TPG Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TPG has acquired 24 companies. It has also invested in 9 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 28 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 Activity695
    • M&A Buy Activity424
    • M&A Sell Activity271
  • Total Sectors Invested 52
  • Total Countries Invested 41
  • M&A Buy/Sell Connections 243
  • M&A Advisors 72

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (9.6/yr) # 376 16 12 9 8 3 424
vol $303.2B $4.0B $6.5B $13.0B $11.9B $5.5B $344.1B
Sell (9.2/yr) # 225 18 11 6 7 4 271
vol $167.9B $3.3B $7.4B $178.6B
  695

Most Recent M&A

Company Date Value Type
Q-Centrix LLC 2025-06-12 - Trade Sale
Chicago, Illinois · www.q-centrix.com
AvidXchange, Inc. 2025-05-06 2.2B USD Going Private
Charlotte, North Carolina · www.avidxchange.com
Sabre's Hospitality Solutions Business 2025-04-28 1.1B USD Divestiture
Southlake, Texas
Crunch Holdings LLC 2025-04-15 - Secondary Sale
New York, New York · www.crunch.com
Novotech Pty Ltd. 2025-03-31 - Secondary Sale
Sydney, Australia · www.novotech-cro.com
Altus Power, Inc. 2025-02-06 2.2B USD Going Private
Stamford, Connecticut · www.altuspower.com
Infinidat Ltd. 2025-01-16 - Trade Sale
Waltham, Massachusetts · www.infinidat.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Visma Oy 2017-06-29 Admincontrol AG 2025-03-13 4
Oslo, Norway · www.visma.com Oslo, Norway · www.admincontrol.com
Planview, Inc. 2020-11-10 Sciforma Corp. 2025-02-18 6
Austin, Texas · www.planview.com San Diego, California · www.sciforma.com
Visma Oy 2017-06-29 MobileXpense NV/SA 2024-11-28 44
Oslo, Norway · www.visma.com Brussels, Belgium · www.mobilexpense.com
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
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

M&A by Sector

Sector Current # Value All-time # Value
Life Science 9 (7%) 1.4B (3%) 45 (11%) 9.9B (3%)
Software 15 (12%) 8.5B (18%) 35 (8%) 27.5B (8%)
Internet Software and Services 16 (13%) 13.8B (29%) 33 (8%) 14.8B (4%)
Information Technology 13 (10%) 4.1B (8%) 30 (7%) 13.5B (4%)
Financial Services 6 (5%) 1.9B (4%) 25 (6%) 9.7B (3%)
Healthcare Services 11 (9%) 3.5B (7%) 24 (6%) 11.5B (3%)
Communications 2 (2%) - 16 (4%) 46.9B (14%)
Medical Products 4 (3%) 625M (1%) 14 (3%) 15.3B (4%)
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 3 (2%) 4.0B (8%) 8 (2%) 4.0B (1%)
Technology Hardware - - 7 (2%) 2.6B (1%)
Renewable Energy 6 (5%) 2.2B (5%) 7 (2%) 2.2B (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%)
Utilities - - 5 (1%) 51.8B (15%)
Energy Services and Equipment 1 (1%) 7.6B (16%) 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 128 $48.1B 426 $340.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 80 (63%) 30.3B (63%) 280 (66%) 289.9B (84%)
  California 23 (18%) 7.0B (15%) 85 (20%) 33.7B (10%)
  Texas 7 (5%) 5.2B (11%) 35 (8%) 89.3B (26%)
  New York 6 (5%) 500M (1%) 13 (3%) 14.2B (4%)
  Florida 5 (4%) 3.1B (6%) 12 (3%) 10.2B (3%)
  Massachusetts 2 (2%) - 12 (3%) -
  Pennsylvania 3 (2%) 4.0B (8%) 10 (2%) 16.2B (5%)
  Illinois 3 (2%) - 10 (2%) 2.6B (1%)
  Georgia 3 (2%) - 10 (2%) 2.5B (1%)
  North Carolina 3 (2%) 2.2B (5%) 9 (2%) 9.6B (3%)
  Arizona 3 (2%) - 8 (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 (4%) 5 (1%) 4.1B (1%)
  Indiana 1 (1%) - 5 (1%) 11.6B (3%)
  Connecticut 1 (1%) 2.2B (5%) 5 (1%) 7.4B (2%)
  New Jersey 1 (1%) - 5 (1%) 3.5B (1%)
  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 (8%) 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 (3%)
Australia 3 (2%) - 7 (2%) 3.2B (1%)
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 (25%) 7 (2%) 13.0B (4%)
Singapore 3 (2%) 1.6B (3%) 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 (2%) 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 (2%) 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 80 (63%) 30.3B (63%) 280 (66%) 289.9B (84%)
Cross-border 48 (38%) 17.8B (37%) 146 (34%) 56.0B (16%)
Total 128 $48.1B 426 $345.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 24 (19%) - 94 (22%) 60M (< 1%)
Secondary Buyout 32 (25%) 19.4B (44%) 73 (17%) 33.1B (10%)
Growth Capital 25 (20%) - 67 (16%) -
Buyout (LBO, MBO, MBI) 12 (9%) - 47 (11%) 26.1B (8%)
Going Private 7 (5%) 14.4B (32%) 38 (9%) 217.6B (68%)
Stake Purchase 9 (7%) - 37 (9%) 2.6B (1%)
Divestiture 12 (9%) 10.7B (24%) 36 (8%) 27.9B (9%)
PIPE 1 (1%) - 16 (4%) 3.7B (1%)
Recapitalization 2 (2%) - 6 (1%) 9.4B (3%)
Consolidation 4 (3%) - 6 (1%) -
Joint Venture - - 2 (< 1%) -
Special Situations/Distressed - - 2 (< 1%) -
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 128 $44.5B 426 $320.5B

Exits by Deal Type

Type Total # Value
IPO 80 (30%) 10.5B (6%)
Trade Sale - Public Company 54 (20%) 103.9B (62%)
Trade Sale 43 (16%) 16.3B (10%)
Secondary Sale 40 (15%) 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 271 $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
31
Cleary Gottlieb Steen & Hamilton
22
Kirkland & Ellis
19

Deal Values

buy # Total
> $1B 70 $330.6B
$100M to $1B 33 $16.2B
< $100M 5 $333M
TOTAL $347.1B
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%
83 (19%)
Strategic(s)
8%
36 (8%)
Exited to
Investor(s)
15%
41 (15%)
Strategic(s)
41%
111 (41%)

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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