Berkshire Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Berkshire Partners has acquired 5 companies. It has also invested in 2 others.

Berkshire Partners’ most common sectors for investment are consumer products (12%) and business services (8%). The Firm’s most common investment types include recapitalization (29%) and growth capital (18%). In total, Berkshire Partners has invested in 26 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2013 when it acquired Lightower Fiber Networks for $2.0B.

In the last 3 years, Berkshire Partners has exited 5 companies. The Firm’s most common exit type is trade sale (33%). Berkshire Partners’ largest (disclosed) exit occurred in 2017 when it sold Lightower Fiber Networks for $7.1B.

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M&A Summary

  • M&A Total Activity136
    • M&A Buy Activity80
    • M&A Sell Activity56
  • Total Sectors Invested 32
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 46
  • M&A Advisors 16

Berkshire Partners

200 Clarendon Street, 35th floor,
Boston, Massachusetts 02116
United States
(617) 227-0050
www.berkshirepartners.com

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $50 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Medical Products, Packaging, Plastics, Restaurants, Retail, Safety/Security, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue 100 -
Target EBITDA 25 -
Investment Size 50 500
Enterprise Value 200 2,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 70 3 1 2 2 2 80
vol $4.7B $4.7B
Sell (2.2/yr) # 45 6 4 1 - - 56
vol $11.0B $11.0B $3.6B $25.5B
  136

Most Recent M&A

Company Date Value Type
Mielle Organics LLC 2021-04-08 - Growth Capital
Merrillville, Indiana · www.mielleorganics.com
Comniscient Technologies LLC 2021-04-06 - Secondary Buyout
Boston, Massachusetts · www.comlinkdata.com
FoodChain ID, Inc. 2020-12-09 - Recapitalization
Fairfield, Iowa · www.foodchainid.com
CrossFit, Inc. 2020-07-24 - Buyout (LBO, MBO, MBI)
Washington, District of Columbia · www.crossfit.com
Consolidated Precision Products, Inc. 2019-06-14 - Recapitalization
Cleveland, Ohio · www.cppcorp.com
Teraco Data Environments Pty Ltd 2019-01-25 - Secondary Buyout
Johannesburg, South Africa · www.teraco.co.za
Opening Ceremony LLC 2019-01-01 - Recapitalization
New York, New York · www.openingceremony.us
Catalina Marketing, Inc. 2018-12-12 - Bankruptcy
St. Petersburg, Florida · www.catalinamarketing.com
Farm Boy, Inc. 2018-09-24 608M CAD Add-on Acquisition
Ottawa, Ontario · www.farmboy.ca
Vapor IO, Inc. 2018-09-05 - Growth Capital
Austin, Texas · www.vapor.io
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Access Information Management Shared Services LLC 2014-10-21 ImageFreeway, Inc. - Records Storage Business 2020-06-03 44
Livermore, California · www.accesscorp.com , Georgia
Access Information Management Shared Services LLC 2014-10-21 EDM Americas 2020-01-29 43
Livermore, California · www.accesscorp.com Moosic, Pennsylvania
Accela, Inc. 2017-09-29 Springbrook Software, Inc. 2020-01-07 1
San Ramon, California · www.accela.com Portland, Oregon · www.springbrooksoftware.com
Access Information Management Shared Services LLC 2014-10-21 The Rover Group - Record Storage Division 2019-05-23 42
Livermore, California · www.accesscorp.com Washington, District of Columbia
Access Information Management Shared Services LLC 2014-10-21 TAB Products Co. LLC - Records Storage Division 2019-05-23 41
Livermore, California · www.accesscorp.com Mayville, Wisconsin
Implus Footcare LLC 2015-04-30 Pro Performance Sports LLC 2018-08-01 7
Durham, North Carolina · www.implus.com Carlsbad, California · www.sklz.com
Access Information Management Shared Services LLC 2014-10-21 Arkive Information Management LLC 2018-07-31 40
Livermore, California · www.accesscorp.com Mableton, Georgia · www.myarkive.com
Parts Town LLC 2016-06-30 Smart Care Equipment Solutions - PartsXpress 2018-07-12 2
Addison, Illinois · www.partstown.com Saint Paul, Minnesota
Parts Town LLC 2016-06-30 3Wire Group, Inc. 2018-05-17 1
Addison, Illinois · www.partstown.com Osseo, Minnesota · www.3wire.com
Implus Footcare LLC 2015-04-30 Spenco Medical Corp. - Insoles and 2nd Skin 2016-06-30 6
Durham, North Carolina · www.implus.com Waco, Texas

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 2 (10%) - 9 (11%) 1.6B (31%)
Business Services 1 (5%) - 6 (7%) -
Retail - - 6 (7%) -
Communications 1 (5%) - 5 (6%) 2.0B (38%)
Apparel/Textiles 2 (10%) - 5 (6%) 450M (9%)
Manufacturing - - 5 (6%) 276M (5%)
Distribution 1 (5%) - 4 (5%) 700M (13%)
Information Technology 3 (15%) - 4 (5%) -
Healthcare Services 3 (15%) - 3 (4%) -
Transportation - - 3 (4%) -
Marketing - - 2 (2%) 150M (3%)
Aerospace 1 (5%) - 2 (2%) -
Building Materials - - 2 (2%) -
Environmental - - 2 (2%) -
Internet Software and Services 1 (5%) - 2 (2%) -
Life Science 1 (5%) - 2 (2%) -
Machinery - - 2 (2%) -
Marine - - 2 (2%) -
Test/Measurement Equipment 1 (5%) - 2 (2%) -
Automotive - - 1 (1%) -
Consumer Services - - 1 (1%) -
Education 1 (5%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Financial Services - - 1 (1%) -
Food - - 1 (1%) -
Infrastructure - - 1 (1%) -
Media - - 1 (1%) -
Medical Products - - 1 (1%) -
Restaurants 1 (5%) - 1 (1%) -
Safety/Security - - 1 (1%) -
Software 1 (5%) - 1 (1%) -
Total 20 - 81 $5.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (90%) - 72 (89%) 5.2B (100%)
  Massachusetts 2 (10%) - 11 (14%) 2.0B (38%)
  California 2 (10%) - 10 (12%) 720M (14%)
  Texas 3 (15%) - 8 (10%) -
  Florida 1 (5%) - 5 (6%) 150M (3%)
  North Carolina 2 (10%) - 4 (5%) 700M (13%)
  Illinois 2 (10%) - 4 (5%) 276M (5%)
  New York - - 4 (5%) 540M (10%)
  Connecticut - - 3 (4%) -
  Ohio 1 (5%) - 2 (2%) -
  Maryland 1 (5%) - 2 (2%) -
  Georgia - - 2 (2%) 450M (9%)
  New Jersey - - 2 (2%) 360M (7%)
  Missouri 1 (5%) - 1 (1%) -
  Iowa 1 (5%) - 1 (1%) -
  Indiana 1 (5%) - 1 (1%) -
  District of Columbia 1 (5%) - 1 (1%) -
  Washington - - 1 (1%) -
  Virginia - - 1 (1%) -
  Vermont - - 1 (1%) -
  Tennessee - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Michigan - - 1 (1%) -
  Kansas - - 1 (1%) -
  Arizona - - 1 (1%) -
Canada - - 3 (4%) -
  Ontario - - 2 (2%) -
  British Columbia - - 1 (1%) -
United Kingdom - - 2 (2%) -
Indonesia 1 (5%) - 1 (1%) -
South Africa 1 (5%) - 1 (1%) -
Colombia - - 1 (1%) -
New Zealand - - 1 (1%) -
Domestic 18 (90%) - 72 (89%) 5.2B (100%)
Cross-border 2 (10%) - 9 (11%) -
Total 20 - 81 $5.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Recapitalization 5 (25%) - 23 (28%) 3.3B (63%)
Secondary Buyout 6 (30%) - 14 (17%) 1.2B (22%)
Growth Capital 5 (25%) - 14 (17%) -
Buyout (LBO, MBO, MBI) 2 (10%) - 8 (10%) 150M (3%)
Stake Purchase - - 8 (10%) -
Divestiture - - 5 (6%) -
Going Private - - 4 (5%) 636M (12%)
PIPE 1 (5%) - 3 (4%) -
Add-on Acquisition 1 (5%) - 1 (1%) -
Consolidation - - 1 (1%) -
Total 20 - 81 $5.2B

Exits by Deal Type

Type Total # Value
Secondary Sale 18 (32%) 11.4B (45%)
Trade Sale - Public Company 12 (21%) 12.9B (50%)
Trade Sale 9 (16%) 820M (3%)
IPO 8 (14%) -
Recapitalization 3 (5%) 480M (2%)
Bankruptcy 3 (5%) -
Sold to Management 2 (4%) -
Unknown 1 (2%) -
Total 56 $25.5B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
4
Deutsche Bank Corporate & Investment Banking
3
UBS Investment Bank
2
Legal Deals
Ropes & Gray LLP
11
Weil Gotshal & Manges LLP
10
Paul, Weiss, Rifkind, Wharton & Garrison LLP
2

Deal Values

buy # Total
> $1B 1 $2.0B
$100M to $1B 8 $3.2B
TOTAL $5.2B
Largest Lightower Fiber Networks LLC
$2.0B (2013-04-11)
sell # Total
> $1B 6 $19.8B
$100M to $1B 10 $5.7B
TOTAL $25.5B
Largest Lightower Fiber Networks LLC
$7.1B (2017-07-18)

M&A Connections

Deals
Acquired from
Investor(s)
27%
22 (27%)
Strategic(s)
5%
4 (5%)
Exited to
Investor(s)
34%
19 (34%)
Strategic(s)
32%
18 (32%)

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