HgCapital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HgCapital has acquired 21 companies. It has also invested in 8 others.

HgCapital’s most common sectors for investment aresoftware (32%) and internet software and services (17%) . The Firm’s most common investment types include secondary buyout (33%) and buyout (lbo, mbo, mbi) (24%). In total, HgCapital has invested in 11 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired IRIS Software Group for $4.8B.

In the last 3 years, HgCapital has exited 15 companies. The Firm’s most common exit type is trade sale (49%). HgCapital’s largest (disclosed) exit occurred in 2023 when it sold IRIS Software Group for $4.8B.

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M&A Summary

  • M&A Total Activity241
    • M&A Buy Activity148
    • M&A Sell Activity93
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 70
  • M&A Advisors 47

HgCapital

HgCapital LLP

2 More London Riverside,
London, SE1 2AP
United Kingdom
+44 (0)20 8396 0930
www.hgcapital.com
info@hgcapital.com

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Environmental, Food, Furniture, Gaming, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Nordic

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 (7.2/yr) # 112 9 13 5 3 6 148
vol $8.7B $1.7B $3.0B $13.4B
Sell (4.0/yr) # 73 5 4 5 3 3 93
vol $10.6B $1.6B $3.1B $5.2B $20.4B
  241

Most Recent M&A

Company Date Value Type
Dext Software Ltd. 2024-12-03 - Stake Sale
London, United Kingdom · www.dext.com
Ncontracts LLC 2024-09-04 - Secondary Buyout
Brentwood, Tennessee · www.ncontracts.com
Grupo CTAIMA 2024-08-02 - Growth Capital
Tarragona, Spain · www.ctaima.net
F24 AG 2024-07-01 - Secondary Sale
Munich, Germany · www.f24.com
AuditBoard, Inc. 2024-05-23 3.0B USD Buyout (LBO, MBO, MBI)
Cerritos, California · www.auditboard.com
Focus Group 2024-04-15 - Secondary Buyout
London, United Kingdom · www.focusgroup.co.uk
Cube Content Governance Global Ltd. 2024-03-20 - Secondary Buyout
London, United Kingdom · www.cube.global
Induver Group 2024-03-04 - Buyout (LBO, MBO, MBI)
Antwerp, Belgium · www.induver.be
MeinAuto GmbH 2024-01-02 - Trade Sale
Cologne, Germany · www.meinauto.de
IRIS Software Group Ltd. 2023-12-23 4.8B GBP Secondary Sale
Slough, United Kingdom · www.iris.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
TeamSystem Holding S.p.A. 2015-12-07 Green Invoice Co. Ltd. 2024-12-22 1
Pesaro, Italy · www.teamsystem.com Tel Aviv, Israel · www.greeninvoice.co.il
IRIS Software Group Ltd. 2023-12-23 Dext Software Ltd. 2024-12-03 2
Slough, United Kingdom · www.iris.co.uk London, United Kingdom · www.dext.com
Visma Oy 2017-06-29 MobileXpense NV/SA 2024-11-28 44
Oslo, Norway · www.visma.com Brussels, Belgium · www.mobilexpense.com
Access Group 2015-01-19 Paytronix Systems, Inc. 2024-11-01 18
Loughborough, United Kingdom · www.theaccessgroup.com Newton, Massachusetts · www.paytronix.com
Homecare Software Solutions LLC 2019-01-09 Sandata Technologies LLC 2024-10-17 3
New York, New York · www.hhaexchange.com Hicksville, New York · www.sandata.com
Access Group 2015-01-19 QikServe Ltd. 2024-09-25 17
Loughborough, United Kingdom · www.theaccessgroup.com Edinburgh, United Kingdom · www.qikserve.com
Ncontracts LLC 2024-09-04 Venminder, Inc. 2024-09-04 1
Brentwood, Tennessee · www.ncontracts.com Elizabethtown, Kentucky · www.venminder.com
Industrial & Financial Systems IFS AB 2015-11-30 EmpowerMX 2024-07-10 14
Linköping, Sweden · www.ifs.com Frisco, Texas · www.empowermx.com
Mitratech Holdings, Inc. 2021-05-18 HotDocs Ltd. 2024-06-10 10
Austin, Texas · www.mitratech.com Scotland, United Kingdom · www.hotdocs.com
Access Group 2015-01-19 Sceptre Hospitality Resources LLC 2024-06-06 16
Loughborough, United Kingdom · www.theaccessgroup.com Houston, Texas · www.shr.global

M&A by Sector

Sector Current # Value All-time # Value
Software 27 (48%) 8.1B (59%) 48 (32%) 10.9B (55%)
Internet Software and Services 9 (16%) 5.3B (38%) 25 (16%) 5.5B (28%)
Business Services 5 (9%) - 14 (9%) 77M (< 1%)
Information Technology 7 (13%) - 12 (8%) -
Healthcare Services - - 6 (4%) 363M (2%)
Renewable Energy 1 (2%) - 5 (3%) -
Insurance 3 (5%) 385M (3%) 4 (3%) 385M (2%)
Distribution - - 3 (2%) 664M (3%)
Automotive 1 (2%) - 3 (2%) 190M (1%)
Electronics - - 3 (2%) 130M (1%)
Communications 1 (2%) - 2 (1%) 244M (1%)
Machinery - - 2 (1%) 231M (1%)
Publishing 1 (2%) - 2 (1%) 115M (1%)
Consumer Services - - 2 (1%) -
Staffing - - 2 (1%) -
Technology Hardware 1 (2%) - 2 (1%) -
Test/Measurement Equipment - - 2 (1%) -
Manufacturing - - 1 (1%) 366M (2%)
Apparel/Textiles - - 1 (1%) 292M (1%)
Life Science - - 1 (1%) 101M (1%)
Leisure - - 1 (1%) 62M (< 1%)
Infrastructure - - 1 (1%) 54M (< 1%)
Media - - 1 (1%) 52M (< 1%)
Consumer Products - - 1 (1%) -
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Food - - 1 (1%) -
Information Services - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Restaurants - - 1 (1%) -
Semiconductors - - 1 (1%) -
Total 56 $13.7B 152 $19.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 13 (23%) 6.9B (50%) 59 (39%) 10.0B (51%)
Germany 9 (16%) 2.3B (16%) 28 (18%) 2.9B (15%)
United States 16 (29%) 4.6B (33%) 20 (13%) 4.6B (23%)
  Massachusetts 3 (5%) - 3 (2%) -
  New York 2 (4%) - 3 (2%) -
  California 2 (4%) 3.0B (22%) 2 (1%) 3.0B (15%)
  Illinois 2 (4%) - 2 (1%) -
  Texas 1 (2%) 1.6B (11%) 2 (1%) 1.6B (8%)
  Georgia 1 (2%) - 2 (1%) -
  Florida 1 (2%) - 2 (1%) -
  Tennessee 1 (2%) - 1 (1%) -
  Pennsylvania 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Jersey 1 (2%) - 1 (1%) -
Netherlands 1 (2%) - 8 (5%) 490M (2%)
Ireland 2 (4%) - 5 (3%) -
Canada 4 (7%) - 4 (3%) -
  Ontario 2 (4%) - 2 (1%) -
  Quebec 1 (2%) - 1 (1%) -
  Alberta 1 (2%) - 1 (1%) -
France 3 (5%) - 4 (3%) -
Belgium 2 (4%) - 4 (3%) -
Italy 1 (2%) - 4 (3%) 637M (3%)
Norway 2 (4%) - 3 (2%) 588M (3%)
Spain 1 (2%) - 3 (2%) -
Denmark 1 (2%) - 3 (2%) -
Sweden 1 (2%) - 2 (1%) -
Switzerland - - 2 (1%) 366M (2%)
New Zealand - - 1 (1%) 255M (1%)
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Domestic 13 (23%) 6.9B (50%) 59 (39%) 10.0B (51%)
Cross-border 43 (77%) 6.8B (50%) 93 (61%) 9.8B (49%)
Total 56 $13.7B 152 $19.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 22 (39%) 9.0B (66%) 50 (33%) 12.0B (61%)
Buyout (LBO, MBO, MBI) 11 (20%) 3.0B (22%) 36 (24%) 3.7B (18%)
Growth Capital 12 (21%) - 28 (18%) -
Stake Purchase 2 (4%) - 12 (8%) 54M (< 1%)
Divestiture 1 (2%) - 10 (7%) 1.3B (7%)
Going Private 2 (4%) 1.7B (12%) 8 (5%) 2.7B (14%)
Consolidation 4 (7%) - 4 (3%) -
Recapitalization 2 (4%) - 3 (2%) -
PIPE - - 1 (1%) -
Total 56 $13.7B 152 $19.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 33 (35%) 12.5B (61%)
Trade Sale 25 (27%) 1.5B (7%)
Trade Sale - Public Company 23 (25%) 6.4B (31%)
Merger 5 (5%) -
IPO 2 (2%) -
Sold to Management 2 (2%) -
Bankruptcy 1 (1%) -
Stake Sale 1 (1%) -
Unknown 1 (1%) -
Total 93 $20.3B

Top M&A Advisors

Financial Deals
Deloitte
 8
Rothschild Global Advisory
 6
Baird
 4
Legal Deals
Clifford Chance
 9
Linklaters
 6
Hogan Lovells
 5

Deal Values

buy # Total
> $1B 5 $13.3B
$100M to $1B 20 $6.0B
< $100M 7 $449M
TOTAL $19.8B
Largest IRIS Software Group Ltd.
$4.8B (2023-12-23)
sell # Total
> $1B 6 $12.0B
$100M to $1B 22 $8.0B
< $100M 6 $394M
TOTAL $20.4B
Largest IRIS Software Group Ltd.
$4.8B (2023-12-23)

M&A Connections

Deals
Acquired from
Investor(s)
36%
55 (36%)
Strategic(s)
7%
10 (7%)
Exited to
Investor(s)
34%
32 (34%)
Strategic(s)
54%
50 (54%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

70.0B USD

Established

2000

Specialist/Generalist

Generalist

Leadership

Justin von Simson

Managing Partner

Matthew Brockman

Managing Partner

Vijay Bharadia

CFO

Polly Dean

Head of Central Operations

Amr Ellabban

Head of Data & AI

FAQ

When was HgCapital founded?

HgCapital was founded in 2000.

What type of investor is HgCapital?

HgCapital is a private equity firm.

Where is HgCapital headquartered?

HgCapital is headquartered in London, United Kingdom.

How much capital does HgCapital have under management?

HgCapital has 70.0B USD under management.

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