Veritas Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Veritas Capital has acquired 10 companies.

Veritas Capital’s most common sectors for investment are information technology (24%) and business services (17%). The Firm’s most common investment types include divestiture (50%) and buyout (lbo, mbo, mbi) (24%). 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 7 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 Activity49
    • M&A Buy Activity30
    • M&A Sell Activity19
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 32
  • M&A Advisors 5

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 19 1 2 5 - 3 30
vol $8.0B $820M $1.4B $7.8B $5.0B $23.1B
Sell (1.6/yr) # 11 1 4 2 1 - 19
vol $5.5B $2.6B $775M $8.9B
  49

Most Recent M&A

Company Date Value Type
Gainwell Technologies 2020-03-10 5.0B USD Divestiture
Tysons Corner, Virginia
Campus Management Corp. 2020-01-16 - Secondary Buyout
Boca Raton, Florida · www.campusmanagement.com
Edcentric Holdings LLC 2020-01-16 - Secondary Buyout
, United States · www.edcentric.io
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 - Secondary Buyout
Dallas, Texas · www.cambiumlearning.com
BeyondTrust Software, Inc. 2018-09-13 - Add-on Acquisition
Phoenix, Arizona · www.beyondtrust.com
Centricity Contingent Staffing 2018-07-11 1.1B USD Divestiture
Hartford, Wisconsin · www.apihealthcare.com
GE Healthcare - Revenue-Cycle, Ambulatory Care & Workforce Management Software Unit 2018-04-02 1.1B USD Divestiture
Westborough, Massachusetts
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Guidehouse LLP 2018-02-14 Navigant Consulting, Inc. 2019-08-02 1
Washington, District of Columbia · www.guidehouse.com Chicago, Illinois · www.navigant.com
Peraton Corp. 2017-04-28 Solers, Inc. 2019-06-17 2
Herndon, Virginia · www.peraton.com Arlington, Virginia · www.solers.com
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
Alion Science and Technology Corp. 2015-07-23 MacAulay-Brown, Inc. 2018-08-02 1
McLean, Virginia · www.alionscience.com Dayton, Ohio · www.macb.com
Verscend Technologies, Inc. 2016-04-25 Cotiviti Holdings, Inc. 2018-06-19 1
Waltham, Massachusetts · www.veriskhealth.com Atlanta, Georgia · www.cotiviti.com
Peraton Corp. 2017-04-28 Strategic Resources International, Inc. 2018-04-23 1
Herndon, Virginia · www.peraton.com Parlin, New Jersey
Emergency Communications Network, Inc. 2015-06-15 OnSolve LLC 2017-06-05 2
Ormond Beach, Florida · www.ecnetwork.com Ormond Beach, Florida · www.onsolve.com
Abaco Systems, Inc. 2015-12-07 4DSP LLC 2016-11-21 1
Huntsville, Alabama · www.abaco.com Austin, Texas · www.4dsp.com
Emergency Communications Network, Inc. 2015-06-15 MIR3, Inc. 2016-08-01 1
Ormond Beach, Florida · www.ecnetwork.com San Diego, California · www.mir3.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (21%) 6.1B (42%) 7 (23%) 8.3B (36%)
Business Services 2 (14%) 755M (5%) 5 (17%) 1.4B (6%)
Communications 2 (14%) 690M (5%) 4 (13%) 690M (3%)
Internet Software and Services 2 (14%) 5.7B (39%) 2 (7%) 5.7B (25%)
Aerospace 1 (7%) - 2 (7%) 2.1B (9%)
Test/Measurement Equipment - - 2 (7%) 1.6B (7%)
Software 2 (14%) 1.1B (7%) 2 (7%) 1.1B (5%)
Information Services - - 1 (3%) 1.3B (5%)
Technology Hardware - - 1 (3%) 500M (2%)
Electrical Equipment - - 1 (3%) 381M (2%)
Semiconductors 1 (7%) 150M (1%) 1 (3%) 150M (1%)
Defense - - 1 (3%) -
Education 1 (7%) - 1 (3%) -
Total 14 $14.5B 30 $23.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (100%) 14.5B (100%) 29 (97%) 21.0B (91%)
  Virginia 3 (21%) 6.0B (41%) 8 (27%) 7.4B (32%)
  Massachusetts 3 (21%) 7.6B (52%) 4 (13%) 8.1B (35%)
  Florida 2 (14%) - 3 (10%) -
  Texas 2 (14%) 755M (5%) 2 (7%) 755M (3%)
  Alabama 1 (7%) - 2 (7%) -
  New York - - 2 (7%) 1.5B (6%)
  New Mexico 1 (7%) 150M (1%) 1 (3%) 150M (1%)
  District of Columbia 1 (7%) - 1 (3%) -
  Michigan - - 1 (3%) 1.3B (5%)
  Wisconsin - - 1 (3%) 1.1B (5%)
  California - - 1 (3%) 525M (2%)
  Arizona - - 1 (3%) 310M (1%)
  Colorado - - 1 (3%) -
Canada - - 1 (3%) 2.1B (9%)
  Ontario - - 1 (3%) 2.1B (9%)
Domestic 14 (100%) 14.5B (100%) 29 (97%) 21.0B (91%)
Cross-border - - 1 (3%) 2.1B (9%)
Total 14 $14.5B 30 $23.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 8 (57%) 8.5B (59%) 15 (50%) 13.7B (62%)
Buyout (LBO, MBO, MBI) 1 (7%) 300M (2%) 7 (23%) 1.1B (5%)
Secondary Buyout 4 (29%) - 6 (20%) 1.1B (5%)
Going Private 1 (7%) 5.7B (39%) 2 (7%) 6.1B (28%)
Total 14 $14.5B 30 $22.0B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 9 (47%) 7.4B (83%)
Secondary Sale 6 (32%) 1.5B (17%)
Trade Sale 2 (11%) -
IPO 1 (5%) -
Merger 1 (5%) -
Total 19 $8.9B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
3
William Blair & Co. LLC
2
Legal Deals
Schulte Roth & Zabel LLP
7
Covington & Burling LLP
1
Skadden, Arps, Slate, Meagher & Flom LLP
1

Deal Values

buy # Total
> $1B 7 $17.3B
$100M to $1B 11 $5.8B
TOTAL $23.1B
Largest athenahealth, Inc.
$5.7B (2018-11-12)
sell # Total
> $1B 3 $5.6B
$100M to $1B 6 $3.3B
TOTAL $8.9B
Largest Truven Health Analytics, Inc.
$2.6B (2016-02-18)

M&A Connections

Deals %
Acquired from
PE Firm(s)
29%
6 29%
Strategic(s)
71%
15 71%
Exited to
PE Firm(s)
37%
7 37%
Strategic(s)
63%
12 63%

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