Every now and then, we like to take a look at Pitchbook’s league tables. Before taking a look, which entity would you guess is the most active, when measured by deal count? Which deals were the most significant in the second quarter of 2017? Which U.S.-based private equity funds raised the most capital in the second quarter? Which companies saw large private equity exits in the second quarter? Here’s a look.
Most Active Investors by Deal Count
First, which firms were the most active in the second quarter of 2017? Interestingly, Audax Group and HarbourVest Partners came in on top at 16 deals. Following the lead of Audax Group and HarbourVest Partners, the remaining four members (two firms tied at 9 to round out the top 5) of the top 5 most active include Genstar Capital at 10, Kohlberg Kravis Roberts at 10, BC Partners at 9, and Stone Point Capital at 9.
The other members of the top 10 include AlpInvest Partners at 8, Providence Equity Partners at 8, Warburg Pincus at 8, American Securities at 7, New Mountain Capital at 7, and Summit Partners at 7.
The list gets fairly large when expanding to firms that made 6 or fewer deals.
Source: Pitchbook
Select U.S. Private Equity Deals in 2Q 2017
Switching to significant private equity deals in the second quarter of 2017, here’s a look at Pitchbook’s top 5. Before looking, which deals do you think show up on the list? Interestingly, Air Methods shows up on top at $2.5 billion, led by American Securities. The other members include USI Insurance Services (Kohlberg Kravis Roberts/La Caisse) at $2.48 billion, Truck Hero (CCMP Capital Advisors) at $1.5 billion, Intel Security (TPG, Thoma Bravo) at $1.1 billion, and PRO Unlimited (Harvest Partners/Investcorp) at $780 million.
Source: Pitchbook
Select U.S. Private Equity Funds in 2Q 2017
Shifting to the private equity funds raising significant amounts of funds in the second quarter of 2017, Pitchbook reports Silver Lake Partners V at $15 billion as on top. The other notable firms on the list include Vista Equity Partners at $11 billion, Clayton, Dubilier & Rice Fund X at $10 billion, Summit Partners Growth Equity Fund X at $3.3 billion, and GoldPoint Mezzanine Partners IV at $1.3 billion. Judging by the amount of money raised by the private equity industry beyond just these five, one could confidently say that the private equity universe is doing just fine – and appears to continue to have a bright future.
Source: Pitchbook
Select U.S. Private Equity Exits in 2Q 2017
Lastly, shifting to notable private equity exits in the second quarter of 2017, Pitchbook places Tyson Foods’ purchase of AdvancePierre Foods for $3.2 billion as the most notable deals. The other four members of the top 5 notable deals include Kohlberg Dravis Roberts and Stone Point Capital’s $2 billion purchase of Focus Financial Partners at $2 billion, McKesson’s $1.4 billion purchase of CoverMyMeds, Loews $1.2 billion purchase of Consolidated Container Company, and Darden Restaurants’ purchase of Cheddar’s Scratch Kitchen for $780 million.
Source: Pitchbook
Conclusion
Overall, the private equity universe appears healthy, and headed for a reasonably strong end to 2017.
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