M&A Deal Summary

TCV, AFV Partners and CPP Investments Acquire Sportradar

On July 9, 2018, private equity firm TCV, family office AFV Partners and pension CPP Investments acquired information services company Sportradar from EQT for 2.4B USD

Acquisition Highlights
  • This is TCV’s 2nd, AFV Partners’ 1st and CPP Investments’ 2nd transaction in the Information Services sector.
  • This is TCV’s 2nd, AFV Partners’ and CPP Investments’ 18th largest (disclosed) transaction.
  • This is TCV’s 1st, AFV Partners’ 1st and CPP Investments’ 2nd transaction in Switzerland.
Investment Fate
  • Sportradar went public in 2021.

M&A Deal Summary

Date 2018-07-09
Target Sportradar
Sector Information Services
Buyer(s) TCV
AFV Partners
CPP Investments
Sellers(s) EQT
Deal Type Secondary Buyout
Deal Value 2.4B USD

Target

Sportradar

Sankt Gallen, Switzerland
Sportradar is a partner for the sports betting and media industry. Sportradar provides sports data services to the bookmaking world with its brand Betradar, and to the international media with its brand Scoreradar. Sportradar was founded in 2001 and is based in Sankt Gallen, Switzerland.

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Buyer(S) 3

Buyer

TCV

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 21.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.


DEAL STATS #
Overall 74 of 82
Sector (Information Services) 2 of 2
Type (Secondary Buyout) 3 of 6
Country (Switzerland) 1 of 1
Year (2018) 2 of 2
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-25 AppNexus

New York, New York, United States

AppNexus, Inc. is an advertising marketplace and provides enterprise products for digital advertising – serving publishers, agencies and marketers. AppNexus, Inc. was founded in 2007 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-29 eharmony

Los Angeles, California, United States

eharmony is a pioneer in using algorithms to create highly compatible relationships based on key dimensions of personality that predict the most compatible, highly successful, long-term relationships. eharmony operates in the United States, Canada, the United Kingdom and Australia.

Sell -
Buyer
DESCRIPTION

AFV Partners is a family-backed, opportunistic investment firm focused on partnering with growth-minded, 'sustainable' companies. The Firm has a special interest in mission-critical, founder-led software, data, and cybersecurity businesses. AFV Partners was formed in 2019 and is based in Argyle, Texas.


DEAL STATS #
Overall 1 of 7
Sector (Information Services) 1 of 1
Type (Secondary Buyout) 1 of 2
Country (Switzerland) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 Aircraft Performance Group

Castle Rock, Colorado, United States

Aircraft Performance Group is a provider of proprietary flight operations software solutions into the aftermarket of the aerospace industry. APG operates a software as a service business model focused on the corporate and business aviation segment of the aerospace industry. APG has recently integrated its market-leading aircraft performance software solutions, including runway analysis and weight and balance services, with flight planning services into a new software offering and mobile app, iPreFlight GenesisTM. Aircraft Performance Group was founded in 1999 and is based in Castle Rock, Colorado.

Buy -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 27 of 51
Sector (Information Services) 2 of 2
Type (Secondary Buyout) 6 of 11
Country (Switzerland) 2 of 2
Year (2018) 4 of 4
Size (of disclosed) 18 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-08 Ant Group

Hangzhou, China

Ant Group is focused on serving small and micro enterprises, as well as consumers. Ant Group is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Ant Financial Services Group was founded in 2004 and is based in Hangzhou, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-25 Inmarsat

London, United Kingdom

Inmarsat is a global mobile satellite communications provider that owns and operates a diverse global portfolio of mobile telecommunications satellite networks, and holds a multi-layered, global spectrum portfolio, covering L-band, Ka-band, and S-band, enabling unparalleled breadth and diversity in the solutions it provides. Inmarsat's long-established global distribution network includes not only the world's leading channel partners but also its own strong direct retail capabilities, enabling end-to-end customer service assurance. The company has an unrivalled track record of operating reliable global mobile satellite telecommunications networks, sustaining business and mission critical safety and operational applications for more than 40 years. It is also a major driving force behind technological innovation in mobile satellite communications, sustaining its leadership through a substantial investment and a powerful network of technology and manufacturing partners. Inmarsat was formed in 1979 and is based in London.

Buy $3.4B

Seller(S) 1

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 109 of 186
Sector (Information Services) 2 of 3
Type (Secondary Buyout) 31 of 57
Country (Switzerland) 4 of 7
Year (2018) 8 of 11
Size (of disclosed) 9 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-09 Banking Circle

Luxembourg, Luxembourg

Banking Circle is a next-generation provider of mission-critical infrastructure for cross-border payment processing, offering reduced complexity, time, and cost. The company uses direct clearing access through blue-chip partner banks to serve the fast-growing online payment processing provider market. Banking Circle was founded in 2013 and is based in Luxembourg.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-23 Saur

Issy-les-Moulineaux, France

Saur is a drinking and wastewater management company focused on small/mid-sized cities across France. The company is also active internationally, particularly in Iberia, Saudi Arabia, and Poland. Saur was founded in 1933 and is based in Issy-les-Moulineaux, France.

Buy -