EQT Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, EQT has acquired 15 companies. It has also invested in 1 other.

EQT’s most common sectors for investment areinformation technology (8%) and internet software and services (6%) . The Firm’s most common investment types include secondary buyout (31%) and buyout (lbo, mbo, mbi) (26%). In total, EQT has invested in 22 US states and 28 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Zayo Group for $14.3B.

In the last 3 years, EQT has exited 13 companies. The Firm’s most common exit type is trade sale (40%). EQT’s largest (disclosed) exit occurred in 2021 when it sold Aldevron for $9.6B.

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M&A Summary

  • M&A Total Activity445
    • M&A Buy Activity275
    • M&A Sell Activity170
  • Total Sectors Invested 51
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 145
  • M&A Advisors 85

EQT

EQT AB

Regeringsgatan 25,
Stockholm, SE-111 53
Sweden
+46 8 506 55 300
www.eqtgroup.com

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


Investment Criteria

Sectors of Interest: Beverages, Business Services, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, E-Commerce, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Real Estate, Retail, Semiconductors, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE, Secondary Buyout, Venture, Joint Venture

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 125 1,500
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (8.0/yr) # 235 24 10 6 - - 275
vol $58.4B $20.3B $3.4B $10.0B $92.1B
Sell (6.8/yr) # 136 21 8 5 - - 170
vol $37.6B $23.9B $414M $61.9B
  445

Most Recent M&A

Company Date Value Type
Schülke & Mayr GmbH 2023-08-07 - Secondary Buyout
Norderstedt, Germany · www.schuelke.com
Dechra Pharmaceuticals Plc 2023-07-20 6.9B GBP Going Private
Northwich, United Kingdom · www.dechra.com
Ellab A/S 2023-06-21 - Secondary Buyout
Hilleroed, Denmark · www.ellab.com
HDFC Credila Financial Services Ltd. 2023-06-20 151M INR Divestiture
Mumbai, India · www.hdfccredila.com
BBS Automation GmbH 2023-06-13 - Add-on Acquisition
Garching, Germany · www.bbsautomation.com
kfzteile24 GmbH 2023-04-21 - Secondary Buyout
Berlin, Germany · www.kfzteile24.de
Lazer Logistics, Inc. 2023-03-29 - Secondary Buyout
Alpharetta, Georgia · www.lazerlogistics.com
GotPhoto 2023-03-28 - Buyout (LBO, MBO, MBI)
Berlin, Germany · www.gotphoto.com
SK Shieldus Co. Ltd. 2023-03-03 - Secondary Buyout
Pangyo, South Korea · www.skshieldus.com
Radius Global Infrastructure, Inc. 2023-03-01 3.0B USD Add-on Acquisition
Bala Cynwyd, Pennsylvania · www.radiusglobal.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Waystar, Inc. 2019-07-29 ImageVision.net, Inc. 2023-08-03 4
Louisville, Kentucky · www.waystar.com Mechanicsburg, Pennsylvania · www.healthpay24.com
Osmose Utilities Services, Inc. 2019-01-24 Effigis Geo-Solutions 2023-04-12 2
Peachtree City, Georgia · www.osmose.com Montreal, Quebec · www.effigis.com
Covanta Holding Corp. 2021-07-14 Circon Environmental 2023-04-03 8
Morristown, New Jersey · www.covanta.com La Porte, Texas · www.circonenviro.com
PRO Unlimited, Inc. 2021-06-28 Geometric Results, Inc. 2022-03-29 3
San Francisco, California · www.prounlimited.com Detroit, Michigan · www.geometricresultsinc.com
Zayo Group LLC 2019-05-08 Education Networks of America, Inc. 2022-03-03 3
Boulder, Colorado · www.zayo.com Nashville, Tennessee · www.ena.com
First Student, Inc. 2021-04-23 Apple Bus Co. Inc. 2022-02-24 3
Cincinnati, Ohio · www.firststudentinc.com Cleveland, Missouri · www.applebuscompany.com
Galderma SA 2019-05-16 Alchemee LLC 2022-02-22 2
Zug, Switzerland · www.galderma.com El Segundo, California · www.alchemee.com
Meine Radiologie Holding GmbH 2021-07-09 Aleris AB 2022-02-21 1
Frankfurt am Main, Germany · www.meine-radiologie-holding.de Stockholm, Sweden · www.alerisgroup.com
Cast & Crew Entertainment Services LLC 2018-12-10 Backstage LLC 2022-02-01 5
Burbank, California · www.castandcrew.com Brooklyn, New York · www.backstage.com
Zayo Group LLC 2019-05-08 QOS Networks 2022-01-12 2
Boulder, Colorado · www.zayo.com Irvine, California · www.qosnet.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (12%) 2.7B (4%) 22 (8%) 2.9B (3%)
Healthcare Services 7 (7%) 11.4B (17%) 15 (5%) 11.4B (12%)
Internet Software and Services 11 (11%) 4.3B (6%) 15 (5%) 4.3B (5%)
Communications 5 (5%) 15.8B (23%) 14 (5%) 16.2B (18%)
Life Science 6 (6%) 15.4B (22%) 13 (5%) 16.2B (18%)
Machinery - - 13 (5%) -
Medical Products 2 (2%) - 12 (4%) 8.5B (9%)
Manufacturing - - 12 (4%) 366M (< 1%)
Retail 1 (1%) - 12 (4%) -
Software 5 (5%) 2.5B (4%) 11 (4%) 2.8B (3%)
Business Services 2 (2%) - 10 (4%) 419M (< 1%)
Transportation 5 (5%) 4.6B (7%) 9 (3%) 4.6B (5%)
Real Estate 5 (5%) 2.6B (4%) 7 (3%) 4.2B (5%)
Consumer Products 2 (2%) - 7 (3%) 2.5B (3%)
Consumer Services 4 (4%) 320M (< 1%) 7 (3%) 320M (< 1%)
Food 1 (1%) - 7 (3%) -
Energy Services and Equipment 3 (3%) 5.3B (8%) 6 (2%) 5.3B (6%)
Media 2 (2%) - 6 (2%) 1.5B (2%)
Environmental 1 (1%) - 5 (2%) 504M (1%)
Education 2 (2%) - 5 (2%) -
Renewable Energy 3 (3%) - 5 (2%) -
Financial Services 4 (4%) 151M (< 1%) 4 (1%) 151M (< 1%)
Electronics 1 (1%) - 3 (1%) 2.4B (3%)
Information Services - - 3 (1%) 2.4B (3%)
Technology Hardware - - 3 (1%) 40M (< 1%)
Aerospace - - 3 (1%) -
Apparel/Textiles 2 (2%) - 3 (1%) -
Automotive 2 (2%) - 3 (1%) -
Distribution 1 (1%) - 3 (1%) -
E-Commerce 1 (1%) - 3 (1%) -
Restaurants - - 3 (1%) -
Utilities 2 (2%) - 3 (1%) -
Leisure 1 (1%) - 2 (1%) 1.1B (1%)
Test/Measurement Equipment 2 (2%) 1.0B (1%) 2 (1%) 1.0B (1%)
Chemicals - - 2 (1%) -
Digital Media 1 (1%) - 2 (1%) -
Forest Products - - 2 (1%) -
Furniture - - 2 (1%) -
Insurance 1 (1%) - 2 (1%) -
Marine - - 2 (1%) -
Plastics - - 2 (1%) -
Safety/Security - - 2 (1%) -
Infrastructure 1 (1%) 3.0B (4%) 1 (< 1%) 3.0B (3%)
Beverages - - 1 (< 1%) -
Construction 1 (1%) - 1 (< 1%) -
Electrical Equipment - - 1 (< 1%) -
Engineering - - 1 (< 1%) -
Marketing - - 1 (< 1%) -
Oil/Gas Exploration - - 1 (< 1%) -
Packaging - - 1 (< 1%) -
Publishing - - 1 (< 1%) -
Total 99 $69.1B 276 $92.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 15 (15%) 320M (< 1%) 51 (18%) 7.8B (8%)
United States 25 (25%) 44.0B (64%) 48 (17%) 49.2B (53%)
  California 6 (6%) 1.1B (2%) 8 (3%) 1.1B (1%)
  New Jersey 3 (3%) 7.0B (10%) 5 (2%) 7.9B (9%)
  New York 2 (2%) - 4 (1%) 480M (1%)
  North Carolina 2 (2%) 9.5B (14%) 3 (1%) 9.5B (10%)
  Texas 2 (2%) - 3 (1%) -
  Washington 1 (1%) - 3 (1%) 248M (< 1%)
  Pennsylvania 2 (2%) 4.9B (7%) 2 (1%) 4.9B (5%)
  Georgia 2 (2%) - 2 (1%) -
  Colorado 1 (1%) 14.3B (21%) 2 (1%) 14.6B (16%)
  Ohio 1 (1%) 4.6B (7%) 2 (1%) 4.6B (5%)
  Kentucky 1 (1%) 2.7B (4%) 2 (1%) 2.7B (3%)
  Minnesota - - 2 (1%) 40M (< 1%)
  Virginia 1 (1%) - 1 (< 1%) -
  New Mexico 1 (1%) - 1 (< 1%) -
  Massachusetts - - 1 (< 1%) 2.4B (3%)
  Maryland - - 1 (< 1%) 465M (1%)
  Louisiana - - 1 (< 1%) 419M (< 1%)
  Wisconsin - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Oregon - - 1 (< 1%) -
  North Dakota - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
Germany 8 (8%) - 41 (15%) 7.5B (8%)
Denmark 6 (6%) - 26 (9%) 1.3B (1%)
Finland - - 14 (5%) 1.1B (1%)
United Kingdom 7 (7%) 7.9B (11%) 12 (4%) 7.9B (9%)
China 4 (4%) - 12 (4%) -
Norway 3 (3%) - 12 (4%) 181M (< 1%)
Switzerland 3 (3%) 10.6B (15%) 8 (3%) 11.0B (12%)
Spain 3 (3%) 1.5B (2%) 8 (3%) 1.5B (2%)
Netherlands 3 (3%) 550M (1%) 7 (3%) 550M (1%)
France 4 (4%) - 6 (2%) -
Singapore 2 (2%) - 5 (2%) -
Australia 3 (3%) 702M (1%) 4 (1%) 702M (1%)
Italy 2 (2%) - 3 (1%) -
Belgium 1 (1%) - 3 (1%) -
Luxembourg 2 (2%) 2.5B (4%) 2 (1%) 2.5B (3%)
India 2 (2%) 151M (< 1%) 2 (1%) 151M (< 1%)
United Arab Emirates 1 (1%) - 2 (1%) -
Bulgaria - - 2 (1%) -
New Zealand 1 (1%) 829M (1%) 1 (< 1%) 829M (1%)
Israel 1 (1%) - 1 (< 1%) -
South Korea 1 (1%) - 1 (< 1%) -
Malta 1 (1%) - 1 (< 1%) -
Vietnam 1 (1%) - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Poland - - 1 (< 1%) -
Taiwan - - 1 (< 1%) -
Domestic 15 (15%) 320M (< 1%) 51 (18%) 7.8B (8%)
Cross-border 84 (85%) 68.7B (100%) 225 (82%) 84.3B (92%)
Total 99 $69.1B 276 $92.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 41 (41%) 17.0B (25%) 85 (31%) 21.8B (24%)
Buyout (LBO, MBO, MBI) 10 (10%) 550M (1%) 71 (26%) 3.3B (4%)
Divestiture 8 (8%) 18.6B (27%) 47 (17%) 24.7B (27%)
Stake Purchase 14 (14%) - 23 (8%) -
Growth Capital 8 (8%) - 18 (7%) -
Going Private 9 (9%) 29.9B (43%) 16 (6%) 37.4B (41%)
Consolidation 2 (2%) - 4 (1%) -
Joint Venture 3 (3%) - 3 (1%) -
Venture 2 (2%) - 3 (1%) -
Add-on Acquisition 2 (2%) 3.0B (4%) 2 (1%) 3.0B (3%)
Special Situations/Distressed - - 1 (< 1%) 465M (1%)
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 99 $69.1B 276 $90.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 58 (34%) 12.6B (20%)
Trade Sale - Public Company 38 (22%) 42.5B (69%)
Trade Sale 31 (18%) 6.7B (11%)
IPO 16 (9%) -
Merger 10 (6%) -
Stake Sale 5 (3%) -
Bankruptcy 4 (2%) -
Sold to Management 4 (2%) -
Unknown 3 (2%) -
Spin Off 1 (1%) -
Total 170 $61.9B

Top M&A Advisors

Financial Deals
Morgan Stanley
 13
Goldman Sachs Investment Banking Division
 11
Barclays Investment Bank
 7
Legal Deals
Simpson Thacher & Bartlett
 17
Kirkland & Ellis
 10
Weil Gotshal & Manges LLP
 8

Deal Values

buy # Total
> $1B 24 $85.0B
$100M to $1B 15 $7.0B
< $100M 2 $79M
TOTAL $92.1B
Largest Zayo Group LLC
$14.3B (2019-05-08)
sell # Total
> $1B 16 $51.0B
$100M to $1B 23 $10.9B
< $100M 1 $38M
TOTAL $61.9B
Largest Aldevron LLC
$9.6B (2021-06-17)

M&A Connections

Deals
Acquired from
Investor(s)
33%
90 (33%)
Strategic(s)
16%
45 (16%)
Exited to
Investor(s)
35%
59 (35%)
Strategic(s)
46%
79 (46%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

50.0B EUR

Established

1994

Specialist/Generalist

Generalist

Leadership

Lennart Blecher

Head of Real Assets Advisory Team, Chairperson of Credit & Deputy Managing Partner

Kristiaan Nieuwenburg

Chairman of EQT Partners Inc & Head of Private Equity North America

Neha Aujla

Fundraising Managing Director

Simon Griffiths

Head of Private Equity Asia Pacific

Helmut Geier

Head of Research

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