venture Capital Firm

Size

Middle-Market

PE Assets

800M USD

Established

1981

Specialist/Generalist

Generalist

Leadership

Oliver Nicklin

Founder & Chairman

Andrew Walsh

Managing Director

Clement Erbmann

Managing Director

James Macdonald

Managing Director

Richard Conklin

Managing Director

FAQ

When was First Analysis founded?

First Analysis was founded in 1981.

What type of investor is First Analysis?

First Analysis is a venture capital firm.

Where is First Analysis headquartered?

First Analysis is headquartered in Chicago, Illinois.

How much capital does First Analysis have under management?

First Analysis has 800M USD under management.

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