HGGC Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HGGC has invested in 2 companies.

HGGC’s most common sectors for investment areinternet software and services (25%) and software (15%) . The Firm’s most common investment types include growth capital (30%) and secondary buyout (27%). In total, HGGC has invested in 18 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Monotype Imaging Holdings for $825M.

In the last 3 years, HGGC has exited 1 company. The Firm’s most common exit type is trade sale (60%). HGGC’s largest (disclosed) exit occurred in 2012 when it sold Sunquest Information Systems for $1.4B.

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M&A Summary

  • M&A Total Activity61
    • M&A Buy Activity41
    • M&A Sell Activity20
  • Total Sectors Invested 16
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 26
  • M&A Advisors 11

HGGC

1950 University Avenue,
Palo Alto, California 94303
United States
(650) 321-4910
www.hggc.com
nbarenz@hggc.com

HGGC (formerly Huntsman Gay Global Capital) focuses on middle-market leveraged buyouts, growth equity financings, recapitalizations, take privates, and corporate divestitures. The Firm primarily targets North American companies, but will consider international opportunities as well. HGGC looks to invest $25 to $100 million in companies generating sales of $75 million to $1 billion. HGGC primarily targets enterprise software companies, however, the Firm will also consider opportunities in business services, consumer services, financial services, healthcare, industrial services, and information services. HGGC was formed in 2007 and is based in Palo Alto, California.


Investment Criteria

Sectors of Interest: Business Services, Communications, Construction, Consumer Products, Engineering, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Insurance, Internet Software and Services, Machinery, Plastics, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 100 -
Target EBITDA 15 40
Investment Size 25 100
Enterprise Value 100 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.2/yr) # 35 4 1 1 - - 41
vol $2.7B $2.7B
Sell (0.6/yr) # 17 2 1 - - - 20
vol $4.4B $200M $4.6B
  61

Most Recent M&A

Company Date Value Type
Dentive LLC 2023-01-19 - Growth Capital
Provo, Utah · www.godentive.com
Upland Software, Inc. 2022-07-14 - Stake Purchase
Austin, Texas · www.uplandsoftware.com
Aventri, Inc. 2022-01-10 - Merger
Norwalk, Connecticut · www.aventri.com
Grand Fitness Partners 2021-11-18 - Growth Capital
Toms River, New Jersey
Natural Partners LLC 2021-11-09 - Growth Capital
Ottawa, Ontario · www.fullscript.com
Beauty Industry Group, Inc. 2021-08-11 - Secondary Buyout
Salt Lake City, Utah · www.beautyindustrygroup.com
Dealer-FX Group, Inc. 2021-03-08 200M USD Add-on Acquisition
Markham, Ontario · www.dealer-fx.net
Buildertrend Solutions, Inc. 2021-02-24 - Growth Capital
Omaha, Nebraska · www.buildertrend.com
Marmic Fire & Safety Co. 2021-02-02 - Secondary Buyout
Joplin, Missouri · www.marmicfire.com
Specialist Risk Group Ltd. 2020-12-21 - Buyout (LBO, MBO, MBI)
London, United Kingdom · www.specialistrisk.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Monotype Imaging Holdings, Inc. 2019-07-26 Fontworks Co., Ltd. 2023-07-19 5
Woburn, Massachusetts · www.monotype.com Tokyo, Japan · www.fontworks.co.jp
Monotype Imaging Holdings, Inc. 2019-07-26 Berthold - Renowned Typeface Inventory 2022-08-25 4
Woburn, Massachusetts · www.monotype.com Berlin, Germany
Peter C. Foy & Associates Insurance Services LLC 2020-04-01 Professional Warranty Service Corp. 2022-08-04 17
Woodland Hills, California · www.pcfinsuranceservices.com Chantilly, Virginia · www.pwsc.com
HelpSystems LLC 2018-04-04 Alert Logic, Inc. 2022-03-09 16
Eden Prairie, Minnesota · www.helpsystems.com Houston, Texas · www.alertlogic.com
HelpSystems LLC 2018-04-04 Tripwire, Inc. 2022-02-09 15
Eden Prairie, Minnesota · www.helpsystems.com Portland, Oregon · www.tripwire.com
HelpSystems LLC 2018-04-04 Digital Guardian, Inc. 2021-10-27 14
Eden Prairie, Minnesota · www.helpsystems.com Waltham, Massachusetts · www.digitalguardian.com
HelpSystems LLC 2018-04-04 PhishLabs, Inc. 2021-10-19 13
Eden Prairie, Minnesota · www.helpsystems.com Charleston, South Carolina · www.phishlabs.com
Monotype Imaging Holdings, Inc. 2019-07-26 Olapic, Inc. 2020-09-29 1
Woburn, Massachusetts · www.monotype.com New York, New York · www.olapic.com
HelpSystems LLC 2018-04-04 TITUS, Inc. 2020-06-25 12
Eden Prairie, Minnesota · www.helpsystems.com Ottawa, Ontario · www.titus.com
HelpSystems LLC 2018-04-04 Boldon James Ltd. 2020-06-25 11
Eden Prairie, Minnesota · www.helpsystems.com Farnborough, United Kingdom · www.boldonjames.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 5 (24%) 825M (60%) 10 (24%) 825M (31%)
Software 2 (10%) - 6 (15%) 450M (17%)
Insurance 4 (19%) - 5 (12%) -
Business Services 2 (10%) 555M (40%) 3 (7%) 555M (21%)
Consumer Products - - 3 (7%) 446M (17%)
Information Technology 3 (14%) - 3 (7%) -
Information Services 1 (5%) - 2 (5%) -
Medical Products - - 1 (2%) 381M (14%)
Construction - - 1 (2%) -
Education 1 (5%) - 1 (2%) -
Food - - 1 (2%) -
Franchising 1 (5%) - 1 (2%) -
Machinery - - 1 (2%) -
Plastics - - 1 (2%) -
Safety/Security 1 (5%) - 1 (2%) -
Technology Hardware 1 (5%) - 1 (2%) -
Total 21 $1.4B 41 $2.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (86%) 1.4B (100%) 35 (85%) 2.7B (100%)
  California 4 (19%) 555M (40%) 10 (24%) 1.5B (55%)
  Texas 4 (19%) - 5 (12%) -
  Utah 1 (5%) - 2 (5%) -
  Florida 1 (5%) - 2 (5%) -
  Connecticut 1 (5%) - 2 (5%) -
  Louisiana - - 2 (5%) -
  Massachusetts 1 (5%) 825M (60%) 1 (2%) 825M (31%)
  New York 1 (5%) - 1 (2%) -
  New Jersey 1 (5%) - 1 (2%) -
  Nebraska 1 (5%) - 1 (2%) -
  Missouri 1 (5%) - 1 (2%) -
  Minnesota 1 (5%) - 1 (2%) -
  Georgia 1 (5%) - 1 (2%) -
  Arizona - - 1 (2%) 381M (14%)
  Vermont - - 1 (2%) -
  Oklahoma - - 1 (2%) -
  Ohio - - 1 (2%) -
  Illinois - - 1 (2%) -
Canada 1 (5%) - 3 (7%) -
  Ontario 1 (5%) - 2 (5%) -
  Quebec - - 1 (2%) -
United Kingdom 2 (10%) - 2 (5%) -
Germany - - 1 (2%) -
Domestic 18 (86%) 1.4B (100%) 35 (85%) 2.7B (100%)
Cross-border 3 (14%) - 6 (15%) -
Total 21 $1.4B 41 $2.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 7 (33%) - 12 (29%) -
Secondary Buyout 5 (24%) - 11 (27%) 450M (17%)
Buyout (LBO, MBO, MBI) 5 (24%) - 10 (24%) 381M (14%)
Going Private 2 (10%) 1.4B (100%) 3 (7%) 1.8B (69%)
Recapitalization - - 2 (5%) -
Stake Purchase 1 (5%) - 2 (5%) -
Venture 1 (5%) - 1 (2%) -
Total 21 $1.4B 41 $2.7B

Exits by Deal Type

Type Total # Value
Trade Sale 7 (35%) -
Trade Sale - Public Company 5 (25%) 4.3B (92%)
Secondary Sale 3 (15%) 380M (8%)
Merger 3 (15%) -
Recapitalization 1 (5%) -
Stake Sale 1 (5%) -
Total 20 $4.6B

Top M&A Advisors

Financial Deals
Evercore Group LLC
 2
Jefferies
 2
Morgan Stanley
 1
Legal Deals
Kirkland & Ellis
 9
King & Wood Mallesons
 1

Deal Values

buy # Total
$100M to $1B 5 $2.7B
TOTAL $2.7B
Largest Monotype Imaging Holdings, Inc.
$825M (2019-07-26)
sell # Total
> $1B 2 $2.7B
$100M to $1B 4 $1.9B
TOTAL $4.6B
Largest Sunquest Information Systems, Inc.
$1.4B (2012-07-30)

M&A Connections

Deals
Acquired from
Investor(s)
29%
12 (29%)
Exited to
Investor(s)
25%
5 (25%)
Strategic(s)
75%
15 (75%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

4.3B USD

Established

2007

Specialist/Generalist

Generalist

Leadership

Richard Lawson

Co-Founder & CEO, Chairman

Gregory Benson

Co-Founder & Executive Director

Robert Gay

Co-Founder & Executive Director

Steve Young

Co-Founder & President

Bill Conrad

Partner

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