Veritas Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Veritas Capital has acquired 9 companies.

Veritas Capital’s most common sectors for investment are information technology (23%) and business services (17%). The Firm’s most common investment types include divestiture (49%) and buyout (lbo, mbo, mbi) (23%). In total, Veritas Capital has invested in 14 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired athenahealth for $5.7B.

In the last 3 years, Veritas Capital has exited 5 companies. The Firm’s most common exit type is trade sale (58%). Veritas Capital’s largest (disclosed) exit occurred in 2016 when it sold Truven Health Analytics for $2.6B.

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M&A Summary

  • M&A Total Activity52
    • M&A Buy Activity31
    • M&A Sell Activity21
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 34
  • M&A Advisors 4

Veritas Capital

9 W 57th St,
New York, New York 10019
United States
(212) 415-6700
www.veritascapital.com
info@veritascapital.com

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


Investment Criteria

Sectors of Interest: Aerospace, Business Services, Communications, Consumer Products, Defense, Electrical Equipment, Information Technology, Manufacturing, Media, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 20 2 5 - 3 1 31
vol $8.9B $1.4B $8.7B $5.0B $2.8B $26.8B
Sell (1.8/yr) # 12 4 2 2 - 1 21
vol $8.1B $775M $1.4B $10.2B
  52

Most Recent M&A

Company Date Value Type
Abaco Systems, Inc. 2021-03-22 1.4B USD Add-on Acquisition
Huntsville, Alabama · www.abaco.com
Cubic Corp. 2021-02-08 2.8B USD Going Private
San Diego, California · www.cubic.com
Gainwell Technologies 2020-03-10 5.0B USD Divestiture
Tysons Corner, Virginia · www.gainwelltechnologies.com
Campus Management Corp. 2020-01-16 - Secondary Buyout
Boca Raton, Florida · www.campusmanagement.com
Edcentric Holdings LLC 2020-01-16 - Secondary Buyout
Overland Park, Kansas · www.edcentric.io
Virence Health Technologies 2019-07-01 - Merger
Westborough, Massachusetts · www.virencehealth.com
Centricity Contingent Staffing 2019-02-20 - Add-on Acquisition
Hartford, Wisconsin · www.apihealthcare.com
Standard Aero Holdings, Inc. 2018-12-18 - Secondary Buyout
Winnipeg, Ontario · www.standardaero.com
athenahealth, Inc. 2018-11-12 5.7B USD Going Private
Watertown, Massachusetts · www.athenahealth.com
Cambium Learning Group, Inc. 2018-10-15 900M USD Going Private
Dallas, Texas · www.cambiumlearning.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Peraton Corp. 2017-04-28 Northrop Grumman Corp. - Federal IT & Mission Support Services Business 2020-12-07 4
Herndon, Virginia · www.peraton.com Falls Church, Virginia
SolAero Technologies Corp. 2014-09-17 Alliance Spacesystems LLC 2020-09-02 1
Albuquerque, New Mexico · www.solaerotech.com Los Alamitos, California · www.alliancespacesystems.com
Cambium Learning Group, Inc. 2018-10-15 American Institutes for Research - Assessment Division 2019-08-22 2
Dallas, Texas · www.cambiumlearning.com Washington, District of Columbia
athenahealth, Inc. 2018-11-12 Virence Health Technologies 2019-07-01 1
Watertown, Massachusetts · www.athenahealth.com Westborough, Massachusetts · www.virencehealth.com
Alion Science and Technology Corp. 2015-07-23 Alion Science & Technology Corp. - Naval Systems Business Unit 2019-05-23 1
McLean, Virginia · www.alionscience.com McLean, Virginia
Cambium Learning Group, Inc. 2018-10-15 VKIDZ Holdings, Inc. 2018-10-15 1
Dallas, Texas · www.cambiumlearning.com Ft. Lauderdale, Florida · www.Vkidz.com
SolAero Technologies Corp. 2014-09-17 Vanguard Space Technologies, Inc. 2016-05-11 1
Albuquerque, New Mexico · www.solaerotech.com San Diego, California · www.vst-inc.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (23%) 6.1B (36%) 7 (23%) 8.3B (31%)
Business Services 2 (15%) 755M (4%) 5 (16%) 1.4B (5%)
Communications 2 (15%) 690M (4%) 4 (13%) 690M (3%)
Internet Software and Services 2 (15%) 5.7B (33%) 2 (6%) 5.7B (21%)
Defense 1 (8%) 2.8B (16%) 2 (6%) 2.8B (10%)
Test/Measurement Equipment - - 2 (6%) 1.6B (6%)
Software 1 (8%) - 2 (6%) 1.1B (4%)
Technology Hardware - - 2 (6%) 500M (2%)
Aerospace - - 1 (3%) 2.1B (8%)
Information Services - - 1 (3%) 1.3B (5%)
Education 1 (8%) 900M (5%) 1 (3%) 900M (3%)
Electrical Equipment - - 1 (3%) 381M (1%)
Renewable Energy 1 (8%) 150M (1%) 1 (3%) 150M (1%)
Total 13 $17.1B 31 $26.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (100%) 17.1B (100%) 30 (97%) 24.7B (92%)
  Virginia 3 (23%) 6.0B (35%) 8 (26%) 7.4B (28%)
  Massachusetts 2 (15%) 6.5B (38%) 4 (13%) 8.1B (30%)
  Florida 2 (15%) - 3 (10%) -
  Texas 2 (15%) 1.7B (10%) 2 (6%) 1.7B (6%)
  California 1 (8%) 2.8B (16%) 2 (6%) 3.3B (12%)
  New York - - 2 (6%) 1.5B (6%)
  Alabama - - 2 (6%) -
  New Mexico 1 (8%) 150M (1%) 1 (3%) 150M (1%)
  Kansas 1 (8%) - 1 (3%) -
  District of Columbia 1 (8%) - 1 (3%) -
  Michigan - - 1 (3%) 1.3B (5%)
  Wisconsin - - 1 (3%) 1.1B (4%)
  Arizona - - 1 (3%) 310M (1%)
  Colorado - - 1 (3%) -
Canada - - 1 (3%) 2.1B (8%)
  Ontario - - 1 (3%) 2.1B (8%)
Domestic 13 (100%) 17.1B (100%) 30 (97%) 24.7B (92%)
Cross-border - - 1 (3%) 2.1B (8%)
Total 13 $17.1B 31 $26.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 6 (46%) 7.4B (43%) 15 (48%) 13.7B (53%)
Buyout (LBO, MBO, MBI) 1 (8%) 300M (2%) 7 (23%) 1.1B (4%)
Secondary Buyout 3 (23%) - 5 (16%) 1.1B (4%)
Going Private 3 (23%) 9.4B (55%) 4 (13%) 9.8B (38%)
Total 13 $17.1B 31 $25.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 10 (48%) 8.7B (85%)
Secondary Sale 6 (29%) 1.5B (15%)
Merger 2 (10%) -
Trade Sale 2 (10%) -
IPO 1 (5%) -
Total 21 $10.2B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
3
William Blair & Co. LLC
2
Legal Deals
Schulte Roth & Zabel LLP
7
Skadden, Arps, Slate, Meagher & Flom LLP
2

Deal Values

buy # Total
> $1B 8 $20.1B
$100M to $1B 12 $6.7B
TOTAL $26.8B
Largest athenahealth, Inc.
$5.7B (2018-11-12)
sell # Total
> $1B 4 $6.9B
$100M to $1B 6 $3.3B
TOTAL $10.2B
Largest Truven Health Analytics, Inc.
$2.6B (2016-02-18)

M&A Connections

Deals
Acquired from
Investor(s)
13%
4 (13%)
Strategic(s)
48%
15 (48%)
Exited to
Investor(s)
29%
6 (29%)
Strategic(s)
67%
14 (67%)

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