Summit Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Summit Partners has acquired 12 companies. It has also invested in 20 others.

Summit Partners’ most common sectors for investment are software (19%) and healthcare services (11%). The Firm’s most common investment types include growth capital (59%) and buyout (lbo, mbo, mbi) (22%). In total, Summit Partners has invested in 37 US states and 22 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired Sound Inpatient Physicians for $2.2B.

In the last 3 years, Summit Partners has exited 37 companies. The Firm’s most common exit type is trade sale (46%). Summit Partners’ largest (disclosed) exit occurred in 2020 when it sold Infor Global Solutions for $13.0B.

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M&A Summary

  • M&A Total Activity568
    • M&A Buy Activity328
    • M&A Sell Activity240
  • Total Sectors Invested 41
  • Total Countries Invested 22
  • M&A Buy/Sell Connections 172
  • M&A Advisors 21

Summit Partners

222 Berkeley St, 18th Floor,
Boston, Massachusetts 02116
United States
(617) 824-1000
www.summitpartners.com

Summit Partners is a private equity and venture capital firm with offices in Boston, Palo Alto, and London. Summit looks for businesses operating in growth industries. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Franchising, Furniture, Gaming, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Life Science, Machinery, Manufacturing, Marine, Marketing, Medical Products, Publishing, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Scandinavia, United Kingdom

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 500
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (8.0/yr) # 288 8 9 10 7 6 328
vol $1.5B $2.2B $3.7B
Sell (9.4/yr) # 193 10 14 12 7 4 240
vol $17.1B $1.5B $2.2B $1.9B $475M $13.0B $36.1B
  568

Most Recent M&A

Company Date Value Type
Siteimprove A/S 2020-09-03 - Secondary Buyout
Copenhagen, Denmark · www.siteimprove.com
CluePoints SA 2020-09-01 - Growth Capital
Louvain-la-Neuve, Belgium · www.cluepoints.com
Normec Group 2020-06-24 - Secondary Buyout
Beverwijk, Netherlands · www.normecgroup.com
CoderPad, Inc. 2020-06-11 - Growth Capital
San Francisco, California · www.coderpad.io
Appway AG 2020-06-02 - Growth Capital
Zurich, Switzerland · www.appway.com
Surgical Affiliates Management Group, Inc. (SAMGI) 2020-04-14 - Secondary Buyout
Sacramento, California · www.samgi.com
Brooklinen 2020-03-03 - Growth Capital
Brooklyn, New York · www.brooklinen.com
ViroClinics Biosciences B.V. 2020-03-03 - Secondary Buyout
Rotterdam, Netherlands · www.viroclinics.eu
Infor Global Solutions, Inc. 2020-02-04 13.0B USD Add-on Acquisition
New York, New York · www.infor.com
eClinical Solutions LLC 2020-01-21 - Growth Capital
Mansfield, Massachusetts · www.eclinicalsol.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Patriot Growth Partners LLC 2019-01-22 Bowermaster and Associates Insurance Agency, Inc. 2020-08-06 2
Ft. Washington, Pennsylvania · www.patriotgis.com Cypress, California · www.bowermaster.com
CareCentrix, Inc. 2011-09-20 Turn-Key Health 2020-05-04 1
Hartford, Connecticut · www.carecentrix.com Philadelphia, Pennsylvania · www.turn-keyhealth.com
ViroClinics Biosciences B.V. 2020-03-03 DDL Diagnostic Laboratory BV 2020-03-03 1
Rotterdam, Netherlands · www.viroclinics.eu Rijswijk, Netherlands · www.ddl.nl
FineLine Technologies, Inc. 2016-11-16 Consolidated Printing, Inc. 2019-12-11 1
Norcross, Georgia · www.finelinetech.com Van Buren, Arizona · www.teamcpi.com
Ruffalo Noel Levitz LLC 2013-05-30 QuadWrangle, Inc. 2019-11-20 3
Cedar Rapids, Iowa · www.ruffalonl.com Boston, Massachusetts · www.quadwrangle.com
MercuryGate International, Inc. 2018-08-28 TranSolutions 2019-07-24 1
Cary, North Carolina · www.mercurygate.com Scottsdale, Arizona · www.transolutionsinc.com
Sound Inpatient Physicians, Inc. 2018-04-23 iNDIGO Health Partners 2019-06-18 1
Tacoma, Washington · www.soundphysicians.com Traverse City, Michigan · www.indigohealthpartners.com
Liquidnet Holdings, Inc. 2005-02-25 Prattle 2019-06-05 3
New York City, New York · www.liquidnet.com St. Louis, Missouri · www.prattle.co
Liquidnet Holdings, Inc. 2005-02-25 Research Exchange Ltd. 2019-05-13 2
New York City, New York · www.liquidnet.com London, United Kingdom · www.rsrchxchange.com
Ruffalo Noel Levitz LLC 2013-05-30 Converge Consulting 2019-05-02 2
Cedar Rapids, Iowa · www.ruffalonl.com Cedar Rapids, Iowa · www.convergeconsulting.org

M&A by Sector

Sector Current # Value All-time # Value
Software 17 (20%) - 60 (18%) -
Healthcare Services 9 (11%) 2.2B (96%) 36 (11%) 3.2B (85%)
Information Technology 8 (10%) - 29 (9%) -
Business Services 5 (6%) 80M (4%) 27 (8%) 80M (2%)
Internet Software and Services 13 (16%) - 27 (8%) -
Communications 1 (1%) - 16 (5%) 57M (2%)
Technology Hardware 1 (1%) - 15 (5%) -
Financial Services 5 (6%) - 10 (3%) -
Medical Products 1 (1%) - 10 (3%) -
Life Science 2 (2%) - 8 (2%) -
Consumer Products 2 (2%) - 7 (2%) -
Insurance 1 (1%) - 7 (2%) -
Semiconductors - - 7 (2%) -
E-Commerce 3 (4%) - 5 (2%) -
Manufacturing 1 (1%) - 5 (2%) -
Digital Media 2 (2%) - 4 (1%) 350M (9%)
Retail 1 (1%) - 4 (1%) 55M (1%)
Distribution 1 (1%) - 4 (1%) -
Education 2 (2%) - 4 (1%) -
Electrical Equipment 1 (1%) - 4 (1%) -
Electronics - - 4 (1%) -
Automotive - - 3 (1%) -
Safety/Security 1 (1%) - 3 (1%) -
Test/Measurement Equipment 1 (1%) - 3 (1%) -
Apparel/Textiles 1 (1%) - 2 (1%) -
Beverages 1 (1%) - 2 (1%) -
Consumer Services - - 2 (1%) -
Energy Services and Equipment 1 (1%) - 2 (1%) -
Environmental - - 2 (1%) -
Gaming - - 2 (1%) -
Machinery 1 (1%) - 2 (1%) -
Marketing - - 2 (1%) -
Publishing - - 2 (1%) -
Building Materials 1 (1%) - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Franchising - - 1 (< 1%) -
Furniture - - 1 (< 1%) -
Information Services - - 1 (< 1%) -
Leisure - - 1 (< 1%) -
Staffing - - 1 (< 1%) -
Transportation - - 1 (< 1%) -
Total 83 $2.2B 328 $3.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 62 (75%) 2.2B (100%) 281 (86%) 3.3B (91%)
  California 13 (16%) 80M (4%) 69 (21%) 135M (4%)
  Massachusetts 9 (11%) - 35 (11%) -
  Texas 7 (8%) - 22 (7%) -
  Florida 2 (2%) - 18 (5%) 907M (25%)
  New York 2 (2%) - 12 (4%) -
  Georgia 3 (4%) - 11 (3%) 155M (4%)
  New Jersey 1 (1%) - 11 (3%) -
  Illinois 1 (1%) - 8 (2%) -
  Minnesota - - 8 (2%) -
  Washington 3 (4%) 2.2B (96%) 7 (2%) 2.2B (58%)
  Virginia - - 7 (2%) -
  Colorado 4 (5%) - 6 (2%) -
  Ohio 1 (1%) - 6 (2%) -
  Utah 2 (2%) - 5 (2%) -
  North Carolina 2 (2%) - 5 (2%) -
  Pennsylvania 1 (1%) - 5 (2%) -
  Missouri 2 (2%) - 4 (1%) -
  Wisconsin - - 4 (1%) -
  Indiana - - 4 (1%) -
  Delaware 2 (2%) - 3 (1%) -
  Maryland 1 (1%) - 3 (1%) -
  Tennessee - - 3 (1%) -
  Nevada - - 3 (1%) -
  Idaho - - 3 (1%) -
  Connecticut 2 (2%) - 2 (1%) -
  South Carolina 1 (1%) - 2 (1%) -
  Montana 1 (1%) - 2 (1%) -
  Iowa 1 (1%) - 2 (1%) -
  Michigan - - 2 (1%) -
  Arizona - - 2 (1%) -
  Oklahoma 1 (1%) - 1 (< 1%) -
  South Dakota - - 1 (< 1%) -
  Rhode Island - - 1 (< 1%) -
  Oregon - - 1 (< 1%) -
  New Hampshire - - 1 (< 1%) -
  Louisiana - - 1 (< 1%) -
  Kansas - - 1 (< 1%) -
Germany 4 (5%) - 9 (3%) 350M (9%)
United Kingdom 2 (2%) - 6 (2%) -
Canada 2 (2%) - 5 (2%) -
  Ontario 1 (1%) - 3 (1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
  Quebec - - 1 (< 1%) -
Netherlands 2 (2%) - 4 (1%) -
Singapore 2 (2%) - 3 (1%) -
France 1 (1%) - 3 (1%) -
Belgium 1 (1%) - 2 (1%) -
Denmark 1 (1%) - 2 (1%) -
Brazil 1 (1%) - 1 (< 1%) -
Czech Republic 1 (1%) - 1 (< 1%) -
Finland 1 (1%) - 1 (< 1%) -
Russia 1 (1%) - 1 (< 1%) -
Sweden 1 (1%) - 1 (< 1%) -
Switzerland 1 (1%) - 1 (< 1%) -
Italy - - 1 (< 1%) -
Australia - - 1 (< 1%) -
Bulgaria - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Israel - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Vietnam - - 1 (< 1%) -
Domestic 62 (75%) 2.2B (100%) 281 (86%) 3.3B (91%)
Cross-border 21 (25%) - 47 (14%) 350M (9%)
Total 83 $2.2B 328 $3.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 46 (55%) 80M (4%) 192 (59%) 80M (2%)
Buyout (LBO, MBO, MBI) 8 (10%) - 69 (21%) 112M (3%)
Venture 9 (11%) - 22 (7%) -
Secondary Buyout 11 (13%) - 20 (6%) 350M (9%)
Recapitalization 5 (6%) - 12 (4%) 155M (4%)
Stake Purchase 2 (2%) - 6 (2%) -
Divestiture 1 (1%) 2.2B (96%) 2 (1%) 2.2B (58%)
Going Private - - 2 (1%) 850M (23%)
PIPE 1 (1%) - 2 (1%) -
Joint Venture - - 1 (< 1%) -
Total 83 $2.2B 328 $3.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 85 (35%) 15.6B (44%)
IPO 65 (27%) -
Secondary Sale 47 (20%) 1.9B (6%)
Trade Sale 27 (11%) 13.4B (38%)
Merger 5 (2%) 4.4B (13%)
Bankruptcy 3 (1%) -
Sold to Management 3 (1%) -
Recapitalization 2 (1%) -
Stake Sale 2 (1%) -
Divestiture 1 (< 1%) -
Total 240 $35.3B

Top M&A Advisors

Financial Deals
Harris Williams & Co.
1
NOAH Advisors Ltd.
1
Torch Partners Corporate Finance Ltd.
1
Legal Deals
Kirkland & Ellis LLP
10
Weil Gotshal & Manges LLP
7
Ropes & Gray LLP
3

Deal Values

buy # Total
> $1B 1 $2.2B
$100M to $1B 3 $1.4B
< $100M 3 $192M
TOTAL $3.7B
Largest Sound Inpatient Physicians, Inc.
$2.2B (2018-04-23)
sell # Total
> $1B 7 $26.4B
$100M to $1B 34 $9.6B
< $100M 4 $163M
TOTAL $36.1B
Largest Infor Global Solutions, Inc.
$13.0B (2020-02-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
94%
34 94%
Strategic(s)
6%
2 6%
Exited to
PE Firm(s)
34%
61 34%
Strategic(s)
66%
116 66%

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