TPG Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TPG has acquired 29 companies. It has also invested in 15 others.

TPG’s most common sectors for investment arelife science (11%) and software (9%) . The Firm’s most common investment types include venture (23%) and secondary buyout (18%). In total, TPG has invested in 36 US states and 41 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, TPG has exited 42 companies. The Firm’s most common exit type is trade sale (36%). TPG’s largest (disclosed) exit occurred in 2008 when it sold Alltel for $28.1B.

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M&A Summary

  • M&A Total Activity687
    • M&A Buy Activity420
    • M&A Sell Activity267
  • Total Sectors Invested 52
  • Total Countries Invested 41
  • M&A Buy/Sell Connections 237
  • M&A Advisors 68

TPG

TPG Inc.

301 Commerce St., Suite 3300,
Fort Worth, Texas 76102
United States
(817) 871-4000
www.tpg.com
inquiries@tpg.com

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Investment Criteria

Sectors of Interest: Aerospace, Airlines, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, Electronics, Energy Services and Equipment, Environmental, Financial Services, Food, Franchising, Gaming, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Manufacturing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment, Transportation, Utilities

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 1,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (12.0/yr) # 360 16 16 12 8 8 420
vol $300.5B $2.8B $4.0B $6.5B $13.0B $11.9B $338.6B
Sell (12.4/yr) # 205 20 18 11 6 7 267
vol $157.6B $10.3B $3.3B $7.4B $178.6B
  687

Most Recent M&A

Company Date Value Type
Techem GmbH 2024-10-01 7.6B EUR Secondary Buyout
Eschborn, Germany · www.techem.com
Surescripts, LLC 2024-10-01 - Growth Capital
Arlington, Virginia · www.surescripts.com
Artel LLC 2024-09-18 - Trade Sale
Herndon, Virginia · www.artelllc.com
CLEAResult Consulting, Inc. 2024-09-03 - Secondary Sale
Austin, Texas · www.clearesult.com
The Private Suite LAX LLC 2024-08-22 - Trade Sale
Los Angeles, California · www.reserveps.com
Altimetrik Corp. 2024-06-27 - Buyout (LBO, MBO, MBI)
Southfield, Michigan · www.altimetrik.com
Aareon AG 2024-06-24 4.4B EUR Secondary Buyout
Mainz, Germany · www.aareon.com
K2 Medical Research 2024-06-17 - Growth Capital
Maitland, Florida · www.k2med.com
Viking River Cruises, Inc. 2024-05-01 - IPO
Woodland Hills, California · www.vikingcruises.com
Counter Brands LLC 2024-04-22 - Sold to Management
Santa Monica, California · www.beautycounter.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WellSky Corp. 2016-12-20 Bonafide Medical Group LLC 2024-10-25 14
Overland Park, Kansas · www.wellsky.com Thousand Oaks, California · www.bonafide.com
DIRECTV LLC 2021-02-25 EchoStar - Video Distribution Business 2024-09-30 1
El Segundo, California · www.directv.com Englewood, Colorado
OneOncology 2023-04-20 United Urology Group 2024-08-20 2
Nashville, Tennessee · www.oneoncology.com Owings Mills, Maryland · www.unitedurology.com
Delinea, Inc. 2021-01-28 Fastpath Solutions LLC 2024-02-21 3
San Francisco, California · www.delinea.com Des Moines, Iowa · www.gofastpath.com
Convey Health Solutions Holdings, Inc. 2022-06-21 HealthScape Advisors 2024-02-06 1
Fort Lauderdale, Florida · www.conveyhealthsolutions.com Chicago, Illinois · www.healthscapeadvisors.com
Nintex Global Ltd. 2018-02-09 Skuid, Inc. 2023-12-12 6
Bellevue, Washington · www.nintex.com Chattanooga, Tennessee · www.skuid.com
WellSky Corp. 2016-12-20 The Corridor Group, Inc. 2023-10-12 13
Overland Park, Kansas · www.wellsky.com Overland Park, Kansas · www.corridorgroup.com
Visma Oy 2017-06-29 Silverfin 2023-09-25 43
Oslo, Norway · www.visma.com Gent, Belgium · www.silverfin.com
Integrated Media Co. LLC 2018-01-01 Toon Boom Animation, Inc. 2023-07-13 3
, United States · www.integratedmedia.com Montreal, Quebec · www.toonboom.com
Matrix Renewables (Spain) Holdings S.L. 2020-07-01 Stillhouse Solar Project 2023-06-28 3
Madrid, Spain · www.matrixrenewables.com Bell County, Texas

M&A by Sector

Sector Current # Value All-time # Value
Life Science 9 (7%) 1.7B (4%) 44 (10%) 9.9B (3%)
Software 15 (12%) 8.5B (20%) 35 (8%) 27.5B (8%)
Information Technology 16 (13%) 4.1B (9%) 31 (7%) 13.5B (4%)
Internet Software and Services 14 (11%) 10.5B (24%) 31 (7%) 11.5B (3%)
Financial Services 6 (5%) 1.9B (4%) 25 (6%) 9.7B (3%)
Healthcare Services 10 (8%) 3.5B (8%) 23 (5%) 11.5B (3%)
Communications 1 (1%) - 15 (4%) 46.9B (14%)
Medical Products 4 (3%) 625M (1%) 14 (3%) 15.3B (5%)
Business Services 4 (3%) - 14 (3%) 1.2B (< 1%)
Retail 1 (1%) - 13 (3%) 15.4B (5%)
Consumer Products 2 (2%) - 12 (3%) 1.5B (< 1%)
Education 5 (4%) - 10 (2%) 3.5B (1%)
Media 3 (2%) - 9 (2%) 18.8B (6%)
Real Estate 3 (2%) 505M (1%) 9 (2%) 913M (< 1%)
Restaurants 2 (2%) - 8 (2%) 8.7B (3%)
Consumer Services 4 (3%) 4.0B (9%) 8 (2%) 4.0B (1%)
Technology Hardware - - 7 (2%) 2.6B (1%)
Chemicals 3 (2%) - 7 (2%) 770M (< 1%)
Semiconductors - - 6 (1%) 18.1B (5%)
Food 1 (1%) - 6 (1%) 5.5B (2%)
Apparel/Textiles - - 6 (1%) 3.1B (1%)
Renewable Energy 5 (4%) - 6 (1%) -
Utilities - - 5 (1%) 51.8B (15%)
Energy Services and Equipment 1 (1%) 7.6B (18%) 5 (1%) 7.6B (2%)
Insurance - - 5 (1%) 3.2B (1%)
Beverages - - 5 (1%) 1.2B (< 1%)
Leisure 3 (2%) - 5 (1%) -
Distribution - - 4 (1%) 3.3B (1%)
Digital Media 1 (1%) - 4 (1%) 525M (< 1%)
Packaging - - 4 (1%) 500M (< 1%)
Airlines - - 4 (1%) 450M (< 1%)
Environmental 3 (2%) - 4 (1%) -
Staffing 2 (2%) - 4 (1%) -
Manufacturing 1 (1%) - 3 (1%) 1.0B (< 1%)
Building Materials 1 (1%) - 3 (1%) 997M (< 1%)
Automotive 1 (1%) - 3 (1%) 325M (< 1%)
Oil/Gas Exploration - - 3 (1%) 315M (< 1%)
Marketing 2 (2%) - 3 (1%) -
Transportation - - 3 (1%) -
Gaming - - 2 (< 1%) 30.7B (9%)
Agriculture 2 (2%) - 2 (< 1%) -
Metals/Mining - - 1 (< 1%) 3.3B (1%)
Aerospace - - 1 (< 1%) -
Construction - - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Franchising - - 1 (< 1%) -
Information Services 1 (1%) - 1 (< 1%) -
Marine - - 1 (< 1%) -
Safety/Security - - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 127 $42.9B 421 $334.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 79 (62%) 24.8B (58%) 276 (66%) 284.4B (84%)
  California 23 (18%) 7.0B (16%) 85 (20%) 33.7B (10%)
  Texas 6 (5%) 4.1B (9%) 34 (8%) 88.2B (26%)
  New York 7 (6%) 500M (1%) 13 (3%) 14.2B (4%)
  Florida 5 (4%) 3.1B (7%) 12 (3%) 10.2B (3%)
  Massachusetts 3 (2%) - 12 (3%) -
  Illinois 4 (3%) - 10 (2%) 2.6B (1%)
  Georgia 3 (2%) - 10 (2%) 2.5B (1%)
  Pennsylvania 2 (2%) 4.0B (9%) 9 (2%) 16.2B (5%)
  Arizona 3 (2%) - 8 (2%) -
  North Carolina 2 (2%) - 8 (2%) 7.4B (2%)
  Washington 2 (2%) - 6 (1%) 1.6B (< 1%)
  Virginia 1 (1%) - 6 (1%) 6.5B (2%)
  Maryland 3 (2%) - 5 (1%) -
  Tennessee 2 (2%) 2.1B (5%) 5 (1%) 4.1B (1%)
  Indiana 1 (1%) - 5 (1%) 11.6B (3%)
  New Jersey 1 (1%) - 5 (1%) 3.5B (1%)
  Connecticut - - 4 (1%) 5.2B (2%)
  Utah 1 (1%) - 3 (1%) -
  Michigan 1 (1%) - 3 (1%) -
  District of Columbia 1 (1%) - 3 (1%) -
  Minnesota - - 3 (1%) 4.0B (1%)
  Ohio - - 3 (1%) 3.4B (1%)
  Colorado - - 3 (1%) 1.4B (< 1%)
  Kansas 2 (2%) - 2 (< 1%) -
  Arkansas 1 (1%) - 2 (< 1%) 27.5B (8%)
  Kentucky 1 (1%) - 2 (< 1%) 4.1B (1%)
  Wisconsin 1 (1%) - 2 (< 1%) 450M (< 1%)
  Nevada - - 2 (< 1%) 30.7B (9%)
  Alabama - - 2 (< 1%) 1.3B (< 1%)
  Missouri - - 2 (< 1%) -
  Maine 1 (1%) 4.0B (9%) 1 (< 1%) 4.0B (1%)
  Oregon 1 (1%) - 1 (< 1%) -
  South Carolina - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
  Delaware - - 1 (< 1%) -
India 11 (9%) 33M (< 1%) 27 (6%) 93M (< 1%)
China 2 (2%) 1.9B (4%) 20 (5%) 3.8B (1%)
United Kingdom 4 (3%) - 18 (4%) 12.0B (4%)
Canada 3 (2%) - 7 (2%) 2.8B (1%)
  Quebec 1 (1%) - 4 (1%) 2.8B (1%)
  British Columbia 1 (1%) - 1 (< 1%) -
  Alberta 1 (1%) - 1 (< 1%) -
  Ontario - - 1 (< 1%) -
Germany 2 (2%) 11.9B (28%) 7 (2%) 13.0B (4%)
Australia 3 (2%) 300M (1%) 6 (1%) 3.2B (1%)
Singapore 3 (2%) 1.6B (4%) 6 (1%) 1.6B (< 1%)
Italy 2 (2%) - 4 (1%) 325M (< 1%)
France 1 (1%) - 4 (1%) 5.9B (2%)
Brazil 1 (1%) - 4 (1%) -
Israel 2 (2%) 1.2B (3%) 3 (1%) 1.2B (< 1%)
Japan 1 (1%) - 3 (1%) -
Switzerland - - 3 (1%) 1.3B (< 1%)
South Korea 2 (2%) - 2 (< 1%) -
Indonesia 1 (1%) - 2 (< 1%) -
Taiwan 1 (1%) - 2 (< 1%) -
Bermuda - - 2 (< 1%) 1.0B (< 1%)
Philippines - - 2 (< 1%) -
Vietnam - - 2 (< 1%) -
Malaysia 1 (1%) 1.2B (3%) 1 (< 1%) 1.2B (< 1%)
Spain 1 (1%) - 1 (< 1%) -
Botswana 1 (1%) - 1 (< 1%) -
Kenya 1 (1%) - 1 (< 1%) -
Monaco 1 (1%) - 1 (< 1%) -
Morocco 1 (1%) - 1 (< 1%) -
Norway 1 (1%) - 1 (< 1%) -
Sri Lanka 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Russia - - 1 (< 1%) 2.6B (1%)
Ireland - - 1 (< 1%) 2.0B (1%)
Greece - - 1 (< 1%) 1.8B (1%)
Belgium - - 1 (< 1%) 1.4B (< 1%)
Turkey - - 1 (< 1%) 810M (< 1%)
Argentina - - 1 (< 1%) -
Czech Republic - - 1 (< 1%) -
Denmark - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Netherlands - - 1 (< 1%) -
Saudi Arabia - - 1 (< 1%) -
Thailand - - 1 (< 1%) -
Domestic 79 (62%) 24.8B (58%) 276 (66%) 284.4B (84%)
Cross-border 48 (38%) 18.1B (42%) 145 (34%) 56.0B (16%)
Total 127 $42.9B 421 $340.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 24 (19%) - 94 (22%) 60M (< 1%)
Secondary Buyout 34 (27%) 19.7B (48%) 72 (17%) 33.1B (10%)
Growth Capital 26 (20%) - 67 (16%) -
Buyout (LBO, MBO, MBI) 12 (9%) - 47 (11%) 26.1B (8%)
Stake Purchase 9 (7%) - 37 (9%) 2.6B (1%)
Going Private 5 (4%) 12.2B (29%) 36 (9%) 215.4B (68%)
Divestiture 11 (9%) 9.6B (23%) 35 (8%) 26.8B (8%)
PIPE 1 (1%) - 16 (4%) 3.7B (1%)
Consolidation 4 (3%) - 6 (1%) -
Recapitalization 1 (1%) - 5 (1%) 9.4B (3%)
Joint Venture - - 2 (< 1%) -
Special Situations/Distressed - - 2 (< 1%) -
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 127 $41.5B 421 $317.2B

Exits by Deal Type

Type Total # Value
IPO 80 (30%) 10.5B (6%)
Trade Sale - Public Company 54 (20%) 103.9B (62%)
Trade Sale 41 (15%) 16.3B (10%)
Secondary Sale 38 (14%) 34.5B (21%)
Bankruptcy 20 (7%) -
Stake Sale 16 (6%) 1.4B (1%)
Merger 8 (3%) 1.6B (1%)
Shut Down 4 (1%) -
Sold to Management 2 (1%) -
Unknown 2 (1%) -
Recapitalization 1 (< 1%) -
Sold to Existing Investors 1 (< 1%) -
Total 267 $168.1B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 16
BofA Securities
 15
UBS Investment Bank
 13
Legal Deals
Ropes & Gray
 32
Cleary Gottlieb Steen & Hamilton
 22
Kirkland & Ellis
 18

Deal Values

buy # Total
> $1B 67 $325.1B
$100M to $1B 33 $16.2B
< $100M 5 $333M
TOTAL $341.6B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 38 $167.0B
$100M to $1B 25 $11.3B
< $100M 7 $316M
TOTAL $178.6B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
19%
81 (19%)
Strategic(s)
8%
35 (8%)
Exited to
Investor(s)
15%
39 (15%)
Strategic(s)
41%
109 (41%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

137.0B USD

Established

1992

Specialist/Generalist

Generalist

Leadership

David Bonderman

Chairman & Founding Partner

Timothy Dattels

Chairman , TPG Capital Asia

Chang Sun

Co-Managing Partner

Jack Weingart

Co-Managing Partner

Joel Thickins

Co-Managing Partner

FAQ

When was TPG founded?

TPG was founded in 1992.

What type of investor is TPG?

TPG is a private equity firm.

Where is TPG headquartered?

TPG is headquartered in Fort Worth, Texas.

How much capital does TPG have under management?

TPG has 137.0B USD under management.

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