M&A Deal Summary

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

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

Acquisition Highlights
  • This is Warburg Pincus’ 40th, Welsh Carson Anderson & Stowe’s 16th and HgCapital’s 11th transaction in the Information Technology sector.
  • This is Warburg Pincus’ 224th, Welsh Carson Anderson & Stowe’s 92nd and HgCapital’s 17th transaction in the United States.
  • This is Warburg Pincus’ 8th, Welsh Carson Anderson & Stowe’s 7th and HgCapital’s 1st 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
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 is based in Yardley, Pennsylvania.

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Buyer(S) 3

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 482
Sector (Information Technology) 40 of 44
Type (Buyout (LBO, MBO, MBI)) 80 of 86
State (Pennsylvania) 8 of 9
Country (United States) 224 of 237
Year (2022) 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 103
Sector (Information Technology) 16 of 16
Type (Buyout (LBO, MBO, MBI)) 39 of 42
State (Pennsylvania) 7 of 7
Country (United States) 92 of 98
Year (2022) 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 152
Sector (Information Technology) 11 of 12
Type (Buyout (LBO, MBO, MBI)) 32 of 36
State (Pennsylvania) 1 of 1
Country (United States) 17 of 20
Year (2022) 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 -