Apax Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Apax has acquired 18 companies. It has also invested in 4 others.

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 (25%) and buyout (lbo, mbo, mbi) (24%). In total, Apax has invested in 26 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 17 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 Activity405
    • M&A Buy Activity242
    • M&A Sell Activity163
  • Total Sectors Invested 40
  • Total Countries Invested 28
  • M&A Buy/Sell Connections 147
  • M&A Advisors 83

Apax

Apax Partners LLP

1 Knightsbridge,
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, Nordic, 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (5.6/yr) # 214 6 15 3 2 2 242
vol $81.8B $344M $5.1B $87.3B
Sell (5.4/yr) # 136 10 9 7 1 - 163
vol $69.9B $1.5B $8.5B $585M $80.4B
  405

Most Recent M&A

Company Date Value Type
Integrated Environmental Solutions Ltd. 2024-02-27 - Growth Capital
Glasgow, United Kingdom · www.iesve.com
WGSN Ltd. 2024-02-01 - Divestiture
London, United Kingdom · www.wgsn.com
OCS S.p.A. 2023-12-12 - Secondary Buyout
Brescia, Italy · www.ocsnet.it
Finwave S.p.A. 2023-12-12 - Divestiture
Milan, Italy · www.finwave.it
Go Global Travel Ltd. 2023-05-15 - Trade Sale
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 Sale
Tampa, Florida · www.boassoglobal.com
Authority Brands LLC 2022-09-20 - Secondary Sale
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 - Trade Sale
San Diego, California · www.mycase.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lutech SpA 2021-03-16 Finwave S.p.A. 2023-12-12 1
Cologno Monzese, Italy · www.lutech.it Milan, Italy · www.finwave.it
Bonterra LLC 2021-06-15 WeSpire, Inc. 2023-05-31 4
Austin, Texas · www.bonterratech.com Boston, Massachusetts · www.wespire.com
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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 12 (17%) - 27 (11%) 1.3B (1%)
Internet Software and Services 11 (16%) 3.1B (26%) 25 (10%) 6.1B (7%)
Software 5 (7%) 151M (1%) 22 (9%) 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 69 $12.1B 244 $88.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (39%) 1.8B (15%) 94 (39%) 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%)
  Colorado 2 (3%) - 5 (2%) 1.4B (2%)
  Pennsylvania - - 5 (2%) 6.0B (7%)
  Massachusetts 1 (1%) 397M (3%) 4 (2%) 8.1B (9%)
  Illinois 2 (3%) - 3 (1%) 1.8B (2%)
  New Jersey 1 (1%) - 3 (1%) 16M (< 1%)
  North Carolina 1 (1%) - 3 (1%) -
  Arizona 1 (1%) - 2 (1%) -
  Ohio 1 (1%) - 2 (1%) -
  Georgia 1 (1%) - 2 (1%) -
  Vermont - - 2 (1%) -
  Maine 1 (1%) 570M (5%) 1 (< 1%) 570M (1%)
  Indiana 1 (1%) - 1 (< 1%) -
  Virginia - - 1 (< 1%) 420M (< 1%)
  Minnesota - - 1 (< 1%) 315M (< 1%)
  Alabama - - 1 (< 1%) -
  Washington - - 1 (< 1%) -
  Utah - - 1 (< 1%) -
  Tennessee - - 1 (< 1%) -
  Michigan - - 1 (< 1%) -
  Maryland - - 1 (< 1%) -
  Kentucky - - 1 (< 1%) -
  Connecticut - - 1 (< 1%) -
United Kingdom 9 (13%) 1.7B (14%) 33 (14%) 13.3B (15%)
France - - 18 (7%) 1.1B (1%)
Israel 6 (9%) - 16 (7%) 200M (< 1%)
Germany 3 (4%) - 14 (6%) 646M (1%)
Italy 3 (4%) - 9 (4%) 2.6B (3%)
Netherlands 2 (3%) 5.1B (42%) 9 (4%) 5.9B (7%)
Spain 2 (3%) 1.5B (12%) 7 (3%) 2.4B (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 9 (13%) 1.7B (14%) 33 (14%) 13.3B (15%)
Cross-border 60 (87%) 10.4B (86%) 211 (86%) 75.4B (85%)
Total 69 $12.1B 244 $88.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 25 (36%) 3.5B (29%) 60 (25%) 8.6B (10%)
Buyout (LBO, MBO, MBI) 8 (12%) - 57 (23%) 12.4B (14%)
Venture 3 (4%) - 34 (14%) -
Divestiture 8 (12%) 5.8B (48%) 28 (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 5 (7%) - 14 (6%) 10M (< 1%)
PIPE 3 (4%) - 8 (3%) 15.8B (18%)
Consolidation 1 (1%) - 3 (1%) -
Recapitalization - - 1 (< 1%) -
Total 69 $12.1B 244 $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
BofA Securities
 12
Credit Suisse Investment Banking
 11
J.P. Morgan Securities
 9
Legal Deals
Simpson Thacher & Bartlett
 27
Kirkland & Ellis
 26
Allen & Overy LLP
 7

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)
25%
61 (25%)
Strategic(s)
11%
27 (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

Marcelo Gigliani

Managing Partner, Apax Digital

Ellie Beare

Global Head of Client Services

Bharat Patel

Global Head of Finance

Stephen Kempen

Global Head of Funds Administration

FAQ

When was Apax founded?

Apax was founded in 1981.

What type of investor is Apax?

Apax is a private equity firm.

Where is Apax headquartered?

Apax is headquartered in London, United Kingdom.

How much capital does Apax have under management?

Apax has 60.0B USD under management.

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