Veritas Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Veritas Capital has acquired 8 companies. It has also invested in 1 other.

Veritas Capital’s most common sectors for investment areinformation technology (17%) and business services (14%) . The Firm’s most common investment types include divestiture (45%) and buyout (lbo, mbo, mbi) (20%). In total, Veritas Capital has invested in 16 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 4 companies. The Firm’s most common exit type is trade sale (55%). Veritas Capital’s largest (disclosed) exit occurred in 2021 when it sold athenahealth for $17.0B.

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M&A Summary

  • M&A Total Activity60
    • M&A Buy Activity36
    • M&A Sell Activity24
  • Total Sectors Invested 14
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 34
  • M&A Advisors 9

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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.8/yr) # 27 - 3 2 4 - 36
vol $19.0B $5.0B $2.8B $2.8B $29.6B
Sell (1.2/yr) # 18 2 - 4 - - 24
vol $8.9B $20.1B $29.0B
  60

Most Recent M&A

Company Date Value Type
CAES Space Systems 2022-10-13 - Divestiture
Arlington, Virginia
Sequa Corp. 2022-09-15 - Secondary Buyout
New York, New York · www.sequa.com
Epiq Solutions 2022-07-26 - Growth Capital
Rolling Meadows, Illinois · www.epiqsolutions.com
Houghton Mifflin Harcourt Co. 2022-02-22 2.8B USD Going Private
Boston, Massachusetts · www.hmhco.com
SolAero Technologies Corp. 2021-12-13 80M USD Add-on Acquisition
Albuquerque, New Mexico · www.solaerotech.com
Finalsite 2021-12-01 - Secondary Buyout
Glastonbury, Connecticut · www.finalsite.com
athenahealth, Inc. 2021-11-22 17.0B USD Secondary Buyout
Watertown, Massachusetts · www.athenahealth.com
Alion Science and Technology Corp. 2021-07-06 1.7B USD Add-on Acquisition
McLean, Virginia · www.alionscience.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Finalsite 2021-12-01 Blackboard K-12 2022-09-15 1
Glastonbury, Connecticut · www.finalsite.com Reston, Virginia · www.blackboardk12.com
Guidehouse LLP 2018-02-14 Grant Thornton - Public Sector Advisory Practice 2022-08-22 3
Washington, District of Columbia · www.guidehouse.com Washington, District of Columbia
Peraton Corp. 2017-04-28 ViON - Cloud Services Business 2021-09-22 5
Herndon, Virginia · www.peraton.com Herndon, Virginia
Anthology, Inc. 2020-01-16 Blackboard, Inc. 2021-09-13 3
Boca Raton, Florida · www.anthology.com Reston, Virginia · www.blackboard.com
Guidehouse LLP 2018-02-14 Dovel Technologies 2021-09-08 2
Washington, District of Columbia · www.guidehouse.com McLean, Virginia · www.doveltech.com
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
Anthology, Inc. 2020-01-16 Campus Labs LLC 2020-07-07 2
Boca Raton, Florida · www.anthology.com Buffalo, New York · www.campuslabs.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
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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (13%) 5.8B (42%) 6 (17%) 8.0B (27%)
Business Services 2 (13%) 755M (5%) 5 (14%) 1.4B (5%)
Communications 2 (13%) 690M (5%) 4 (11%) 690M (2%)
Internet Software and Services 2 (13%) - 3 (8%) 5.7B (19%)
Software 1 (7%) - 3 (8%) 1.4B (5%)
Technology Hardware 1 (7%) - 3 (8%) 500M (2%)
Education 2 (13%) 3.7B (27%) 2 (6%) 3.7B (13%)
Defense 1 (7%) 2.8B (20%) 2 (6%) 2.8B (9%)
Aerospace 1 (7%) - 2 (6%) 2.1B (7%)
Test/Measurement Equipment - - 2 (6%) 1.6B (5%)
Information Services - - 1 (3%) 1.3B (4%)
Electrical Equipment - - 1 (3%) 381M (1%)
Renewable Energy - - 1 (3%) 150M (1%)
Semiconductors 1 (7%) - 1 (3%) -
Total 15 $13.8B 36 $29.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (100%) 13.8B (100%) 35 (97%) 27.5B (93%)
  Virginia 3 (20%) 5.7B (41%) 9 (25%) 7.4B (25%)
  Massachusetts 2 (13%) 3.6B (26%) 5 (14%) 10.9B (37%)
  Florida 2 (13%) - 3 (8%) -
  New York 1 (7%) - 3 (8%) 1.5B (5%)
  Texas 2 (13%) 1.7B (12%) 2 (6%) 1.7B (6%)
  California 1 (7%) 2.8B (20%) 2 (6%) 3.3B (11%)
  Alabama - - 2 (6%) -
  Kansas 1 (7%) - 1 (3%) -
  Illinois 1 (7%) - 1 (3%) -
  District of Columbia 1 (7%) - 1 (3%) -
  Connecticut 1 (7%) - 1 (3%) -
  Michigan - - 1 (3%) 1.3B (4%)
  Wisconsin - - 1 (3%) 1.1B (4%)
  Georgia - - 1 (3%) 310M (1%)
  New Mexico - - 1 (3%) 150M (1%)
  Colorado - - 1 (3%) -
Canada - - 1 (3%) 2.1B (7%)
  Ontario - - 1 (3%) 2.1B (7%)
Domestic 15 (100%) 13.8B (100%) 35 (97%) 27.5B (93%)
Cross-border - - 1 (3%) 2.1B (7%)
Total 15 $13.8B 36 $29.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 6 (40%) 7.3B (66%) 16 (44%) 13.7B (53%)
Buyout (LBO, MBO, MBI) - - 7 (19%) 1.1B (4%)
Secondary Buyout 5 (33%) - 7 (19%) 1.1B (4%)
Going Private 3 (20%) 3.7B (34%) 5 (14%) 9.8B (38%)
Growth Capital 1 (7%) - 1 (3%) -
Total 15 $11.0B 36 $25.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 12 (50%) 10.5B (36%)
Secondary Sale 8 (33%) 18.5B (64%)
Merger 2 (8%) -
IPO 1 (4%) -
Trade Sale 1 (4%) -
Total 24 $29.0B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
4
William Blair & Co. LLC
2
Evercore Group LLC
1
Legal Deals
Schulte Roth & Zabel LLP
7
Gibson, Dunn & Crutcher LLP
2
Skadden, Arps, Slate, Meagher & Flom LLP
2

Deal Values

buy # Total
> $1B 9 $22.9B
$100M to $1B 12 $6.7B
TOTAL $29.6B
Largest athenahealth, Inc.
$5.7B (2018-11-12)
sell # Total
> $1B 6 $25.6B
$100M to $1B 6 $3.3B
< $100M 1 $80M
TOTAL $29.0B
Largest athenahealth, Inc.
$17.0B (2021-11-22)

M&A Connections

Deals
Acquired from
Investor(s)
17%
6 (17%)
Strategic(s)
44%
16 (44%)
Exited to
Investor(s)
33%
8 (33%)
Strategic(s)
63%
15 (63%)

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