GIC Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

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

GIC’s most common sectors for investment areinternet software and services (13%) and energy services and equipment (8%) . The Firm’s most common investment types include secondary buyout (35%) and stake purchase (20%). In total, GIC has invested in 12 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Medline Industries for $34.0B.

In the last 3 years, GIC has exited 4 companies. The Firm’s most common exit type is trade sale (37%). GIC’s largest (disclosed) exit occurred in 2020 when it sold Ancestry.com for $4.7B.

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M&A Summary

  • M&A Total Activity52
    • M&A Buy Activity41
    • M&A Sell Activity11
  • Total Sectors Invested 25
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 32
  • M&A Advisors 22

GIC

168 Robinson Road, #37-01 Capital Tower,
Singapore, 068912
Singapore
(65) 6889 8888
www.gic.com.sg

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


Investment Criteria

Sectors of Interest: Business Services, Energy Services and Equipment, Engineering, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Manufacturing, Metals/Mining, Retail, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe, Eastern Europe, Nordic, Asia/Pacific

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 (2.2/yr) # 30 1 4 4 - 2 41
vol $41.0B $48.0B $1.7B $7.6B $98.2B
Sell (1.4/yr) # 4 3 1 1 2 - 11
vol $1.8B $4.7B $1.5B $8.0B
  52

Most Recent M&A

Company Date Value Type
Reworld Waste LLC 2024-10-02 - Stake Purchase
Morristown, New Jersey · www.reworldwaste.com
Techem GmbH 2024-10-01 7.6B EUR Secondary Buyout
Eschborn, Germany · www.techem.com
Biotrop Soluções Biológicas 2023-09-07 - Trade Sale
São Paulo, Brazil · www.biotrop.com.br
Quest Global Services Pte. Ltd. 2023-08-08 - Stake Sale
Singapore , Singapore · www.quest-global.com
Unither Pharmaceuticals SAS 2022-10-26 - Secondary Buyout
Amiens, France · www.unither-pharma.com
Sani/Ikos Group 2022-09-22 - Stake Purchase
Halkidiki, Greece · www.saniikos.com
Direct ChassisLink, Inc. 2022-06-24 - Secondary Buyout
Charlotte, North Carolina · www.dcli.com
Siccar Point Energy Ltd. 2022-04-11 1.5B USD Trade Sale
Aberdeen, United Kingdom · www.siccarpointenergy.co.uk
Zuora, Inc. 2022-03-02 1.7B USD Going Private
Redwood City, California · www.zuora.com
Nordic Aviation Capital A/S 2021-12-11 - Bankruptcy
Limerick City, Ireland · www.nac.dk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Medline Industries, Inc. 2021-06-05 Ecolab - Global Surgical Solutions Business 2024-08-01 3
Northfield, Illinois · www.medline.com St. Paul, Minnesota
Ascensus LLC 2021-04-26 Ascensus - ESOP Business 2024-05-16 1
Dresher, Pennsylvania · www.ascensus.com Dresher, Pennsylvania
Ascensus LLC 2021-04-26 Vanguard - Simple, Multi-SEP, and Individual 401(k) retirement plans 2024-04-16 3
Dresher, Pennsylvania · www.ascensus.com Valley Forge, Pennsylvania
Visma Oy 2017-06-29 Silverfin 2023-09-25 43
Oslo, Norway · www.visma.com Gent, Belgium · www.silverfin.com
UKG, Inc. 2007-03-23 Immedis 2023-06-06 22
Lowell, Massachusetts · www.ukg.com Dublin, Ireland · www.immedis.com
Visma Oy 2017-06-29 twoday 2022-06-16 3
Oslo, Norway · www.visma.com Copenhagen, Denmark · www.twoday.com
Medline Industries, Inc. 2021-06-05 Asid Bonz GmbH 2022-04-04 2
Northfield, Illinois · www.medline.com Herrenberg, Germany · www.asid-bonz.de
Visma Oy 2017-06-29 Lyanthe BV 2022-03-10 42
Oslo, Norway · www.visma.com Echt, Netherlands · www.lyanthe.com
UKG, Inc. 2007-03-23 Ascentis Corp. 2022-03-09 21
Lowell, Massachusetts · www.ukg.com Eden Prairie, Minnesota · www.ascentis.com
Ascensus LLC 2021-04-26 Newport Group, Inc. 2021-11-03 2
Dresher, Pennsylvania · www.ascensus.com Walnut Creek, California · www.newportgroup.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 3 (10%) 3.5B (4%) 5 (12%) 15.3B (16%)
Information Technology 2 (7%) 22.0B (26%) 3 (7%) 22.0B (22%)
Energy Services and Equipment 3 (10%) 7.6B (9%) 3 (7%) 7.6B (8%)
Financial Services 1 (3%) 2.0B (2%) 3 (7%) 2.0B (2%)
Medical Products 2 (7%) 34.0B (41%) 2 (5%) 34.0B (35%)
Transportation 2 (7%) 8.4B (10%) 2 (5%) 8.4B (9%)
Information Services - - 2 (5%) 3.2B (3%)
Real Estate 2 (7%) 2.7B (3%) 2 (5%) 2.7B (3%)
Consumer Services 2 (7%) 320M (< 1%) 2 (5%) 320M (< 1%)
Business Services 1 (3%) - 2 (5%) -
Infrastructure 1 (3%) 2.8B (3%) 1 (2%) 2.8B (3%)
Aerospace - - 1 (2%) -
Agriculture - - 1 (2%) -
Automotive 1 (3%) - 1 (2%) -
Communications 1 (3%) - 1 (2%) -
Healthcare Services 1 (3%) - 1 (2%) -
Insurance 1 (3%) - 1 (2%) -
Leisure 1 (3%) - 1 (2%) -
Life Science 1 (3%) - 1 (2%) -
Metals/Mining 1 (3%) - 1 (2%) -
Oil/Gas Exploration - - 1 (2%) -
Packaging 1 (3%) - 1 (2%) -
Retail - - 1 (2%) -
Software 1 (3%) - 1 (2%) -
Utilities 1 (3%) - 1 (2%) -
Total 29 $83.3B 41 $98.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (38%) 70.7B (85%) 15 (37%) 85.1B (87%)
  California 3 (10%) 23.7B (28%) 4 (10%) 24.5B (25%)
  Illinois 1 (3%) 34.0B (41%) 1 (2%) 34.0B (35%)
  Connecticut 1 (3%) 8.4B (10%) 1 (2%) 8.4B (9%)
  Texas 1 (3%) 2.8B (3%) 1 (2%) 2.8B (3%)
  Massachusetts 1 (3%) 1.8B (2%) 1 (2%) 1.8B (2%)
  New Jersey 1 (3%) - 1 (2%) -
  Georgia 1 (3%) - 1 (2%) -
  Pennsylvania 1 (3%) - 1 (2%) -
  North Carolina 1 (3%) - 1 (2%) -
  Florida - - 1 (2%) 11.0B (11%)
  Utah - - 1 (2%) 2.6B (3%)
  Arizona - - 1 (2%) -
United Kingdom 5 (17%) - 7 (17%) 588M (1%)
Czech Republic 2 (7%) 2.7B (3%) 2 (5%) 2.7B (3%)
India 1 (3%) - 2 (5%) -
Australia 1 (3%) - 2 (5%) -
Singapore 1 (3%) - 2 (5%) -
Germany 1 (3%) 7.6B (9%) 1 (2%) 7.6B (8%)
Spain 1 (3%) 2.0B (2%) 1 (2%) 2.0B (2%)
Sweden 1 (3%) 320M (< 1%) 1 (2%) 320M (< 1%)
France 1 (3%) - 1 (2%) -
Greece 1 (3%) - 1 (2%) -
Indonesia 1 (3%) - 1 (2%) -
Norway 1 (3%) - 1 (2%) -
Philippines 1 (3%) - 1 (2%) -
China - - 1 (2%) -
Brazil - - 1 (2%) -
Ireland - - 1 (2%) -
Total 29 $83.3B 41 $98.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 11 (38%) 15.4B (18%) 14 (34%) 18.8B (19%)
Stake Purchase 6 (21%) - 8 (20%) -
Going Private 4 (14%) 25.9B (31%) 5 (12%) 36.9B (38%)
Buyout (LBO, MBO, MBI) 2 (7%) 34.0B (41%) 4 (10%) 34.0B (35%)
Divestiture 2 (7%) 8.0B (10%) 4 (10%) 8.6B (9%)
Growth Capital 2 (7%) - 4 (10%) -
Joint Venture 1 (3%) - 1 (2%) -
PIPE 1 (3%) - 1 (2%) -
Total 29 $83.3B 41 $98.2B

Exits by Deal Type

Type Total # Value
Trade Sale 4 (36%) 3.3B (41%)
IPO 2 (18%) -
Merger 2 (18%) -
Secondary Sale 1 (9%) 4.7B (59%)
Bankruptcy 1 (9%) -
Stake Sale 1 (9%) -
Total 11 $8.0B

Top M&A Advisors

Financial Deals
UBS Investment Bank
 2
RBC Capital Markets
 2
Barclays Investment Bank
 2
Legal Deals
Sidley
 4
Dechert
 2
Ropes & Gray
 1

Deal Values

buy # Total
> $1B 12 $96.6B
$100M to $1B 3 $1.7B
TOTAL $98.2B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 3 $8.0B
TOTAL $8.0B
Largest Ancestry.com, Inc.
$4.7B (2020-08-05)

M&A Connections

Deals
Acquired from
Investor(s)
44%
18 (44%)
Strategic(s)
22%
9 (22%)
Exited to
Investor(s)
18%
2 (18%)
Strategic(s)
55%
6 (55%)

Investor Summary

Investor Type

Sovereign Wealth Fund

Size

Mega

Established

1981

Specialist/Generalist

Generalist

Leadership

Lim Chow Kiat

CEO

Prakash Kannan

Chief Economist and Head of Total Portfolio Macro & Markets, Economics & Investment Strategy

Deanna Ong

Chief People Officer

Liew Tzu Mi

CIO, Fixed Income

Choo Yong Cheen

CIO, Private Equity

FAQ

When was GIC founded?

GIC was founded in 1981.

What type of investor is GIC?

GIC is a sovereign wealth fund.

Where is GIC headquartered?

GIC is headquartered in Singapore, Singapore.

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