M&A Deal Summary

EQT Acquires Exeter Property Group

On April 1, 2021, private equity firm EQT acquired real estate company Exeter Property Group from TA Associates for 1.9B USD

Acquisition Highlights
  • This is EQT’s 6th transaction in the Real Estate sector.
  • This is EQT’s 17th largest (disclosed) transaction.
  • This is EQT’s 37th transaction in the United States.
  • This is EQT’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2021-04-01
Target Exeter Property Group
Sector Real Estate
Buyer(s) EQT
Sellers(s) TA Associates
Deal Type Secondary Buyout
Deal Value 1.9B USD

Target

Exeter Property Group

Conshohocken, Pennsylvania, United States
Exeter Property Group specializes primarily in industrial real estate across the U.S. and Europe through an array of Value-Add and Core return investment vehicles, as well as managed accounts. Exeter Property Group is based in Conshohocken, Pennsylvania.

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Buyer(S) 1

Buyer

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 251 of 317
Sector (Real Estate) 6 of 9
Type (Secondary Buyout) 70 of 97
State (Pennsylvania) 1 of 2
Country (United States) 37 of 59
Year (2021) 10 of 24
Size (of disclosed) 17 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-30 Cerba HealthCare

Issy-les-Moulineaux, France

Cerba HealthCare is an operator of clinical pathology laboratories, with a number one position in France and strong market positions in Belgium and Luxembourg. The majority of Cerba's revenues are generated via routine lab tests. Cerba HealthCare was founded in 1967 and is based in Issy-les-Moulineaux, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-23 First Student

Cincinnati, Ohio, United States

First Student is a student transportation service provider in North America, providing over 900 million student journeys a year at approximately 1,000 school districts. The Company has 48,000 employees who operate a fleet of over 42,000 school busses and provide an essential service to North American students. First Student is based in Cincinnati, Ohio.

Buy $4.6B

Seller(S) 1

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 234 of 255
Sector (Real Estate) 1 of 1
Type (Secondary Buyout) 43 of 49
State (Pennsylvania) 13 of 14
Country (United States) 194 of 206
Year (2021) 5 of 16
Size (of disclosed) 7 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-29 LIST

Pisa, Italy

LIST is a provider of mission-critical trading and compliance software solutions and infrastructural services to a wide range of financial institutions. LIST was founded in 1985 and is based in Pisa, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-07 InCorp

Singapore, Singapore

InCorp is a provider of professional corporate solutions for businesses with a presence in seven markets across Asia. InCorp specializes in a full range of professional services for companies planning to establish a hub or headquarters in Asia, including incorporation, corporate secretarial & compliance, share registry, accounting, taxation, human resources, corporate recovery, and other business advisory services. InCorp was fored in 2015 and is based in Singapore.

Buy -
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