M&A Deal Summary

Silver Lake, EQT, Alberta Investment Management, Berkshire Partners and Nestlé Purina PetCare Acquire IVC Evidensia

On April 8, 2019, private equity firm Silver Lake, private equity firm EQT, pension Alberta Investment Management, private equity firm Berkshire Partners and Nestlé Purina PetCare acquired consumer services company IVC Evidensia from EQT

Acquisition Highlights
  • This is Silver Lake’s 4th, EQT’s 6th, Alberta Investment Management’s 1st, Berkshire Partners’ 2nd and Nestlé Purina PetCare’s 1st transaction in the Consumer Services sector.
  • This is Silver Lake’s 4th, EQT’s 8th, Alberta Investment Management’s 4th, Berkshire Partners’ 3rd and Nestlé Purina PetCare’s 1st transaction in the United Kingdom.

M&A Deal Summary

Date 2019-04-08
Target IVC Evidensia
Sector Consumer Services
Buyer(s) Silver Lake
EQT
Alberta Investment Management
Berkshire Partners
Nestlé Purina PetCare
Sellers(s) EQT
Deal Type Add-on Acquisition

Target

IVC Evidensia

Bristol , United Kingdom
IVC Evidensia is a diversified vet services platform, an extensive network of clinics/hospitals, and comprehensive pet e-commerce and telemedicine offerings. IVC Evidensia was founded in 2011 and is based in Bristol, United Kingdom.

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Buyer(S) 5

Buyer

Silver Lake

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 100 of 135
Sector (Consumer Services) 4 of 4
Type (Add-on Acquisition) 4 of 4
Country (United Kingdom) 4 of 5
Year (2019) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-06 ForeFlight

Houston, Texas, United States

ForeFlight LLC is an integrated flight app on iPad, iPhone, and the web. Flight planning, aviation weather, maps and charts. ForeFlight's products help pilots and flight departments plan flights, increase flight safety and efficiency and are widely used across personal, corporate, air transport, and government operations. ForeFlight LLC was founded in 2007 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-23 EverCommerce

Denver, Colorado, United States

EverCommerce is a service commerce platform, connecting best-of-breed marketing, business management, and customer retention technology solutions for more than 200,000 service sector organizations across the globe. EverCommerce provides comprehensive solutions for businesses in the high-growth Home & Field Service, Health Service, and Fitness & Wellness industries. EverCommerce was founded in 2016 and is based in Denver, Colorado.

Buy -
Buyer

EQT

Stockholm, Sweden

Investor 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 205 of 317
Sector (Consumer Services) 6 of 8
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 8 of 19
Year (2019) 10 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 MHC Asia

Singapore, Singapore

MHC Asia is a health technology company that offers a web-based information system for historical data of health and disease patterns of the workforce of a corporate. MHC Asia offering approximately 800,000 corporate patients access to the panel of over 1,200 clinics and processing about 1.8 million medical claims annually. MHC Asia was founded in 1994 and is based in Singapore.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-15 Dellner

Falun, Sweden

Dellner is a niche provider of safety-critical train connection systems for passenger rail rolling stock. The company offers full train connection systems including couplers, gangways, hatches, dampers, and crash management systems, complemented by aftermarket services and support. Dellner was founded in 1941 and is headquartered in Falun, Sweden.

Buy -
Buyer

Alberta Investment Management

Investor Investor Investor Investor Investor


Category Pension
Founded 2008
PE ASSETS 4.5B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.


DEAL STATS #
Overall 18 of 30
Sector (Consumer Services) 1 of 1
Type (Add-on Acquisition) 2 of 3
Country (United Kingdom) 4 of 4
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-11 BGIS

Markham, Ontario, Canada

BGIS is a provider of real estate management services, including facilities management, project delivery services, energy and sustainability solutions, building performance management, workplace advisory and management, and real estate services. BGIS was established in 1992 and is based in Markham, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-26 Coastal GasLink

Vancouver, British Columbia, Canada

Coastal GasLink transports natural gas to the approved LNG Canada facility near Kitimat. Coastal GasLink Pipeline Project involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of the natural gas pipeline and associated facilities. Coastal GasLink is based in Vancouver, British Columbia.

Buy -
Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 80 of 101
Sector (Consumer Services) 2 of 3
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 3 of 3
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-07 RJW Logistics Group

Woodridge, Illinois, United States

RJW Logistics Group is a supply chain solutions provider, with a specialized focus on LTL consolidation services designed for consumer packaged goods suppliers to large, national retailers. RJW Logistics Group was founded in 1981 and is based in Woodridge, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-14 CPP

Cleveland, Ohio, United States

CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

Buy -
Buyer

Nestlé Purina PetCare

St. Louis, Missouri, United States

Category Company
Sector Food
Revenue 11.2B USD (2013)
DESCRIPTION
Nestlé Purina's corporate headquarters in St. Louis, Missouri.
Nestlé Purina's corporate headquarters in St. Louis, Missouri.

Nestlé Purina Petcare is a producer of pet food, treats and litter. Brands include Purina Pro Plan, Purina Dog Chow, Friskies, Beneful and Purina ONE.


DEAL STATS #
Overall 4 of 6
Sector (Consumer Services) 1 of 1
Type (Add-on Acquisition) 3 of 5
Country (United Kingdom) 1 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-22 Merrick Pet Care

Amarillo, Texas, United States

Merrick Pet Care, Inc. is a fully integrated manufacturer and marketer of super premium dry and wet pet foods and treats, under the Merrick and Castor & Pollux brands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-01 Lily s Kitchen

London, United Kingdom

Lily's Kitchen Ltd. produces high quality, healthy, natural food for dogs and cats – wholesome recipes like Homestyle Chicken and Turkey Casserole, Super Food Snack Bars and Breakfast Crunch. Lily’s Kitchen was founded in November 2008 and is based in London.

Buy -

Seller(S) 1

SELLER

EQT

Stockholm, Sweden

Investor 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 115 of 187
Sector (Consumer Services) 3 of 3
Type (Add-on Acquisition) 46 of 73
Country (United Kingdom) 4 of 6
Year (2019) 3 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 MHC Asia

Singapore, Singapore

MHC Asia is a health technology company that offers a web-based information system for historical data of health and disease patterns of the workforce of a corporate. MHC Asia offering approximately 800,000 corporate patients access to the panel of over 1,200 clinics and processing about 1.8 million medical claims annually. MHC Asia was founded in 1994 and is based in Singapore.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-15 Dellner

Falun, Sweden

Dellner is a niche provider of safety-critical train connection systems for passenger rail rolling stock. The company offers full train connection systems including couplers, gangways, hatches, dampers, and crash management systems, complemented by aftermarket services and support. Dellner was founded in 1941 and is headquartered in Falun, Sweden.

Buy -