M&A Deal Summary

TPG Acquires iNova Pharmaceuticals

On October 28, 2022, private equity firm TPG acquired life science company iNova Pharmaceuticals from Pacific Equity Partners, The Carlyle Group and Bourne Partners Strategic Capital for 1.4B USD

Acquisition Highlights
  • This is TPG’s 43rd transaction in the Life Science sector.
  • This is TPG’s 54th largest (disclosed) transaction.
  • This is TPG’s 6th transaction in Singapore.

M&A Deal Summary

Date 2022-10-28
Target iNova Pharmaceuticals
Sector Life Science
Buyer(s) TPG
Sellers(s) Pacific Equity Partners
The Carlyle Group
Bourne Partners Strategic Capital
Deal Type Secondary Buyout
Deal Value 1.4B USD

Target

iNova Pharmaceuticals

Singapore, Singapore
iNova Pharmaceuticals is a developer and marketer of over-the-counter and prescription medicines. iNova Pharmaceuticals was founded in 1958 and is based in Singapore.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 404 of 421
Sector (Life Science) 43 of 44
Type (Secondary Buyout) 64 of 72
Country (Singapore) 6 of 6
Year (2022) 11 of 12
Size (of disclosed) 54 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-27 Musixmatch

Bologna, Italy

Musixmatch is a global music data platform that focuses on building the world's largest music metadata and lyrics database using the latest AI & machine learning technology. Musixmatch was formed in 2010 and is based in Bologna, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-03 Immucor

Norcross, Georgia, United States

Immucor, Inc. manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories, and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor is based in Norcross, Georgia.

Sell $2.0B

Seller(S) 3

SELLER

Pacific Equity Partners

Sydney, Australia

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.0B AUD
Size Mega
Type Sector Agnostic
DESCRIPTION

Pacific Equity Partner (PEP) is a private equity firm focused on buyout and late stage expansion capital investments in Australia and New Zealand. PEP typically partners with management teams in acquiring businesses and focuses on transactions valued up to AU$1 Billion. The Firm prefers control situations and typically holds investments for three to six years. PEP will not invest in start-ups or unprofitable businesses, as well as gambling or tobacco companies. Pacific Equity Partners was formed in 1998 and is based in Sydney, Australia. The Firm targets various industries.


DEAL STATS #
Overall 22 of 22
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 4 of 4
Country (Singapore) 1 of 1
Year (2022) 2 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-15 Patties Foods

Bairnsdale, Australia

Patties Foods is a provider of frozen savoury and frozen dessert pies, with key products including meat pies, sausage rolls and fruit pies. The company produces three of the five leading pie brands in Australia, and is a major supplier into several channels including grocery, route, and foodservice. Patties Foods was founded in 1966 and is based in Bairnsdale, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-22 ATOM Group

Kewdale, Australia

ATOM Group is a distributor of industrial and safety supplies into the resources, defence, manufacturing and infrastructure sectors. ATOM Group is based in Kewdale, Australia.

Buy -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 456 of 482
Sector (Life Science) 10 of 10
Type (Secondary Buyout) 108 of 118
Country (Singapore) 1 of 1
Year (2022) 18 of 22
Size (of disclosed) 32 of 136
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-19 Targus

Anaheim, California, United States

Targus is a provider of quality and innovative mobile computer accessories, cases, and bags. Targus was formed in 1983 and is based in Anaheim, California.

Sell $250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Sell -
DESCRIPTION

Bourne Partners Strategic Capital is the direct investment arm of financial advisory firm Bourne Partners. Strategic Capital looks to partner with other sponsors and management teams to pursue investment opportunities in the pharmaceutical and consumer health sectors. The Group targets a variety of investment situations and will consider transactions valued between $50 million and $1 billion. Bourne Partners Strategic Capital is based in Charlotte, North Carolina.


DEAL STATS #
Overall 1 of 1
Sector (Life Science) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (Singapore) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-06 PAI Pharma

Greenville, South Carolina, United States

PAI Pharma manufactures and markets generic oral liquid pharmaceuticals in the USA. PAI has been at the forefront of producing high-demand, as well as hard-to-find, oral suspensions, solutions, elixirs, syrups, and liquids for over 50 years. Core product categories include analgesic pain relief, cough/cold and allergies, digestive and metabolic health, neurological disorders, and mental health, among many others. PAI Pharma was founded in 1968 and is based in Greenville, South Carolina.

Buy -