Private Equity Info Blog

Top private equity firms, ranked by number of add-on investments

Written by Andy Jones | Private Equity Info | Aug 27, 2024 11:53:13 AM

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 

  1. Genstar Capital (San Francisco, CA) – 30 add-ons 
  2. Alpine Investors (San Francisco, CA) – 30 add-ons 
  3. Riverside Company, The (New York, NY) – 27 add-ons 
  4. Kinderhook Industries (New York, NY) – 27 add-ons 
  5. Freeman Spogli & Co. (New York, NY) – 27 add-ons 
  6. Insight Partners (New York, NY) – 27 add-ons 
  7. Frontenac Company (San Francisco, CA) – 27 add-ons 
  8. Altas Partners (Toronto, Ontario) – 25 add-ons 
  9. Wind Point Partners (Chicago, IL) – 22 add-ons 
  10. 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 

  1. Genstar Capital (San Francisco, CA) – 30 add-ons 
  2. Insight Partners (New York, NY) – 27 add-ons 
  3. Altas Partners (Toronto, Ontario) – 25 add-ons 
  4. Leonard Green & Partners (Los Angeles, CA) – 22 add-ons 
  5. Thoma Bravo (Chicago, IL) – 21 add-ons 
  6. TA Associates (Menlo Park, CA) – 20 add-ons 
  7. Madison Dearborn Partners (Chicago, IL) – 19 add-ons 
  8. Onex Partners (New York, NY) – 14 add-ons 
  9. Oak Hill Capital (New York, NY) – 14 add-ons 
  10. HarbourVest Partners (Boston, MA) – 12 add-ons 

Top 10 Private Equity Firms for add-on investments – Large 

  1. Alpine Investors (San Francisco, CA) – 30 add-ons 
  2. Freeman Spogli & Co. (New York, NY) – 27 add-ons 
  3. Riverside Company, The (New York, NY) – 27 add-ons 
  4. Gryphon Investors (San Francisco, CA) – 27 add-ons 
  5. Wind Point Partners (Chicago, IL) – 22 add-ons 
  6. LLR Partners (Philadelphia, PA) – 20 add-ons 
  7. A&M Capital Partners (Greenwich, CT) – 18 add-ons 
  8. Knox Lane (San Francisco, CA) – 18 add-ons 
  9. Arlington Capital Partners (Bethesda, MD) – 16 add-ons 
  10. Battery Ventures (Boston, MA) – 15 add-ons 

Top 10 Private Equity Firms for add-on investments – Mid 

  1. Kinderhook Industries (New York, NY) – 27 add-ons 
  2. Frontenac Company (Chicago, IL) – 26 add-ons 
  3. NMS Capital (New York, NY) – 21 add-ons 
  4. Gemspring Capital (Westport, CT) – 17 add-ons 
  5. RFE Investment Partners (Westport, CT) – 15 add-ons 
  6. HCI Equity Partners (Washington, DC) – 14 add-ons 
  7. Align Capital Partners (Dallas, TX) – 13 add-ons 
  8. Blue Sea Capital (West Palm Beach, FL) – 13 add-ons 
  9. Levine Leichtman Capital Partners (Beverly Hills, CA) – 13 add-ons 
  10. Renovus Capital Partners (Wayne, PA) – 12 add-ons 

Top 10 Private Equity Firms for add-on investments – Small 

  1. O2 Investment Partners (Bloomfield Hills, MI) – 18 add-ons 
  2. Osceola Capital Management (Tamps, FL) – 18 add-ons 
  3. JAL Equity (Sarasota, FL) – 16 add-ons 
  4. Halle Capital Management (New York, NY) – 12 add-ons 
  5. Trivest Partners (Coral Gables, FL) – 11 add-ons 
  6. RF Investment Partners (New York, NY) – 10 add-ons 
  7. RTC Partners (Miami, FL) – 10 add-ons 
  8. White Wolf Capital (Miami, FL) – 10 add-ons 
  9. Copley Equity Partners (Quincy, MA) – 9 add-ons 
  10. MedEquity Capital (Waltham, MA) – 8 add-ons 

Private Equity Info’s cutting-edge M&A research database lets you search, identify and connect with key executives across the entire M&A landscape. Since 2005, our focus on data accuracy, ease-of-use, and personalized customer service has made us an invaluable partner to investment bankers, private equity firms and other professionals in M&A.
View full post