TPG Global Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, TPG Global has acquired 31 companies. It has also invested in 38 others.

TPG Global’s most common sectors for investment arelife science (11%) and software (8%) . The Firm’s most common investment types include venture (24%) and growth capital (16%). In total, TPG Global has invested in 33 US states and 40 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 66 companies. The Firm’s most common exit type is trade sale (36%). 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 Activity606
    • M&A Buy Activity373
    • M&A Sell Activity233
  • Total Sectors Invested 51
  • Total Countries Invested 40
  • M&A Buy/Sell Connections 231
  • M&A Advisors 57

TPG Global

301 Commerce St., Suite 3300,
Fort Worth, Texas 76102
United States
(817) 871-4000
www.tpg.com
inquiries@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, Environmental, Financial Services, Food, Franchising, 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), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE, 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 (20.4/yr) # 271 33 32 14 10 13 373
vol $290.7B $4.7B $3.5B $1.2B $2.8B $4.0B $306.9B
Sell (14.8/yr) # 159 8 21 13 19 13 233
vol $142.9B $5.6B $6.2B $283M $10.3B $3.3B $168.5B
  606

Most Recent M&A

Company Date Value Type
Cinespace Film Studios, Inc. 2021-11-12 - Buyout (LBO, MBO, MBI)
Toronto, Ontario · www.cinespace.com
DreamBox Learning, Inc. 2021-11-08 - Secondary Buyout
Bellevue, Washington · www.dreambox.com
Keter Environmental Services 2021-11-02 - Growth Capital
Stamford, Connecticut · www.keteres.com
BGB Group 2021-10-15 - Growth Capital
New York, New York · www.bgbgroup.com
Texas Teachers of Tomorrow LLC 2021-09-02 - Secondary Buyout
Houston, Texas · ww.teachersoftomorrow.org
Medical Solutions LLC 2021-08-30 - Secondary Buyout
Omaha, Nebraska · www.medicalsolutions.com
Transplace, Inc. 2021-07-22 2.3B USD Add-on Acquisition
Frisco, Texas · www.transplace.com
Xponential Fitness, Inc. 2021-07-22 - IPO
Irvine, California · www.xponential.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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
DIRECTV LLC 2021-02-25 Game Show Network LLC 2021-10-18 1
El Segundo, California · www.directv.com Santa Monica, California · www.gsngames.com
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
Nintex Global Ltd. 2018-02-09 K2 Software, Inc. 2020-10-01 4
Bellevue, Washington · www.nintex.com Bellevue, Washington · www.k2.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

M&A by Sector

Sector Current # Value All-time # Value
Life Science 7 (6%) - 41 (11%) 8.2B (3%)
Software 11 (9%) 2.8B (14%) 29 (8%) 22.5B (7%)
Financial Services 9 (7%) 1.9B (10%) 25 (7%) 9.7B (3%)
Information Technology 15 (12%) - 24 (6%) 9.4B (3%)
Internet Software and Services 10 (8%) 4.0B (20%) 24 (6%) 5.0B (2%)
Healthcare Services 8 (7%) 2.8B (14%) 19 (5%) 9.4B (3%)
Communications - - 14 (4%) 46.9B (15%)
Medical Products 5 (4%) 2.6B (13%) 13 (3%) 15.3B (5%)
Business Services 5 (4%) - 13 (3%) 1.2B (< 1%)
Retail - - 12 (3%) 15.4B (5%)
Consumer Products 2 (2%) - 11 (3%) 1.5B (< 1%)
Media 5 (4%) - 9 (2%) 18.8B (6%)
Real Estate 5 (4%) 505M (3%) 9 (2%) 913M (< 1%)
Restaurants 3 (2%) - 8 (2%) 8.7B (3%)
Education 4 (3%) - 8 (2%) 4.1B (1%)
Apparel/Textiles 3 (2%) - 7 (2%) 3.1B (1%)
Technology Hardware - - 7 (2%) 2.6B (1%)
Semiconductors - - 6 (2%) 18.1B (6%)
Food 1 (1%) - 6 (2%) 5.5B (2%)
Consumer Services 3 (2%) 4.0B (20%) 6 (2%) 4.0B (1%)
Chemicals 3 (2%) - 6 (2%) 770M (< 1%)
Utilities - - 5 (1%) 51.8B (17%)
Insurance - - 5 (1%) 3.2B (1%)
Beverages - - 5 (1%) 1.2B (< 1%)
Distribution - - 4 (1%) 3.3B (1%)
Packaging - - 4 (1%) 500M (< 1%)
Airlines - - 4 (1%) 450M (< 1%)
Energy Services and Equipment - - 4 (1%) -
Leisure 4 (3%) - 4 (1%) -
Staffing 2 (2%) - 4 (1%) -
Manufacturing 3 (2%) 1.0B (5%) 3 (1%) 1.0B (< 1%)
Building Materials 1 (1%) - 3 (1%) 997M (< 1%)
Oil/Gas Exploration 1 (1%) - 3 (1%) 315M (< 1%)
Environmental 3 (2%) - 3 (1%) -
Renewable Energy 2 (2%) - 3 (1%) -
Gaming - - 2 (1%) 30.7B (10%)
Digital Media - - 2 (1%) 525M (< 1%)
Automotive 1 (1%) - 2 (1%) 325M (< 1%)
Aerospace - - 2 (1%) -
Agriculture 2 (2%) - 2 (1%) -
Marketing 2 (2%) - 2 (1%) -
Transportation - - 2 (1%) -
Metals/Mining - - 1 (< 1%) 3.3B (1%)
Construction - - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Franchising 1 (1%) - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Safety/Security - - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 123 $19.6B 374 $308.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 73 (59%) 14.1B (72%) 245 (66%) 266.3B (86%)
  California 22 (18%) 505M (3%) 80 (21%) 25.2B (8%)
  Texas 7 (6%) 1.6B (8%) 31 (8%) 81.5B (26%)
  Massachusetts 2 (2%) - 12 (3%) 2.5B (1%)
  New York 6 (5%) 4.0B (20%) 10 (3%) 17.7B (6%)
  Pennsylvania 3 (2%) 4.0B (20%) 9 (2%) 16.2B (5%)
  Washington 4 (3%) - 8 (2%) 1.6B (1%)
  Florida 3 (2%) 625M (3%) 8 (2%) 7.7B (2%)
  Illinois 2 (2%) - 8 (2%) 2.6B (1%)
  Georgia 3 (2%) 2.0B (10%) 7 (2%) 2.5B (1%)
  Arizona 2 (2%) - 6 (2%) -
  Maryland 4 (3%) - 5 (1%) -
  Virginia 2 (2%) - 5 (1%) 6.5B (2%)
  Indiana 1 (1%) - 5 (1%) 11.6B (4%)
  North Carolina 1 (1%) 1.4B (7%) 5 (1%) 7.4B (2%)
  New Jersey - - 5 (1%) 7.2B (2%)
  Connecticut 1 (1%) - 4 (1%) 5.2B (2%)
  Colorado 1 (1%) - 4 (1%) 1.4B (< 1%)
  District of Columbia 3 (2%) - 3 (1%) -
  Utah 1 (1%) - 3 (1%) -
  Ohio - - 3 (1%) 3.4B (1%)
  Tennessee - - 3 (1%) 2.0B (1%)
  Arkansas 1 (1%) - 2 (1%) 27.5B (9%)
  Missouri 1 (1%) - 2 (1%) -
  Nevada - - 2 (1%) 30.7B (10%)
  Alabama - - 2 (1%) 1.3B (< 1%)
  Minnesota - - 2 (1%) -
  Michigan - - 2 (1%) -
  Delaware - - 2 (1%) -
  Kansas 1 (1%) - 1 (< 1%) -
  Kentucky - - 1 (< 1%) 4.1B (1%)
  Wisconsin - - 1 (< 1%) 450M (< 1%)
  Nebraska - - 1 (< 1%) -
India 14 (11%) - 23 (6%) 60M (< 1%)
China 5 (4%) 1.9B (10%) 19 (5%) 3.8B (1%)
United Kingdom 3 (2%) 1.0B (5%) 15 (4%) 12.0B (4%)
Canada 2 (2%) - 6 (2%) 2.8B (1%)
  Quebec - - 3 (1%) 2.8B (1%)
  Ontario 1 (1%) - 2 (1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
Australia 2 (2%) - 5 (1%) 2.9B (1%)
Germany 1 (1%) - 5 (1%) 1.1B (< 1%)
Singapore 2 (2%) 199M (1%) 4 (1%) 199M (< 1%)
France 1 (1%) - 4 (1%) 5.9B (2%)
Brazil 1 (1%) - 4 (1%) -
Japan 1 (1%) - 3 (1%) -
Switzerland - - 3 (1%) 1.3B (< 1%)
South Korea 2 (2%) - 2 (1%) -
Israel 1 (1%) 1.2B (6%) 2 (1%) 1.2B (< 1%)
Indonesia 1 (1%) - 2 (1%) -
Philippines 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%)
Czech Republic - - 2 (1%) -
Malaysia 1 (1%) 1.2B (6%) 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%) -
Sri Lanka 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Russia - - 1 (< 1%) 2.6B (1%)
Ireland - - 1 (< 1%) 2.0B (1%)
Greece - - 1 (< 1%) 1.8B (1%)
Turkey - - 1 (< 1%) 810M (< 1%)
Luxembourg - - 1 (< 1%) -
Netherlands - - 1 (< 1%) -
Thailand - - 1 (< 1%) -
Domestic 73 (59%) 14.1B (72%) 245 (66%) 266.3B (86%)
Cross-border 50 (41%) 5.5B (28%) 129 (34%) 42.3B (14%)
Total 123 $19.6B 374 $308.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 28 (23%) - 89 (24%) 60M (< 1%)
Growth Capital 29 (24%) - 59 (16%) -
Secondary Buyout 23 (19%) 5.4B (27%) 55 (15%) 18.8B (6%)
Buyout (LBO, MBO, MBI) 10 (8%) - 44 (12%) 26.1B (9%)
Going Private 5 (4%) 7.6B (39%) 33 (9%) 207.8B (71%)
Stake Purchase 14 (11%) - 33 (9%) 2.6B (1%)
Divestiture 8 (7%) 6.6B (34%) 31 (8%) 23.8B (8%)
PIPE 4 (3%) - 16 (4%) 3.7B (1%)
Recapitalization - - 4 (1%) 9.4B (3%)
Consolidation 2 (2%) - 4 (1%) -
Joint Venture - - 2 (1%) -
Special Situations/Distressed - - 2 (1%) -
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 123 $19.6B 374 $292.3B

Exits by Deal Type

Type Total # Value
IPO 69 (30%) 10.5B (7%)
Trade Sale - Public Company 50 (21%) 98.5B (62%)
Secondary Sale 37 (16%) 31.8B (20%)
Trade Sale 34 (15%) 14.3B (9%)
Bankruptcy 17 (7%) -
Stake Sale 13 (6%) 1.4B (1%)
Merger 6 (3%) 1.6B (1%)
Shut Down 2 (1%) -
Unknown 2 (1%) -
Recapitalization 1 (< 1%) -
Sold to Existing Investors 1 (< 1%) -
Sold to Management 1 (< 1%) -
Total 233 $158.0B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 14
Deutsche Bank Corporate & Investment Banking
 13
UBS Investment Bank
 11
Legal Deals
Ropes & Gray LLP
 27
Cleary Gottlieb Steen & Hamilton LLP
 22
Kirkland & Ellis LLP
 12

Deal Values

buy # Total
> $1B 58 $294.2B
$100M to $1B 31 $15.4B
< $100M 4 $300M
TOTAL $309.9B
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)
17%
64 (17%)
Strategic(s)
9%
32 (9%)
Exited to
Investor(s)
15%
35 (15%)
Strategic(s)
41%
96 (41%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

PE Assets

96.0B USD

Established

1992

Specialist/Generalist

Generalist

Leadership

David Bonderman

Chairman & Founding Partner

Timothy Dattels

Chairman , TPG Capital Asia

Chang Sun

Co-Managing Partner

Jack Weingart

Co-Managing Partner

Joel Thickins

Co-Managing Partner

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