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M&A Deal Summary

EQT and Goldman Sachs Merchant Banking Acquire Parexel

On July 2, 2021, private equity firms EQT and Goldman Sachs Merchant Banking acquired life science company Parexel from Pamplona Capital Management - Private Equity for 8.5B USD

Acquisition Highlights
  • This is EQT’s 12th and Goldman Sachs Merchant Banking’s 5th transaction in the Life Science sector.
  • This is EQT’s 4th and Goldman Sachs Merchant Banking’s 5th largest (disclosed) transaction.
  • This is EQT’s 40th and Goldman Sachs Merchant Banking’s 123rd transaction in the United States.
  • This is EQT’s 3rd and Goldman Sachs Merchant Banking’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2021-07-02
Target Parexel
Sector Life Science
Buyer(s) EQT
Goldman Sachs Merchant Banking
Sellers(s) Pamplona Capital Management - Private Equity
Deal Type Secondary Buyout
Deal Value 8.5B USD

Target

Parexel

Durham, North Carolina, United States
Parexel is a global provider of clinical research and consulting services to the pharma and biotech industry. Parexel’s services enable the development of innovative new medicines that improve the health of patients across the world. Parexel was founded in 1983 and is based in Durham, North Carolina.

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Buyer(S) 2

Buyer

EQT

Stockholm, Sweden

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 316
Sector (Life Science) 12 of 14
Type (Secondary Buyout) 73 of 98
State (North Carolina) 3 of 3
Country (United States) 40 of 58
Year (2021) 17 of 24
Size (of disclosed) 4 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-02 Iver

Stockholm, Sweden

Iver is a Swedish managed IT services provider with capabilities for full IT outsourcing, providing their clients with contracted services, including hosting, cloud, and application management. Iver has managed to build strong customer relationships in Sweden and Norway by combining dedicated customer focus with high-quality IT solutions. Iver was formed in 2018 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-03 Cypress Creek Renewables

Santa Monica, California, United States

Cypress Creek Renewables is a developer and long-term owner of solar energy projects with development assets in markets across the United States. Their business model is focused on utility-scale ground mount projects from 2-20MW AC in capacity. Cypress Creek Renewables was founded in 2014 and is based in Santa Monica, California.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 177 of 189
Sector (Life Science) 5 of 6
Type (Secondary Buyout) 63 of 68
State (North Carolina) 1 of 1
Country (United States) 123 of 130
Year (2021) 6 of 7
Size (of disclosed) 5 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 LRQA

Solihull, United Kingdom

LRQA is a global assurance provider bringing together unrivaled expertise in certification, brand assurance, cybersecurity, inspection, and training. LRQA is based in Solihull, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-13 Suja Juice

Oceanside, California, United States

Suja Juice is an organic, non-GMO, cold-pressed juice brand and among the fastest-growing beverage companies in the U.S. Suja is available for purchase at most major grocery and natural foods stores nationwide and select products can be purchased online at sujaJuice.com. Suja Juice was founded in 2012 and is based in Oceanside, California.

Sell -

Seller(S) 1

SELLER

Pamplona Capital Management - Private Equity

London, United Kingdom

Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pamplona Capital Management - Private Equity, is the private equity unit of asset manager Pamplona, which also provides hedge funds and hedge fund-of-funds products. Pamplona PE invests in 'market leading' companies in a variety of industry sectors. The Group will consider opportunities throughout North America and Europe. Pamplona PE was established in 2005 and is based in London and New York.

DEAL STATS #
Overall 18 of 22
Sector (Life Science) 2 of 2
Type (Secondary Buyout) 7 of 9
State (North Carolina) 1 of 1
Country (United States) 6 of 10
Year (2021) 2 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-29 Privia Health

Arlington, Virginia, United States

Privia Health is a unique physician practice management and population health technology company that partners with top doctors to keep people healthy, prevent disease, and better manage care in-between office visits. Privia Health was founded in 2007 and is based in Arlington, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-15 Patientco

Atlanta, Georgia, United States

Patientco is a vertically integrated payment technology company that was founded specifically to rethink the patient payment experience in healthcare. The company provides greater connectivity, advanced analytics, and more so that health systems only need one patient payments partner and technology platform. It improves financial care across the entire patient journey, from pre-service to post-service, while increasing payments and revenue for today’s top health systems. Patientco was formed in 2008 and is based in Atlanta, Georgia.

Sell -
Mergr

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