M&A Deal Summary

CDPQ, Temasek Holdings and Summit Partners Acquire FNZ Group

On October 9, 2018, asset manager CDPQ, sovereign wealth fund Temasek Holdings and growth capital firm Summit Partners acquired information technology company FNZ Group from General Atlantic and H.I.G. Private Equity for 1.7B GBP

Acquisition Highlights
  • This is CDPQ’s 3rd, Temasek Holdings’ 5th and Summit Partners’ 29th transaction in the Information Technology sector.
  • This is CDPQ’s 6th, Temasek Holdings’ and Summit Partners’ largest (disclosed) transaction.
  • This is CDPQ’s 2nd, Temasek Holdings’ 1st and Summit Partners’ 7th transaction in the United Kingdom.

M&A Deal Summary
Date 2018-10-09
Target FNZ Group
Sector Information Technology
Buyer(s) CDPQ
Temasek Holdings
Summit Partners
Sellers(s) General Atlantic
H.I.G. Private Equity
Deal Type Secondary Buyout
Deal Value 1.7B GBP

Target

FNZ Group

London, United Kingdom
website
FNZ Group is a global platform-as-a-service provider, transforming the way financial institutions serve their wealth management customers. FNZ Group partners with banks, insurers and asset managers to help consumers better achieve their financial goals. FNZ's technology, transaction and custody services enable their clients to provide best-in-class wealth management solutions to financial advisers, end-investors and the workplace that are efficient, flexible, transparent and scalable, supporting market, demographic and regulatory trends worldwide. FNZ Group was founded in 2004 and is based in London, United Kingdom.

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Buyer(S) 3

Buyer

CDPQ

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 53 of 98
Sector (Information Technology) 3 of 8
Type (Secondary Buyout) 13 of 19
Country (United Kingdom) 2 of 2
Year (2018) 10 of 13
Size (of disclosed) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-09 Biogroup-LCD

Saint-Denis, France

BIOGROUP-LCD is a consortium of 300 medical diagnostic laboratories held by 350 medical biologists, pharmacists or doctors, all professionals in these laboratories. Biogroup-LCD was founded in 1998 and is based in Saint-Denis, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-17 Azure Power Global

New Delhi, India

Azure Power Global provides solar energy to central and state government utilities and independent industrial and commercial customers. Azure Power Global was founded in 2008 and is based in New Delhi, India.

Buy -
Buyer

Temasek Holdings

Investor Investor Investor Investor Investor

website

Category Sovereign Wealth Fund
Founded 1974
PE ASSETS 496.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Temasek Holdings is a state-owned investment holding company. Temasek is owned by the government of Singapore and invests directly and indirectly in a broad range of assets and sectors. Target sectors include financial services, telecommunications, media, technology, transportation, industrials, life science, consumer, real estate, energy, and resources. Temasek was formed in 1974 and is based in Singapore.

DEAL STATS #
Overall 21 of 31
Sector (Information Technology) 5 of 6
Type (Secondary Buyout) 3 of 4
Country (United Kingdom) 1 of 2
Year (2018) 4 of 6
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-25 ClassPass

New York, New York, United States

ClassPass connects members to a variety of fitness experiences, including yoga, cycling, pilates, barre, running, strength training, dance, sports, videos, and more with over 10,000 partners in 50 cities worldwide. ClassPass was formed in 2013 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-10 Sygnia

Tel Aviv, Israel

Sygnia is a cyber technology and services company, providing high-end consulting and incident response support for organizations worldwide. Sygnia works with companies to proactively build their cyber resilience and to respond and defeat attacks within their networks. Sygnia was founded in 2015 and is based in Tel Aviv, Israel.

Buy $250M
Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. 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 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 321 of 382
Sector (Information Technology) 29 of 39
Type (Secondary Buyout) 18 of 26
Country (United Kingdom) 7 of 11
Year (2018) 12 of 14
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-08 COMS Interactive

Hudson, Ohio, United States

COMS Interactive LLC offers software solutions that help healthcare facilities more effectively treat and monitor their patient population. The company’s software dramatically reduces hospital readmissions, improves patient quality of life, enhances communication among providers, and reduces payer costs. COMS Interactive was founded in 2009 and is based in Hudson, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-16 ApoCell

Houston, Texas, United States

ApoCell, Inc. is a molecular diagnostics laboratory that develops proprietary technology to analyze the effectiveness of oncology compounds for large pharmaceutical and biotech companies. ApoCell, Inc. was founded in 2004 and is based in Houston, Texas.

Sell -

Seller(S) 2

SELLER

General Atlantic

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 97 of 144
Sector (Information Technology) 18 of 22
Type (Secondary Buyout) 16 of 25
Country (United Kingdom) 8 of 10
Year (2018) 7 of 7
Size (of disclosed) 4 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-24 MeteoGroup

London, United Kingdom

MeteoGroup Ltd. is the global weather authority. Company combine accurate science with advanced technology and local expertise with global reach. MeteoGroup is trusted by hundreds of government agencies, thousands of companies and millions of consumers. With offices in 12 countries around the world, MeteoGroup is perfectly placed to provide local services to a global audience.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-12 NetEase Cloud Music

Hangzhou, China

NetEase Cloud Music is an online music streaming platform in China. NetEase Cloud Music was founded in 2013 and is based in Hangzhou, China.

Buy -
SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
PE ASSETS 57.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $500 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 105 of 153
Sector (Information Technology) 5 of 11
Type (Secondary Buyout) 41 of 65
Country (United Kingdom) 9 of 11
Year (2018) 13 of 17
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-04 Eruptr

Lakewood Ranch, Florida, United States

Eruptr is a provider of ROI-focused digital marketing patient engagement and customer acquisition solutions for hospitals and healthcare systems. Eruptr was founded in 2009 and is based in Lakewood Ranch, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-14 ACG Materials

Norman, Oklahoma, United States

ACG Materials mines, mills, processes, and distributes a broad range of specialty materials and aggregates. Its primary products are sold to infrastructure and building products markets, as well as to the agriculture, food, and pharmaceutical industries.

Sell $315M
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