Going Private • Internet Software and Services

The Blackstone Group, Permira, TCV, General Atlantic and CPP Investments Acquire Adevinta

On November 21, 2023, private equity firm The Blackstone Group, private equity firm Permira, private equity firm TCV, growth capital firm General Atlantic and pension CPP Investments acquired internet software and services company Adevinta from Permira for 14.0B NOK

Acquisition Context
  • This is The Blackstone Group’s 20th, Permira’s 20th, TCV’s 26th, General Atlantic’s 77th and CPP Investments’ 15th transaction in the Internet Software and Services sector.
  • This is The Blackstone Group’s 75th, Permira’s 28th, TCV’s 4th, General Atlantic’s 5th and CPP Investments’ 45th largest (disclosed) transaction.
  • This is The Blackstone Group’s 5th, Permira’s 5th, TCV’s 1st, General Atlantic’s 6th and CPP Investments’ 3rd transaction in the Netherlands.

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M&A Deal Summary

Date November 21, 2023
Target Adevinta
Sector Internet Software and Services
Buyer(s) The Blackstone Group
Permira
TCV
General Atlantic
CPP Investments
Sellers(s) Permira
Deal Type Going Private
Deal Value 14.0B NOK

Target Company

Adevinta

Amsterdam, Netherlands
Adevinta is a marketplace specialist that helps local digital marketplaces thrive through global connections and networks of knowledge. The company's marketplaces unlock the full value in every person, place, and thing – helping local communities prosper and leaving a positive footprint on the world. It serves people where they live, acknowledging what’s special about every culture and every place. Adevinta was founded in 2018 and is based in Amsterdam, Netherlands.
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Buyers Overview 5

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


Deal Context for Buyer #
Overall 323 of 365
Sector: Internet Software and Services 20 of 24
Type: Going Private 34 of 42
Country: Netherlands 5 of 5
Year: 2023 6 of 11
Size (of disclosed) 75 of 185
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-31 Energy Exemplar

North Adelaide, Australia

Energy Exemplar is a developer and marketer of the PLEXOS and Aurora suite of energy market simulation and modeling software. PLEXOS is used across every region of the world for a wide range of applications, from short-term analysis to long-term planning studies. Energy Exemplar was founded in 1999 and is based in North Adelaide, South Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-22 Civica

London, United Kingdom

Civica is a business-critical software and technology-based outsourcing services to both public sector organizations and to commercial organizations in highly regulated sectors. The Company has a highly diversified customer base, including local and central governments, healthcare providers, housing associations, schools, and police and fire services, serving 2,000 major customers in ten countries. Its software and services support functions ranging from financial management and tax & benefits processing to medical records management and are used by over two million professionals every day, streamlining the services provided to 100 million people and businesses. Civica was founded in 2002 and is based in London, United Kingdom.

Buy -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


Deal Context for Buyer #
Overall 161 of 171
Sector: Internet Software and Services 20 of 22
Type: Going Private 15 of 18
Country: Netherlands 5 of 5
Year: 2023 5 of 6
Size (of disclosed) 28 of 64
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-14 Ergomed

Guildford, United Kingdom

Ergomed is a profitable UK-based business providing drug development services to the pharmaceutical industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries. Ergomed provides clinical development, trial management and pharmacovigilance services to over 100 clients ranging from top 10 pharmaceutical companies to small and mid-sized drug development companies. Ergomed was founded in 1997 and is based in Guildford, United Kingdom.

Buy £703M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-08 GGW

Hamburg, Germany

GGW is a property & casualty (“P&C”) focused insurance broker mainly serving SMEs in the DACH region. GGW do even more! In addition to excellent advice on all insurance issues, GGW provide additional services to ensure the corporate security of customers over the long term - so that they can concentrate on their core business with peace of mind. GGW is based in Hamburg, Germany.

Buy -
Buyer

TCV

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 21.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Technology Crossover Ventures (TCV) is a private equity and venture capital firm focused on investments in growth technology companies. TCV looks to provide capital for growth, recapitalizations, acquisitions, and buyouts of technology companies in sectors such as internet, financial technology, infrastructure & communications, and software. TCV targets opportunities in North America and looks to commit between $10 and $500 million of equity capital per transaction. TCV was formed in 1995 and is based in Palo Alto, New York City, and London.


Deal Context for Buyer #
Overall 82 of 85
Sector: Internet Software and Services 26 of 26
Type: Going Private 1 of 2
Country: Netherlands 1 of 1
Year: 2023 1 of 1
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-26 Certinia

Austin, Texas, United States

Certinia is a cloud ERP and PSA provider. Certinia offers customer-centric business applications on the cloud platform from Salesforce. Certinia was founded in 2009 and is based in Austin, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-11 Believe

Paris, France

Believe is a fully independent digital distributor and services provider for artists & labels worldwide. The company empowers artists and labels to maximize the value of their music in the transitioning digital music space by providing them with a full suite of services: digital music and video distribution, digital marketing and promotion services, synchronization and neighboring rights management, full label services, including in-house record label Believe Recordings, and complete DIY services with TuneCore. Believe was formed in 2005 and is based in Paris, France.

Buy $1.6B
Buyer

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


Deal Context for Buyer #
Overall 345 of 365
Sector: Internet Software and Services 77 of 79
Type: Going Private 7 of 12
Country: Netherlands 6 of 8
Year: 2023 11 of 11
Size (of disclosed) 5 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-18 Flint Group

Kansas City, Missouri, United States

Flint Group is an operator of home service businesses across the United States that focus on plumbing, HVAC, electrical, and related home service segments. Flint Group was founded in 2019 and is based in Kansas City, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 Bolt

San Francisco, California, United States

Bolt is a provider of optimized checkout, payments, and fraud technology to online retailers. Bolt was founded in 2014 and is based in San Francisco, California.

Sell -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Buyer #
Overall 148 of 176
Sector: Internet Software and Services 15 of 17
Type: Going Private 26 of 34
Country: Netherlands 3 of 3
Year: 2023 10 of 10
Size (of disclosed) 45 of 60
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-20 Dechra Pharmaceuticals

Northwich, United Kingdom

Dechra Pharmaceuticals is an international specialist in veterinary pharmaceuticals and related products business. Its expertise is in development, manufacturing, sales, and marketing of quality products exclusively for veterinarians worldwide. Dechra Pharmaceuticals was founded in 1997 and is based in Northwich, United Kingdom.

Buy £4.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 Scale

San Francisco, California, United States

Scale delivers high quality training data for major AI foundation models and enterprises using AI to unlock proprietary data. Scale was founded in 2016 and is based in San Francisco, California.

Buy -

Seller Profile 1

SELLER

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


Deal Context for Seller #
Overall 90 of 97
Sector: Internet Software and Services 8 of 9
Type: Going Private 1 of 1
Country: Netherlands 2 of 2
Year: 2023 1 of 1
Size (of disclosed) 16 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-14 Ergomed

Guildford, United Kingdom

Ergomed is a profitable UK-based business providing drug development services to the pharmaceutical industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries. Ergomed provides clinical development, trial management and pharmacovigilance services to over 100 clients ranging from top 10 pharmaceutical companies to small and mid-sized drug development companies. Ergomed was founded in 1997 and is based in Guildford, United Kingdom.

Buy £703M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-08 GGW

Hamburg, Germany

GGW is a property & casualty (“P&C”) focused insurance broker mainly serving SMEs in the DACH region. GGW do even more! In addition to excellent advice on all insurance issues, GGW provide additional services to ensure the corporate security of customers over the long term - so that they can concentrate on their core business with peace of mind. GGW is based in Hamburg, Germany.

Buy -