Sixth Street Partners Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, Sixth Street Partners has acquired 9 companies. It has also invested in 8 others.

Sixth Street Partners’ most common sectors for investment arebusiness services (20%) and information technology (20%) . The Firm’s most common investment types include growth capital (31%) and buyout (lbo, mbo, mbi) (20%). In total, Sixth Street Partners has invested in 13 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2024 when it acquired Enstar Group for $5.1B.

In the last 3 years, Sixth Street Partners has exited 1 company. The Firm’s most common exit type is secondary buyout (100%).

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M&A Summary

  • M&A Total Activity27
    • M&A Buy Activity26
    • M&A Sell Activity1
  • Total Sectors Invested 12
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 19
  • M&A Advisors 17

Sixth Street Partners

Sixth Street Partners

345 California Street, Suite 3300,
San Francisco, California 94104
United States
www.sixthstreet.com
sixthstreetwebmaster@sixthstreet.com

Sixth Street is a global alternative asset manager and lender that offers a wide range of capital solutions to small, medium, and large companies. The Firm maintains a variety of investment vehicles focused on growth companies, infrastructure, insurance, agriculture as well as other strategies. Sixth Street was established in 2009 and is headquartered in San Francisco, California.


Investment Criteria

Sectors of Interest: Agriculture, Business Services, Communications, Consumer Products, Consumer Services, Energy Services and Equipment, Financial Services, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Media, Renewable Energy, Software, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Acquisition Financing

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

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 (3.6/yr) # 8 1 4 5 6 2 26
vol $1.9B $2.3B $898M $1.4B $5.1B $11.5B
Sell (0.2/yr) # - - - - - 1 1
  27

Most Recent M&A

Company Date Value Type
Caliche Development Partners LLC 2024-08-20 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.calichestorage.com
Enstar Group Ltd. 2024-07-29 5.1B USD Going Private
Hamilton, Bermuda · www.enstargroup.com
Nasuni Corp. 2024-07-09 - Secondary Sale
Boston, Massachusetts · www.nasuni.com
Far West Services LLC 2023-11-07 - Growth Capital
Costa Mesa, California
GreenSky, Inc. 2023-10-11 - Divestiture
Atlanta, Georgia · www.greensky.com
Avid Technology, Inc. 2023-08-09 1.4B USD Going Private
Burlington, Massachusetts · www.avid.com
EverBank, N.A. 2023-08-01 - Divestiture
Jacksonville, Florida · www.everbank.com
National Women’s Soccer League LLC 2023-04-04 - Buyout (LBO, MBO, MBI)
New York City, New York · www.nwslsoccer.com
BAFC Holdings LLC 2023-04-04 - Buyout (LBO, MBO, MBI)
Bay Area, California · www.bayfc.com
Pushpay Holdings Ltd. 2022-10-31 898M USD Going Private
Redmond, Washington · www.pushpay.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
MindBody, Inc. 2018-12-24 ClassPass, Inc. 2021-10-13 3
San Luis Obispo, California · www.mindbodyonline.com New York, New York · www.classpass.com
EdgeConneX, Inc. 2020-08-19 Global Data Center 2021-08-16 2
Herndon, Virginia · www.edgeconnex.com Herzeliya, Israel · www.globaldatacenter.co.il
Emplifi, Inc. 2019-04-10 iPerceptions, Inc. 2020-07-17 4
Columbus, Ohio · www.emplifi.io Montreal, Quebec · www.iperceptions.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (20%) - 5 (19%) -
Information Technology 4 (16%) - 5 (19%) -
Software 4 (16%) 3.3B (29%) 4 (15%) 3.3B (29%)
Internet Software and Services 3 (12%) 898M (8%) 3 (12%) 898M (8%)
Insurance 2 (8%) 7.4B (64%) 2 (8%) 7.4B (64%)
Consumer Services 1 (4%) - 1 (4%) -
Energy Services and Equipment 1 (4%) - 1 (4%) -
Financial Services 1 (4%) - 1 (4%) -
Food 1 (4%) - 1 (4%) -
Life Science 1 (4%) - 1 (4%) -
Restaurants 1 (4%) - 1 (4%) -
Retail 1 (4%) - 1 (4%) -
Total 25 $11.5B 26 $11.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (88%) 6.4B (56%) 23 (88%) 6.4B (56%)
  California 5 (20%) 1.9B (16%) 5 (19%) 1.9B (16%)
  New York 3 (12%) - 3 (12%) -
  Massachusetts 2 (8%) 1.4B (12%) 3 (12%) 1.4B (12%)
  Ohio 2 (8%) - 2 (8%) -
  Florida 2 (8%) - 2 (8%) -
  Connecticut 1 (4%) 2.3B (19%) 1 (4%) 2.3B (19%)
  Washington 1 (4%) 898M (8%) 1 (4%) 898M (8%)
  Virginia 1 (4%) - 1 (4%) -
  Texas 1 (4%) - 1 (4%) -
  Nebraska 1 (4%) - 1 (4%) -
  Minnesota 1 (4%) - 1 (4%) -
  Georgia 1 (4%) - 1 (4%) -
  Alabama 1 (4%) - 1 (4%) -
Spain 2 (8%) - 2 (8%) -
Bermuda 1 (4%) 5.1B (44%) 1 (4%) 5.1B (44%)
Total 25 $11.5B 26 $11.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 7 (28%) - 8 (31%) -
Buyout (LBO, MBO, MBI) 5 (20%) - 5 (19%) -
Going Private 4 (16%) 9.3B (81%) 4 (15%) 9.3B (81%)
Secondary Buyout 3 (12%) 2.3B (19%) 3 (12%) 2.3B (19%)
Divestiture 3 (12%) - 3 (12%) -
Stake Purchase 2 (8%) - 2 (8%) -
Venture 1 (4%) - 1 (4%) -
Total 25 $11.5B 26 $11.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 1 (100%) -
Total 1 -

Top M&A Advisors

Financial Deals
Wells Fargo Securities
 2
J.P. Morgan Securities
 2
Deutsche Bank Corporate & Investment Banking
 1
Legal Deals
Cleary Gottlieb Steen & Hamilton
 2
Simpson Thacher & Bartlett
 2
Debevoise & Plimpton
 1

Deal Values

buy # Total
> $1B 4 $10.7B
$100M to $1B 1 $898M
TOTAL $11.5B
Largest Enstar Group Ltd.
$5.1B (2024-07-29)

M&A Connections

Deals
Acquired from
Investor(s)
15%
4 (15%)
Strategic(s)
15%
4 (15%)
Exited to
Investor(s)
100%
1 (100%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

PE Assets

65.0B USD

Established

2009

Specialist/Generalist

Generalist

FAQ

When was Sixth Street Partners founded?

Sixth Street Partners was founded in 2009.

What type of investor is Sixth Street Partners?

Sixth Street Partners is an asset manager.

Where is Sixth Street Partners headquartered?

Sixth Street Partners is headquartered in San Francisco, California.

How much capital does Sixth Street Partners have under management?

Sixth Street Partners has 65.0B USD under management.

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