1st Half 2010 Key Highlights
The largest transaction by value was the announced acquisition of SkillSoft plc by Bain Capital, Berkshire Partners LLC and Advent International Corp. for $1.06 billion.
The largest segment by transaction volume was Corporate & Professional, with 18 transactions, which represents 24% of total transaction volume in the industry.
Of the top ten transactions by value, four were financially sponsored: the aforementioned SkillSoft plc transaction, Ontario Teachers Pension Plan’s pending acquisition of Acorn Care & Education Ltd. for $245 million, JLL Partners’ pending acquisition of Ross Learning LLC for $232 million, and Thoma Bravo, LLC’s pending acquisition of PLATO Learning, Inc. for $137 million.
1st Half 2010 Key Trends
Total transaction volume in 1st Half 2010 decreased by 14 percent over 2nd Half 2009 from 86 in 2009 to 74 in 2010.
Total transaction value in 1st Half 2010 decreased by 18 percent over 2nd Half 2009, from $2.71 billion in 2009 to $2.22 billion in 2010.
M&A Market Overview
Berkery Noyes tracked 509 transactions between 2008 and 1st Half 2010, of which 159 disclosed financial terms, and calculated the aggregate transaction value to be $10.51 billion. Based on known transaction values, we project the value of the 342 undisclosed transactions to be $3.29 billion for a combined total transaction value of $13.80 billion within the industry over the past 30 months.
The largest transaction by value between 2008 and 1st Half 2010 was Bain Capital’s acquisiton of Bright Horizons Family Solutions for $1.33 billion.
The most active buyer the past 30 months was The Riverside Company with 9 transactions within the Education industry.