Warburg Pincus Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Warburg Pincus has acquired 16 companies. It has also invested in 27 others.

Warburg Pincus’ most common sectors for investment arefinancial services (10%) and information technology (9%) . The Firm’s most common investment types include growth capital (34%) and buyout (lbo, mbo, mbi) (18%). In total, Warburg Pincus has invested in 36 US states and 33 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Aramark for $8.3B.

In the last 3 years, Warburg Pincus has exited 43 companies. The Firm’s most common exit type is trade sale (37%). Warburg Pincus’ largest (disclosed) exit occurred in 2023 when it sold Triton International for $13.3B.

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M&A Summary

  • M&A Total Activity721
    • M&A Buy Activity473
    • M&A Sell Activity248
  • Total Sectors Invested 50
  • Total Countries Invested 33
  • M&A Buy/Sell Connections 215
  • M&A Advisors 46

Warburg Pincus

Warburg Pincus LLC

450 Lexington Avenue,
New York, New York 10017
United States
(212) 878-0600
www.warburgpincus.com
contact@warburgpincus.com

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Building Materials, Business Services, Communications, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Furniture, Healthcare Services, Information Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, 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, Central Asia/India, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 500
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) # 413 17 18 16 6 3 473
vol $49.4B $5.8B $5.1B $4.3B $64.6B
Sell (11.2/yr) # 193 13 22 13 7 1 249
vol $54.8B $9.9B $9.1B $18.3B $1.8B $93.8B
  722

Most Recent M&A

Company Date Value Type
Xuyen A 2024-04-15 - Growth Capital
Ho Chi Minh, Vietnam · www.bvxuyena.com.vn
Appasamy Associates Pvt. Ltd. 2024-04-10 - Stake Purchase
Chennai, India · www.appasamy.com
Procare Software LLC 2024-01-25 1.8B USD Trade Sale
Denver, Colorado · www.procaresoftware.com
Service Compression LLC 2024-01-17 - Growth Capital
Lubbock, Texas · www.servicecompression.com
Reiss Ltd. 2023-09-01 197M GBP Trade Sale
Leicester, United Kingdom · www.reiss.com
Stellar Value Chain Solutions Pvt. Ltd. 2023-08-21 - Trade Sale
Mumbai, India · www.stellarvaluechain.com
ePassi Payments Oy 2023-08-09 - Secondary Buyout
Espoo, Finland · www.epassi.fi
Once For All 2023-07-24 - Secondary Sale
Paris, France · www.onceforall.com
Watertec India Pvt. Ltd. 2023-06-27 - Buyout (LBO, MBO, MBI)
Coimbatore, India · www.watertecindia.com
Docebo, Inc. 2023-05-17 - Stake Purchase
Toronto, Ontario · www.docebo.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Infinite Electronics, Inc. 2021-03-02 KP Performance, Inc. 2024-03-18 1
Irvine, California · www.infiniteelectronics.com Lewisville, Texas · www.kpperformance.ca
TRC Companies, Inc. 2021-10-14 Locana LLC 2024-01-10 8
Windsor, Connecticut · www.trcsolutions.com Seattle, Washington · www.locana.co
ePassi Payments Oy 2023-08-09 Exercite 2023-12-12 1
Espoo, Finland · www.epassi.fi Bremen, Germany · www.exercite.de
Duravant, Inc. 2017-06-16 PPM Technologies LLC 2023-07-24 15
Downers Grove, Illinois · www.duravant.com Newberg, Oregon · www.ppmtech.com
Kestra Financial, Inc. 2019-02-25 Grove Point Financial LLC 2023-04-18 1
Austin, Texas · www.kestrafinancial.com Rockville, Maryland · www.grovepointfinancial.com
El Car Wash 2022-07-18 Bill's Car Wash - Three locations 2023-01-26 5
Miami, Florida · www.elcarwash.com Orlando, Florida
Infinite Electronics, Inc. 2021-03-02 Bulgin Ltd. 2023-01-19 2
Irvine, California · www.infiniteelectronics.com Cambridge, United Kingdom · www.bulgin.com
Infinite Electronics, Inc. 2021-03-02 Cable Connectivity Group B.V. 2022-11-08 1
Irvine, California · www.infiniteelectronics.com Benthuizen, Netherlands · www.cableconnectivitygroup.com
Norstella 2022-01-01 Citeline 2022-11-01 1
Yardley, Pennsylvania · www.norstella.com New York, New York · www.citeline.com
Citizen Energy Operating LLC 2019-10-01 Red Bluff Resources Holdings LLC 2022-06-29 2
Tulsa, Oklahoma · www.citizenenergyok.com Oklahoma City, Oklahoma

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 18 (11%) 3.0B (15%) 46 (10%) 3.8B (6%)
Information Technology 26 (15%) 1.6B (8%) 41 (9%) 1.6B (3%)
Oil/Gas Exploration 11 (6%) - 40 (8%) 969M (2%)
Internet Software and Services 20 (12%) - 35 (7%) 975M (2%)
Software 12 (7%) - 33 (7%) 2.4B (4%)
Life Science 5 (3%) 4.3B (21%) 27 (6%) 4.5B (7%)
Medical Products 5 (3%) - 21 (4%) 5.0B (8%)
Healthcare Services 4 (2%) - 20 (4%) 870M (1%)
Communications 4 (2%) 5.1B (25%) 19 (4%) 9.9B (16%)
Business Services 8 (5%) - 19 (4%) 9.3B (15%)
Real Estate 12 (7%) - 19 (4%) -
Insurance 10 (6%) 5.8B (29%) 17 (4%) 6.6B (11%)
Retail 4 (2%) - 13 (3%) 5.1B (8%)
Transportation 3 (2%) 255M (1%) 12 (3%) 1.7B (3%)
Energy Services and Equipment 1 (1%) - 9 (2%) 241M (< 1%)
Education 4 (2%) - 7 (1%) -
Media - - 6 (1%) 2.5B (4%)
Automotive 2 (1%) - 6 (1%) 150M (< 1%)
Aerospace 1 (1%) - 5 (1%) -
Renewable Energy - - 5 (1%) -
Information Services - - 4 (1%) 3.4B (6%)
Manufacturing 1 (1%) - 4 (1%) 160M (< 1%)
Consumer Services 2 (1%) - 4 (1%) -
Electrical Equipment 1 (1%) - 4 (1%) -
Food - - 4 (1%) -
Marketing - - 4 (1%) -
Restaurants - - 4 (1%) -
Safety/Security - - 4 (1%) -
Machinery 2 (1%) - 3 (1%) 1.2B (2%)
Packaging 2 (1%) - 3 (1%) 630M (1%)
Apparel/Textiles 2 (1%) - 3 (1%) 354M (1%)
Building Materials 1 (1%) - 3 (1%) 349M (1%)
Distribution 1 (1%) - 3 (1%) -
Environmental 2 (1%) - 3 (1%) -
Leisure 1 (1%) - 3 (1%) -
Technology Hardware - - 3 (1%) -
Consumer Products - - 2 (< 1%) -
E-Commerce 1 (1%) - 2 (< 1%) -
Infrastructure - - 2 (< 1%) -
Semiconductors - - 2 (< 1%) -
Staffing - - 2 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) 55M (< 1%)
Chemicals 1 (1%) - 1 (< 1%) -
Digital Media 1 (1%) - 1 (< 1%) -
Diversified 1 (1%) - 1 (< 1%) -
Electronics 1 (1%) - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Furniture - - 1 (< 1%) -
Metals/Mining - - 1 (< 1%) -
Publishing - - 1 (< 1%) -
Total 171 $20.1B 475 $61.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 76 (44%) 9.1B (45%) 234 (49%) 40.3B (65%)
  California 14 (8%) 4.6B (23%) 46 (10%) 4.8B (8%)
  Texas 11 (6%) - 37 (8%) 7.5B (12%)
  New York 8 (5%) - 21 (4%) 4.5B (7%)
  Florida 7 (4%) 255M (1%) 11 (2%) 1.2B (2%)
  Massachusetts 2 (1%) - 10 (2%) 3.4B (5%)
  Illinois 5 (3%) 4.3B (21%) 9 (2%) 4.4B (7%)
  Pennsylvania 3 (2%) - 9 (2%) 9.7B (16%)
  Colorado 2 (1%) - 9 (2%) 560M (1%)
  Ohio 4 (2%) - 8 (2%) 675M (1%)
  New Jersey 2 (1%) - 7 (1%) 1.5B (2%)
  Washington 1 (1%) - 6 (1%) -
  North Carolina - - 6 (1%) 1.2B (2%)
  Maryland 2 (1%) - 5 (1%) -
  Arizona 1 (1%) - 5 (1%) 438M (1%)
  Utah 2 (1%) - 4 (1%) -
  Tennessee 1 (1%) - 4 (1%) -
  Georgia 1 (1%) - 4 (1%) -
  Connecticut 1 (1%) - 4 (1%) -
  Virginia 2 (1%) - 3 (1%) -
  Oklahoma 1 (1%) - 3 (1%) 300M (< 1%)
  Minnesota - - 3 (1%) 130M (< 1%)
  Nebraska 1 (1%) - 2 (< 1%) -
  Indiana 1 (1%) - 2 (< 1%) -
  Wisconsin - - 2 (< 1%) -
  Nevada - - 2 (< 1%) -
  West Virginia 1 (1%) - 1 (< 1%) -
  Missouri 1 (1%) - 1 (< 1%) -
  Maine 1 (1%) - 1 (< 1%) -
  Iowa 1 (1%) - 1 (< 1%) -
  South Dakota - - 1 (< 1%) -
  South Carolina - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Kansas - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
  Delaware - - 1 (< 1%) -
China 27 (16%) - 67 (14%) 175M (< 1%)
India 18 (11%) - 47 (10%) 66M (< 1%)
United Kingdom 8 (5%) 5.8B (29%) 26 (5%) 11.1B (18%)
Canada 7 (4%) - 16 (3%) 509M (1%)
  Alberta 2 (1%) - 10 (2%) 509M (1%)
  Ontario 4 (2%) - 5 (1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
Brazil 6 (4%) - 11 (2%) -
Germany 3 (2%) - 10 (2%) -
Singapore 6 (4%) - 7 (1%) -
Netherlands 1 (1%) 5.1B (25%) 7 (1%) 8.1B (13%)
Vietnam 4 (2%) - 6 (1%) -
Israel 3 (2%) - 6 (1%) 150M (< 1%)
Spain 2 (1%) - 5 (1%) -
Indonesia 2 (1%) - 4 (1%) -
Bermuda 1 (1%) - 4 (1%) 1.8B (3%)
Poland 2 (1%) - 3 (1%) -
Czech Republic - - 3 (1%) -
Switzerland 1 (1%) - 2 (< 1%) -
Norway - - 2 (< 1%) -
Austria 1 (1%) - 1 (< 1%) -
Belgium 1 (1%) - 1 (< 1%) -
Finland 1 (1%) - 1 (< 1%) -
Uruguay 1 (1%) - 1 (< 1%) -
Hungary - - 1 (< 1%) 72M (< 1%)
France - - 1 (< 1%) -
Australia - - 1 (< 1%) -
Kenya - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Philippines - - 1 (< 1%) -
Russia - - 1 (< 1%) -
South Africa - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
United Arab Emirates - - 1 (< 1%) -
Domestic 76 (44%) 9.1B (45%) 234 (49%) 40.3B (65%)
Cross-border 95 (56%) 10.9B (55%) 240 (51%) 22.0B (35%)
Total 171 $20.1B 474 $62.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 66 (39%) 255M (1%) 157 (33%) 515M (1%)
Buyout (LBO, MBO, MBI) 17 (10%) - 84 (18%) 4.5B (8%)
Venture 31 (18%) - 70 (15%) 46M (< 1%)
Secondary Buyout 24 (14%) - 62 (13%) 7.9B (14%)
Stake Purchase 14 (8%) - 35 (7%) -
PIPE 2 (1%) - 23 (5%) 763M (1%)
Divestiture 7 (4%) 9.4B (47%) 18 (4%) 11.6B (20%)
Going Private 4 (2%) 10.5B (52%) 11 (2%) 32.2B (55%)
Recapitalization 3 (2%) - 7 (1%) 730M (1%)
Joint Venture 3 (2%) - 4 (1%) -
Consolidation - - 2 (< 1%) -
Special Situations/Distressed - - 2 (< 1%) -
Total 171 $20.1B 475 $58.2B

Exits by Deal Type

Type Total # Value
IPO 66 (27%) -
Trade Sale - Public Company 54 (22%) 65.9B (71%)
Secondary Sale 40 (16%) 19.6B (21%)
Trade Sale 40 (16%) 5.9B (6%)
Stake Sale 18 (7%) 917M (1%)
Merger 14 (6%) 1.0B (1%)
Bankruptcy 5 (2%) -
Sold to Management 4 (2%) -
Unknown 3 (1%) -
Recapitalization 2 (1%) -
Shut Down 1 (< 1%) -
Sold to Existing Investors 1 (< 1%) -
SPAC 1 (< 1%) -
Total 249 $93.3B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 10
J.P. Morgan Securities
 5
Goldman Sachs
 5
Legal Deals
Cleary Gottlieb Steen & Hamilton
 21
Wachtell, Lipton, Rosen & Katz
 8
Willkie Farr & Gallagher
 6

Deal Values

buy # Total
> $1B 16 $54.8B
$100M to $1B 24 $9.4B
< $100M 7 $398M
TOTAL $64.6B
Largest Aramark Corp.
$8.3B (2007-01-26)
sell # Total
> $1B 21 $76.5B
$100M to $1B 36 $17.0B
< $100M 6 $324M
TOTAL $93.8B
Largest Triton International Ltd.
$13.3B (2023-04-12)

M&A Connections

Deals
Acquired from
Investor(s)
14%
65 (14%)
Strategic(s)
5%
22 (5%)
Exited to
Investor(s)
18%
46 (18%)
Strategic(s)
43%
108 (43%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

83.0B USD

Established

1966

Specialist/Generalist

Generalist

Leadership

Chip Kaye

CEO

Timothy Geithner

Chairman

Raj Kushwaha

Co-Head of Value Creation & Chief Digital Officer

Adam Krainson

Managing Director

Adarsh Sarma

Managing Director

FAQ

When was Warburg Pincus founded?

Warburg Pincus was founded in 1966.

What type of investor is Warburg Pincus?

Warburg Pincus is a private equity firm.

Where is Warburg Pincus headquartered?

Warburg Pincus is headquartered in New York, New York.

How much capital does Warburg Pincus have under management?

Warburg Pincus has 83.0B USD under management.

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