Goldman Sachs Merchant Banking Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Goldman Sachs Merchant Banking has acquired 11 companies. It has also invested in 3 others.

Goldman Sachs Merchant Banking’s most common sectors for investment aresoftware (9%) and business services (9%) . The Firm’s most common investment types include secondary buyout (37%) and buyout (lbo, mbo, mbi) (19%). In total, Goldman Sachs Merchant Banking has invested in 30 US states and 21 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, Goldman Sachs Merchant Banking has exited 21 companies. The Firm’s most common exit type is trade sale (34%). Goldman Sachs Merchant Banking’s largest (disclosed) exit occurred in 2008 when it sold Alltel for $28.1B.

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M&A Summary

  • M&A Total Activity292
    • M&A Buy Activity182
    • M&A Sell Activity110
  • Total Sectors Invested 49
  • Total Countries Invested 21
  • M&A Buy/Sell Connections 153
  • M&A Advisors 43

Goldman Sachs Merchant Banking

85 Broad Street,
New York, New York 10004
United States
(212) 902-1000
www.goldmansachs.com/pia
peg@gs.com

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Electronics, Energy Services and Equipment, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Manufacturing, Media, Oil/Gas Exploration, Packaging, Plastics, Real Estate, Renewable Energy, Retail, Safety/Security, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE

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, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 20 800
Enterprise Value - 10,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (4.4/yr) # 160 8 6 3 1 4 182
vol $177.3B $859M $8.5B $2.1B $188.8B
Sell (4.8/yr) # 86 3 15 4 1 1 110
vol $83.1B $8.6B $3.9B $5.5B $101.1B
  292

Most Recent M&A

Company Date Value Type
Sila Services LLC 2024-11-11 - Secondary Buyout
King of Prussia, Pennsylvania · www.sila.com
Standard Aero Holdings, Inc. 2024-09-23 - IPO
Scottsdale, Arizona · www.standardaero.com
Interplay Learning 2024-09-19 - Growth Capital
Austin, Texas · www.interplaylearning.com
TAIT 2024-07-09 - Secondary Buyout
Lititz, Pennsylvania · www.taittowers.com
Carlton One Engagement Corp. 2024-06-06 - Secondary Buyout
Markham, Ontario · www.carltonone.com
Kahoot! AS 2023-07-14 2.1B NOK Going Private
Oslo, Norway · www.kahoot.com
LeasePlan Corporation N.V. 2023-05-23 5.5B EUR Trade Sale
Amsterdam, Netherlands · www.leaseplan.com
Blue Nile, Inc. 2022-08-09 360M USD Trade Sale
Seattle, Washington · www.bluenile.com
Clear Insurance Management Ltd. 2022-06-27 - Secondary Buyout
London, United Kingdom · www.thecleargroup.com
Lucid Energy Group II LLC 2022-06-16 3.6B USD Trade Sale
Dallas, Texas
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
The Imagine Group, LLC. 2021-01-26 Meyers - Temporary Display and Signage Business 2024-08-14 1
Minneapolis, Minnesota · www.theimaginegroup.com Minneapolis, Minnesota
Aptos LLC 2020-01-13 Revionics, Inc. 2020-09-09 2
Atlanta, Georgia · www.aptos.com Austin, Texas · www.revionics.com
Brown Jordan International, Inc. 2016-12-19 Pride Family Brands, Inc. 2019-06-05 2
St. Augustine, Florida · www.bji.com Hollywood, Florida · www.pridefamilybrands.com
Boyd Corp. 2018-07-11 Henkel Corp. - Airflow Systems Business 2019-01-10 8
Modesto, California · www.boydcorp.com Rocky Hill, Connecticut
Sterling Infosystems, Inc. (Sterling Talent Solutions) 2015-06-23 SureID - Commercial Segment Business 2017-10-19 5
New York, New York · www.sterlingbackcheck.com Hillsboro, Oregon
Associated Asphalt, Inc. 2012-03-09 Axeon Marketing LLC 2017-02-09 2
Roanoke, Virginia · www.associatedasphalt.com San Antonio, Texas
Flint Group Germany GmbH 2014-04-11 Flint Group - European Publication Gravure Ink Business 2016-08-05 1
Ahaus-Ottenstein, Germany · www.flintgrp.com Ahaus-Ottenstein, Germany
Flint Group Germany GmbH 2014-04-11 Xeikon NV 2015-12-29 6
Ahaus-Ottenstein, Germany · www.flintgrp.com Eede, Netherlands · www.xeikon.com
MediaMath, Inc. 2011-07-22 Akamai Technologies, Inc. - Advertising Decision Solutions 2013-01-24 6
New York, New York · www.mediamath.com Cambridge, Massachusetts
HealthMarkets, Inc. 2005-09-15 Star HRG, Inc. 2006-07-11 1
North Richland Hills, Texas · www.healthmarkets.com Phoenix, Arizona · www.starhrg.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 6 (10%) 859M (4%) 15 (8%) 13.3B (7%)
Software 5 (8%) - 15 (8%) 11.4B (6%)
Internet Software and Services 8 (13%) 2.1B (9%) 14 (8%) 3.7B (2%)
Information Technology 7 (11%) - 13 (7%) 800M (< 1%)
Communications - - 8 (4%) 27.5B (15%)
Financial Services 1 (2%) - 8 (4%) -
Healthcare Services 3 (5%) - 7 (4%) -
Life Science 4 (7%) 8.5B (38%) 6 (3%) 8.6B (5%)
Media 1 (2%) - 6 (3%) 4.1B (2%)
Insurance 2 (3%) 1.6B (7%) 6 (3%) 3.3B (2%)
Retail 1 (2%) 5.5B (24%) 5 (3%) 13.6B (7%)
Technology Hardware 1 (2%) 828M (4%) 4 (2%) 2.8B (1%)
Food - - 4 (2%) 1.7B (1%)
Automotive - - 4 (2%) -
Medical Products - - 3 (2%) 11.4B (6%)
Distribution - - 3 (2%) 5.6B (3%)
Education 1 (2%) - 3 (2%) 4.7B (2%)
Environmental 1 (2%) - 3 (2%) 3.5B (2%)
Restaurants 1 (2%) - 3 (2%) 2.3B (1%)
Oil/Gas Exploration - - 3 (2%) 1.6B (1%)
Consumer Products - - 3 (2%) 1.5B (1%)
Metals/Mining - - 3 (2%) 525M (< 1%)
Transportation 1 (2%) - 3 (2%) 40M (< 1%)
Real Estate 3 (5%) - 3 (2%) -
Machinery 1 (2%) 576M (3%) 2 (1%) 4.6B (2%)
Manufacturing 2 (3%) 2.5B (11%) 2 (1%) 2.5B (1%)
Building Materials 1 (2%) - 2 (1%) 1.8B (1%)
Plastics 1 (2%) - 2 (1%) 838M (< 1%)
Safety/Security - - 2 (1%) 640M (< 1%)
E-Commerce 1 (2%) - 2 (1%) 500M (< 1%)
Information Services - - 2 (1%) 222M (< 1%)
Digital Media 2 (3%) 200M (1%) 2 (1%) 200M (< 1%)
Aerospace - - 2 (1%) -
Consumer Services 2 (3%) - 2 (1%) -
Leisure 2 (3%) - 2 (1%) -
Staffing 1 (2%) - 2 (1%) -
Utilities - - 1 (1%) 44.4B (24%)
Electrical Equipment - - 1 (1%) 5.7B (3%)
Chemicals - - 1 (1%) 4.2B (2%)
Test/Measurement Equipment - - 1 (1%) 1.1B (1%)
Construction - - 1 (1%) 66M (< 1%)
Agriculture 1 (2%) - 1 (1%) -
Beverages - - 1 (1%) -
Electronics - - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Infrastructure - - 1 (1%) -
Marketing - - 1 (1%) -
Packaging - - 1 (1%) -
Renewable Energy - - 1 (1%) -
Total 61 $22.6B 182 $188.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 41 (67%) 15.6B (69%) 126 (69%) 146.2B (80%)
  New York 4 (7%) - 15 (8%) 2.5B (1%)
  California 6 (10%) - 13 (7%) -
  Texas 3 (5%) 1.6B (7%) 10 (5%) 46.0B (25%)
  Illinois 2 (3%) - 9 (5%) 4.2B (2%)
  Massachusetts 4 (7%) - 8 (4%) 1.5B (1%)
  Pennsylvania 2 (3%) - 8 (4%) 23.1B (13%)
  Michigan 2 (3%) - 7 (4%) 612M (< 1%)
  Virginia 4 (7%) - 6 (3%) 746M (< 1%)
  Georgia 3 (5%) - 5 (3%) 640M (< 1%)
  Florida 1 (2%) - 5 (3%) 3.3B (2%)
  Ohio - - 5 (3%) 110M (< 1%)
  Colorado - - 4 (2%) -
  Arizona - - 4 (2%) -
  Connecticut 2 (3%) - 3 (2%) 279M (< 1%)
  Minnesota 1 (2%) - 3 (2%) 1.7B (1%)
  Washington 1 (2%) - 3 (2%) 500M (< 1%)
  North Carolina 2 (3%) 8.5B (38%) 2 (1%) 8.5B (5%)
  Arkansas 1 (2%) - 2 (1%) 27.5B (15%)
  Maryland 1 (2%) - 2 (1%) -
  Indiana - - 2 (1%) 12.2B (7%)
  Nebraska 1 (2%) 5.5B (24%) 1 (1%) 5.5B (3%)
  Nevada 1 (2%) - 1 (1%) -
  Tennessee - - 1 (1%) 7.3B (4%)
  New Jersey - - 1 (1%) 20M (< 1%)
  Alabama - - 1 (1%) -
  Vermont - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  Missouri - - 1 (1%) -
  Idaho - - 1 (1%) -
United Kingdom 5 (8%) 828M (4%) 10 (5%) 4.5B (2%)
Germany 2 (3%) 2.5B (11%) 8 (4%) 9.1B (5%)
France 2 (3%) 200M (1%) 6 (3%) 6.6B (4%)
Canada 2 (3%) 859M (4%) 5 (3%) 4.4B (2%)
  Ontario 1 (2%) - 2 (1%) -
  Manitoba 1 (2%) 859M (4%) 1 (1%) 859M (< 1%)
  Alberta - - 1 (1%) 3.5B (2%)
  Quebec - - 1 (1%) -
India 2 (3%) - 5 (3%) 40M (< 1%)
Netherlands 1 (2%) - 4 (2%) 4.2B (2%)
Denmark 1 (2%) - 3 (2%) -
Norway 1 (2%) 2.1B (9%) 2 (1%) 2.8B (2%)
China 1 (2%) - 2 (1%) -
Italy 1 (2%) 576M (3%) 1 (1%) 576M (< 1%)
Argentina 1 (2%) - 1 (1%) -
Cyprus 1 (2%) - 1 (1%) -
Ireland - - 1 (1%) 2.0B (1%)
Belgium - - 1 (1%) 1.4B (1%)
Sweden - - 1 (1%) 1.4B (1%)
Bermuda - - 1 (1%) -
Czech Republic - - 1 (1%) -
Japan - - 1 (1%) -
South Korea - - 1 (1%) -
Singapore - - 1 (1%) -
Domestic 41 (67%) 15.6B (69%) 126 (69%) 146.2B (80%)
Cross-border 20 (33%) 7.0B (31%) 56 (31%) 36.8B (20%)
Total 61 $22.6B 182 $183.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (44%) 11.6B (51%) 66 (36%) 25.6B (15%)
Buyout (LBO, MBO, MBI) 7 (11%) 200M (1%) 33 (18%) 12.6B (7%)
Growth Capital 13 (21%) - 27 (15%) -
Going Private 4 (7%) 5.4B (24%) 15 (8%) 114.9B (65%)
Divestiture 1 (2%) - 12 (7%) 17.3B (10%)
Stake Purchase 1 (2%) - 11 (6%) -
Venture 6 (10%) - 11 (6%) -
Recapitalization 1 (2%) - 5 (3%) 66M (< 1%)
Add-on Acquisition 1 (2%) 5.5B (24%) 1 (1%) 5.5B (3%)
PIPE - - 1 (1%) -
Total 61 $22.6B 182 $176.0B

Exits by Deal Type

Type Total # Value
Secondary Sale 32 (29%) 16.5B (16%)
IPO 26 (24%) -
Trade Sale - Public Company 24 (22%) 79.7B (79%)
Trade Sale 16 (15%) 5.0B (5%)
Bankruptcy 3 (3%) -
Sold to Management 3 (3%) -
Recapitalization 2 (2%) -
Unknown 2 (2%) -
Merger 1 (1%) -
Stake Sale 1 (1%) -
Total 110 $101.1B

Top M&A Advisors

Financial Deals
Goldman Sachs
 27
J.P. Morgan Securities
 3
Citigroup Investment Banking
 2
Legal Deals
Weil Gotshal & Manges
 7
Fried Frank Harris Shriver & Jacobson
 6
Davis Polk & Wardwell
 5

Deal Values

buy # Total
> $1B 29 $178.9B
$100M to $1B 19 $9.7B
< $100M 4 $143M
TOTAL $188.8B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 22 $98.4B
$100M to $1B 6 $2.6B
< $100M 3 $136M
TOTAL $101.1B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
37%
68 (37%)
Strategic(s)
7%
13 (7%)
Exited to
Investor(s)
30%
33 (30%)
Strategic(s)
38%
42 (38%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

155.0B USD

Established

1986

Specialist/Generalist

Generalist

Subsidiary of

The Goldman Sachs Group

Leadership

Richard Friedman

Head of the Merchant Banking

FAQ

When was Goldman Sachs Merchant Banking founded?

Goldman Sachs Merchant Banking was founded in 1986.

What type of investor is Goldman Sachs Merchant Banking?

Goldman Sachs Merchant Banking is a private equity firm.

Where is Goldman Sachs Merchant Banking headquartered?

Goldman Sachs Merchant Banking is headquartered in New York, New York.

How much capital does Goldman Sachs Merchant Banking have under management?

Goldman Sachs Merchant Banking has 155.0B USD under management.

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