GIC Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

In the last 3 years, GIC has acquired 5 companies. It has also invested in 2 others.

GIC’s most common sectors for investment areinformation technology (11%) and internet software and services (11%) . The Firm’s most common investment types include secondary buyout (35%) and stake purchase (19%). In total, GIC has invested in 11 US states and 16 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Medline Industries for $34.0B.

In the last 3 years, GIC has exited 3 companies. The Firm’s most common exit type is trade sale (40%). GIC’s largest (disclosed) exit occurred in 2020 when it sold Ancestry.com for $4.7B.

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M&A Summary

  • M&A Total Activity48
    • M&A Buy Activity38
    • M&A Sell Activity10
  • Total Sectors Invested 24
  • Total Countries Invested 16
  • M&A Buy/Sell Connections 31
  • M&A Advisors 19

GIC

168 Robinson Road, #37-01 Capital Tower,
Singapore, 068912
Singapore
(65) 6889 8888
www.gic.com.sg

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


Investment Criteria

Sectors of Interest: Business Services, Energy Services and Equipment, Engineering, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Manufacturing, Metals/Mining, Retail, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

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

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

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.6/yr) # 30 1 4 3 - - 38
vol $41.0B $48.0B $89.0B
Sell (1.2/yr) # 4 3 1 1 1 - 10
vol $1.8B $4.7B $1.5B $8.0B
  48

Most Recent M&A

Company Date Value Type
Biotrop Soluções Biológicas 2023-09-07 - Trade Sale
São Paulo, Brazil · www.biotrop.com.br
Laboratoire Unither Amiens 2022-10-26 - Secondary Buyout
Amiens Cedex 2, France · www.unither-pharma.com
Sani/Ikos Group 2022-09-22 - Stake Purchase
Halkidiki, Greece · www.saniikos.com
Direct ChassisLink, Inc. 2022-06-24 - Secondary Buyout
Charlotte, North Carolina · www.dcli.com
Siccar Point Energy Ltd. 2022-04-11 1.5B USD Trade Sale
Aberdeen, United Kingdom · www.siccarpointenergy.co.uk
Nordic Aviation Capital A/S 2021-12-11 - Bankruptcy
Limerick City, Ireland · www.nac.dk
McAfee Corp. 2021-11-08 14.0B USD Going Private
Santa Clara, California · www.mcafee.com
Medline Industries, Inc. 2021-06-05 34.0B USD Buyout (LBO, MBO, MBI)
Northfield, Illinois · www.medline.com
Ascensus LLC 2021-04-26 - Secondary Buyout
Dresher, Pennsylvania · www.ascensus.com
Altium Packaging LLC 2021-03-12 - Stake Purchase
Atlanta, Georgia · www.altiumpkg.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
UKG, Inc. 2007-03-23 Immedis 2023-06-06 22
Lowell, Massachusetts · www.ukg.com Dublin, Ireland · www.immedis.com
Visma Oy 2017-06-29 twoday 2022-06-16 3
Oslo, Norway · www.visma.com Copenhagen, Denmark · www.twoday.com
Medline Industries, Inc. 2021-06-05 Asid Bonz GmbH 2022-04-04 2
Northfield, Illinois · www.medline.com Herrenberg, Germany · www.asid-bonz.de
Visma Oy 2017-06-29 Lyanthe BV 2022-03-10 42
Oslo, Norway · www.visma.com Echt, Netherlands · www.lyanthe.com
UKG, Inc. 2007-03-23 Ascentis Corp. 2022-03-09 21
Lowell, Massachusetts · www.ukg.com Eden Prairie, Minnesota · www.ascentis.com
Ascensus LLC 2021-04-26 Newport Group, Inc. 2021-11-03 2
Dresher, Pennsylvania · www.ascensus.com Walnut Creek, California · www.newportgroup.com
WaterBridge Resources LLC 2019-05-17 Centennial Resource Development LLC - Produced Water Assets 2020-02-25 1
Houston, Texas · www.h2obridge.com Delaware Basin, Texas
Visma Oy 2017-06-29 Onguard Holding 2020-02-20 41
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.onguard.com
UKG, Inc. 2007-03-23 The Ultimate Software Group, Inc. 2020-02-20 20
Lowell, Massachusetts · www.ukg.com Weston, Florida · www.ultimatesoftware.com
RAC Ltd. 2015-12-02 Nebula Systems Ltd. 2019-12-04 1
Walsall, United Kingdom · www.rac.co.uk Buckingham, United Kingdom · www.nebulasystems.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 4 (15%) 22.0B (30%) 4 (11%) 22.0B (25%)
Internet Software and Services 2 (7%) 1.8B (2%) 4 (11%) 13.6B (15%)
Financial Services 1 (4%) 2.0B (3%) 3 (8%) 2.0B (2%)
Medical Products 2 (7%) 34.0B (46%) 2 (5%) 34.0B (38%)
Transportation 2 (7%) 8.4B (11%) 2 (5%) 8.4B (9%)
Information Services - - 2 (5%) 3.2B (4%)
Real Estate 2 (7%) 2.7B (4%) 2 (5%) 2.7B (3%)
Consumer Services 2 (7%) 320M (< 1%) 2 (5%) 320M (< 1%)
Business Services 1 (4%) - 2 (5%) -
Infrastructure 1 (4%) 2.8B (4%) 1 (3%) 2.8B (3%)
Aerospace - - 1 (3%) -
Agriculture - - 1 (3%) -
Automotive 1 (4%) - 1 (3%) -
Communications 1 (4%) - 1 (3%) -
Energy Services and Equipment 1 (4%) - 1 (3%) -
Healthcare Services 1 (4%) - 1 (3%) -
Insurance 1 (4%) - 1 (3%) -
Leisure 1 (4%) - 1 (3%) -
Life Science 1 (4%) - 1 (3%) -
Metals/Mining 1 (4%) - 1 (3%) -
Oil/Gas Exploration - - 1 (3%) -
Packaging 1 (4%) - 1 (3%) -
Retail - - 1 (3%) -
Utilities 1 (4%) - 1 (3%) -
Total 27 $74.1B 38 $89.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (33%) 69.0B (93%) 13 (34%) 83.4B (94%)
  California 2 (7%) 22.0B (30%) 3 (8%) 22.8B (26%)
  Illinois 1 (4%) 34.0B (46%) 1 (3%) 34.0B (38%)
  Connecticut 1 (4%) 8.4B (11%) 1 (3%) 8.4B (9%)
  Texas 1 (4%) 2.8B (4%) 1 (3%) 2.8B (3%)
  Massachusetts 1 (4%) 1.8B (2%) 1 (3%) 1.8B (2%)
  Pennsylvania 1 (4%) - 1 (3%) -
  North Carolina 1 (4%) - 1 (3%) -
  Georgia 1 (4%) - 1 (3%) -
  Florida - - 1 (3%) 11.0B (12%)
  Utah - - 1 (3%) 2.6B (3%)
  Arizona - - 1 (3%) -
United Kingdom 5 (19%) - 7 (18%) 588M (1%)
Czech Republic 2 (7%) 2.7B (4%) 2 (5%) 2.7B (3%)
Singapore 2 (7%) - 2 (5%) -
India 1 (4%) - 2 (5%) -
Australia 1 (4%) - 2 (5%) -
Spain 1 (4%) 2.0B (3%) 1 (3%) 2.0B (2%)
Sweden 1 (4%) 320M (< 1%) 1 (3%) 320M (< 1%)
France 1 (4%) - 1 (3%) -
Greece 1 (4%) - 1 (3%) -
Indonesia 1 (4%) - 1 (3%) -
Norway 1 (4%) - 1 (3%) -
Philippines 1 (4%) - 1 (3%) -
China - - 1 (3%) -
Brazil - - 1 (3%) -
Ireland - - 1 (3%) -
Total 27 $74.1B 38 $89.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 10 (37%) 7.9B (11%) 13 (34%) 11.2B (13%)
Stake Purchase 6 (22%) - 7 (18%) -
Going Private 3 (11%) 24.2B (33%) 4 (11%) 35.2B (40%)
Buyout (LBO, MBO, MBI) 2 (7%) 34.0B (46%) 4 (11%) 34.0B (38%)
Divestiture 2 (7%) 8.0B (11%) 4 (11%) 8.6B (10%)
Growth Capital 2 (7%) - 4 (11%) -
Joint Venture 1 (4%) - 1 (3%) -
PIPE 1 (4%) - 1 (3%) -
Total 27 $74.1B 38 $89.0B

Exits by Deal Type

Type Total # Value
Trade Sale 4 (40%) 3.3B (41%)
IPO 2 (20%) -
Merger 2 (20%) -
Secondary Sale 1 (10%) 4.7B (59%)
Bankruptcy 1 (10%) -
Total 10 $8.0B

Top M&A Advisors

Financial Deals
Citigroup Investment Banking
 2
Credit Suisse Investment Banking
 2
Barclays Investment Bank
 2
Legal Deals
Sidley
 4
Kirkland & Ellis
 1
McCarthy Tétrault
 1

Deal Values

buy # Total
> $1B 10 $87.3B
$100M to $1B 3 $1.7B
TOTAL $89.0B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 3 $8.0B
TOTAL $8.0B
Largest Ancestry.com, Inc.
$4.7B (2020-08-05)

M&A Connections

Deals
Acquired from
Investor(s)
42%
16 (42%)
Strategic(s)
24%
9 (24%)
Exited to
Investor(s)
10%
1 (10%)
Strategic(s)
60%
6 (60%)

Investor Summary

Investor Type

Sovereign Wealth Fund

Size

Mega

Established

1981

Specialist/Generalist

Generalist

Leadership

Lim Chow Kiat

CEO

Prakash Kannan

Chief Economist and Head of Total Portfolio Macro & Markets, Economics & Investment Strategy

Deanna Ong

Chief People Officer

Liew Tzu Mi

CIO, Fixed Income

Choo Yong Cheen

CIO, Private Equity

FAQ

When was GIC founded?

GIC was founded in 1981.

What type of investor is GIC?

GIC is a sovereign wealth fund.

Where is GIC headquartered?

GIC is headquartered in Singapore, Singapore.

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