TPG Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TPG has acquired 25 companies. It has also invested in 11 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 (16%). 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 24 companies. The Firm’s most common exit type is trade sale (37%). 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 Activity644
    • M&A Buy Activity399
    • M&A Sell Activity245
  • Total Sectors Invested 51
  • Total Countries Invested 40
  • M&A Buy/Sell Connections 226
  • 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, Nordic, 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (9.4/yr) # 352 11 14 11 9 2 399
vol $300.2B $2.8B $4.0B $4.4B $13.0B $324.2B
Sell (8.6/yr) # 202 19 14 4 5 1 245
vol $157.6B $10.3B $3.3B $7.4B $178.6B
  644

Most Recent M&A

Company Date Value Type
Onfido Ltd. 2024-02-07 - Trade Sale
London , United Kingdom · www.onfido.com
Compass Surgical Partners 2024-01-23 - Stake Purchase
Raleigh, North Carolina · www.compass-sp.com
Sayari Analytics LLC 2024-01-16 - Secondary Buyout
Washington, District of Columbia · www.sayari.com
Outcomes First 1 Ltd. 2023-12-12 - Divestiture
Bolton, United Kingdom · www.outcomesfirstgroup.co.uk
AmSpec LLC 2023-10-11 - Secondary Buyout
Linden, New Jersey · www.amspecllc.com
M8 Pharmaceuticals, Inc. 2023-09-20 - Trade Sale
Brewyn, Pennsylvania · www.m8pharmaceuticals.com
Creative Artists Agency 2023-09-07 - Stake Sale
Los Angeles, California · www.caa.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Delinea, Inc. 2021-01-28 Fastpath Solutions LLC 2024-02-21 2
San Francisco, California · www.delinea.com Des Moines, Iowa · www.gofastpath.com
CLEAResult Consulting, Inc. 2018-06-18 Energetics, Inc. 2024-02-15 3
Austin, Texas · www.clearesult.com Columbia, Maryland · www.energetics.com
Nintex Global Ltd. 2018-02-09 Skuid, Inc. 2023-12-12 6
Bellevue, Washington · www.nintex.com Chattanooga, Tennessee · www.skuid.com
WellSky 2016-12-20 The Corridor Group, Inc. 2023-10-12 13
Overland Park, Kansas · www.wellsky.com Overland Park, Kansas · www.corridorgroup.com
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
Waste Harmonics LLC 2023-06-16 Keter Environmental Services LLC 2023-06-16 1
Victor, New York · www.wasteharmonics.com Stamford, Connecticut · www.keteres.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

M&A by Sector

Sector Current # Value All-time # Value
Life Science 7 (5%) - 42 (11%) 8.2B (3%)
Software 13 (10%) 4.2B (14%) 33 (8%) 23.1B (7%)
Information Technology 19 (14%) 3.3B (11%) 29 (7%) 12.7B (4%)
Internet Software and Services 14 (10%) 10.5B (35%) 29 (7%) 11.5B (4%)
Financial Services 9 (7%) 1.9B (6%) 25 (6%) 9.7B (3%)
Healthcare Services 11 (8%) 4.9B (16%) 23 (6%) 11.5B (4%)
Communications - - 14 (4%) 46.9B (15%)
Medical Products 5 (4%) 625M (2%) 14 (4%) 15.3B (5%)
Business Services 5 (4%) - 14 (4%) 1.2B (< 1%)
Retail - - 12 (3%) 15.4B (5%)
Consumer Products 2 (1%) - 10 (3%) 1.5B (< 1%)
Media 3 (2%) - 9 (2%) 18.8B (6%)
Restaurants 3 (2%) - 8 (2%) 8.7B (3%)
Consumer Services 5 (4%) 4.0B (13%) 8 (2%) 4.0B (1%)
Real Estate 5 (4%) 505M (2%) 8 (2%) 913M (< 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%)
Chemicals 3 (2%) - 7 (2%) 770M (< 1%)
Semiconductors - - 6 (2%) 18.1B (6%)
Food 1 (1%) - 6 (2%) 5.5B (2%)
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%) -
Environmental 3 (2%) - 4 (1%) -
Leisure 4 (3%) - 4 (1%) -
Renewable Energy 3 (2%) - 4 (1%) -
Staffing 2 (1%) - 4 (1%) -
Manufacturing 2 (1%) - 3 (1%) 1.0B (< 1%)
Building Materials 1 (1%) - 3 (1%) 997M (< 1%)
Oil/Gas Exploration 1 (1%) - 3 (1%) 315M (< 1%)
Marketing 2 (1%) - 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 $29.9B 400 $320.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 83 (61%) 29.4B (87%) 268 (67%) 283.6B (87%)
  California 22 (16%) 7.0B (21%) 82 (21%) 33.7B (10%)
  Texas 9 (7%) 4.1B (12%) 35 (9%) 88.2B (27%)
  New York 8 (6%) 4.4B (13%) 13 (3%) 18.1B (6%)
  Massachusetts 3 (2%) - 12 (3%) -
  Florida 4 (3%) 2.0B (6%) 10 (3%) 9.1B (3%)
  Pennsylvania 3 (2%) 4.0B (12%) 10 (3%) 16.2B (5%)
  Illinois 3 (2%) - 9 (2%) 2.6B (1%)
  Arizona 3 (2%) - 8 (2%) -
  Georgia 2 (1%) - 8 (2%) 2.5B (1%)
  Washington 3 (2%) - 7 (2%) 1.6B (< 1%)
  North Carolina 2 (1%) 1.4B (4%) 7 (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%)
  New Jersey 1 (1%) - 5 (1%) 3.5B (1%)
  District of Columbia 3 (2%) - 4 (1%) -
  Colorado 1 (1%) - 4 (1%) 1.4B (< 1%)
  Connecticut - - 4 (1%) 5.2B (2%)
  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%)
  Nevada - - 2 (1%) 30.7B (9%)
  Alabama - - 2 (1%) 1.3B (< 1%)
  Missouri - - 2 (1%) -
  Michigan - - 2 (1%) -
  Maine 1 (1%) 4.0B (12%) 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%)
  Delaware - - 1 (< 1%) -
  South Carolina - - 1 (< 1%) -
  Nebraska - - 1 (< 1%) -
India 16 (12%) - 25 (6%) 60M (< 1%)
China 5 (4%) 1.9B (6%) 19 (5%) 3.8B (1%)
United Kingdom 2 (1%) - 16 (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 (4%) 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 (87%) 268 (67%) 283.6B (87%)
Cross-border 53 (39%) 4.4B (13%) 132 (33%) 42.3B (13%)
Total 136 $33.9B 400 $325.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 28 (21%) - 93 (23%) 60M (< 1%)
Growth Capital 29 (21%) - 63 (16%) -
Secondary Buyout 29 (21%) 7.8B (27%) 62 (16%) 21.2B (7%)
Buyout (LBO, MBO, MBI) 10 (7%) - 43 (11%) 26.1B (9%)
Stake Purchase 16 (12%) - 37 (9%) 2.6B (1%)
Divestiture 12 (9%) 9.6B (34%) 36 (9%) 26.8B (9%)
Going Private 5 (4%) 11.1B (39%) 35 (9%) 214.3B (70%)
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 $28.5B 400 $304.2B

Exits by Deal Type

Type Total # Value
IPO 70 (29%) 10.5B (6%)
Trade Sale - Public Company 53 (22%) 103.9B (62%)
Trade Sale 37 (15%) 16.3B (10%)
Secondary Sale 36 (15%) 34.5B (21%)
Bankruptcy 18 (7%) -
Stake Sale 15 (6%) 1.4B (1%)
Merger 8 (3%) 1.6B (1%)
Shut Down 3 (1%) -
Unknown 2 (1%) -
Recapitalization 1 (< 1%) -
Sold to Existing Investors 1 (< 1%) -
Sold to Management 1 (< 1%) -
Total 245 $168.1B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 15
BofA Securities
 14
UBS Investment Bank
 13
Legal Deals
Ropes & Gray
 32
Cleary Gottlieb Steen & Hamilton
 22
Kirkland & Ellis
 14

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%
73 (18%)
Strategic(s)
9%
36 (9%)
Exited to
Investor(s)
15%
37 (15%)
Strategic(s)
42%
103 (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

FAQ

When was TPG founded?

TPG was founded in 1992.

What type of investor is TPG?

TPG is a private equity firm.

Where is TPG headquartered?

TPG is headquartered in Fort Worth, Texas.

How much capital does TPG have under management?

TPG has 137.0B USD under management.

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