Apax Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Apax has acquired 3 companies.

Apax’s most common sectors for investment areinformation technology (12%) and internet software and services (11%) . The Firm’s most common investment types include secondary buyout (26%) and buyout (lbo, mbo, mbi) (24%). In total, Apax has invested in 27 US states and 28 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired TDC A/S for $15.8B.

In the last 3 years, Apax has exited 8 companies. The Firm’s most common exit type is secondary buyout (36%). Apax’s largest (disclosed) exit occurred in 2008 when it sold Intelsat Global SA for $13.6B.

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M&A Summary

  • M&A Total Activity403
    • M&A Buy Activity240
    • M&A Sell Activity163
  • Total Sectors Invested 40
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 146
  • M&A Advisors 79

Apax

Apax Partners LLP

33 Jermyn Street,
London, SW1Y 6DN
United Kingdom
+44 20 7872 6300
www.apax.com
communications@apax.com

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Engineering, Environmental, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Machinery, Marketing, Media, Medical Products, Plastics, Publishing, Restaurants, Retail, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 1,000 5,000
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (4.0/yr) # 220 17 3 - - - 240
vol $82.2B $5.1B $87.3B
Sell (3.4/yr) # 146 9 7 1 - - 163
vol $71.3B $8.5B $585M $80.4B
  403

Most Recent M&A

Company Date Value Type
Go Global Travel Ltd. 2023-05-15 - Add-on Acquisition
Tel Aviv, Israel · www.goglobal.travel
Keystone Peer Review Organization, Inc. 2022-11-09 - Merger
Nashville, Tennessee · www.kepro.com
Boasso Global, Inc. 2022-10-06 - Secondary Buyout
Tampa, Florida · www.boassoglobal.com
Authority Brands LLC 2022-09-20 - Secondary Buyout
Columbia, Maryland · www.theauthoritybrands.com
Pickles Auctions Pty Ltd. 2022-07-25 - Buyout (LBO, MBO, MBI)
Belmore, Australia · www.pickles.com.au
MyCase, Inc. 2022-06-09 - Add-on Acquisition
San Diego, California · www.mycase.com
EcoOnline Holding AS 2022-06-02 - Going Private
Limerick, Ireland · www.ecoonline.com
Karl Lagerfeld B.V. 2022-05-02 225M EUR Add-on Acquisition
Amsterdam, Netherlands · www.karl.com
Attenti Electronic Monitoring, Ltd. 2022-04-05 - Add-on Acquisition
Tel Aviv, Israel · www.attentigroup.com
Alcumus Group Ltd. 2022-02-11 - Secondary Buyout
Cardiff, United Kingdom · www.alcumusgroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
FullBeauty Brands Operations LLC 2015-08-18 Eloquii Design, Inc. 2023-04-21 2
New York, New York · www.fbbrands.com Columbus, Ohio · www.eloquii.com
Vyaire Medical, Inc. 2018-03-19 Vyaire Medical - Respiratory and Anesthesia Consumables Business 2023-03-28 1
Mettawa, Illinois · www.vyaire.com Mettawa, Illinois
Alcumus Group Ltd. 2022-02-11 Alcumus - Health & Safety software business 2023-01-23 1
Cardiff, United Kingdom · www.alcumusgroup.com Cardiff, United Kingdom
PIB Group Ltd. 2021-01-25 BHP Community Ltd. 2022-12-15 22
London, United Kingdom · www.pibgroup.co.uk Dublin, Ireland · www.bhpinsurance.ie
Healthium MedTech Pvt. Ltd. 2018-04-06 Clinisupplies Ltd. 2022-12-06 1
Bengaluru, India · www.healthiummedtech.com Watford, United Kingdom · www.clinisupplies.co.uk
Lutech SpA 2021-03-16 Atos Italia S.p.A. 2022-11-17 1
Cologno Monzese, Italy · www.lutech.it Milan, Italy
Tosca Services LLC 2017-10-02 Bristol Manufacturing - Cheese Box Division 2022-07-05 3
Atlanta, Georgia · www.toscaltd.com Springfield, Missouri
Alcumus Group Ltd. 2022-02-11 Cognibox 2022-06-30 1
Cardiff, United Kingdom · www.alcumusgroup.com Shawinigan, Quebec · www.cognibox.com
Gomes Serviceco Ltd. 2019-10-14 Zurich - Life & Pensions Back Book 2022-01-03 2
London, United Kingdom · www.gamalife.com Zurich, Switzerland
Coalfire Systems, Inc. 2019-12-13 Denim Group Ltd. 2021-06-01 2
Westminster, Colorado · www.coalfire.com San Antonio, Texas · www.denimgroup.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (18%) - 27 (11%) 1.3B (1%)
Internet Software and Services 11 (16%) 3.1B (26%) 25 (10%) 6.1B (7%)
Software 3 (4%) 151M (1%) 20 (8%) 3.4B (4%)
Communications 1 (1%) 5.1B (42%) 14 (6%) 36.3B (41%)
Healthcare Services 3 (4%) - 14 (6%) 1.9B (2%)
Business Services 8 (12%) - 13 (5%) -
Retail 3 (4%) 1.7B (14%) 12 (5%) 2.8B (3%)
Medical Products 3 (4%) 697M (6%) 10 (4%) 7.0B (8%)
Media - - 10 (4%) 1.6B (2%)
Financial Services 5 (7%) - 9 (4%) 472M (1%)
Technology Hardware - - 8 (3%) 200M (< 1%)
Life Science 1 (1%) - 7 (3%) -
Insurance 2 (3%) - 6 (2%) 1.8B (2%)
Semiconductors - - 6 (2%) -
Publishing - - 5 (2%) 7.7B (9%)
Apparel/Textiles 1 (1%) 570M (5%) 5 (2%) 2.2B (2%)
Distribution 1 (1%) - 5 (2%) -
Education 2 (3%) - 4 (2%) 7.8B (9%)
E-Commerce 3 (4%) - 4 (2%) 1.1B (1%)
Consumer Products 2 (3%) - 4 (2%) -
Environmental 2 (3%) - 3 (1%) 590M (1%)
Information Services - - 3 (1%) 571M (1%)
Electronics - - 3 (1%) -
Leisure - - 3 (1%) -
Transportation 1 (1%) 800M (7%) 2 (1%) 2.3B (3%)
Food - - 2 (1%) 900M (1%)
Safety/Security - - 2 (1%) 836M (1%)
Franchising - - 2 (1%) 563M (1%)
Building Materials 1 (1%) - 2 (1%) 315M (< 1%)
Consumer Services - - 2 (1%) -
Gaming - - 1 (< 1%) 1.0B (1%)
Automotive - - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Manufacturing - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Packaging 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Restaurants - - 1 (< 1%) -
Utilities 1 (1%) - 1 (< 1%) -
Total 67 $12.1B 242 $88.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 29 (43%) 1.8B (15%) 96 (40%) 29.6B (33%)
  California 4 (6%) - 21 (9%) 193M (< 1%)
  New York 5 (7%) - 15 (6%) 2.7B (3%)
  Texas 3 (4%) - 10 (4%) 7.3B (8%)
  Florida 3 (4%) 800M (7%) 5 (2%) 800M (1%)
  Massachusetts 2 (3%) 397M (3%) 5 (2%) 8.1B (9%)
  Colorado 2 (3%) - 5 (2%) 1.4B (2%)
  Pennsylvania - - 5 (2%) 6.0B (7%)
  Illinois 2 (3%) - 3 (1%) 1.8B (2%)
  New Jersey 1 (1%) - 3 (1%) 16M (< 1%)
  North Carolina 1 (1%) - 3 (1%) -
  Georgia 1 (1%) - 2 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (5%) 1 (< 1%) 570M (1%)
  District of Columbia 1 (1%) - 1 (< 1%) -
  Indiana 1 (1%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (< 1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Connecticut - - 1 (< 1%) -
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Maryland - - 1 (< 1%) -
  Kentucky - - 1 (< 1%) -
United Kingdom 7 (10%) 1.7B (14%) 31 (13%) 13.3B (15%)
France - - 18 (7%) 1.1B (1%)
Israel 6 (9%) - 16 (7%) 200M (< 1%)
Germany 3 (4%) - 14 (6%) 646M (1%)
Netherlands 2 (3%) 5.1B (42%) 9 (4%) 5.9B (7%)
Spain 2 (3%) 1.5B (12%) 7 (3%) 2.4B (3%)
Italy 1 (1%) - 7 (3%) 2.6B (3%)
India 5 (7%) 300M (2%) 6 (2%) 300M (< 1%)
China 3 (4%) - 5 (2%) 250M (< 1%)
Canada 2 (3%) - 5 (2%) 1.6B (2%)
  Quebec 1 (1%) - 2 (1%) 836M (1%)
  Ontario 1 (1%) - 2 (1%) 745M (1%)
  Alberta - - 1 (< 1%) -
Switzerland - - 4 (2%) 2.1B (2%)
Belgium - - 3 (1%) 2.3B (3%)
Australia 1 (1%) - 2 (1%) 590M (1%)
Ireland 1 (1%) - 2 (1%) -
Luxembourg - - 2 (1%) 4.5B (5%)
Sweden - - 2 (1%) 1.9B (2%)
Norway - - 2 (1%) -
Portugal - - 2 (1%) -
New Zealand 1 (1%) 1.6B (13%) 1 (< 1%) 1.6B (2%)
Singapore 1 (1%) 151M (1%) 1 (< 1%) 151M (< 1%)
Brazil 1 (1%) - 1 (< 1%) -
Finland 1 (1%) - 1 (< 1%) -
Lithuania 1 (1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (18%)
Greece - - 1 (< 1%) 1.8B (2%)
Bermuda - - 1 (< 1%) -
Malta - - 1 (< 1%) -
Domestic 7 (10%) 1.7B (14%) 31 (13%) 13.3B (15%)
Cross-border 60 (90%) 10.4B (86%) 211 (87%) 75.4B (85%)
Total 67 $12.1B 242 $88.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 26 (39%) 3.5B (29%) 61 (25%) 8.6B (10%)
Buyout (LBO, MBO, MBI) 8 (12%) - 57 (24%) 12.4B (14%)
Venture 3 (4%) - 34 (14%) -
Divestiture 6 (9%) 5.8B (48%) 26 (11%) 26.3B (30%)
Going Private 5 (7%) 2.8B (23%) 21 (9%) 23.6B (27%)
Stake Purchase 11 (16%) - 18 (7%) 2.1B (2%)
Growth Capital 4 (6%) - 13 (5%) 10M (< 1%)
PIPE 3 (4%) - 8 (3%) 15.8B (18%)
Consolidation 1 (1%) - 3 (1%) -
Recapitalization - - 1 (< 1%) -
Total 67 $12.1B 242 $88.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 62 (38%) 37.4B (47%)
Trade Sale - Public Company 32 (20%) 26.8B (34%)
Trade Sale 27 (17%) 15.0B (19%)
IPO 25 (15%) -
Sold to Management 5 (3%) -
Bankruptcy 4 (2%) -
Merger 3 (2%) -
Stake Sale 3 (2%) -
Recapitalization 2 (1%) -
Total 163 $79.2B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 11
Bank of America Merrill Lynch (BofA Securities)
 11
J.P. Morgan Securities
 9
Legal Deals
Simpson Thacher & Bartlett
 27
Kirkland & Ellis
 26
Skadden, Arps, Slate, Meagher & Flom LLP
 9

Deal Values

buy # Total
> $1B 24 $75.1B
$100M to $1B 25 $13.4B
< $100M 4 $172M
TOTAL $88.7B
Largest TDC A/S
$15.8B (2005-11-01)
sell # Total
> $1B 23 $71.4B
$100M to $1B 20 $8.8B
< $100M 6 $247M
TOTAL $80.4B
Largest Intelsat Global SA
$13.6B (2008-02-04)

M&A Connections

Deals
Acquired from
Investor(s)
26%
62 (26%)
Strategic(s)
11%
26 (11%)
Exited to
Investor(s)
39%
63 (39%)
Strategic(s)
38%
62 (38%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

60.0B USD

Established

1981

Specialist/Generalist

Generalist

Leadership

David Su

Managing Partner

Edward Donkor

Managing Partner

Marcelo Gigliani

Managing Partner

Zehavit Cohen

Managing Partner & Office Head

Dan O’Keefe

Managing Partner, Apax Digital

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