M&A Deal Summary

Cinven Acquires idealista

On June 28, 2024, private equity firm Cinven acquired internet software and services company idealista from EQT, Oakley Capital and Apax for 2.9B EUR

Acquisition Highlights
  • This is Cinven’s 4th transaction in the Internet Software and Services sector.
  • This is Cinven’s 6th largest (disclosed) transaction.
  • This is Cinven’s 14th transaction in Spain.

M&A Deal Summary

Date 2024-06-28
Target idealista
Sector Internet Software and Services
Buyer(s) Cinven
Sellers(s) EQT
Oakley Capital
Apax
Deal Type Secondary Buyout
Deal Value 2.9B EUR

Target

idealista

Madrid, Spain
idealista is an online real estate marketplace that supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe, by providing an online real estate classifieds marketplace for home buyers and sellers. idealista was formed in 2000 and is based in Madrid, Spain.

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Buyer(S) 1

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 183 of 184
Sector (Internet Software and Services) 4 of 4
Type (Secondary Buyout) 55 of 56
Country (Spain) 14 of 14
Year (2024) 2 of 3
Size (of disclosed) 6 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-04 Alter Domus

Luxembourg, Luxembourg

Alter Domus is a provider of fund administration and corporate services to the alternative investment industry. The Company provides tech-enabled, integrated solutions and is one of the world’s largest private asset servicers, with more than $1.3 trillion in global assets under administration. Alter Domus was founded in 2003 and is based in Luxembourg.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-13 Jaggaer

Durham, North Carolina, United States

Jaggaer is a provider of procurement software for large and medium-sized enterprises. Jaggaer provides cloud-based Source-to-Pay eProcurement solutions for spend management, which enables a fluid supply chain for its customers, driven by powerful spend analytics, vendor sourcing, contract lifecycle management, savings tracking, and efficient accounts payable systems on a single platform. Jaggaer was founded in 1995 and is based in Durham, North Carolina.

Sell -

Seller(S) 3

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 183 of 186
Sector (Internet Software and Services) 5 of 5
Type (Secondary Buyout) 56 of 57
Country (Spain) 4 of 4
Year (2024) 5 of 8
Size (of disclosed) 7 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-24 Constellation Cold Logistics

London, United Kingdom

Constellation Cold Logistics is a platform comprising market-leading cold storage and logistics businesses in Europe. Constellation Cold Logistics was founded in 2019 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-03 Keywords Studios

Dublin, Ireland

Keywords Studios is an international technical services provider to the global video games industry. The company provides integrated art creation, localization, testing, audio, and customer care services across 50 languages and 14 game platforms to a blue-chip client base in more than 15 countries. It has a strong market position, providing services to 20 of the top 25 most prominent game companies, including Microsoft, Supercell, King, Bandai Namco, Sony, Konami, Electronic Arts, 2K, and Square Enix. Recent titles worked on include Tom Clancy's The Division, Halo 5: Guardians, Batman: Arkham Knight, Street Fighter V, Rise of the Tomb Raider, Clash Royale, and Mobile Strike. Keywords Studios was founded in 1998 and is based in Dublin, Ireland.

Buy £2.1B
SELLER

Oakley Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 8.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Oakley Capital is a mid-market, generalist private equity firm focused on investing in opportunities across Europe. Oakley targets a variety of investment situations, including traditional buyouts, take privates, growth capital financings, secondary buyouts, and turnarounds. Oakley prefers controlling situations and seeks businesses valued between €100 million and €1 billion. Oakley Capital was formed in 2002 and is based in London.


DEAL STATS #
Overall 15 of 16
Sector (Internet Software and Services) 10 of 10
Type (Secondary Buyout) 9 of 10
Country (Spain) 1 of 1
Year (2024) 1 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-30 Construction Testing

Leicestershire, United Kingdom

Construction Testing is a provider of construction testing, geotechnical, structural investigation, calibration, and consulting services nationwide. Construction Testing was founded in 2006 and is based in Leicestershire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-24 Schuelerhilfe

Gelsenkirchen, Germany

Schuelerhilfe is an operator and franchisor of site-based and online tutoring in the DACH region. The Company offers tutoring services focused on improving students' academic outcomes and progression, along with an expanding adult education offering. It offers tailored and focused, small-group and one-on-one tutoring sessions held both in-person and online. Schuelerhilfe was formed in 1974 and is based in Gelsenkirchen, Germany.

Sell -
SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 171 of 171
Sector (Internet Software and Services) 16 of 16
Type (Secondary Buyout) 61 of 61
Country (Spain) 6 of 6
Year (2024) 3 of 3
Size (of disclosed) 8 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-10 Vyaire Medical

Mettawa, Illinois, United States

Vyaire Medical supports and improves the lives of patients with a laser focus on improving patient outcomes and increasing value for customers. The company was to serve healthcare customers with innovative device and service solutions across the respiratory and anesthesia continua of care. Vyaire's legacy brands have a 65-year track record of pioneering, innovating, and advancing respiratory diagnostics, ventilation, and anesthesia delivery & patient monitoring. From industry-pioneering brands that include Bird, Bear, and Jaeger to respected industry leaders AirLife, Vital Signs, Viasys, and many others - Vyaire Medical has nearly 27,000 distinct part numbers recognized, trusted, and preferred by specialists in the respiratory therapy and anesthesiology healthcare markets worldwide. Vyaire Medical was formed in 2016 and is based in Mettawa, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-05 ThoughtWorks

Chicago, Illinois, United States

ThoughtWorks is a global software consultancy and a community of passionate, purpose-led individuals. The company is a provider in the implementation of cutting-edge software development techniques such as Agile Development, which lower development costs and time-to-market for its clients. ThoughtWorks was established in 1993 and is based in Chicago, Illinois.

Buy $1.8B