Acquisitions by private equity firms are trending to a higher mix of add-on investments, relative to platform investments, as we reported in a data study published in May.
Using data from our comprehensive M&A Research Database, we ranked private equity firms by the number of add-on investments for existing portfolio companies from January 2023 through June 2024. Although the database is global, we only included U.S. and Canada-based firms in this ranking.
Each of the Top 10 firms shown below averaged more than one add-on per month.
Top 10 Private Equity Firms based in US & Canada in 2024 for add-on investments
- Genstar Capital (San Francisco, CA) – 30 add-ons
- Alpine Investors (San Francisco, CA) – 30 add-ons
- Riverside Company, The (New York, NY) – 27 add-ons
- Kinderhook Industries (New York, NY) – 27 add-ons
- Freeman Spogli & Co. (New York, NY) – 27 add-ons
- Insight Partners (New York, NY) – 27 add-ons
- Frontenac Company (San Francisco, CA) – 27 add-ons
- Altas Partners (Toronto, Ontario) – 25 add-ons
- Wind Point Partners (Chicago, IL) – 22 add-ons
- Leonard Green & Partners (Los Angeles, CA) – 22 add-ons
We also looked at which private equity firms are doing the most add-on investments, differentiated by the typical deal size the firm does for platform investments. For this study, deal size ranges are defined by Enterprise Value:
- Small: $0 – 50 million
- Mid: $50 – 250 million
- Large: $250 – 500 million
- Mega: $500+ million
These ranges are not indicative of the add-on deal sizes, just the typical deal size ranges these firms do for platform investments.
Top 10 Private Equity Firms for add-on investments – Mega
- Genstar Capital (San Francisco, CA) – 30 add-ons
- Insight Partners (New York, NY) – 27 add-ons
- Altas Partners (Toronto, Ontario) – 25 add-ons
- Leonard Green & Partners (Los Angeles, CA) – 22 add-ons
- Thoma Bravo (Chicago, IL) – 21 add-ons
- TA Associates (Menlo Park, CA) – 20 add-ons
- Madison Dearborn Partners (Chicago, IL) – 19 add-ons
- Onex Partners (New York, NY) – 14 add-ons
- Oak Hill Capital (New York, NY) – 14 add-ons
- HarbourVest Partners (Boston, MA) – 12 add-ons
Top 10 Private Equity Firms for add-on investments – Large
- Alpine Investors (San Francisco, CA) – 30 add-ons
- Freeman Spogli & Co. (New York, NY) – 27 add-ons
- Riverside Company, The (New York, NY) – 27 add-ons
- Gryphon Investors (San Francisco, CA) – 27 add-ons
- Wind Point Partners (Chicago, IL) – 22 add-ons
- LLR Partners (Philadelphia, PA) – 20 add-ons
- A&M Capital Partners (Greenwich, CT) – 18 add-ons
- Knox Lane (San Francisco, CA) – 18 add-ons
- Arlington Capital Partners (Bethesda, MD) – 16 add-ons
- Battery Ventures (Boston, MA) – 15 add-ons
Top 10 Private Equity Firms for add-on investments – Mid
- Kinderhook Industries (New York, NY) – 27 add-ons
- Frontenac Company (Chicago, IL) – 26 add-ons
- NMS Capital (New York, NY) – 21 add-ons
- Gemspring Capital (Westport, CT) – 17 add-ons
- RFE Investment Partners (Westport, CT) – 15 add-ons
- HCI Equity Partners (Washington, DC) – 14 add-ons
- Align Capital Partners (Dallas, TX) – 13 add-ons
- Blue Sea Capital (West Palm Beach, FL) – 13 add-ons
- Levine Leichtman Capital Partners (Beverly Hills, CA) – 13 add-ons
- Renovus Capital Partners (Wayne, PA) – 12 add-ons
Top 10 Private Equity Firms for add-on investments – Small
- O2 Investment Partners (Bloomfield Hills, MI) – 18 add-ons
- Osceola Capital Management (Tamps, FL) – 18 add-ons
- JAL Equity (Sarasota, FL) – 16 add-ons
- Halle Capital Management (New York, NY) – 12 add-ons
- Trivest Partners (Coral Gables, FL) – 11 add-ons
- RF Investment Partners (New York, NY) – 10 add-ons
- RTC Partners (Miami, FL) – 10 add-ons
- White Wolf Capital (Miami, FL) – 10 add-ons
- Copley Equity Partners (Quincy, MA) – 9 add-ons
- MedEquity Capital (Waltham, MA) – 8 add-ons
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