M&A Deal Summary

HgCapital Acquires IRIS

On July 1, 2004, private equity firm HgCapital acquired software company IRIS from LDC for 102M GBP

Acquisition Highlights
  • This is HgCapital’s 3rd transaction in the Software sector.
  • This is HgCapital’s 20th largest (disclosed) transaction.
  • This is HgCapital’s 12th transaction in the United Kingdom.
Investment Fate
  • IRIS was sold to a consortium of financial buyers in 2007 for 500M GBP.
  • IRIS was sold to a consortium of financial buyers in 2011 for 425M GBP.
  • IRIS was sold to a consortium of financial buyers in 2023 for 3.2B GBP.

M&A Deal Summary

Date 2004-07-01
Target IRIS
Sector Software
Buyer(s) HgCapital
Sellers(s) LDC
Deal Type Secondary Buyout
Deal Value 102M GBP

Target

IRIS

Slough, United Kingdom
IRIS is a private software house supplying business management solutions to over 60,000 customers, from start-ups to large organisations. IRIS was founded in 1978 and is based in Slough, United Kingdom.

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Buyer(S) 1

Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 17 of 152
Sector (Software) 3 of 48
Type (Secondary Buyout) 3 of 50
Country (United Kingdom) 12 of 59
Year (2004) 2 of 5
Size (of disclosed) 20 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-24 Xyratex

Hampshire, United Kingdom

Xyratex is a world-leading storage technology company, focused on creating essential building blocks for data storage networks, and technology for enabling high-performance digital communication networks and storage devices.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-05 Clarion Events

London, United Kingdom

Clarion is an event organizer, producing and delivering innovative and market-leading events since 1947. In more recent times the firm has grown into a truly international business, with a portfolio of events and media brands across a range of vertical markets.

Buy £50M

Seller(S) 1

SELLER

LDC

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 3.6B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

LDC is the private equity and investment arm of Lloyds Banking Group. LDC invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. LDC was formed in 1981 and is based in London.


DEAL STATS #
Overall 2 of 199
Sector (Software) 1 of 16
Type (Secondary Buyout) 1 of 73
Country (United Kingdom) 2 of 193
Year (2004) 1 of 5
Size (of disclosed) 15 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-13 Squaregain

London, United Kingdom

Squaregain Limited is the UK’s second largest online broker, the market leader in the covered warrants market and the third largest retail stock broker in the UK by share trading volumes.Squaregain Limited previously known as comdirect Limited.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-12 Aqualux Products

Wednesbury, United Kingdom

Aqualux Products Ltd is the UK's leading supplier of shower enclosures and bath screens.

Buy -