TPG Global Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, TPG Global has acquired 24 companies. It has also invested in 26 others.

TPG Global’s most common sectors for investment arelife science (11%) and software (9%) . The Firm’s most common investment types include venture (24%) and growth capital (17%). In total, TPG Global has invested in 36 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 50 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 Activity627
    • M&A Buy Activity389
    • M&A Sell Activity238
  • Total Sectors Invested 51
  • Total Countries Invested 40
  • M&A Buy/Sell Connections 246
  • M&A Advisors 61

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (16.4/yr) # 307 32 15 11 14 10 389
vol $295.5B $3.5B $1.2B $2.8B $4.0B $4.4B $311.3B
Sell (14.2/yr) # 167 21 13 19 14 4 238
vol $148.5B $6.2B $283M $10.3B $3.3B $7.4B $175.9B
  627

Most Recent M&A

Company Date Value Type
Immucor, Inc. 2022-11-03 2.0B USD Add-on Acquisition
Norcross, Georgia · www.immucor.com
Musixmatch s.p.a 2022-07-27 - Growth Capital
Bologna, Italy · www.musixmatch.com
Doc Generici Srl 2022-06-30 - Secondary Buyout
Milan, Italy · www.docgenerici.it
Implantable Provider Group, Inc. 2022-06-29 375M USD Add-on Acquisition
Alpharetta, Georgia · www.ipg.com
Covetrus, Inc. 2022-05-25 4.0B USD Going Private
Portland, Maine · www.covetrus.com
Morrow Sodali Global LLC 2022-04-26 - Stake Purchase
New York, New York · www.morrowsodali.com
Salsify, Inc. 2022-04-13 - Venture
Boston, Massachusetts · www.salsify.com
thatgamecompany 2022-03-03 - Venture
Santa Monica, California · www.thatgamecompany.com
Blue Cloud Pediatric Surgery Centers 2022-02-28 - Buyout (LBO, MBO, MBI)
Glen Rock, Pennsylvania · www.bluecloudpsc.com
AnovoRx Holdings Inc. 2022-01-12 - Growth Capital
Memphis, Tennessee · www.anovorx.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
People 2.0 2021-02-02 Brookson Group Ltd. 2022-06-21 3
Exton, Pennsylvania · www.people20.com Warrington, United Kingdom · www.brooksongroup.co.uk
Crunch LLC 2018-07-01 Crunch Fitness - Moorestown 2022-04-19 4
New York, New York · www.crunch.com Moorestown, New Jersey
Crunch LLC 2018-07-01 Crunch Fitness - Somerset 2022-04-19 3
New York, New York · www.crunch.com Somerset, New Jersey
Element Markets LLC 2021-01-12 Blue Source LLC 2022-02-23 1
Houston, Texas · www.elementmarkets.com Salt Lake City, Utah · www.bluesource.com
Nintex Global Ltd. 2018-02-09 Kryon Systems Ltd. 2022-02-15 5
Bellevue, Washington · www.nintex.com Tel Aviv, Israel · www.kryonsystems.com
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 2
Exton, Pennsylvania · www.people20.com Denver, Colorado · www.talentwave.com
Manipal Hospitals 2015-02-26 Vikram Hospital Pvt. Ltd. 2021-06-03 2
Bengaluru, India · www.manipalhospitals.com Bengaluru, India · www.manipalhospitals.com/millersroad/
Planview, Inc. 2020-11-10 Clarizen, Inc. 2021-01-12 4
Austin, Texas · www.planview.com San Mateo, California · www.clarizen.com
Planview, Inc. 2020-11-10 Changepoint Corp. 2021-01-12 3
Austin, Texas · www.planview.com Richmond Hill, Ontario · www.changepoint.com

M&A by Sector

Sector Current # Value All-time # Value
Life Science 8 (6%) - 42 (11%) 8.2B (3%)
Software 12 (9%) 2.8B (15%) 32 (8%) 23.1B (7%)
Information Technology 18 (13%) 360M (2%) 27 (7%) 9.8B (3%)
Internet Software and Services 13 (10%) 4.0B (22%) 27 (7%) 5.0B (2%)
Financial Services 8 (6%) 1.9B (11%) 24 (6%) 9.7B (3%)
Healthcare Services 9 (7%) 2.8B (16%) 21 (5%) 9.4B (3%)
Communications - - 14 (4%) 46.9B (15%)
Medical Products 5 (4%) 625M (3%) 14 (4%) 15.3B (5%)
Business Services 4 (3%) - 13 (3%) 1.2B (< 1%)
Retail - - 12 (3%) 15.4B (5%)
Consumer Products 2 (1%) - 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%)
Consumer Services 4 (3%) 4.0B (22%) 7 (2%) 4.0B (1%)
Education 4 (3%) - 7 (2%) 3.5B (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%)
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%)
Digital Media 1 (1%) - 4 (1%) 525M (< 1%)
Packaging - - 4 (1%) 500M (< 1%)
Airlines - - 4 (1%) 450M (< 1%)
Energy Services and Equipment - - 4 (1%) -
Leisure 4 (3%) - 4 (1%) -
Renewable Energy 3 (2%) - 4 (1%) -
Staffing 2 (1%) - 4 (1%) -
Manufacturing 3 (2%) 1.0B (6%) 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%) -
Marketing 3 (2%) - 3 (1%) -
Transportation - - 3 (1%) -
Gaming - - 2 (1%) 30.7B (10%)
Automotive 1 (1%) - 2 (1%) 325M (< 1%)
Agriculture 2 (1%) - 2 (1%) -
Metals/Mining - - 1 (< 1%) 3.3B (1%)
Aerospace - - 1 (< 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 134 $18.0B 390 $308.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 82 (61%) 16.5B (75%) 259 (66%) 270.7B (86%)
  California 23 (17%) 505M (2%) 81 (21%) 25.2B (8%)
  Texas 7 (5%) 1.6B (7%) 31 (8%) 81.5B (26%)
  Massachusetts 3 (2%) - 13 (3%) 2.5B (1%)
  New York 8 (6%) 4.4B (20%) 12 (3%) 18.1B (6%)
  Pennsylvania 4 (3%) 4.0B (18%) 10 (3%) 16.2B (5%)
  Florida 4 (3%) 625M (3%) 9 (2%) 7.7B (2%)
  Illinois 3 (2%) - 9 (2%) 2.6B (1%)
  Washington 4 (3%) - 8 (2%) 1.6B (1%)
  Arizona 3 (2%) - 8 (2%) -
  Georgia 2 (1%) - 8 (2%) 2.5B (1%)
  North Carolina 1 (1%) 1.4B (6%) 6 (2%) 7.4B (2%)
  Maryland 4 (3%) - 5 (1%) -
  Virginia 2 (1%) - 5 (1%) 6.5B (2%)
  Indiana 1 (1%) - 5 (1%) 11.6B (4%)
  New Jersey - - 5 (1%) 7.2B (2%)
  Connecticut 1 (1%) - 4 (1%) 5.2B (2%)
  Tennessee 1 (1%) - 4 (1%) 2.0B (1%)
  Colorado 1 (1%) - 4 (1%) 1.4B (< 1%)
  District of Columbia 2 (1%) - 3 (1%) -
  Utah 1 (1%) - 3 (1%) -
  Ohio - - 3 (1%) 3.4B (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%) -
  Maine 1 (1%) 4.0B (18%) 1 (< 1%) 4.0B (1%)
  Oregon 1 (1%) - 1 (< 1%) -
  Kansas 1 (1%) - 1 (< 1%) -
  Kentucky - - 1 (< 1%) 4.1B (1%)
  Wisconsin - - 1 (< 1%) 450M (< 1%)
  South Carolina - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
  Delaware - - 1 (< 1%) -
India 14 (10%) - 23 (6%) 60M (< 1%)
China 5 (4%) 1.9B (9%) 19 (5%) 3.8B (1%)
United Kingdom 3 (2%) 1.0B (5%) 15 (4%) 12.0B (4%)
Canada 2 (1%) - 6 (2%) 2.8B (1%)
  Quebec - - 3 (1%) 2.8B (1%)
  Ontario 1 (1%) - 2 (1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
Australia 2 (1%) - 5 (1%) 2.9B (1%)
Germany 1 (1%) - 5 (1%) 1.1B (< 1%)
Italy 2 (1%) - 4 (1%) 325M (< 1%)
Singapore 2 (1%) 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 (1%) - 2 (1%) -
Israel 1 (1%) 1.2B (5%) 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%)
Czech Republic - - 2 (1%) -
Malaysia 1 (1%) 1.2B (5%) 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 82 (61%) 16.5B (75%) 259 (66%) 270.7B (86%)
Cross-border 52 (39%) 5.5B (25%) 131 (34%) 42.3B (14%)
Total 134 $22.0B 390 $313.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 32 (24%) - 93 (24%) 60M (< 1%)
Growth Capital 33 (25%) - 64 (16%) -
Secondary Buyout 24 (18%) 5.7B (32%) 57 (15%) 19.1B (7%)
Buyout (LBO, MBO, MBI) 10 (7%) - 45 (12%) 26.1B (9%)
Stake Purchase 16 (12%) - 35 (9%) 2.6B (1%)
Going Private 5 (4%) 5.7B (31%) 34 (9%) 207.8B (71%)
Divestiture 7 (5%) 6.6B (37%) 31 (8%) 23.8B (8%)
PIPE 4 (3%) - 16 (4%) 3.7B (1%)
Recapitalization 1 (1%) - 5 (1%) 9.4B (3%)
Consolidation 2 (1%) - 4 (1%) -
Joint Venture - - 2 (1%) -
Special Situations/Distressed - - 2 (1%) -
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 134 $18.0B 390 $292.7B

Exits by Deal Type

Type Total # Value
IPO 70 (29%) 10.5B (6%)
Trade Sale - Public Company 53 (22%) 103.9B (63%)
Secondary Sale 36 (15%) 31.8B (19%)
Trade Sale 35 (15%) 16.3B (10%)
Bankruptcy 17 (7%) -
Stake Sale 13 (5%) 1.4B (1%)
Merger 7 (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 238 $165.4B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 15
Bank of America Merrill Lynch (BofA Securities)
 14
UBS Investment Bank
 12
Legal Deals
Ropes & Gray LLP
 30
Cleary Gottlieb Steen & Hamilton LLP
 22
Kirkland & Ellis LLP
 12

Deal Values

buy # Total
> $1B 59 $298.2B
$100M to $1B 32 $15.8B
< $100M 4 $300M
TOTAL $314.3B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 37 $164.3B
$100M to $1B 25 $11.3B
< $100M 7 $316M
TOTAL $175.9B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
17%
68 (17%)
Strategic(s)
8%
31 (8%)
Exited to
Investor(s)
14%
34 (14%)
Strategic(s)
42%
101 (42%)

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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