M&A Deal Summary

Advent International, Novacap and CDPQ Acquire Nuvei

On April 1, 2024, private equity firm Advent International, private equity firm Novacap and asset manager CDPQ acquired information technology company Nuvei from Novacap and CDPQ for 6.3B USD

Acquisition Highlights
  • This is Advent International’s 32nd, Novacap’s 11th and CDPQ’s 8th transaction in the Information Technology sector.
  • This is Advent International’s 3rd, Novacap’s and CDPQ’s 2nd largest (disclosed) transaction.
  • This is Advent International’s 3rd, Novacap’s 43rd and CDPQ’s 46th transaction in Canada.
  • This is Advent International’s 1st, Novacap’s 33rd and CDPQ’s 43rd transaction in Quebec.

M&A Deal Summary
Date 2024-04-01
Target Nuvei
Sector Information Technology
Buyer(s) Advent International
Novacap
CDPQ
Sellers(s) Novacap
CDPQ
Deal Type Going Private
Deal Value 6.3B USD
Advisor(s) Barclays Investment Bank
TD Securities (Financial)
Stikeman Elliott
Davis Polk & Wardwell (Legal)

Target

Nuvei

Montreal, Quebec, Canada
Nuvei is a payment technology platform which offers direct connections to all major payment card schemes worldwide, supports 450 local and alternative payment methods and nearly 150 currencies. Nuvei was founded in 2003 and is based in Montreal, Quebec.

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Buyer(S) 3

Buyer

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 76.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 338 of 339
Sector (Information Technology) 32 of 32
Type (Going Private) 19 of 19
State (Quebec) 1 of 1
Country (Canada) 3 of 3
Year (2024) 4 of 5
Size (of disclosed) 3 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-04 Svatantra

Mumbai, India

Svatantra provides affordable financial credit products to women entrepreneurs in rural India. Svatantra was founded in 2012 and is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-17 V.Group

London, United Kingdom

V.Group provides mission-critical services to its customers, such as technical ship management, crew management, crew welfare services (e.g. catering, travel, and digital wallets & payment cards), leveraged procurement, technical services, specialist insurance broking, and modern shipping-specific digital solutions. V.Group was founded in 1984 and is headquartered in London, United Kingdom.

Sell -
Buyer

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.

DEAL STATS #
Overall 65 of 65
Sector (Information Technology) 11 of 11
Type (Going Private) 1 of 1
State (Quebec) 33 of 33
Country (Canada) 43 of 43
Year (2024) 4 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-07 INdigital

Fort Wayne, Indiana, United States

INdigital provides Next Generation 9-1-1 services. Since inception INdigital has invested in and built superior 9-1-1 networks and solutions including NG9-1-1, Text for 9-1-1, and the MEVO service continuity platform. INdigital was founded in 1995 and is based in Fort Wayne, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-09 Mailhot Industries

Saint-Jacques, Quebec, Canada

Mailhot Industries is a manufacturer of hydraulic cylinders renowned for technological innovation. The company makes quality a priority, and has secured a place of choice in its industry segment. Mailhot produces a complete line of single-stage and telescopic hydraulic cylinders. Its mission is to anticipate its customers’ needs by deploying innovative, adapted solutions. Mailhot Industries was founded in 1956 and is based in Saint-Jacques, Québec.

Sell -
Buyer

CDPQ

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 99 of 101
Sector (Information Technology) 8 of 8
Type (Going Private) 5 of 5
State (Quebec) 43 of 44
Country (Canada) 46 of 47
Year (2024) 2 of 4
Size (of disclosed) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Levio

Québec, Quebec, Canada

Levio is a digital native consulting firm providing services covering all aspects of digital transformation, from business strategies to information technologies (IT), to organizational management, including cybersecurity, data valorization, artificial intelligence and cloud computing. Levio was founded in 2014 and is based in Quebec City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-11 National Bank

Montreal, Quebec, Canada

National Bank provides financial services through three business segments in Canada: Personal and Commercial Banking, Wealth Management, and Financial Markets. National Bank was incorporated in 1859 and is based in Montreal, Canada.

Buy -

Seller(S) 2

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.

DEAL STATS #
Overall 28 of 30
Sector (Information Technology) 5 of 5
Type (Going Private) 1 of 1
State (Quebec) 13 of 14
Country (Canada) 18 of 19
Year (2024) 2 of 4
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-07 INdigital

Fort Wayne, Indiana, United States

INdigital provides Next Generation 9-1-1 services. Since inception INdigital has invested in and built superior 9-1-1 networks and solutions including NG9-1-1, Text for 9-1-1, and the MEVO service continuity platform. INdigital was founded in 1995 and is based in Fort Wayne, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-09 Mailhot Industries

Saint-Jacques, Quebec, Canada

Mailhot Industries is a manufacturer of hydraulic cylinders renowned for technological innovation. The company makes quality a priority, and has secured a place of choice in its industry segment. Mailhot produces a complete line of single-stage and telescopic hydraulic cylinders. Its mission is to anticipate its customers’ needs by deploying innovative, adapted solutions. Mailhot Industries was founded in 1956 and is based in Saint-Jacques, Québec.

Sell -
SELLER

CDPQ

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 15 of 16
Sector (Information Technology) 2 of 2
Type (Going Private) 2 of 2
State (Quebec) 7 of 7
Country (Canada) 8 of 8
Year (2024) 1 of 2
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Levio

Québec, Quebec, Canada

Levio is a digital native consulting firm providing services covering all aspects of digital transformation, from business strategies to information technologies (IT), to organizational management, including cybersecurity, data valorization, artificial intelligence and cloud computing. Levio was founded in 2014 and is based in Quebec City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-11 National Bank

Montreal, Quebec, Canada

National Bank provides financial services through three business segments in Canada: Personal and Commercial Banking, Wealth Management, and Financial Markets. National Bank was incorporated in 1859 and is based in Montreal, Canada.

Buy -
Mergr

Product

Company

Legal