M&A Deal Summary

TPG and Leonard Green & Partners Acquire Ellucian

On August 14, 2015, private equity firms TPG and Leonard Green & Partners acquired education company Ellucian from JMI Equity and Hellman & Friedman for 3.5B USD

Acquisition Highlights
  • This is TPG’s 2nd and Leonard Green & Partners’ 1st transaction in the Education sector.
  • This is TPG’s 25th and Leonard Green & Partners’ 5th largest (disclosed) transaction.
  • This is TPG’s 168th and Leonard Green & Partners’ 53rd transaction in the United States.
  • This is TPG’s 5th and Leonard Green & Partners’ 3rd transaction in Virginia.
Investment Fate
  • Ellucian was sold to a consortium of financial buyers in 2021.

M&A Deal Summary
Date 2015-08-14
Target Ellucian
Sector Education
Buyer(s) TPG
Leonard Green & Partners
Sellers(s) JMI Equity
Hellman & Friedman
Deal Type Secondary Buyout
Deal Value 3.5B USD
Advisor(s) Credit Suisse Investment Banking
Goldman Sachs (Financial)
Simpson Thacher & Bartlett (Legal)

Target

Ellucian

Reston, Virginia, United States
website
Ellucian is a higher education technology solutions provider. Ellucian’s products help colleges and universities manage their core administrative functions including enrollment, budget and financial planning, student information, human resources, strategic planning, and fundraising. Ellucian was founded in 1968 and is based in Reston, Virginia.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 251 of 401
Sector (Education) 2 of 7
Type (Secondary Buyout) 24 of 63
State (Virginia) 5 of 5
Country (United States) 168 of 269
Year (2015) 10 of 17
Size (of disclosed) 25 of 100
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-12 SunGard Data Systems

Wayne, Pennsylvania, United States

SunGard Data Systems, Inc. is a provider of software and processing solutions for the financial services industry, higher education, and the public sector in over 70 countries. SunGard also offers disaster recovery, managed IT, and information availability consulting services along with business continuity management software.

Sell $9.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-14 IPSY

San Mateo, California, United States

IPSY is an online makeup subscription delivery service founded by YouTube celebrity Michelle Phan. Its more than 1.5 million subscribers receive monthly “Glam Bags” filled with an assortment of makeup and beauty products.IPSY was founded in 2011 and is based in San Mateo, California.

Buy -
Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 55 of 88
Sector (Education) 1 of 1
Type (Secondary Buyout) 13 of 40
State (Virginia) 3 of 3
Country (United States) 53 of 81
Year (2015) 2 of 3
Size (of disclosed) 5 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-04 Scitor

Reston, Virginia, United States

Scitor Corp. is a provider of engineering, financial, management, and related services to the corporate customers. The company offers services for acquisition and life cycle management support, business process improvement, configuration management, facilitation services, feasibility assessments, and integrated logistics support. Scitor was formed in 1979 and is based in Reston, Virginia.

Sell $790M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-02 RestorixHealth

White Plains, New York, United States

RestorixHealth is a provider of comprehensive wound care treatment centers that offer advanced wound care modalities as well as hyperbaric oxygen therapy (“HBOt”). RestorixHealth focuses on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. RestorixHealth was established in 1997 and is based in White Plains, New York.

Buy -

Seller(S) 2

SELLER

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $10 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.

DEAL STATS #
Overall 72 of 105
Sector (Education) 1 of 2
Type (Secondary Buyout) 8 of 18
State (Virginia) 8 of 8
Country (United States) 66 of 93
Year (2015) 5 of 8
Size (of disclosed) 1 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-13 Intelex Technologies

Toronto, Ontario, Canada

Intelex Technologies Inc. is a provider of Environmental, Health, Safety (EHS) and Quality management software solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-14 Capsule Technologies

Andover, Massachusetts, United States

Capsule Technologies, Inc. is a provider of medical device connectivity solutions for hospitals. Capsule integrates with clinical information systems to capture more data, reduce manual efforts and cost, and improve patient care. Capsule Technologies, Inc. was founded in 1997 and is based in Andover, Massachusetts.

Sell -
SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 41 of 59
Sector (Education) 1 of 2
Type (Secondary Buyout) 14 of 15
State (Virginia) 2 of 2
Country (United States) 29 of 43
Year (2015) 3 of 5
Size (of disclosed) 5 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-15 SSP Group

Halifax, United Kingdom

SSP Group is a provider of technology systems and software for the insurance industry, helping insurers and brokers operate more efficient businesses. SSP Group was founded in 2002 and is based in Halifax, United Kingdom.

Sell £207M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-12 The Edelman Financial Group

Houston, Texas, United States

Edelman Financial Services provides financial planning and investment management services to more than 28,000 individuals and families and manages more than $15 billion in assets.(2) The firm also provides 401(k) plans and institutional investment management for businesses.

Buy -
Mergr

Product

Company

Legal