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Venture Capital

Leap into PitchBook’s Leap Day data

As the industry’s leading financial data provider, accuracy is not something we take lightly. We get down to the decimal points to provide our users with reliable data to help them win. But when it comes to accuracy, the same can’t be said for our calendar system.

Once every four years we see the fruits of miscalculations appear in an extra 24 hours on February 29. A calendrical phenomenon dating back to the days of Julius Caesar, Leap Day’s existence is necessitated by the disappearance of 5 hours, 46 minutes, and 48 seconds from every calendar year due to rounding errors.

Leap Day data

According to data from NASA, it takes the Earth approximately 365.2422 days to make a singular revolution around the sun—about six hours more than we account for in our calendar year. Without the quadrennial addition of Leap Day, this discrepancy would cause the seasons to drift in our calendar, altering our experience of the world as we’ve come to know it.

But even the addition of Leap Day causes rounding issues of its own. Every four years, the missing time we accumulate is not exactly 24 hours—it’s 23.2622 hours. With a leap year, we overcompensate by adding an extra 44 minutes to our calendar every four years. That’s why not every year that’s divisible by four is a leap year—years divisible by 100 are skipped to prevent the drifting seasons Leap Day was invented to keep us away from.

When Julius Caesar switched from a lunar to a solar calendar and instated the 365-day year in 46 B.C.E., he couldn’t have known the effects these simple rounding errors would have centuries later. Thankfully, data accuracy has come a long way, and Leap Day has become just another day to chase down opportunities. And while the day itself may be the poster child for inaccuracy, this list of deals made on Leap Days past is as accurate as they come.

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PitchBook’s Leap Data

These companies used their extra day to take an extra big leap. Explore the top PE and VC deals made on February 29 from 2000-2020.

PE

5. Metro Performance Glass
Glass processor and supplier based in New Zealand
Deal type: Buyout/LBO
Investors: Bain Capital, Crescent Capital Partners, Deutsche Bank, J.P. Morgan
Seller/Exiter: Catalyst Investment Managers
Deal amount: $179.10M
Deal date: February 29, 2012

4. Citadel Plastics Holdings
Owner and operator of companies in the plastics industry
Deal type: Buyout/LBO
Investors: Babson Capital Management, Charlesbank Capital Partners, HGGC
Sellers/Exiters: PNC Mezzanine Capital, Wind Point Partners
Deal amount: $200.00M
Deal date: February 29, 2012

3. Qualcare Holdings
Provider of integrated aged care services based in New Zealand
Deal type: Buyout/LBO
Investors: Macquarie Group, Oceania Healthcare
Seller/Exiter: Ironbridge Capital
Deal amount: $304.00M
Deal date: February 29, 2008

2. Outsourcing Solutions (Chesterfield)
Provider of business process outsourcing solutions
Deal type: Buyout/LBO
Investors: Expert Global Solutions, One Equity Partners
Seller/Exiter: Madison Dearborn Partners
Deal amount: $325.00M
Deal date: February 29, 2008

1. Capital Dynamics (175 Megawatt Solar Photovoltaic Project in Arizona, United States)
Solar energy project
Deal type: PE Growth/Expansion
Investors: GE Energy Financial Services, LS Power Group
Deal amount: $550.00M
Deal date: February 29, 2012

VC

5. Martha Stewart & Marley Spoon
Food preparation company
Investor: German Media Pool
Deal size: $44.00M
Deal type: Early stage VC
Deal date: February 29, 2016

4. Yammer
Developer of an enterprise social networking software
Investor: Led by DFJ Growth
Pre-money valuation: $530.60M
Post-money valuation: $615.60M
Deal size: $85.00M
Deal type: Later stage VC, Series F
Deal date: February 29, 2012

3. CMC Biologics
Manufacturer of active biopharmaceutical ingredients
Investors: Included Monitor Clipper Partners, IPSA, European Equity Partners
Deal size: $165.30M
Deal type: Later stage VC
Deal date: February 29, 2008

2. Souq
Online product marketplace provider
Investors: Naspers, Sands Capital, Sofina
Pre-money valuation: $725.00M
Post-money valuation: $1.00B
Deal size: $275.00M
Deal type: Later stage VC, Series D
Deal date: February 29, 2016

1. UCAR Technology
Provider of an on-demand car hailing platform
Investors: China International Capital, Yunfeng Capital, Joy Capital (Beijing), Jinglong Capital
Pre-money valuation: $3.81B
Post-money valuation: $4.38B
Deal size: $561.09M
Deal type: Later stage VC, Series C
Deal date: February 29, 2016

Find deals from any date using the PitchBook Platform

With our customizable search tools, you can narrow down deals by date quickly and easily, from Leap Day and beyond. You can also search by industry, deal type, deal size, and so much more. Learn more about PitchBook’s data, and how to find the information you need to win.