HgCapital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HgCapital has acquired 2 companies.

HgCapital’s most common sectors for investment aresoftware (30%) and internet software and services (14%) . The Firm’s most common investment types include secondary buyout (34%) and buyout (lbo, mbo, mbi) (22%). In total, HgCapital has invested in 8 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired P&I Personal & Informatik AG for $2.3B.

In the last 3 years, HgCapital has exited 3 companies. The Firm’s most common exit type is trade sale (49%). HgCapital’s largest (disclosed) exit occurred in 2022 when it sold Transporeon for $2.1B.

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M&A Summary

  • M&A Total Activity215
    • M&A Buy Activity131
    • M&A Sell Activity84
  • Total Sectors Invested 32
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 63
  • M&A Advisors 48

HgCapital

2 More London Riverside,
London, SE1 2AP
United Kingdom
+44 (0)20 8396 0930
www.hgcapital.com
info@hgcapital.com

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Environmental, Food, Furniture, Gaming, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware, Test/Measurement Equipment, Transportation

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

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

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.6/yr) # 118 11 1 1 - - 131
vol $8.7B $1.6B $1.7B $11.9B
Sell (1.2/yr) # 78 3 3 - - - 84
vol $10.6B $3.1B $13.7B
  215

Most Recent M&A

Company Date Value Type
GTreasury SS LLC 2023-05-18 - Secondary Buyout
Buffalo Grove, Illinois · www.gtreasury.com
Transporeon GmbH 2022-12-12 2.1B EUR Add-on Acquisition
Ulm, Germany · www.transporeon.com
Ideagen Plc 2022-06-27 1.7B GBP Going Private
Ruddington, United Kingdom · www.ideagen.com
MEDIFOX DAN GMBH 2022-06-14 1.0B USD Add-on Acquisition
Hildesheim, Germany · www.medifoxdan.de
IT Relation A/S 2022-05-18 - Secondary Buyout
Herning, Denmark · www.itm8.com
Fonds Finanz Maklerservice GmbH 2021-12-10 - Growth Capital
Munich, Germany · www.fondsfinanz.de
Achilles Information Ltd. 2021-09-15 - Secondary Buyout
Abingdon, United Kingdom · www.achilles.com
Serrala Group GmbH 2021-08-26 - Secondary Buyout
Hamburg, Germany · www.serrala.com
Riskalyze, Inc. 2021-08-25 - Recapitalization
Auburn, California · www.riskalyze.com
MDT Software, Inc. 2021-08-04 - Growth Capital
Alpharetta, Georgia · www.mdt-software.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Mitratech Holdings, Inc. 2021-05-18 The Infosoft Group LLC 2023-04-11 6
Austin, Texas · www.mitratech.com Milwaukee, Wisconsin · www.circaworks.com
Mitratech Holdings, Inc. 2021-05-18 Trakstar, Inc. 2023-04-11 5
Austin, Texas · www.mitratech.com Seattle, Washington · www.trakstar.com
IRIS Software Group Ltd. 2011-11-16 Apex Software Technologies, Inc. 2023-03-28 22
Berkshire, United Kingdom · www.iris.co.uk Roswell, Georgia · www.apexhcm.com
IRIS Software Group Ltd. 2011-11-16 myPay Solutions 2022-10-26 21
Berkshire, United Kingdom · www.iris.co.uk Ann Arbor, Michigan · mypaysolutions.thomsonreuters.com
Intelerad Medical Systems, Inc. 2020-01-23 lifeIMAGE, Inc. 2022-09-15 6
Montreal, Quebec · www.intelerad.com Newton, Massachusetts · www.lifeimage.com
Mitratech Holdings, Inc. 2021-05-18 talentReef, Inc. 2022-08-10 4
Austin, Texas · www.mitratech.com Denver, Colorado · www.talentreef.com
Visma Oy 2017-06-29 Visma - IT Consulting Business 2022-06-16 3
Oslo, Norway · www.visma.com Oslo, Norway
Howden Group Holdings Ltd. 2013-03-27 TigerRisk Partners LLC 2022-06-09 1
London, United Kingdom · www.howdengroupholdings.com Stamford, Connecticut · www.tigerrisk.com
Waystone Management (UK) Ltd. 2021-07-01 Centaur Fund Services Ltd. 2022-03-30 2
Dublin, Ireland · www.waystone.com Dublin, Ireland · www.centaurfs.com
Visma Oy 2017-06-29 Lyanthe BV 2022-03-10 41
Oslo, Norway · www.visma.com Echt, Netherlands · www.lyanthe.com

M&A by Sector

Sector Current # Value All-time # Value
Software 23 (48%) 6.2B (94%) 39 (29%) 7.8B (65%)
Internet Software and Services 6 (13%) - 18 (14%) 240M (2%)
Business Services 5 (10%) - 14 (11%) 77M (1%)
Information Technology 7 (15%) - 13 (10%) 588M (5%)
Healthcare Services - - 6 (5%) 363M (3%)
Renewable Energy 2 (4%) - 4 (3%) -
Distribution - - 3 (2%) 664M (6%)
Insurance 2 (4%) 385M (6%) 3 (2%) 385M (3%)
Electronics - - 3 (2%) 130M (1%)
Machinery - - 2 (2%) 231M (2%)
Automotive - - 2 (2%) 190M (2%)
Publishing 1 (2%) - 2 (2%) 115M (1%)
Consumer Services - - 2 (2%) -
Staffing - - 2 (2%) -
Technology Hardware 1 (2%) - 2 (2%) -
Test/Measurement Equipment - - 2 (2%) -
Manufacturing - - 1 (1%) 366M (3%)
Apparel/Textiles - - 1 (1%) 292M (2%)
Communications - - 1 (1%) 244M (2%)
Life Science - - 1 (1%) 101M (1%)
Leisure - - 1 (1%) 62M (1%)
Infrastructure - - 1 (1%) 54M (< 1%)
Media - - 1 (1%) 52M (< 1%)
Consumer Products - - 1 (1%) -
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Food - - 1 (1%) -
Information Services 1 (2%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Restaurants - - 1 (1%) -
Semiconductors - - 1 (1%) -
Total 48 $6.5B 133 $11.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 12 (25%) 2.7B (42%) 54 (41%) 5.1B (43%)
Germany 8 (17%) 2.3B (34%) 25 (19%) 2.9B (24%)
United States 11 (23%) 1.6B (24%) 13 (10%) 1.6B (13%)
  New York 2 (4%) - 3 (2%) -
  Illinois 2 (4%) - 2 (2%) -
  Massachusetts 2 (4%) - 2 (2%) -
  Florida 1 (2%) - 2 (2%) -
  Texas 1 (2%) 1.6B (24%) 1 (1%) 1.6B (13%)
  Georgia 1 (2%) - 1 (1%) -
  California 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
Netherlands - - 7 (5%) 490M (4%)
Ireland 2 (4%) - 5 (4%) -
Canada 4 (8%) - 4 (3%) -
  Ontario 2 (4%) - 2 (2%) -
  Quebec 1 (2%) - 1 (1%) -
  Alberta 1 (2%) - 1 (1%) -
Norway 3 (6%) - 4 (3%) 588M (5%)
Italy 1 (2%) - 4 (3%) 637M (5%)
France 2 (4%) - 3 (2%) -
Belgium 2 (4%) - 3 (2%) -
Denmark 1 (2%) - 3 (2%) -
Sweden 1 (2%) - 2 (2%) -
Switzerland - - 2 (2%) 366M (3%)
Spain 1 (2%) - 1 (1%) -
New Zealand - - 1 (1%) 255M (2%)
Australia - - 1 (1%) -
Finland - - 1 (1%) -
Domestic 12 (25%) 2.7B (42%) 54 (41%) 5.1B (43%)
Cross-border 36 (75%) 3.8B (58%) 79 (59%) 6.8B (57%)
Total 48 $6.5B 133 $11.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 18 (38%) 4.8B (74%) 44 (33%) 7.1B (60%)
Buyout (LBO, MBO, MBI) 5 (10%) - 28 (21%) 656M (6%)
Growth Capital 13 (27%) - 25 (19%) -
Stake Purchase 4 (8%) - 11 (8%) 54M (< 1%)
Divestiture 1 (2%) - 10 (8%) 1.3B (11%)
Going Private 2 (4%) 1.7B (26%) 8 (6%) 2.7B (23%)
Consolidation 4 (8%) - 4 (3%) -
Recapitalization 1 (2%) - 2 (2%) -
PIPE - - 1 (1%) -
Total 48 $6.5B 133 $11.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 29 (35%) 5.7B (42%)
Trade Sale - Public Company 23 (27%) 6.4B (47%)
Trade Sale 22 (26%) 1.5B (11%)
Merger 4 (5%) -
IPO 2 (2%) -
Sold to Management 2 (2%) -
Bankruptcy 1 (1%) -
Unknown 1 (1%) -
Total 84 $13.6B

Top M&A Advisors

Financial Deals
Deloitte
 7
Rothschild Global Advisory
 4
Robert W. Baird & Co., Inc.
 4
Legal Deals
Clifford Chance
 9
Linklaters LLP
 6
Hogan Lovells
 5

Deal Values

buy # Total
> $1B 3 $5.5B
$100M to $1B 20 $6.0B
< $100M 7 $449M
TOTAL $11.9B
Largest P&I Personal & Informatik AG (P&I)
$2.3B (2019-12-23)
sell # Total
> $1B 4 $5.6B
$100M to $1B 21 $7.7B
< $100M 6 $394M
TOTAL $13.7B
Largest Transporeon GmbH
$2.1B (2022-12-12)

M&A Connections

Deals
Acquired from
Investor(s)
35%
47 (35%)
Strategic(s)
8%
10 (8%)
Exited to
Investor(s)
33%
28 (33%)
Strategic(s)
54%
45 (54%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

65.0B USD

Established

2000

Specialist/Generalist

Generalist

Leadership

Andrew Sukawaty

Chairman of Hg's New York Office

Justin von Simson

Managing Partner

Matthew Brockman

Managing Partner, Chair of the Hg Investment Committee and Member of the Operating Committee

Nic Humphries

Senior Partner

Stephen Bough

Deputy-Chairman of Hg

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