TPG Global Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, TPG Global has acquired 29 companies. It has also invested in 33 others.

TPG Global’s most common sectors for investment are life science (11%) and software (8%). The Firm’s most common investment types include venture (23%) and growth capital (16%). In total, TPG Global has invested in 34 US states and 41 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, TPG Global has exited 58 companies. The Firm’s most common exit type is trade sale (37%). TPG Global’s largest (disclosed) exit occurred in 2008 when it sold Alltel for $28.1B.

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M&A Summary

  • M&A Total Activity604
    • M&A Buy Activity383
    • M&A Sell Activity221
  • Total Sectors Invested 52
  • Total Countries Invested 41
  • M&A Buy/Sell Connections 235
  • M&A Advisors 57

TPG Global

301 Commerce St., Suite 3300,
Fort Worth, Texas 76102
United States
(817) 871-4000
www.tpg.com
info@tpg.com

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.


Investment Criteria

Sectors of Interest: Aerospace, Airlines, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, Electronics, Energy Services and Equipment, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Manufacturing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 1,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (18.8/yr) # 289 32 31 14 8 9 383
vol $293.2B $4.7B $3.5B $1.2B $2.8B $4.0B $309.4B
Sell (13.0/yr) # 156 7 19 13 16 10 221
vol $142.9B $5.6B $6.2B $283M $10.3B $3.3B $168.5B
  604

Most Recent M&A

Company Date Value Type
Transplace, Inc. 2021-07-22 2.3B USD Add-on Acquisition
Frisco, Texas · www.transplace.com
Rapid Micro Biosystems, Inc. 2021-07-12 - IPO
Lowell, Massachusetts · www.rapidmicrobio.com
Resource Label Group LLC 2021-07-08 - Secondary Buyout
Franklin, Tennessee · www.resourcelabelgroup.com
EIS Software Ltd. 2021-06-29 - Growth Capital
San Francisco, California · www.eisgroup.com
Dodla Dairy Ltd. 2021-06-28 - IPO
Hyderabad, India · www.dodladairy.com
Kindred Healthcare LLC 2021-06-21 - Add-on Acquisition
Louisville, Kentucky · www.kindredhealthcare.com
Ellucian Co. L.P. 2021-06-14 - Secondary Buyout
Reston, Virginia · www.ellucian.com
Evoltz Participações S.A. 2021-05-10 - Secondary Buyout
Rio de Janeiro, Brazil · www.evoltz.com.br
Boomi, Inc. 2021-05-02 4.0B USD Divestiture
Chesterbrook, Pennsylvania · www.boomi.com
Unchained Labs, Inc. 2021-04-26 435M USD Secondary Buyout
Pleasanton, California · www.unchainedlabs.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
People 2.0 2021-02-02 TalentWave 2021-06-08 1
Exton, Pennsylvania · www.people20.com Denver, Colorado · www.talentwave.com
Planview, Inc. 2020-11-10 Clarizen, Inc. 2021-01-12 2
Austin, Texas · www.planview.com San Mateo, California · www.clarizen.com
Planview, Inc. 2020-11-10 Changepoint Corp. 2021-01-12 1
Austin, Texas · www.planview.com Richmond Hill, Ontario · www.changepoint.com
Vita (Holdings) Ltd. 2005-03-28 I.M.P.E. S.p.A. 2021-01-08 2
Manchester, United Kingdom · www.thevitagroup.com Qualiano, Italy · www.impespa.it
WellSky 2016-12-20 CarePort Health 2020-10-13 10
Overland Park, Kansas · www.wellsky.com Boston, Massachusetts · www.careporthealth.com
Beaver-Visitec International, Inc. 2016-07-18 Croma-Pharma GmbH - Ophthalmic Viscoelastic Device Assets 2020-05-15 4
Waltham, Massachusetts · www.bvimedical.com Leobendorf, Austria
Digital.ai 2020-04-16 Arxan Technologies, Inc. 2020-04-16 4
Plano, Texas · www.digital.ai Bethesda, Maryland · www.arxan.com
Digital.ai 2020-04-16 CollabNet, Inc. 2020-04-16 3
Plano, Texas · www.digital.ai Alpharetta, Georgia · www.collab.net
Crunch LLC 2018-07-01 Crunch Fitness - Harrisburg 2020-02-13 2
New York, New York · www.crunch.com Harrisburg, Pennsylvania
Tenth Revolution Group 2020-01-01 Frank Recruitment Group 2020-01-01 3
London, United Kingdom · www.tenthrevolution.com Newcastle Upon Tyne, United Kingdom · www.frankgroup.com

M&A by Sector

Sector Current # Value All-time # Value
Life Science 8 (5%) - 42 (11%) 8.2B (3%)
Software 13 (8%) 2.8B (8%) 29 (8%) 22.5B (7%)
Financial Services 13 (8%) 2.2B (7%) 28 (7%) 10.0B (3%)
Information Technology 16 (10%) - 24 (6%) 9.4B (3%)
Internet Software and Services 10 (6%) 4.0B (12%) 23 (6%) 5.0B (2%)
Healthcare Services 10 (6%) 2.8B (9%) 20 (5%) 9.4B (3%)
Communications 2 (1%) 9.0B (27%) 14 (4%) 46.9B (15%)
Retail 2 (1%) 675M (2%) 13 (3%) 15.6B (5%)
Medical Products 5 (3%) 2.6B (8%) 13 (3%) 15.3B (5%)
Business Services 4 (3%) - 12 (3%) 1.2B (< 1%)
Real Estate 8 (5%) 1.4B (4%) 11 (3%) 1.8B (1%)
Consumer Products 5 (3%) - 11 (3%) 1.5B (< 1%)
Media 4 (3%) - 8 (2%) 18.8B (6%)
Restaurants 5 (3%) - 8 (2%) 8.7B (3%)
Semiconductors 1 (1%) - 7 (2%) 18.1B (6%)
Food 2 (1%) - 7 (2%) 5.5B (2%)
Consumer Services 5 (3%) 4.0B (12%) 7 (2%) 4.0B (1%)
Apparel/Textiles 4 (3%) - 7 (2%) 3.1B (1%)
Technology Hardware - - 7 (2%) 2.6B (1%)
Chemicals 4 (3%) - 6 (2%) 770M (< 1%)
Renewable Energy 6 (4%) - 6 (2%) -
Utilities - - 5 (1%) 51.8B (17%)
Education 2 (1%) - 5 (1%) 4.1B (1%)
Insurance - - 5 (1%) 3.2B (1%)
Beverages - - 5 (1%) 1.2B (< 1%)
Energy Services and Equipment 1 (1%) - 5 (1%) -
Distribution 1 (1%) 1.3B (4%) 4 (1%) 3.3B (1%)
Packaging - - 4 (1%) 500M (< 1%)
Airlines 1 (1%) - 4 (1%) 450M (< 1%)
Oil/Gas Exploration 2 (1%) - 4 (1%) 315M (< 1%)
Staffing 3 (2%) - 4 (1%) -
Manufacturing 3 (2%) 1.0B (3%) 3 (1%) 1.0B (< 1%)
Building Materials 1 (1%) - 3 (1%) 997M (< 1%)
Leisure 3 (2%) - 3 (1%) -
Gaming - - 2 (1%) 30.7B (10%)
Metals/Mining 1 (1%) - 2 (1%) 3.3B (1%)
Agriculture 2 (1%) 880M (3%) 2 (1%) 880M (< 1%)
Digital Media - - 2 (1%) 525M (< 1%)
Automotive 1 (1%) - 2 (1%) 325M (< 1%)
Transportation 1 (1%) 226M (1%) 2 (1%) 226M (< 1%)
Aerospace - - 2 (1%) -
Environmental 2 (1%) - 2 (1%) -
Marketing 2 (1%) - 2 (1%) -
Construction - - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Infrastructure 1 (1%) - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Safety/Security - - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 157 $32.7B 384 $311.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 82 (52%) 24.4B (74%) 240 (63%) 266.3B (86%)
  California 24 (15%) 8.8B (27%) 78 (20%) 25.2B (8%)
  Texas 9 (6%) 2.3B (7%) 30 (8%) 81.5B (26%)
  Massachusetts 3 (2%) - 12 (3%) 2.5B (1%)
  New York 6 (4%) 4.0B (12%) 9 (2%) 17.7B (6%)
  Illinois 3 (2%) - 9 (2%) 2.6B (1%)
  Pennsylvania 3 (2%) 4.0B (12%) 8 (2%) 16.2B (5%)
  Florida 3 (2%) 625M (2%) 8 (2%) 7.7B (2%)
  Georgia 3 (2%) 2.0B (6%) 7 (2%) 2.5B (1%)
  Washington 3 (2%) - 6 (2%) 1.6B (1%)
  Maryland 4 (3%) - 5 (1%) -
  North Carolina 2 (1%) 2.7B (8%) 5 (1%) 7.4B (2%)
  Virginia 2 (1%) - 5 (1%) 6.5B (2%)
  Colorado 2 (1%) - 5 (1%) 1.4B (< 1%)
  Indiana 1 (1%) - 5 (1%) 11.6B (4%)
  Arizona 1 (1%) - 5 (1%) -
  New Jersey - - 5 (1%) 7.2B (2%)
  Ohio 1 (1%) - 4 (1%) 3.4B (1%)
  District of Columbia 3 (2%) - 3 (1%) -
  Utah 1 (1%) - 3 (1%) -
  Connecticut - - 3 (1%) 5.2B (2%)
  Tennessee - - 3 (1%) 2.0B (1%)
  Arkansas 1 (1%) - 2 (1%) 27.5B (9%)
  Alabama 1 (1%) - 2 (1%) 1.3B (< 1%)
  Missouri 1 (1%) - 2 (1%) -
  Nevada - - 2 (1%) 30.7B (10%)
  Minnesota - - 2 (1%) -
  Michigan - - 2 (1%) -
  Delaware - - 2 (1%) -
  New Hampshire 1 (1%) - 1 (< 1%) -
  Nebraska 1 (1%) - 1 (< 1%) -
  Kansas 1 (1%) - 1 (< 1%) -
  Kentucky - - 1 (< 1%) 4.1B (1%)
  Wisconsin - - 1 (< 1%) 450M (< 1%)
India 15 (10%) - 23 (6%) 60M (< 1%)
United Kingdom 8 (5%) 2.6B (8%) 19 (5%) 13.2B (4%)
China 8 (5%) 2.1B (6%) 18 (5%) 2.8B (1%)
Australia 4 (3%) 880M (3%) 7 (2%) 3.8B (1%)
Brazil 4 (3%) 226M (1%) 6 (2%) 226M (< 1%)
  Pennsylvania 1 (1%) - 1 (< 1%) -
Singapore 4 (3%) 199M (1%) 5 (1%) 199M (< 1%)
Canada 1 (1%) - 5 (1%) 2.8B (1%)
  Quebec - - 3 (1%) 2.8B (1%)
  British Columbia 1 (1%) - 1 (< 1%) -
  Ontario - - 1 (< 1%) -
Germany 1 (1%) - 5 (1%) 1.1B (< 1%)
Japan 3 (2%) - 4 (1%) -
Hong Kong 2 (1%) - 4 (1%) 1.2B (< 1%)
France 1 (1%) - 4 (1%) 5.9B (2%)
Indonesia 2 (1%) - 3 (1%) -
Switzerland - - 3 (1%) 1.3B (< 1%)
Israel 2 (1%) 1.2B (4%) 2 (1%) 1.2B (< 1%)
South Korea 2 (1%) - 2 (1%) -
Philippines 2 (1%) - 2 (1%) -
Sri Lanka 2 (1%) - 2 (1%) -
Russia 1 (1%) - 2 (1%) 2.6B (1%)
Czech Republic 1 (1%) - 2 (1%) -
Taiwan 1 (1%) - 2 (1%) -
Vietnam 1 (1%) - 2 (1%) -
Belgium - - 2 (1%) 1.4B (< 1%)
Bermuda - - 2 (1%) 1.0B (< 1%)
Italy - - 2 (1%) 325M (< 1%)
Malaysia 1 (1%) 1.2B (4%) 1 (< 1%) 1.2B (< 1%)
Argentina 1 (1%) - 1 (< 1%) -
Botswana 1 (1%) - 1 (< 1%) -
Cyprus 1 (1%) - 1 (< 1%) -
Denmark 1 (1%) - 1 (< 1%) -
Kenya 1 (1%) - 1 (< 1%) -
Monaco 1 (1%) - 1 (< 1%) -
Morocco 1 (1%) - 1 (< 1%) -
Saudi Arabia 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Ireland - - 1 (< 1%) 2.0B (1%)
Greece - - 1 (< 1%) 1.8B (1%)
Turkey - - 1 (< 1%) 810M (< 1%)
Netherlands - - 1 (< 1%) -
Sweden - - 1 (< 1%) -
Thailand - - 1 (< 1%) -
Domestic 82 (52%) 24.4B (74%) 240 (63%) 266.3B (86%)
Cross-border 75 (48%) 8.4B (26%) 144 (38%) 44.8B (14%)
Total 157 $32.7B 384 $311.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 27 (17%) - 85 (22%) 60M (< 1%)
Growth Capital 35 (22%) - 60 (16%) -
Secondary Buyout 29 (18%) 7.8B (24%) 52 (14%) 18.8B (6%)
Buyout (LBO, MBO, MBI) 12 (8%) 880M (3%) 46 (12%) 27.0B (9%)
Stake Purchase 18 (11%) 226M (1%) 35 (9%) 2.8B (1%)
Going Private 7 (4%) 15.9B (49%) 34 (9%) 207.8B (71%)
Divestiture 13 (8%) 7.7B (24%) 34 (9%) 25.0B (8%)
PIPE 11 (7%) 213M (1%) 22 (6%) 4.0B (1%)
Recapitalization - - 4 (1%) 9.4B (3%)
Consolidation 3 (2%) - 4 (1%) -
Special Situations/Distressed 2 (1%) - 4 (1%) -
Joint Venture - - 2 (1%) -
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 157 $32.7B 384 $294.8B

Exits by Deal Type

Type Total # Value
IPO 67 (30%) 10.5B (7%)
Trade Sale - Public Company 50 (23%) 98.5B (62%)
Secondary Sale 33 (15%) 31.8B (20%)
Trade Sale 33 (15%) 14.3B (9%)
Bankruptcy 15 (7%) -
Stake Sale 12 (5%) 1.4B (1%)
Merger 5 (2%) 1.6B (1%)
Shut Down 2 (1%) -
Unknown 2 (1%) -
Sold to Existing Investors 1 (< 1%) -
Sold to Management 1 (< 1%) -
Total 221 $158.0B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 14
Deutsche Bank Corporate & Investment Banking
 12
Barclays Investment Bank
 11
Legal Deals
Ropes & Gray LLP
 27
Cleary Gottlieb Steen & Hamilton LLP
 22
Kirkland & Ellis LLP
 10

Deal Values

buy # Total
> $1B 58 $294.2B
$100M to $1B 36 $17.9B
< $100M 4 $300M
TOTAL $312.4B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 35 $158.0B
$100M to $1B 23 $10.2B
< $100M 7 $316M
TOTAL $168.5B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
16%
61 (16%)
Strategic(s)
9%
35 (9%)
Exited to
Investor(s)
14%
31 (14%)
Strategic(s)
41%
91 (41%)

Investor Summary

Size

Mega

PE Assets

91.0B USD

Established

1992

Specialist/Generalist

Generalist

Leadership

David Bonderman

Chairman and Founding Partner

Ganen Sarvananthan

Co-Managing Partner

Jack Weingart

Co-Managing Partner

Timothy Dattels

Co-Managing Partner

Puneet Bhatia

Co-Managing Partner & Country Head

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