M&A Deal Summary

Warburg Pincus, Welsh Carson Anderson & Stowe, HgCapital and Ardian Acquire Norstella

On January 1, 2022, private equity firms Warburg Pincus, Welsh Carson Anderson & Stowe, HgCapital and Ardian acquired information technology company Norstella

Acquisition Highlights
  • This is Warburg Pincus’ 39th, Welsh Carson Anderson & Stowe’s 16th, HgCapital’s 11th and Ardian’s 25th transaction in the Information Technology sector.
  • This is Warburg Pincus’ 224th, Welsh Carson Anderson & Stowe’s 92nd, HgCapital’s 17th and Ardian’s 60th transaction in the United States.
  • This is Warburg Pincus’ 10th, Welsh Carson Anderson & Stowe’s 7th, HgCapital’s 1st and Ardian’s 6th transaction in Pennsylvania.

M&A Deal Summary

Date 2022-01-01
Target Norstella
Sector Information Technology
Buyer(s) Warburg Pincus
Welsh Carson Anderson & Stowe
HgCapital
Ardian
Deal Type Buyout (LBO, MBO, MBI)

Target

Norstella

Yardley, Pennsylvania, United States
Norstella is a global pharma intelligence solutions provider. Norstella helps life sciences clients navigate complexities at each step of the drug development life cycle, from pipeline to patient. Norstella was founded in 1994 and is based in Yardley, Pennsylvania.

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Buyer(S) 4

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 454 of 492
Sector: Information Technology M&A 39 of 44
Type: Buyout (LBO, MBO, MBI) M&A Deals 80 of 86
State: Pennsylvania M&A 10 of 12
Country: United States M&A 224 of 241
Year: 2022 M&A 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Claroty

New York, New York, United States

Claroty empowers organizations to secure cyber-physical systems across industrial (OT), healthcare (IoMT), and enterprise (IoT) environments: the Extended Internet of Things. The company's unified platform integrates with customers' existing infrastructure to provide a full range of controls for visibility, risk and vulnerability management, threat detection, and secure remote access. Claroty was founded in 2014 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-10 Navitas Midstream

The Woodlands, Texas, United States

Navitas Midstream is a producer-focused midstream company that provides a full slate of midstream services including gathering, treating, processing, fractionation, and pipeline transportation of natural gas, natural gas liquids, condensate and crude oil. Navitas Midstream is based in The Woodlands, Texas.

Sell $3.3B
Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 97 of 104
Sector: Information Technology M&A 16 of 16
Type: Buyout (LBO, MBO, MBI) M&A Deals 39 of 42
State: Pennsylvania M&A 7 of 7
Country: United States M&A 92 of 99
Year: 2022 M&A 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Intoxalock

Des Moines, Iowa, United States

Intoxalock is a provider of ignition interlock devices, which are breathalyzers installed in vehicles to prevent ignition by intoxicated drivers. Intoxalock pioneered the development of fuel cell technology in IIDs, and continues to combat drunk driving with the most innovative solutions in the market. Intoxalock was founded in 1992 and is based in Des Moines, Iowa.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 LINQ

Wilmington, North Carolina, United States

LINQ delivers a full suite of integrated solutions to help the K-12 community improve operational efficiency, optimize financial performance, maintain state regulations, and increase participation in nutritional programs. It offers solutions for finance, human resources, nutrition management, digital payments, school and district websites, custom forms including student registration, and document management. LINQ was formed in 1989 and is based in Wilmington, North Carolina.

Buy -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 139 of 153
Sector: Information Technology M&A 11 of 13
Type: Buyout (LBO, MBO, MBI) M&A Deals 32 of 36
State: Pennsylvania M&A 1 of 1
Country: United States M&A 17 of 21
Year: 2022 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Blinqx

Barendrecht, Netherlands

Blinqx is a provider of mission-critical software to white-collar SMEs and corporates. Blinqx is a multi-vertical ERP software provider serving more than 100,000 users across 1,500 clients in sectors such as insurance and mortgage intermediaries, financial institutions, accountants, lawyers and governmental organisations. Blinqx was founded in 2019 and is based in Barendrecht, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-11 MDT Software

Alpharetta, Georgia, United States

MDT Software develops and sells 'change management' software for manufacturing automation systems. MDT Software provides a secure environment for controlling access to programming code used to program plant floor industrial control and monitoring devices such as PLCs, Operator Interfaces, Robotics, and a wide variety of other devices. In addition to providing this secure environment, MDT Software is capable of detecting and documenting all modifications to plant floor programs. Modifications are summarized for management review. MDT Software was founded in 1987 and is based in Alpharetta, Georgia.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 421 of 464
Sector: Information Technology M&A 25 of 30
Type: Buyout (LBO, MBO, MBI) M&A Deals 113 of 123
State: Pennsylvania M&A 6 of 7
Country: United States M&A 60 of 70
Year: 2022 M&A 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Unison Infrastructure

Hamilton, Massachusetts, United States

Unison Infrastructure is engaged in purchasing of disaggregated tower cell site ground leases, orphaned macro communication sites on rooftops and fiber-based site leases in the US, and more recently in Italy, Germany, France, Spain with planned expansion to additional markets in the coming years. Unison Infrastructure was founded in 2003 and is based in Hamilton, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-17 Biofarma

Mereto di Tomba, Italy

Biofarma is involved in the development, manufacturing, and packaging of food supplements, medical devices, probiotic-based products, and cosmetics. The Group is the result of a path of aggregation of 6 complementary nutraceuticals companies (Nutrilinea, Pharcoterm, Apharm, Claire, Biofarma, and the ‘Health Science’ division of Giellepi). It offers clients an integrated offer, from research and development, to manufacturing and packaging of finished dosage form products, including regulatory support. Biofarma was founded in 1987 and is based in Mereto di Tomba, Italy.

Buy -