Polaris Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Polaris Partners has invested in 4 companies.

Polaris Partners’ most common sectors for investment are information technology (28%) and internet software and services (11%). The Firm’s most common investment types include growth capital (49%) and venture (33%). In total, Polaris Partners has invested in 16 US states and 4 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 (39%). Polaris Partners’ largest (disclosed) exit occurred in 2012 when it sold deCODE genetics for $415M.

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M&A Summary

  • M&A Total Activity55
    • M&A Buy Activity37
    • M&A Sell Activity18
  • Total Sectors Invested 15
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 27
  • M&A Advisors 1

Polaris Partners

One Marina Park Drive, 10th Floor,
Boston, Massachusetts 02210
United States
(781) 290-0770
www.polarispartners.com

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

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.8/yr) # 33 - 2 2 - - 37
vol $913M $913M
Sell (1.8/yr) # 9 - 3 4 2 - 18
vol $415M $70M $485M
  55

Most Recent M&A

Company Date Value Type
Earth Networks, Inc. 2019-12-10 - Add-on Acquisition
Germantown, Maryland · www.earthnetworks.com
Covetrus, Inc. 2019-02-08 - IPO
Portland, Maine · www.covetrus.com
Art.com, Inc. 2018-12-07 - Add-on Acquisition
Emeryville, California · www.art.com
Iridium Technology LLC 2018-08-22 - Growth Capital
Reno, Nevada · www.iridium-technology.com
NetRate Systems, Inc. 2018-06-07 - Growth Capital
Okemos, Michigan · www.netrate.com
Confluence Technologies, Inc. 2018-03-14 - Secondary Buyout
Pittsburgh, Pennsylvania · www.confluence.com
Athletes' Performance, Inc. (dba EXOS) 2018-03-01 - Secondary Sale
Phoenix, Arizona · www.teamexos.com
Data Sciences International, Inc. 2018-01-22 70M USD Add-on Acquisition
St. Paul, Minnesota · www.datasci.com
Remedy Health Media LLC 2017-11-29 - Secondary Buyout
New York, New York · www.remedyhealthmedia.com
Baxter Planning Systems 2017-10-11 - Growth Capital
Austin, Texas · www.bybaxter.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (18%) 200M (100%) 10 (27%) 250M (27%)
Internet Software and Services - - 4 (11%) -
Life Science 1 (6%) - 4 (11%) -
E-Commerce 2 (12%) - 3 (8%) -
Healthcare Services 3 (18%) - 3 (8%) -
Software 3 (18%) - 3 (8%) -
Business Services 1 (6%) - 2 (5%) -
Digital Media - - 1 (3%) 640M (70%)
Communications - - 1 (3%) 23M (3%)
Apparel/Textiles 1 (6%) - 1 (3%) -
Chemicals 1 (6%) - 1 (3%) -
Consumer Services - - 1 (3%) -
Financial Services - - 1 (3%) -
Food 1 (6%) - 1 (3%) -
Insurance 1 (6%) - 1 (3%) -
Total 17 $200M 37 $913M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (94%) 200M (100%) 34 (92%) 913M (100%)
  Massachusetts 4 (24%) - 5 (14%) -
  New York 2 (12%) - 5 (14%) -
  California 2 (12%) 200M (100%) 4 (11%) 840M (92%)
  Texas 2 (12%) - 4 (11%) -
  Georgia 1 (6%) - 3 (8%) -
  Ohio 1 (6%) - 2 (5%) 50M (5%)
  Maryland - - 2 (5%) 23M (3%)
  North Carolina 1 (6%) - 1 (3%) -
  New Hampshire 1 (6%) - 1 (3%) -
  Nevada 1 (6%) - 1 (3%) -
  Michigan 1 (6%) - 1 (3%) -
  Washington - - 1 (3%) -
  Pennsylvania - - 1 (3%) -
  Minnesota - - 1 (3%) -
  Maine - - 1 (3%) -
  Arizona - - 1 (3%) -
Canada 1 (6%) - 1 (3%) -
  Alberta 1 (6%) - 1 (3%) -
United Kingdom - - 1 (3%) -
Iceland - - 1 (3%) -
Total 17 $200M 37 $913M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 11 (65%) - 18 (49%) -
Venture 5 (29%) - 12 (32%) -
Buyout (LBO, MBO, MBI) - - 3 (8%) 23M (3%)
Going Private - - 1 (3%) 640M (70%)
Secondary Buyout 1 (6%) 200M (100%) 1 (3%) 200M (22%)
Recapitalization - - 1 (3%) 50M (5%)
Stake Purchase - - 1 (3%) -
Total 17 $200M 37 $913M

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (44%) -
Trade Sale - Public Company 6 (33%) 485M (100%)
IPO 2 (11%) -
Merger 1 (6%) -
Trade Sale 1 (6%) -
Total 18 $485M

Top M&A Advisors

Legal Deals
Goodwin Procter LLP
1

Deal Values

buy # Total
$100M to $1B 2 $840M
< $100M 2 $73M
TOTAL $913M
Largest MH Sub I LLC
$640M (2010-09-20)
sell # Total
$100M to $1B 1 $415M
< $100M 1 $70M
TOTAL $485M
Largest deCODE genetics, Inc.
$415M (2012-12-10)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
2 100%
Exited to
PE Firm(s)
50%
7 50%
Strategic(s)
50%
7 50%

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