M&A Deal Summary

Leonard Green & Partners, HgCapital and Intermediate Capital Group Acquire IRIS

On December 23, 2023, private equity firm Leonard Green & Partners, private equity firm HgCapital and mezzanine finance firm Intermediate Capital Group acquired software company IRIS from HgCapital and Intermediate Capital Group for 3.2B GBP

Acquisition Highlights
  • This is Leonard Green & Partners’ 3rd, HgCapital’s 45th and Intermediate Capital Group’s 8th transaction in the Software sector.
  • This is Leonard Green & Partners’ 2nd, HgCapital’s 0th and Intermediate Capital Group’s largest (disclosed) transaction.
  • This is Leonard Green & Partners’ 2nd, HgCapital’s 57th and Intermediate Capital Group’s 78th transaction in the United Kingdom.

M&A Deal Summary
Date 2023-12-23
Target IRIS
Sector Software
Buyer(s) Leonard Green & Partners
HgCapital
Intermediate Capital Group
Sellers(s) HgCapital
Intermediate Capital Group
Deal Type Secondary Buyout
Deal Value 3.2B 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) 3

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 100 of 102
Sector (Software) 3 of 3
Type (Secondary Buyout) 46 of 47
Country (United Kingdom) 2 of 2
Year (2023) 4 of 4
Size (of disclosed) 2 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-22 TenCate Grass

Nijverdal, Netherlands

TenCate Grass is a vertically integrated manufacturer, distributor, and installer of artificial turfsolutions. TenCate Grass provides artificial turf solutions for both sports and landscaping applications with a portfolio of diversified brands. TenCate Grass is based in Nijverdal, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-28 SRS Distribution

McKinney, Texas, United States

SRS Distribution is a distributor of residential roofing materials and supplies in the U.S. SRS has over 160 branches in more than 40 states serving a diverse group of roofing contractors, home builders, and retailers. SRS Distribution was founded in 2008 and is based in McKinney, Texas.

Sell $18.3B
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 145 of 151
Sector (Software) 45 of 47
Type (Secondary Buyout) 47 of 50
Country (United Kingdom) 57 of 59
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-12 JTL

Huckelhoven, Germany

JTL provides ERP software solutions enabling businesses to sell products online and offline. This product suite is the backbone of a merchant’s operations and automates their mission-critical daily workflows, ranging from managing distribution channels, order entry and warehouse management, all the way to fulfillment. JTL was founded in 2008 and is based in Huckelhoven, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-02 MeinAuto

Cologne, Germany

MeinAuto is a B2C online platform for new car purchases. The Company is one of Germany‘s leading online platforms for new car sales with over 16 million visitors per year and more than 9,000 dealers connected. MeinAuto was founded in 2007 and is based in Cologne, Germany.

Sell -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B 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 287 of 292
Sector (Software) 8 of 8
Type (Secondary Buyout) 112 of 114
Country (United Kingdom) 78 of 79
Year (2023) 4 of 4
Size (of disclosed) 1 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-21 Cura

Bowen Hills, Australia

Cura is a provider of day hospital facilities. Cura provides and continually maintains modern and well equipped facilities to the highest safety standards, enabling specialists to focus exclusively on their patients. Cura is based in Bowen Hills, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-27 Alfa Medicus

Singapore, Singapore

Alfa Medicus is a private day surgery provider, with a focus on delivering cost-effective, surgical care and diagnostic imaging services. Alfa Medicus was founded in 2008 and is based in Singapore.

Buy -

Seller(S) 2

SELLER

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 90 of 92
Sector (Software) 20 of 20
Type (Secondary Buyout) 33 of 34
Country (United Kingdom) 46 of 46
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-12 JTL

Huckelhoven, Germany

JTL provides ERP software solutions enabling businesses to sell products online and offline. This product suite is the backbone of a merchant’s operations and automates their mission-critical daily workflows, ranging from managing distribution channels, order entry and warehouse management, all the way to fulfillment. JTL was founded in 2008 and is based in Huckelhoven, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-02 MeinAuto

Cologne, Germany

MeinAuto is a B2C online platform for new car purchases. The Company is one of Germany‘s leading online platforms for new car sales with over 16 million visitors per year and more than 9,000 dealers connected. MeinAuto was founded in 2007 and is based in Cologne, Germany.

Sell -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B 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 216 of 217
Sector (Software) 6 of 6
Type (Secondary Buyout) 82 of 83
Country (United Kingdom) 58 of 58
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-21 Cura

Bowen Hills, Australia

Cura is a provider of day hospital facilities. Cura provides and continually maintains modern and well equipped facilities to the highest safety standards, enabling specialists to focus exclusively on their patients. Cura is based in Bowen Hills, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-27 Alfa Medicus

Singapore, Singapore

Alfa Medicus is a private day surgery provider, with a focus on delivering cost-effective, surgical care and diagnostic imaging services. Alfa Medicus was founded in 2008 and is based in Singapore.

Buy -
Mergr

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