M&A Deal Summary

The Goldman Sachs Group Acquires Innovator Capital Management

On December 1, 2025, The Goldman Sachs Group acquired financial services company Innovator Capital Management for 2.0B USD

Acquisition Highlights
  • This is The Goldman Sachs Group’s 4th transaction in the Financial Services sector.
  • This is The Goldman Sachs Group’s 2nd largest (disclosed) transaction.
  • This is The Goldman Sachs Group’s 8th transaction in the United States.
  • This is The Goldman Sachs Group’s 1st transaction in Illinois.

M&A Deal Summary

Date 2025-12-01
Target Innovator Capital Management
Sector Financial Services
Buyer(s) The Goldman Sachs Group
Deal Type Add-on Acquisition
Deal Value 2.0B USD
Advisor(s) Oppenheimer & Co. (Financial)
Vedder Price (Legal)

Target

Innovator Capital Management

Wheaton, Illinois, United States
Innovator Capital Management offers a suite of exchange-traded funds (ETFs) that aim to give investors “defined-outcome” exposure — that is, broad market or index exposure with structured upside caps and downside buffers over a defined outcome period. Innovator Capital Management was founded in 2017 and is based in Wheaton, Illinois.

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Buyer(S) 1

Buyer

The Goldman Sachs Group

New York, New York, United States

Category Company
Founded 1869
Sector Financial Services
Employees46,500
Revenue 53.5B USD (2024)
DESCRIPTION

The Goldman Sachs Group is an investment banking, securities and investment management firm. The Firm offers a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The Goldman Sachs Group was founded in 1869 and is based in New York, New York.


DEAL STATS #
Overall 10 of 10
Sector: Financial Services M&A 4 of 4
Type: Add-on Acquisition M&A Deals 6 of 6
State: Illinois M&A 1 of 1
Country: United States M&A 8 of 8
Year: 2025 M&A 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 Divcon Controls

Dallas, Texas, United States

Divcon Controls provides building management and electrical power monitoring systems to mission-critical facilities, enabling the customer to control, automate & monitor energy and power functions. Divcon Controls was founded in 2017 and is based in Dallas, Texas.

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