TPG Global Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, TPG Global has acquired 25 companies. It has also invested in 15 others.

TPG Global’s most common sectors for investment are life science (11%) and financial services (8%). The Firm’s most common investment types include growth capital (16%) and venture (16%). In total, TPG Global has invested in 34 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 21 companies. The Firm’s most common exit type is trade sale (41%). 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 Activity487
    • M&A Buy Activity322
    • M&A Sell Activity165
  • Total Sectors Invested 49
  • Total Countries Invested 40
  • M&A Buy/Sell Connections 198
  • M&A Advisors 52

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 (12.2/yr) # 261 21 22 8 4 6 322
vol $293.0B $4.7B $3.5B $1.2B $1.6B $304.0B
Sell (5.0/yr) # 140 4 7 6 5 3 165
vol $135.6B $2.5B $5.9B $283M $9.6B $608M $154.4B
  487

Most Recent M&A

Company Date Value Type
Evoltz Participações S.A. 2021-05-10 - Secondary Buyout
Rio de Janeiro, Brazil · www.evoltz.com.br
Implantable Provider Group, Inc. 2021-04-20 - Secondary Buyout
Alpharetta, Georgia · www.ipg.com
Thycotic Software LLC 2021-03-02 - Secondary Buyout
Washington, District of Columbia · www.thycotic.com
DIRECTV LLC 2021-02-25 - Divestiture
El Segundo, California · www.directv.com
Gelson's Markets 2021-02-23 - Add-on Acquisition
Encino, California · www.gelsons.com
RentPath, Inc. 2021-02-19 608M USD Add-on Acquisition
Norcross, Georgia · www.rentpath.com
People 2.0 2021-02-02 - Secondary Buyout
Exton, Pennsylvania · www.people20.com
Centrify Corp. 2021-01-28 - Secondary Buyout
Santa Clara, California · www.centrify.com
Element Markets LLC 2021-01-12 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.elementmarkets.com
Planview, Inc. 2020-11-10 1.6B USD Secondary Buyout
Austin, Texas · www.planview.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
The Vita Group 2005-03-24 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 9
Lenexa, Kansas · www.wellsky.com Boston, Massachusetts · www.careporthealth.com
Kindred Healthcare, Inc. 2017-12-19 RehabCare Group, Inc. 2020-10-05 2
Louisville, Kentucky · www.lacunahealth.com Louisville, Kentucky · www.rehabcare.com
Transplace, Inc. 2017-08-14 ScanData Systems, Inc. 2020-06-02 4
Frisco, Texas · www.transplace.com Austin, Texas · www.scandata.com
Beaver-Visitec International, Inc. 2016-07-18 Croma-Pharma GmbH - Ophthalmic Viscoelastic Device Assets 2020-05-15 4
Waltham, Massachusetts · www.beaver-visitec.com Leobendorf, Austria
Crunch LLC 2018-07-01 Crunch Fitness - Harrisburg 2020-02-13 2
New York, New York · www.crunch.com Harrisburg, Pennsylvania
CollabNet, Inc. 2019-09-04 XebiaLabs, Inc. 2020-01-21 1
Brisbane, California · www.collab.net Burlington, Massachusetts · www.xebialabs.com
Crunch LLC 2018-07-01 Crunch Fitness - Paramus 2019-10-30 1
New York, New York · www.crunch.com Paramus, New Jersey

M&A by Sector

Sector Current # Value All-time # Value
Life Science 15 (9%) 2.1B (5%) 35 (11%) 10.1B (3%)
Financial Services 13 (8%) 2.2B (5%) 24 (7%) 10.0B (3%)
Software 10 (6%) 5.1B (13%) 23 (7%) 24.8B (8%)
Healthcare Services 12 (8%) 7.2B (18%) 20 (6%) 9.6B (3%)
Retail 6 (4%) 916M (2%) 15 (5%) 15.8B (5%)
Information Technology 10 (6%) - 15 (5%) 9.4B (3%)
Communications 3 (2%) 9.0B (23%) 14 (4%) 46.9B (15%)
Business Services 6 (4%) - 13 (4%) 1.2B (< 1%)
Internet Software and Services 6 (4%) - 13 (4%) 996M (< 1%)
Medical Products 6 (4%) 625M (2%) 12 (4%) 13.3B (4%)
Consumer Products 7 (4%) - 10 (3%) 1.5B (< 1%)
Real Estate 8 (5%) 3.1B (8%) 9 (3%) 3.1B (1%)
Semiconductors 1 (1%) - 7 (2%) 18.1B (6%)
Food 3 (2%) - 7 (2%) 5.5B (2%)
Restaurants 3 (2%) - 6 (2%) 8.7B (3%)
Apparel/Textiles 4 (3%) 60M (< 1%) 6 (2%) 3.1B (1%)
Technology Hardware - - 6 (2%) 2.6B (1%)
Media 3 (2%) - 5 (2%) 17.3B (6%)
Consumer Services 5 (3%) 4.0B (10%) 5 (2%) 4.0B (1%)
Insurance - - 5 (2%) 3.2B (1%)
Beverages 1 (1%) - 5 (2%) 1.2B (< 1%)
Renewable Energy 5 (3%) - 5 (2%) -
Utilities 1 (1%) - 4 (1%) 48.1B (16%)
Distribution 1 (1%) 1.3B (3%) 4 (1%) 3.3B (1%)
Manufacturing 4 (3%) 1.0B (3%) 4 (1%) 1.0B (< 1%)
Packaging 1 (1%) - 4 (1%) 500M (< 1%)
Airlines 1 (1%) - 4 (1%) 450M (< 1%)
Oil/Gas Exploration 3 (2%) - 4 (1%) 315M (< 1%)
Energy Services and Equipment 1 (1%) - 4 (1%) -
Gaming 1 (1%) - 3 (1%) 30.7B (10%)
Leisure 3 (2%) 1.5B (4%) 3 (1%) 1.5B (< 1%)
Building Materials 1 (1%) - 3 (1%) 997M (< 1%)
Chemicals 1 (1%) - 3 (1%) 770M (< 1%)
Staffing 3 (2%) - 3 (1%) -
Metals/Mining 1 (1%) - 2 (1%) 3.3B (1%)
Education 1 (1%) - 2 (1%) 616M (< 1%)
Aerospace 1 (1%) 542M (1%) 2 (1%) 542M (< 1%)
Transportation 2 (1%) 226M (1%) 2 (1%) 226M (< 1%)
Marketing 2 (1%) - 2 (1%) -
Agriculture 1 (1%) 880M (2%) 1 (< 1%) 880M (< 1%)
Digital Media - - 1 (< 1%) 525M (< 1%)
Automotive - - 1 (< 1%) 325M (< 1%)
E-Commerce - - 1 (< 1%) -
Environmental 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 160 $39.7B 323 $304.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 82 (51%) 30.1B (76%) 198 (61%) 260.8B (86%)
  California 25 (16%) 10.7B (27%) 58 (18%) 27.1B (9%)
  Texas 9 (6%) 2.3B (6%) 27 (8%) 77.9B (26%)
  Illinois 4 (3%) 278M (1%) 9 (3%) 2.9B (1%)
  Massachusetts 3 (2%) - 9 (3%) 2.5B (1%)
  Pennsylvania 3 (2%) - 7 (2%) 12.2B (4%)
  New York 3 (2%) - 5 (2%) 13.7B (4%)
  Virginia 3 (2%) 3.5B (9%) 5 (2%) 6.5B (2%)
  Washington 3 (2%) - 5 (2%) 1.6B (1%)
  North Carolina 2 (1%) 2.7B (7%) 5 (2%) 7.4B (2%)
  Georgia 2 (1%) 2.0B (5%) 5 (2%) 2.5B (1%)
  Florida 1 (1%) 625M (2%) 5 (2%) 7.7B (3%)
  New Jersey - - 5 (2%) 7.2B (2%)
  Maryland 4 (3%) - 4 (1%) -
  Arizona 2 (1%) - 4 (1%) -
  Ohio 1 (1%) - 4 (1%) 3.4B (1%)
  Indiana - - 4 (1%) 11.6B (4%)
  District of Columbia 3 (2%) - 3 (1%) -
  Connecticut 1 (1%) - 3 (1%) 5.2B (2%)
  Minnesota 1 (1%) 4.0B (10%) 3 (1%) 4.0B (1%)
  Tennessee 1 (1%) - 3 (1%) 2.0B (1%)
  Colorado - - 3 (1%) 1.4B (< 1%)
  Arkansas 1 (1%) - 2 (1%) 27.5B (9%)
  Alabama 1 (1%) - 2 (1%) 1.3B (< 1%)
  Missouri 1 (1%) - 2 (1%) -
  Michigan 1 (1%) - 2 (1%) -
  Nevada - - 2 (1%) 30.7B (10%)
  Delaware - - 2 (1%) -
  Kentucky 1 (1%) 4.1B (10%) 1 (< 1%) 4.1B (1%)
  New Hampshire 1 (1%) - 1 (< 1%) -
  Nebraska 1 (1%) - 1 (< 1%) -
  Kansas 1 (1%) - 1 (< 1%) -
  Wisconsin - - 1 (< 1%) 450M (< 1%)
  Utah - - 1 (< 1%) -
China 12 (8%) 2.3B (6%) 19 (6%) 2.8B (1%)
United Kingdom 10 (6%) 3.3B (8%) 18 (6%) 13.4B (4%)
India 13 (8%) 71M (< 1%) 16 (5%) 71M (< 1%)
Australia 5 (3%) 1.1B (3%) 7 (2%) 4.0B (1%)
Brazil 3 (2%) 226M (1%) 5 (2%) 226M (< 1%)
  Pennsylvania 1 (1%) - 1 (< 1%) -
Germany 1 (1%) - 5 (2%) 1.1B (< 1%)
Japan 3 (2%) - 4 (1%) -
France 2 (1%) - 4 (1%) 5.9B (2%)
Canada 2 (1%) 1.5B (4%) 4 (1%) 2.8B (1%)
  Quebec 1 (1%) 1.5B (4%) 3 (1%) 2.8B (1%)
  British Columbia 1 (1%) - 1 (< 1%) -
Singapore 3 (2%) - 3 (1%) -
Hong Kong 2 (1%) - 3 (1%) 1.2B (< 1%)
Indonesia 2 (1%) - 3 (1%) -
Switzerland - - 3 (1%) 1.3B (< 1%)
Vietnam 2 (1%) - 2 (1%) -
Russia 1 (1%) - 2 (1%) 2.6B (1%)
Italy 1 (1%) - 2 (1%) 325M (< 1%)
Taiwan 1 (1%) - 2 (1%) -
Bermuda - - 2 (1%) 1.0B (< 1%)
Malaysia 1 (1%) 1.2B (3%) 1 (< 1%) 1.2B (< 1%)
Spain 1 (1%) - 1 (< 1%) -
Botswana 1 (1%) - 1 (< 1%) -
Cyprus 1 (1%) - 1 (< 1%) -
Czech Republic 1 (1%) - 1 (< 1%) -
Denmark 1 (1%) - 1 (< 1%) -
Israel 1 (1%) - 1 (< 1%) -
Kenya 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Morocco 1 (1%) - 1 (< 1%) -
Philippines 1 (1%) - 1 (< 1%) -
Romania 1 (1%) - 1 (< 1%) -
Saudi Arabia 1 (1%) - 1 (< 1%) -
Sri Lanka 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Ireland - - 1 (< 1%) 2.0B (1%)
Greece - - 1 (< 1%) 1.8B (1%)
Belgium - - 1 (< 1%) 1.4B (< 1%)
Turkey - - 1 (< 1%) 810M (< 1%)
Netherlands - - 1 (< 1%) -
Thailand - - 1 (< 1%) -
Domestic 82 (51%) 30.1B (76%) 198 (61%) 260.8B (86%)
Cross-border 78 (49%) 9.6B (24%) 125 (39%) 43.9B (14%)
Total 160 $39.7B 323 $304.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 21 (13%) 542M (1%) 51 (16%) 602M (< 1%)
Growth Capital 35 (22%) - 51 (16%) -
Secondary Buyout 34 (21%) 10.2B (25%) 50 (15%) 17.6B (6%)
Buyout (LBO, MBO, MBI) 16 (10%) 5.4B (13%) 44 (14%) 29.6B (10%)
Going Private 10 (6%) 20.5B (50%) 35 (11%) 208.1B (72%)
Divestiture 13 (8%) 3.7B (9%) 32 (10%) 17.3B (6%)
PIPE 13 (8%) 224M (1%) 23 (7%) 4.0B (1%)
Stake Purchase 12 (8%) 226M (1%) 23 (7%) 2.8B (1%)
Recapitalization - - 4 (1%) 9.4B (3%)
Special Situations/Distressed 3 (2%) - 4 (1%) -
Consolidation 2 (1%) - 3 (1%) -
Acquisition Financing - - 1 (< 1%) -
Joint Venture 1 (1%) - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 160 $40.8B 323 $289.4B

Exits by Deal Type

Type Total # Value
IPO 43 (26%) 10.5B (7%)
Trade Sale - Public Company 41 (25%) 95.3B (63%)
Trade Sale 29 (18%) 11.5B (8%)
Secondary Sale 28 (17%) 31.1B (21%)
Stake Sale 9 (5%) 1.4B (1%)
Bankruptcy 8 (5%) -
Merger 3 (2%) 1.6B (1%)
Shut Down 2 (1%) -
Sold to Existing Investors 1 (1%) -
Sold to Management 1 (1%) -
Total 165 $151.2B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 14
Deutsche Bank Corporate & Investment Banking
 12
UBS Investment Bank
 10
Legal Deals
Ropes & Gray LLP
 25
Cleary Gottlieb Steen & Hamilton LLP
 19
Kirkland & Ellis LLP
 6

Deal Values

buy # Total
> $1B 57 $287.7B
$100M to $1B 39 $18.9B
< $100M 5 $311M
TOTAL $307.0B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 31 $145.6B
$100M to $1B 19 $8.6B
< $100M 7 $316M
TOTAL $154.4B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
17%
56 (17%)
Strategic(s)
10%
33 (10%)
Exited to
Investor(s)
16%
26 (16%)
Strategic(s)
44%
73 (44%)

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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