M&A Deal Summary

EQT Acquires Magnit

On June 28, 2021, private equity firm EQT acquired internet software and services company Magnit from Investcorp, Harvest Partners Private Equity, Harvest Partners Structured Capital and The Carlyle Group

Acquisition Highlights
  • This is EQT’s 12th transaction in the Internet Software and Services sector.
  • This is EQT’s 40th transaction in the United States.
  • This is EQT’s 6th transaction in California.

M&A Deal Summary

Date 2021-06-28
Target Magnit
Sector Internet Software and Services
Buyer(s) EQT
Sellers(s) Investcorp
Harvest Partners Private Equity
Harvest Partners Structured Capital
The Carlyle Group
Deal Type Secondary Buyout

Target

Magnit

Folsom, California, United States
Magnit is a provider of contingent workforce management solutions through a managed services program (“MSP”) and cloud-based vendor management software (“VMS”). Magnit was founded in 1991 and is based in Folsom, California.

Search 201,157 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

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 257 of 317
Sector (Internet Software and Services) 12 of 21
Type (Secondary Buyout) 72 of 97
State (California) 6 of 11
Country (United States) 40 of 59
Year (2021) 16 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-22 Mollie

Amsterdam, Netherlands

Mollie is a payment services provider in Europe, serving more than 120,000 active merchants across the continent and employing an international team of nearly 500 professionals. Mollie facilitates online payment acceptance for companies of all sizes across the Netherlands, Belgium, Germany, France, and the UK. Mollie was founded in 2004 and is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 Fertin

Vejle, Denmark

Fertin develops and manufactures pharmaceutical and nutraceutical products for leading global companies to support healthier living. Fertin’s product portfolio has a broad variety of current and possible application areas including Nicotine Replacement Therapy, oral care, gastrointestinal, pain and allergy management, cough and cold, and much more. Fertin was founded in 1915 and is based in Vejle, Denmark.

Sell kr.5.1B

Seller(S) 4

SELLER

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.


DEAL STATS #
Overall 99 of 106
Sector (Internet Software and Services) 5 of 5
Type (Secondary Buyout) 31 of 36
State (California) 11 of 12
Country (United States) 60 of 62
Year (2021) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-28 Cloud Care

Novara, Italy

CloudCare is a tech-enabled platform active in the energy, telecommunications and insurance markets where it operates as a channel partner and digital broker, connecting consumers and service providers through both its own proprietary online platform and clients’ web platforms. Cloud Care was founded in 2011 and is based in Novara, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-02 Heritage Foods

Hong Kong, China

Heritage Foods, a supplier of condiment and sauce brands operating in Asia, Heritage Foods was founded in 2015 and is based in Hong Kong, China.

Buy -
SELLER

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 27 of 30
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 14 of 17
State (California) 2 of 2
Country (United States) 24 of 27
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Vincit

Chattanooga, Tennessee, United States

Vincit is a provider of food safety and pathogen control services for the protein industry. Vincit plays an important role in ensuring compliance with food safety standards and protecting the food supply chain. They have a large presence throughout the U.S. and serves a blue chip customer base across the food and beverage industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-08 Neighborly

Waco, Texas, United States

Neighborly is a home services franchisor of 25 service brands (including Neighborly umbrella service brand) and more than 4,000 franchise owners serving 10 million+ customers in nine countries, focused on repairing, maintaining and enhancing homes and businesses. Neighborly was founded in 1981 and is based in Waco, Texas.

Sell -
DESCRIPTION

Harvest Partners Structured Capital is a private investment group focused on minority position, non-control investments. The Group looks for businesses with $100 million to $1 billion in revenues where Harvest can commit $50 to $250 million. Sectors of interest include business services, consumer services, healthcare, industrial services, manufacturing, and distribution. Harvest Partners Structured Capital is a unit of PE Firm Harvest Partners. The Firm is based in New York City.


DEAL STATS #
Overall 4 of 8
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 2 of 5
State (California) 1 of 1
Country (United States) 3 of 7
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Marcone

St Louis, Missouri, United States

Marcone is a distributor of original equipment parts for the repair of residential appliances in the United States and Canada. Marcone's customer base is comprised of thousands of residential appliance repair service providers and technicians, as well as extended warranty providers. Marcone is based in St Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-08 Neighborly

Waco, Texas, United States

Neighborly is a home services franchisor of 25 service brands (including Neighborly umbrella service brand) and more than 4,000 franchise owners serving 10 million+ customers in nine countries, focused on repairing, maintaining and enhancing homes and businesses. Neighborly was founded in 1981 and is based in Waco, Texas.

Sell -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 423 of 480
Sector (Internet Software and Services) 16 of 17
Type (Secondary Buyout) 93 of 117
State (California) 32 of 36
Country (United States) 232 of 259
Year (2021) 15 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-21 Agilox

Neukirchen bei Lambach, Austria

Agilox is a provider of intelligent autonomous mobile robots (AMRs) for the automation of intralogistics and material handling processes. AGILOX’s AMRs drive major productivity gains, increase safety and reliability, and help address staff shortages in intralogistics and material handling processes. Agilox was founded in 2017 and is based in Neukirchen bei Lambach, Austria.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 Inpart

Sheffield, United Kingdom

Inpart develops curated digital solutions that drive impact from research by simplifying the initial connection between teams in academia and industry across all sectors. Inpart is based in Sheffield, United Kingdom.

Buy -