Bain Capital Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Bain Capital Private Equity has acquired 12 companies. It has also invested in 6 others.

Bain Capital Private Equity’s most common sectors for investment are healthcare services (9%) and business services (8%). The Firm’s most common investment types include secondary buyout (25%) and buyout (lbo, mbo, mbi) (25%). In total, Bain Capital Private Equity has invested in 29 US states and 26 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired HCA Healthcare for $33.0B.

In the last 3 years, Bain Capital Private Equity has exited 17 companies. The Firm’s most common exit type is trade sale (36%). Bain Capital Private Equity’s largest (disclosed) exit occurred in 2017 when it sold Worldpay UK for $12.0B.

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M&A Summary

  • M&A Total Activity263
    • M&A Buy Activity175
    • M&A Sell Activity88
  • Total Sectors Invested 45
  • Total Countries Invested 26
  • M&A Buy/Sell Connections 131
  • M&A Advisors 52

Bain Capital Private Equity

200 Clarendon Street,
Boston, Massachusetts 02199
United States,
(617)516-2000
www.baincapitalprivateequity.com

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Insurance, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Restaurants, Retail, Safety/Security, Semiconductors, Software, Test/Measurement Equipment, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (8.6/yr) # 132 10 16 11 6 - 175
vol $161.2B $500M $21.2B $2.0B $184.9B
Sell (5.0/yr) # 63 8 9 4 4 - 88
vol $51.6B $12.0B $15.8B $1.2B $2.7B $83.2B
  263

Most Recent M&A

Company Date Value Type
SevOne, Inc. 2019-11-04 - Add-on Acquisition
Wilmington, Delaware · www.sevone.com
Waystar, Inc. 2019-07-29 2.7B USD Secondary Buyout
Louisville, Kentucky · www.waystar.com
Beacon Health Options 2019-06-06 - Add-on Acquisition
Boston, Massachusetts · www.beaconhealthoptions.com
CJ Foods America Corp. 2019-05-23 - Stake Purchase
La Palma, California · www.cjfoods.com
A&R Logistics, Inc. 2019-05-07 - Secondary Buyout
Morris, Illinois · www.artransport.com
Imperial Bag & Paper Company LLC 2019-05-01 - Secondary Buyout
Bayonne, New Jersey · www.imperialbag.com
A Cloud Guru 2019-04-29 - Growth Capital
Twickenham, United Kingdom · www.acloud.guru
CPS Group Holdings, Inc. 2019-03-27 - Secondary Buyout
Memphis, Tennessee · www.cpspharm.com
Innocor, Inc. 2019-03-05 - Merger
West Long Branch, New Jersey · www.innocorinc.com
U.S. Renal Care, Inc. 2019-02-13 - Secondary Buyout
Plano, Texas · www.usrenalcare.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Imperial Bag & Paper Company LLC 2019-05-01 American Paper & Plastics, Inc. 2020-01-08 8
Bayonne, New Jersey · www.imperialbag.com City of Industry, California · www.appinc.com
Imperial Bag & Paper Company LLC 2019-05-01 Wagner Supply Co. 2020-01-06 7
Bayonne, New Jersey · www.imperialbag.com Odessa, Texas · www.wagnersupply.com
Diversey Holdings, Inc. 2017-03-27 Virox Technologies, Inc. - Accelerated Hydrogen Peroxide (AHP) 2019-12-20 1
Sturtevant, Wisconsin · www.diversey.com Oakville, Ontario
A&R Logistics, Inc. 2019-05-07 Plantgistix 2019-11-19 2
Morris, Illinois · www.artransport.com Houston, Texas · www.plantgistix.com
Imperial Bag & Paper Company LLC 2019-05-01 Area Distributors, Inc. 2019-11-18 6
Bayonne, New Jersey · www.imperialbag.com Quincy, Illinois · www.areadistributors.com
Fedrigoni S.p.A. 2017-12-23 Ritrama S.p.A. 2019-10-31 2
Verona, Italy · www.fedrigoni.com Caponago, Italy · www.ritrama.com
Imperial Bag & Paper Company LLC 2019-05-01 Philip Rosenau Co., Inc. 2019-10-21 5
Bayonne, New Jersey · www.imperialbag.com Warminster, Pennsylvania · www.philiprosenau.com
MSX International, Inc. 2017-01-09 Pacific Technology Solutions LLC 2019-10-09 2
Warren, Michigan · www.msxi.com Irvine, California · www.pts1.com
Italmatch Chemicals S.p.A. 2018-06-28 FRX Polymers, Inc. 2019-10-02 4
Genoa, Italy · www.italmatch.it Chelmsford, Massachusetts · www.frxpolymers.com
Italmatch Chemicals S.p.A. 2018-06-28 Water Science Technologies LLC 2019-09-27 3
Genoa, Italy · www.italmatch.it Birmingham, Alabama · www.wstenergy.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 8 (9%) - 15 (8%) 33.7B (18%)
Business Services 7 (8%) 1.6B (2%) 13 (7%) 3.4B (2%)
Software 3 (3%) 2.0B (3%) 11 (6%) 21.6B (12%)
Retail 6 (7%) 3.9B (6%) 11 (6%) 16.8B (9%)
Media 3 (3%) 26.7B (38%) 9 (5%) 32.9B (18%)
Distribution 3 (3%) - 8 (5%) 9.0B (5%)
Financial Services 5 (5%) 2.4B (3%) 8 (5%) 6.7B (4%)
Consumer Products 4 (4%) 2.5B (4%) 8 (5%) 2.5B (1%)
Information Technology 4 (4%) - 8 (5%) 2.4B (1%)
Life Science 4 (4%) - 7 (4%) 6.1B (3%)
Automotive 5 (5%) 879M (1%) 7 (4%) 879M (< 1%)
Restaurants 4 (4%) 5.3B (7%) 6 (3%) 10.0B (5%)
Apparel/Textiles 4 (4%) 685M (1%) 6 (3%) 685M (< 1%)
Machinery 3 (3%) 4.8B (7%) 4 (2%) 5.2B (3%)
Manufacturing 3 (3%) - 4 (2%) 165M (< 1%)
Chemicals 1 (1%) - 4 (2%) -
Internet Software and Services 3 (3%) - 4 (2%) -
Medical Products - - 3 (2%) 1.8B (1%)
Communications - - 3 (2%) 1.3B (1%)
Plastics - - 2 (1%) 2.4B (1%)
Education 1 (1%) - 2 (1%) 1.3B (1%)
Electronics 1 (1%) 1.2B (2%) 2 (1%) 1.2B (1%)
Energy Services and Equipment - - 2 (1%) 545M (< 1%)
Safety/Security 2 (2%) 249M (< 1%) 2 (1%) 249M (< 1%)
Beverages 1 (1%) - 2 (1%) -
Building Materials 2 (2%) - 2 (1%) -
Engineering 1 (1%) - 2 (1%) -
Environmental 1 (1%) - 2 (1%) -
Food 1 (1%) - 2 (1%) -
Packaging 2 (2%) - 2 (1%) -
Real Estate 2 (2%) - 2 (1%) -
Technology Hardware 1 (1%) 18.0B (25%) 1 (1%) 18.0B (10%)
Publishing - - 1 (1%) 1.7B (1%)
Marine - - 1 (1%) 1.5B (1%)
Agriculture - - 1 (1%) 786M (< 1%)
E-Commerce 1 (1%) 500M (1%) 1 (1%) 500M (< 1%)
Electrical Equipment - - 1 (1%) 361M (< 1%)
Airlines 1 (1%) - 1 (1%) -
Forest Products 1 (1%) - 1 (1%) -
Insurance 1 (1%) - 1 (1%) -
Leisure - - 1 (1%) -
Marketing 1 (1%) - 1 (1%) -
Semiconductors - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Transportation 1 (1%) - 1 (1%) -
Total 91 $70.7B 177 $183.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 38 (42%) 43.9B (60%) 99 (56%) 145.0B (78%)
  California 9 (10%) 4.5B (6%) 15 (8%) 7.6B (4%)
  Pennsylvania 3 (3%) - 9 (5%) 13.5B (7%)
  Massachusetts 2 (2%) 2.0B (3%) 8 (5%) 7.7B (4%)
  Texas 4 (4%) - 7 (4%) 12.9B (7%)
  Georgia 1 (1%) - 7 (4%) 14.2B (8%)
  New York 3 (3%) 26.7B (37%) 6 (3%) 29.3B (16%)
  New Jersey 2 (2%) 2.1B (3%) 6 (3%) 9.4B (5%)
  Washington 2 (2%) 500M (1%) 5 (3%) 987M (1%)
  Illinois 2 (2%) - 4 (2%) 675M (< 1%)
  Tennessee 2 (2%) - 3 (2%) 33.0B (18%)
  Florida 1 (1%) 3.2B (4%) 3 (2%) 5.5B (3%)
  North Carolina - - 3 (2%) 3.0B (2%)
  Michigan 2 (2%) - 2 (1%) -
  Connecticut 2 (2%) - 2 (1%) -
  Wisconsin 1 (1%) 3.2B (4%) 2 (1%) 3.6B (2%)
  Minnesota - - 2 (1%) 1.3B (1%)
  Utah - - 2 (1%) 710M (< 1%)
  Kentucky - - 2 (1%) -
  Maryland 1 (1%) 1.6B (2%) 1 (1%) 1.6B (1%)
  South Carolina 1 (1%) 57M (< 1%) 1 (1%) 57M (< 1%)
  New Hampshire - - 1 (1%) -
  Nevada - - 1 (1%) -
  Missouri - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kansas - - 1 (1%) -
  Indiana - - 1 (1%) -
  Delaware - - 1 (1%) -
  Oregon - - 1 (1%) -
  Ohio - - 1 (1%) -
China 10 (11%) - 10 (6%) -
United Kingdom 7 (8%) - 9 (5%) 2.7B (1%)
Germany 3 (3%) - 8 (5%) 1.5B (1%)
Japan 6 (7%) 21.6B (30%) 7 (4%) 21.6B (12%)
Italy 4 (4%) 2.4B (3%) 7 (4%) 3.7B (2%)
France 3 (3%) 1.9B (3%) 5 (3%) 2.3B (1%)
Netherlands 1 (1%) - 5 (3%) -
India 4 (4%) 60M (< 1%) 4 (2%) 60M (< 1%)
Canada 2 (2%) 879M (1%) 3 (2%) 879M (< 1%)
  Quebec 1 (1%) 879M (1%) 2 (1%) 879M (< 1%)
  Ontario 1 (1%) - 1 (1%) -
Belgium 2 (2%) 1.8B (2%) 2 (1%) 1.8B (1%)
Sweden 2 (2%) 249M (< 1%) 2 (1%) 249M (< 1%)
Singapore 2 (2%) - 2 (1%) -
Australia 1 (1%) - 2 (1%) 854M (< 1%)
Denmark 1 (1%) 3M (< 1%) 1 (1%) 3M (< 1%)
Bermuda 1 (1%) - 1 (1%) -
Brazil 1 (1%) - 1 (1%) -
Hong Kong 1 (1%) - 1 (1%) -
Maldives 1 (1%) - 1 (1%) -
South Africa 1 (1%) - 1 (1%) -
Ireland - - 1 (1%) 3.1B (2%)
Luxembourg - - 1 (1%) 1.2B (1%)
Norway - - 1 (1%) 786M (< 1%)
Argentina - - 1 (1%) -
Austria - - 1 (1%) -
South Korea - - 1 (1%) -
Domestic 38 (42%) 43.9B (60%) 99 (56%) 145.0B (78%)
Cross-border 53 (58%) 28.9B (40%) 78 (44%) 40.6B (22%)
Total 91 $72.8B 177 $185.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (30%) 3.1B (4%) 44 (25%) 11.1B (6%)
Buyout (LBO, MBO, MBI) 24 (26%) 29.7B (42%) 43 (24%) 36.9B (20%)
Divestiture 11 (12%) 29.7B (42%) 30 (17%) 59.2B (32%)
Going Private 8 (9%) 8.1B (11%) 15 (8%) 73.3B (40%)
Growth Capital 5 (5%) - 12 (7%) -
Stake Purchase 6 (7%) - 11 (6%) -
PIPE 5 (5%) - 7 (4%) -
Venture 3 (3%) - 7 (4%) -
Recapitalization 1 (1%) - 6 (3%) 3.0B (2%)
Consolidation 1 (1%) - 2 (1%) -
Total 91 $70.7B 177 $183.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 25 (28%) 48.1B (59%)
Secondary Sale 24 (27%) 15.4B (19%)
IPO 17 (19%) -
Merger 8 (9%) 13.6B (17%)
Trade Sale 7 (8%) 4.8B (6%)
Bankruptcy 2 (2%) -
Divestiture 1 (1%) -
Recapitalization 1 (1%) -
Sold to Existing Investors 1 (1%) -
Sold to Management 1 (1%) -
Stake Sale 1 (1%) -
Total 88 $82.0B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
7
Bank of America Merrill Lynch
7
Barclays Investment Bank
7
Legal Deals
Kirkland & Ellis LLP
34
Ropes & Gray LLP
18
PwC Law LLP
4

Deal Values

buy # Total
> $1B 35 $173.5B
$100M to $1B 21 $12.0B
< $100M 3 $120M
TOTAL $185.6B
Largest HCA Healthcare, Inc.
$33.0B (2006-11-17)
sell # Total
> $1B 25 $76.9B
$100M to $1B 12 $6.2B
< $100M 1 $70M
TOTAL $83.2B
Largest Worldpay UK Ltd.
$12.0B (2017-08-09)

M&A Connections

Deals %
Acquired from
PE Firm(s)
72%
71 72%
Strategic(s)
28%
27 28%
Exited to
PE Firm(s)
49%
39 49%
Strategic(s)
51%
41 51%