TPG Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TPG has acquired 10 companies. It has also invested in 6 others.

TPG’s most common sectors for investment arelife science (11%) and software (9%) . The Firm’s most common investment types include venture (24%) and growth capital (17%). In total, TPG has invested in 36 US states and 40 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, TPG has exited 6 companies. The Firm’s most common exit type is trade sale (36%). TPG’s largest (disclosed) exit occurred in 2008 when it sold Alltel for $28.1B.

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M&A Summary

  • M&A Total Activity632
    • M&A Buy Activity393
    • M&A Sell Activity239
  • Total Sectors Invested 51
  • Total Countries Invested 40
  • M&A Buy/Sell Connections 221
  • M&A Advisors 64

TPG

TPG Inc.

301 Commerce St., Suite 3300,
Fort Worth, Texas 76102
United States
(817) 871-4000
www.tpg.com
inquiries@tpg.com

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Investment Criteria

Sectors of Interest: Aerospace, Airlines, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Digital Media, Distribution, Electronics, Energy Services and Equipment, Environmental, Financial Services, Food, Franchising, Gaming, Healthcare Services, Information Technology, Infrastructure, Insurance, Internet Software and Services, Leisure, Life Science, Manufacturing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment, Transportation, Utilities

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 1,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (6.0/yr) # 363 14 11 5 - - 393
vol $302.9B $4.0B $4.4B $13.0B $324.2B
Sell (4.0/yr) # 219 14 4 2 - - 239
vol $167.9B $3.3B $7.4B $178.6B
  632

Most Recent M&A

Company Date Value Type
New Relic, Inc. 2023-07-31 6.5B USD Going Private
San Francisco, California · www.newrelic.com
NexTech Systems, Inc. 2023-07-19 1.4B USD Secondary Buyout
Tampa, Florida · www.nextech.com
Forcepoint G2CI 2023-07-10 2.5B USD Divestiture
Austin, Texas
Keter Environmental Services LLC 2023-06-16 - Merger
Stamford, Connecticut · www.keteres.com
Vice Media Group 2023-05-15 - Bankruptcy
Brooklyn, New York · www.vice.com
OneOncology 2023-04-20 2.1B USD Secondary Buyout
Nashville, Tennessee · www.oneoncology.com
Elite Information Group, Inc. 2023-04-04 500M USD Divestiture
Eagan, Minnesota
Poonawalla Housing Finance Limited 2022-12-14 - Divestiture
Pune, India · www.poonawallahousing.com
Immucor, Inc. 2022-11-03 2.0B USD Add-on Acquisition
Norcross, Georgia · www.immucor.com
Musixmatch s.p.a 2022-07-27 - Growth Capital
Bologna, Italy · www.musixmatch.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Integrated Media Co. LLC 2018-01-01 Toon Boom Animation, Inc. 2023-07-13 2
, United States · www.integratedmedia.com Montreal, Quebec · www.toonboom.com
People 2.0 2021-02-02 Brookson Group Ltd. 2022-06-21 3
King of Prussia, Pennsylvania · www.people20.com Warrington, United Kingdom · www.brooksongroup.co.uk
Crunch LLC 2018-07-01 Crunch Fitness - Moorestown 2022-04-19 4
New York, New York · www.crunch.com Moorestown, New Jersey
Crunch LLC 2018-07-01 Crunch Fitness - Somerset 2022-04-19 3
New York, New York · www.crunch.com Somerset, New Jersey
Element Markets LLC 2021-01-12 Blue Source LLC 2022-02-23 1
Houston, Texas · www.elementmarkets.com Salt Lake City, Utah · www.bluesource.com
Nintex Global Ltd. 2018-02-09 Kryon Systems Ltd. 2022-02-15 5
Bellevue, Washington · www.nintex.com Tel Aviv, Israel · www.kryonsystems.com
DIRECTV LLC 2021-02-25 Game Show Network LLC 2021-10-18 1
El Segundo, California · www.directv.com Santa Monica, California · www.gsngames.com
People 2.0 2021-02-02 TalentWave 2021-06-08 2
King of Prussia, Pennsylvania · www.people20.com Denver, Colorado · www.talentwave.com
Manipal Hospitals 2015-02-26 Vikram Hospital Pvt. Ltd. 2021-06-03 2
Bengaluru, India · www.manipalhospitals.com Bengaluru, India · www.manipalhospitals.com/millersroad/
Planview, Inc. 2020-11-10 Clarizen, Inc. 2021-01-12 4
Austin, Texas · www.planview.com San Mateo, California · www.clarizen.com

M&A by Sector

Sector Current # Value All-time # Value
Life Science 8 (6%) - 42 (11%) 8.2B (3%)
Software 13 (10%) 4.2B (13%) 33 (8%) 23.1B (7%)
Internet Software and Services 15 (11%) 10.5B (34%) 29 (7%) 11.5B (4%)
Information Technology 18 (13%) 3.3B (11%) 28 (7%) 12.7B (4%)
Financial Services 9 (7%) 1.9B (6%) 25 (6%) 9.7B (3%)
Healthcare Services 10 (7%) 4.9B (16%) 22 (6%) 11.5B (4%)
Communications - - 14 (4%) 46.9B (15%)
Medical Products 5 (4%) 625M (2%) 14 (4%) 15.3B (5%)
Business Services 4 (3%) - 13 (3%) 1.2B (< 1%)
Retail - - 12 (3%) 15.4B (5%)
Consumer Products 2 (1%) - 10 (3%) 1.5B (< 1%)
Media 4 (3%) - 9 (2%) 18.8B (6%)
Restaurants 3 (2%) - 8 (2%) 8.7B (3%)
Real Estate 5 (4%) 505M (2%) 8 (2%) 913M (< 1%)
Consumer Services 4 (3%) 4.0B (13%) 7 (2%) 4.0B (1%)
Education 4 (3%) - 7 (2%) 3.5B (1%)
Apparel/Textiles 3 (2%) - 7 (2%) 3.1B (1%)
Technology Hardware - - 7 (2%) 2.6B (1%)
Semiconductors - - 6 (2%) 18.1B (6%)
Food 1 (1%) - 6 (2%) 5.5B (2%)
Chemicals 3 (2%) - 6 (2%) 770M (< 1%)
Utilities - - 5 (1%) 51.8B (16%)
Insurance - - 5 (1%) 3.2B (1%)
Beverages - - 5 (1%) 1.2B (< 1%)
Distribution - - 4 (1%) 3.3B (1%)
Digital Media 1 (1%) - 4 (1%) 525M (< 1%)
Packaging - - 4 (1%) 500M (< 1%)
Airlines - - 4 (1%) 450M (< 1%)
Energy Services and Equipment - - 4 (1%) -
Leisure 4 (3%) - 4 (1%) -
Renewable Energy 3 (2%) - 4 (1%) -
Staffing 2 (1%) - 4 (1%) -
Manufacturing 3 (2%) 1.0B (3%) 3 (1%) 1.0B (< 1%)
Building Materials 1 (1%) - 3 (1%) 997M (< 1%)
Oil/Gas Exploration 1 (1%) - 3 (1%) 315M (< 1%)
Environmental 2 (1%) - 3 (1%) -
Marketing 3 (2%) - 3 (1%) -
Transportation - - 3 (1%) -
Gaming - - 2 (1%) 30.7B (10%)
Automotive 1 (1%) - 2 (1%) 325M (< 1%)
Agriculture 2 (1%) - 2 (1%) -
Metals/Mining - - 1 (< 1%) 3.3B (1%)
Aerospace - - 1 (< 1%) -
Construction - - 1 (< 1%) -
E-Commerce - - 1 (< 1%) -
Electronics - - 1 (< 1%) -
Engineering 1 (1%) - 1 (< 1%) -
Franchising - - 1 (< 1%) -
Marine 1 (1%) - 1 (< 1%) -
Safety/Security - - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 136 $30.9B 394 $320.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 83 (61%) 29.4B (84%) 264 (67%) 283.6B (87%)
  California 23 (17%) 7.0B (20%) 82 (21%) 33.7B (10%)
  Texas 8 (6%) 4.1B (12%) 34 (9%) 88.2B (27%)
  New York 7 (5%) 4.4B (12%) 12 (3%) 18.1B (6%)
  Massachusetts 3 (2%) - 12 (3%) -
  Florida 5 (4%) 2.0B (6%) 10 (3%) 9.1B (3%)
  Pennsylvania 4 (3%) 4.0B (11%) 10 (3%) 16.2B (5%)
  Illinois 3 (2%) - 9 (2%) 2.6B (1%)
  Washington 4 (3%) - 8 (2%) 1.6B (< 1%)
  Arizona 3 (2%) - 8 (2%) -
  Georgia 2 (1%) - 8 (2%) 2.5B (1%)
  North Carolina 1 (1%) 1.4B (4%) 6 (2%) 7.4B (2%)
  Maryland 4 (3%) - 5 (1%) -
  Tennessee 2 (1%) 2.1B (6%) 5 (1%) 4.1B (1%)
  Indiana 1 (1%) - 5 (1%) 11.6B (4%)
  Virginia 1 (1%) - 5 (1%) 6.5B (2%)
  Colorado 1 (1%) - 4 (1%) 1.4B (< 1%)
  Connecticut - - 4 (1%) 5.2B (2%)
  New Jersey - - 4 (1%) 3.5B (1%)
  District of Columbia 2 (1%) - 3 (1%) -
  Minnesota 1 (1%) 500M (1%) 3 (1%) 500M (< 1%)
  Utah 1 (1%) - 3 (1%) -
  Ohio - - 3 (1%) 3.4B (1%)
  Arkansas 1 (1%) - 2 (1%) 27.5B (8%)
  Missouri 1 (1%) - 2 (1%) -
  Nevada - - 2 (1%) 30.7B (9%)
  Alabama - - 2 (1%) 1.3B (< 1%)
  Michigan - - 2 (1%) -
  Maine 1 (1%) 4.0B (11%) 1 (< 1%) 4.0B (1%)
  Oregon 1 (1%) - 1 (< 1%) -
  Kansas 1 (1%) - 1 (< 1%) -
  Kentucky - - 1 (< 1%) 4.1B (1%)
  Wisconsin - - 1 (< 1%) 450M (< 1%)
  South Carolina - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
  Delaware - - 1 (< 1%) -
India 15 (11%) - 24 (6%) 60M (< 1%)
China 5 (4%) 1.9B (5%) 19 (5%) 3.8B (1%)
United Kingdom 3 (2%) 1.0B (3%) 15 (4%) 12.0B (4%)
Canada 2 (1%) - 6 (2%) 2.8B (1%)
  Quebec - - 3 (1%) 2.8B (1%)
  Ontario 1 (1%) - 2 (1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
Australia 2 (1%) - 5 (1%) 2.9B (1%)
Germany 1 (1%) - 5 (1%) 1.1B (< 1%)
Italy 2 (1%) - 4 (1%) 325M (< 1%)
Singapore 2 (1%) 199M (1%) 4 (1%) 199M (< 1%)
France 1 (1%) - 4 (1%) 5.9B (2%)
Brazil 1 (1%) - 4 (1%) -
Japan 1 (1%) - 3 (1%) -
Switzerland - - 3 (1%) 1.3B (< 1%)
South Korea 2 (1%) - 2 (1%) -
Israel 1 (1%) 1.2B (3%) 2 (1%) 1.2B (< 1%)
Indonesia 1 (1%) - 2 (1%) -
Philippines 1 (1%) - 2 (1%) -
Taiwan 1 (1%) - 2 (1%) -
Vietnam 1 (1%) - 2 (1%) -
Bermuda - - 2 (1%) 1.0B (< 1%)
Malaysia 1 (1%) 1.2B (3%) 1 (< 1%) 1.2B (< 1%)
Argentina 1 (1%) - 1 (< 1%) -
Botswana 1 (1%) - 1 (< 1%) -
Cyprus 1 (1%) - 1 (< 1%) -
Denmark 1 (1%) - 1 (< 1%) -
Kenya 1 (1%) - 1 (< 1%) -
Monaco 1 (1%) - 1 (< 1%) -
Morocco 1 (1%) - 1 (< 1%) -
Saudi Arabia 1 (1%) - 1 (< 1%) -
Sri Lanka 1 (1%) - 1 (< 1%) -
Uganda 1 (1%) - 1 (< 1%) -
Russia - - 1 (< 1%) 2.6B (1%)
Ireland - - 1 (< 1%) 2.0B (1%)
Greece - - 1 (< 1%) 1.8B (1%)
Belgium - - 1 (< 1%) 1.4B (< 1%)
Turkey - - 1 (< 1%) 810M (< 1%)
Czech Republic - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Netherlands - - 1 (< 1%) -
Thailand - - 1 (< 1%) -
Domestic 83 (61%) 29.4B (84%) 264 (67%) 283.6B (87%)
Cross-border 53 (39%) 5.5B (16%) 130 (33%) 42.3B (13%)
Total 136 $34.9B 394 $325.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 31 (23%) - 93 (24%) 60M (< 1%)
Growth Capital 31 (23%) - 64 (16%) -
Secondary Buyout 26 (19%) 7.8B (26%) 59 (15%) 21.2B (7%)
Buyout (LBO, MBO, MBI) 10 (7%) - 43 (11%) 26.1B (9%)
Going Private 6 (4%) 12.2B (41%) 35 (9%) 214.3B (70%)
Stake Purchase 15 (11%) - 35 (9%) 2.6B (1%)
Divestiture 10 (7%) 9.6B (32%) 34 (9%) 26.8B (9%)
PIPE 4 (3%) - 16 (4%) 3.7B (1%)
Recapitalization 1 (1%) - 5 (1%) 9.4B (3%)
Consolidation 2 (1%) - 4 (1%) -
Joint Venture - - 2 (1%) -
Special Situations/Distressed - - 2 (1%) -
Acquisition Financing - - 1 (< 1%) -
Merger - - 1 (< 1%) -
Total 136 $29.5B 394 $304.2B

Exits by Deal Type

Type Total # Value
IPO 70 (29%) 10.5B (6%)
Trade Sale - Public Company 53 (22%) 103.9B (62%)
Secondary Sale 35 (15%) 34.5B (21%)
Trade Sale 35 (15%) 16.3B (10%)
Bankruptcy 18 (8%) -
Stake Sale 13 (5%) 1.4B (1%)
Merger 8 (3%) 1.6B (1%)
Shut Down 2 (1%) -
Unknown 2 (1%) -
Recapitalization 1 (< 1%) -
Sold to Existing Investors 1 (< 1%) -
Sold to Management 1 (< 1%) -
Total 239 $168.1B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 15
Bank of America Merrill Lynch (BofA Securities)
 14
UBS Investment Bank
 13
Legal Deals
Ropes & Gray
 31
Cleary Gottlieb Steen & Hamilton
 22
Kirkland & Ellis
 13

Deal Values

buy # Total
> $1B 63 $310.6B
$100M to $1B 33 $16.3B
< $100M 4 $300M
TOTAL $327.2B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 38 $167.0B
$100M to $1B 25 $11.3B
< $100M 7 $316M
TOTAL $178.6B
Largest Alltel Corp.
$28.1B (2008-06-04)

M&A Connections

Deals
Acquired from
Investor(s)
18%
70 (18%)
Strategic(s)
9%
34 (9%)
Exited to
Investor(s)
14%
33 (14%)
Strategic(s)
42%
100 (42%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

137.0B USD

Established

1992

Specialist/Generalist

Generalist

Leadership

David Bonderman

Chairman & Founding Partner

Timothy Dattels

Chairman , TPG Capital Asia

Chang Sun

Co-Managing Partner

Jack Weingart

Co-Managing Partner

Joel Thickins

Co-Managing Partner

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