M&A Deal Summary

HgCapital and ICG Acquire IRIS

On November 16, 2011, private equity firm HgCapital and mezzanine finance firm ICG acquired software company IRIS from Hellman & Friedman for 425M GBP

Acquisition Highlights
  • This is HgCapital’s 7th and ICG’s 6th transaction in the Software sector.
  • This is HgCapital’s 5th and ICG’s 30th largest (disclosed) transaction.
  • This is HgCapital’s 30th and ICG’s 64th transaction in the United Kingdom.
Investment Fate
  • IRIS was sold to a consortium of financial buyers in 2023 for 3.2B GBP.

M&A Deal Summary

Date 2011-11-16
Target IRIS
Sector Software
Buyer(s) HgCapital
ICG
Sellers(s) Hellman & Friedman
Deal Type Secondary Buyout
Deal Value 425M 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.

Search 215,029 Deals Now

SEARCH BY

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

Try Free

Buyer(S) 2

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 56 of 153
Sector: Software M&A 7 of 48
Type: Secondary Buyout M&A Deals 13 of 51
Country: United Kingdom M&A 30 of 59
Year: 2011 M&A 3 of 5
Size (of disclosed) 5 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-31 Fabory

Tilburg, Netherlands

Fabory is a provider of fasteners and fastener-related products in the Benelux with a pan-European presence. Fabory was formed in 1947 and is based in Tilburg, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-01 Computer Software Holdings

Knutsford, Cheshire, United Kingdom

CSH provides application software to a number of UK niche vertical markets.

Buy -
Buyer

ICG

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 233 of 294
Sector: Software M&A 6 of 8
Type: Secondary Buyout M&A Deals 74 of 115
Country: United Kingdom M&A 64 of 81
Year: 2011 M&A 8 of 8
Size (of disclosed) 30 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-16 Aster Sp. z o.o.

Warsaw, Poland

Aster City Cable is a leading provider of cable television internet and fixed line telephone services in Poland.

Sell zł2.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-29 eismann

Mettmann, Germany

eismann is a frozen food home delivery company. eismann was founded in 1974 and is based in Mettmann, Germany.

Sell -

Seller(S) 1

SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 115.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 27 of 64
Sector: Software M&A 6 of 9
Type: Secondary Buyout M&A Deals 6 of 17
Country: United Kingdom M&A 3 of 5
Year: 2011 M&A 6 of 6
Size (of disclosed) 14 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-11 OpenLink Financial

Uniondale, New York, United States

OpenLink Financial is a provider of cross-asset trading, risk management, and related portfolio management software solutions for the commodity, energy and financial services markets globally. OpenLink’s blue chip client base of more than 150 customers worldwide includes twelve of the top twenty-five largest commodity and energy companies by market capitalization, eight of the largest financial institutions and eleven of the largest central banks, as well as major hedge funds and public utilities. Headquartered on Long Island, New York, and with offices in New York, Houston, London, Berlin, Vienna, São Paulo, Sydney, and Singapore.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-04 PPD

Wilmington, North Carolina, United States

PPD is a global contract research organization providing drug discovery, development, and lifecycle management services. Its clients and partners primarily include pharmaceutical and biotechnology companies, in addition to medical device companies, academic institutions, and government organizations. With offices in 44 countries and more than 11,000 professionals worldwide, PPDI applies innovative technologies, therapeutic expertise, and a commitment to quality to help clients and partners accelerate the delivery of safe and effective therapeutics and maximize the returns on their R&D investments. PPD was founded in 1985 and is based in Wilmington, North Carolina.

Buy $3.9B