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Thomas Fraser

Partner at Ropes & Gray

Lawyer

Boston

Deal Bio

Total Deals25

Valued Deals17

Total Value£ 31.49 B

Avg. Deal Size£ 1.85 B

Market Context

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10 Jul 2019|Switzerland|Clothing and Accessories

Target: KJUS

Bidder: ACUSHNET HOLDINGS

3 Service Providers

1 Target | 2 Bidder

10 Dealmakers

1 Target | 9 Bidder

n/a

Value

24 Feb 2020|United States|Consumer Lending

Target: CREDIT KARMA

Bidder: INTUIT INC

24 Service Providers

8 Target | 7 Bidder | 9 Vendor

122 Dealmakers

34 Target | 68 Bidder | 21 Vendor

£ 5.47 B

Value

26 Feb 2020|United States|Gas Distribution

Target: COLUMBIA GAS OF MASSACHUSETTS

Bidder: EVERSOURCE ENERGY

9 Service Providers

1 Target | 3 Bidder | 5 Vendor

43 Dealmakers

2 Target | 13 Bidder | 28 Vendor

£ 848 M

Value

28 Apr 2020|United States|Investment Banking

Target: LUCIA SECURITIES

Bidder: LPL FINANCIAL HOLDINGS INC

4 Service Providers

2 Target | 2 Bidder

5 Dealmakers

1 Target | 4 Bidder

n/a

Value

30 Jul 2020|United States|Biotechnology

Target: CEREVEL THERAPEUTICS

Bidder: ECOR1 CAPITAL

27 Service Providers

7 Target | 20 Bidder

66 Dealmakers

20 Target | 46 Bidder

£ 1.00 B

Value

02 Dec 2020|United States|Asset Managers and Custodians

Target: WADDELL & REED (WEALTH MANAGEMENT BUSINESS)

Bidder: LPL FINANCIAL HOLDINGS INC

4 Service Providers

3 Bidder | 1 Vendor

10 Dealmakers

9 Bidder | 1 Vendor

£ 216 M

Value

08 Apr 2021|United States|Water

Target: NEW ENGLAND SERVICE COMPANY

Bidder: EVERSOURCE ENERGY

6 Service Providers

3 Target | 3 Bidder

6 Dealmakers

1 Target | 5 Bidder

£ 36 M

Value

05 May 2021|United Kingdom|Biotechnology

Target: INIVATA

Bidder: NEOGENOMICS

19 Service Providers

3 Target | 15 Bidder | 1 Vendor

41 Dealmakers

1 Target | 36 Bidder | 4 Vendor

£ 281 M

Value

06 May 2021|United States|Software

Target: IFIT HEALTH & FITNESS

Bidder: PLANET FITNESS

5 Service Providers

2 Target | 3 Bidder

12 Dealmakers

8 Target | 4 Bidder

n/a

Value

11 May 2021|United States|Biotechnology

Target: GINKGO BIOWORKS INC

Bidder: BAILLIE GIFFORD & CO

26 Service Providers

5 Target | 21 Bidder

107 Dealmakers

46 Target | 61 Bidder

£ 10.64 B

Value

11 Jan 2022|United States|Recreational Services

Target: SUNSHINE FITNESS GROWTH HOLDINGS

Bidder: PLANET FITNESS

6 Service Providers

1 Target | 4 Bidder | 1 Vendor

18 Dealmakers

1 Target | 16 Bidder | 1 Vendor

£ 589 M

Value

27 Jun 2022|United States|Medical Equipment

Target: EARGO

Bidder: PATIENT SQUARE CAPITAL

7 Service Providers

5 Target | 2 Bidder

21 Dealmakers

8 Target | 13 Bidder

£ 101 M

Value

21 Nov 2022|United States|Electronic Components and Equipment

Target: SNAPDRAGON CHEMISTRY

Bidder: CAMBREX CORPORATION

3 Service Providers

1 Target | 2 Bidder

11 Dealmakers

1 Target | 10 Bidder

n/a

Value

22 Dec 2022|United States|IT Services: Other

Target: TREDENCE

Bidder: CHICAGO PACIFIC FOUNDERS

6 Service Providers

2 Target | 4 Bidder

14 Dealmakers

1 Target | 13 Bidder

£ 145 M

Value

11 May 2023|Canada|Software

Target: ABSOLUTE SOFTWARE

Bidder: CROSSPOINT CAPITAL PARTNERS

10 Service Providers

5 Target | 5 Bidder

25 Dealmakers

7 Target | 18 Bidder

£ 673 M

Value

30 Oct 2023|United States|Medical Equipment

Target: EARGO

Bidder: PATIENT SQUARE CAPITAL

6 Service Providers

3 Target | 3 Bidder

9 Dealmakers

2 Target | 7 Bidder

£ 43 M

Value

13 Feb 2024|United States|Landline

Target: BLUE STREAM FIBER

Bidder: SIXTH STREET PARTNERS

7 Service Providers

1 Target | 2 Bidder | 4 Vendor

32 Dealmakers

3 Target | 21 Bidder | 8 Vendor

n/a

Value

07 Jun 2024|United States|Software

Target: POWERSCHOOL

Bidder: BAIN CAPITAL LP

19 Service Providers

7 Target | 10 Bidder | 2 Vendor

60 Dealmakers

33 Target | 27 Bidder | 2 Vendor

£ 4.39 B

Value

11 Jul 2024|United States|FinTech

Target: ENVESTNET

Bidder: NORWEST VENTURE PARTNERS

20 Service Providers

3 Target | 17 Bidder

83 Dealmakers

35 Target | 48 Bidder

£ 3.51 B

Value

27 Jan 2025|United States|Water

Target: AQUARION WATER COMPANY

Bidder: AQUARION WATER AUTHORITY

7 Service Providers

3 Bidder | 4 Vendor

41 Dealmakers

29 Bidder | 12 Vendor

£ 1.92 B

Value

31 Mar 2025|South Africa|Medical Equipment

Target: HEARX

Bidder: PATIENT SQUARE CAPITAL

7 Service Providers

3 Target | 3 Bidder | 1 Vendor

36 Dealmakers

26 Target | 9 Bidder | 1 Vendor

n/a

Value

09 Apr 2025|United States|Insurance Brokers

Target: LINCOLN NATIONAL CORPORATION

Bidder: BAIN CAPITAL LP

8 Service Providers

3 Target | 5 Bidder

35 Dealmakers

13 Target | 23 Bidder

£ 644 M

Value

03 Apr 2025|United States|Health Care Services

Target: THRIVE SKILLED PEDIATRIC CARE

Bidder: AVEANNA HEALTHCARE

8 Service Providers

3 Target | 4 Bidder | 1 Vendor

20 Dealmakers

15 Target | 4 Bidder | 1 Vendor

n/a

Value

25 Jun 2025|United States|Diversified Financials

Target: YODLEE

Bidder: SYMPHONY TECHNOLOGY GROUP

8 Service Providers

5 Bidder | 3 Vendor

39 Dealmakers

26 Bidder | 13 Vendor

n/a

Value

06 Oct 2025|United States|Outsourced HR and Staffing

Target: HEIDRICK & STRUGGLES

Bidder: CORVEX MANAGEMENT

22 Service Providers

5 Target | 17 Bidder

51 Dealmakers

4 Target | 47 Bidder

£ 964 M

Value