M&A Deal Summary

CD&R and TPG Acquire Covetrus

On May 25, 2022, private equity firms CD&R and TPG acquired consumer services company Covetrus for 4.0B USD

Acquisition Highlights
  • This is CD&R’s 6th and TPG’s 7th transaction in the Consumer Services sector.
  • This is CD&R’s 10th and TPG’s 21st largest (disclosed) transaction.
  • This is CD&R’s 59th and TPG’s 258th transaction in the United States.
  • This is CD&R’s 2nd and TPG’s 1st transaction in Maine.

M&A Deal Summary

Date 2022-05-25
Target Covetrus
Sector Consumer Services
Buyer(s) CD&R
TPG
Deal Type Going Private
Deal Value 4.0B USD
Advisor(s) Goldman Sachs
Lincoln International (Financial)
Weil Gotshal & Manges (Legal)

Target

Covetrus

Portland, Maine, United States
website
Covetrus is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. The company partners with veterinarians to create insight into gaps in patient care and offer professionalized pro-active prescription management to drive client engagement and improve compliance. Covetrus was formed in 2010 and is based in Portland, Maine.

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Buyer(S) 2

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.


DEAL STATS #
Overall 82 of 90
Sector (Consumer Services) 6 of 6
Type (Going Private) 9 of 11
State (Maine) 2 of 2
Country (United States) 59 of 65
Year (2022) 4 of 6
Size (of disclosed) 10 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Gentiva Health Services

Louisville, Kentucky, United States

Gentiva Health Services include patient-centered services for Hospice, Palliative, Community and Personal Care.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-28 OCS Group

London, United Kingdom

OCS Group offers cleaning, multi-tech, and security services to organizations around the world. From offices and hospitals to stadiums and retail parks, to manufacturing plants, airports and courtrooms, OCS protects assets and people, delivering services to customers across multiple sectors in communities every day. OCS Group was founded in 1900 and is based in London, United Kingdom.

Buy -
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 386 of 401
Sector (Consumer Services) 7 of 8
Type (Going Private) 34 of 35
State (Maine) 1 of 1
Country (United States) 258 of 269
Year (2022) 8 of 11
Size (of disclosed) 21 of 100
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-26 Morrow Sodali

New York, New York, United States

Morrow Sodali is a global consultancy specializing in shareholder and bondholder services, corporate governance, proxy solicitation, and capital markets transactions. The firm provides corporate boards and executives with strategic advice and services related to a broad range of activities, including annual general and extraordinary shareholder meetings, mergers and acquisitions, dissident and contested campaigns, shareholder activist initiatives, and multinational cross-border equity and debt transactions. Morrow Sodali is headquartered in New York and London, with offices and partners in major capital markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-29 Integrated Surgical Solutions

Alpharetta, Georgia, United States

Integrated Surgical Solutions is a provider of surgical cost management solutions, working with health plans, providers, surgical facilities, device manufacturers, and patients across the country to improve quality and reduce costs for surgical procedures through optimization of the most effective site of care and device selection, resulting in more affordable high-quality care to consumers. Integrated Surgical Solutions was formed in 2004 and is based in Alpharetta, Georgia.

Sell $375M