Polaris Partners Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Polaris Partners has acquired 1 company. It has also invested in 22 others.

Polaris Partners’ most common sectors for investment arelife science (45%) and information technology (13%) . The Firm’s most common investment types include venture (66%) and growth capital (23%). In total, Polaris Partners has invested in 19 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired MH Sub I for $640M.

In the last 3 years, Polaris Partners has exited 9 companies. The Firm’s most common exit type is trade sale (46%). Polaris Partners’ largest (disclosed) exit occurred in 2021 when it sold Drizly for $1.1B.

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M&A Summary

  • M&A Total Activity120
    • M&A Buy Activity87
    • M&A Sell Activity33
  • Total Sectors Invested 15
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 48
  • M&A Advisors 3

Polaris Partners is primarily a seed, first round, and early stage venture capital investor in information technology and life science businesses. However, Polaris also focuses on private equity investments in established companies. In this area, Polaris targets high growth middle market companies in industries including technology, healthcare, digital media, consumer products and services, and business services. The firm's investments include minority growth equity investments, recapitalizations with liquidity, and leveraged buyouts. Polaris Partners was formed in 1996 and has offices in Seattle, Washington and Waltham, Massachusetts.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Business Services, Communications, Consumer Products, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Manufacturing, Media, Medical Products, Retail, Software, Technology Hardware

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

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

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 (6.2/yr) # 56 8 17 6 - - 87
vol $713M $713M
Sell (1.8/yr) # 24 - 4 1 - 4 33
vol $485M $1.3B $828M $2.6B
  120

Most Recent M&A

Company Date Value Type
Strata Health Solutions, Inc. 2024-10-30 28M CAD Trade Sale
Calgary, Alberta · www.stratahealth.com
Jnana Therapeutics, Inc. 2024-08-01 800M USD Trade Sale
Boston, Massachusetts · www.jnanatx.com
Baxter Planning Systems 2024-05-21 - Secondary Sale
Austin, Texas · www.baxterplanning.com
Tectonic Therapeutic, Inc. /old/ 2024-01-30 - Trade Sale
Watertown, Massachusetts · www.tectonictx.com
Capstan Therapeutics 2022-09-14 - Venture
San Diego, California · www.capstantx.com
Knowledge Factor, Inc. 2022-07-25 - Secondary Buyout
Boulder, Colorado · www.amplifire.com
Tessa Therapeutics Ltd. 2022-06-09 - Venture
Singapore, Singapore · www.tessacell.com
Satellite Bio 2022-04-20 - Venture
Cambridge, Massachusetts · www.satellite.bio
TRex Bio, Inc. 2022-03-08 - Venture
San Francisco, California · www.trex.bio
Seismic Therapeutic 2022-02-09 - Venture
Cambridge, Massachusetts · www.seismictx.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Life Science 31 (62%) - 39 (45%) -
Information Technology 3 (6%) - 11 (13%) -
Software 4 (8%) - 9 (10%) 50M (7%)
Internet Software and Services - - 5 (6%) -
E-Commerce - - 4 (5%) -
Healthcare Services 4 (8%) - 4 (5%) -
Business Services 1 (2%) - 3 (3%) -
Consumer Products 3 (6%) - 3 (3%) -
Insurance 1 (2%) - 2 (2%) -
Medical Products 2 (4%) - 2 (2%) -
Digital Media - - 1 (1%) 640M (90%)
Communications - - 1 (1%) 23M (3%)
Consumer Services - - 1 (1%) -
Financial Services - - 1 (1%) -
Food 1 (2%) - 1 (1%) -
Total 50 - 87 $713M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 44 (88%) - 78 (90%) 713M (100%)
  Massachusetts 21 (42%) - 27 (31%) -
  California 9 (18%) - 14 (16%) 640M (90%)
  New York 8 (16%) - 13 (15%) -
  Texas - - 4 (5%) -
  Georgia - - 3 (3%) -
  Ohio 1 (2%) - 2 (2%) 50M (7%)
  Washington 1 (2%) - 2 (2%) -
  Maryland - - 2 (2%) 23M (3%)
  Tennessee 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  Connecticut 1 (2%) - 1 (1%) -
  Colorado 1 (2%) - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Nevada - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Michigan - - 1 (1%) -
  Maine - - 1 (1%) -
  Arizona - - 1 (1%) -
Singapore 3 (6%) - 3 (3%) -
Denmark 1 (2%) - 1 (1%) -
Netherlands 1 (2%) - 1 (1%) -
Switzerland 1 (2%) - 1 (1%) -
United Kingdom - - 1 (1%) -
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Iceland - - 1 (1%) -
Total 50 - 87 $713M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 44 (88%) - 57 (66%) -
Growth Capital 4 (8%) - 20 (23%) -
Buyout (LBO, MBO, MBI) - - 4 (5%) 23M (3%)
Stake Purchase 1 (2%) - 3 (3%) -
Going Private - - 1 (1%) 640M (90%)
Recapitalization - - 1 (1%) 50M (7%)
Secondary Buyout 1 (2%) - 1 (1%) -
Total 50 - 87 $713M

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (36%) -
Trade Sale - Public Company 11 (33%) 2.6B (100%)
IPO 5 (15%) -
Trade Sale 4 (12%) -
Merger 1 (3%) -
Total 33 $2.6B

Top M&A Advisors

Financial Deals
Guggenheim Securities
 1
Legal Deals
Morris, Manning & Martin
 1
Goodwin Procter
 1

Deal Values

buy # Total
$100M to $1B 1 $640M
< $100M 2 $73M
TOTAL $713M
Largest MH Sub I LLC
$640M (2010-09-20)
sell # Total
> $1B 1 $1.1B
$100M to $1B 3 $1.4B
< $100M 2 $98M
TOTAL $2.6B
Largest Drizly, Inc.
$1.1B (2021-02-02)

M&A Connections

Deals
Acquired from
Investor(s)
2%
2 (2%)
Exited to
Investor(s)
30%
10 (30%)
Strategic(s)
45%
15 (45%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

5.0B USD

Established

1996

Specialist/Generalist

Generalist

Leadership

Jon Flint

Founding Partner

Terry Mcguire

Founding Partner

Amy Schulman

Managing Partner

Brian Chee

Managing Partner

Darren Carroll

Managing Partner

FAQ

When was Polaris Partners founded?

Polaris Partners was founded in 1996.

What type of investor is Polaris Partners?

Polaris Partners is a growth capital firm.

Where is Polaris Partners headquartered?

Polaris Partners is headquartered in Boston, Massachusetts.

How much capital does Polaris Partners have under management?

Polaris Partners has 5.0B USD under management.

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