M&A Deal Summary

CD&R and CVC Capital Partners Acquire Epicor Software

On August 31, 2020, private equity firms CD&R and CVC Capital Partners acquired software company Epicor Software from KKR

Acquisition Highlights
  • This is CD&R’s 1st and CVC Capital Partners’ 4th transaction in the Software sector.
  • This is CD&R’s 49th and CVC Capital Partners’ 35th transaction in the United States.
  • This is CD&R’s 8th and CVC Capital Partners’ 1st transaction in Texas.

M&A Deal Summary

Date 2020-08-31
Target Epicor Software
Sector Software
Buyer(s) CD&R
CVC Capital Partners
Sellers(s) KKR
Deal Type Secondary Buyout
Advisor(s) Simpson Thacher & Bartlett (Legal)

Target

Epicor Software

Austin, Texas, United States
Epicor Software is a global provider of industry-specific enterprise software to industrial-focused sectors. Epicor serves as a trusted partner for thousands of companies worldwide across key industries such as manufacturing, distribution, and retail. Epicor Software was founded in 1972 and is based in Austin, Texas.

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Buyer(S) 2

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor


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 68 of 92
Sector (Software) 1 of 2
Type (Secondary Buyout) 22 of 26
State (Texas) 8 of 8
Country (United States) 49 of 67
Year (2020) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-11 White Cap

Norcross, Georgia, United States

White Cap is a distributor of specialty concrete and construction products. It operates 270 branches with approximately 5,500 employees and offers more than 400,000 SKUs to 200,000 customers. White Cap was formed in 1976 and is based in Norcross, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Millennium Physician Group

Fort Myers, Florida, United States

Millennium Physician Group is a physician group with more than 800 healthcare providers across the Southeast. Services center on primary care and are complemented by specialty care, walk-in centers, radiology and lab services, physical therapy, telehealth, wellness programs, home health, hospital care, and much more. Millennium Physician Group was founded in 2008 and is based in Fort Myers, Florida.

Buy -
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 260 of 323
Sector (Software) 4 of 7
Type (Secondary Buyout) 54 of 76
State (Texas) 1 of 2
Country (United States) 35 of 44
Year (2020) 11 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-25 SOHO Global Health Group

Jakarta, Indonesia

SOHO Global Health is a domestic player in the Indonesian branded consumer health / over the counter pharmaceutical sector, focusing on herbal medicine supplements in Indonesia. The business also wholly owns the fifth largest pharmaceutical distributor in the country, selling both Soho’s owned products and third-party principal brands. SOHO Global Health Group was founded in 1946 and is based in Jakarta, Indonesia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-03 Softex Indonesia

Central Jakarta, Indonesia

Softex Indonesia manufactures and sells paper-based personal care products. Softex has a long heritage in Indonesia; the Company started selling sanitary napkins in 1976 under the Softex brand, and launched its own baby diaper brand in 1994. In Indonesia, Softex is the 2nd largest player in the overall baby diaper and adult diaper markets, and the 3rd largest player in the feminine care market.

Sell $1.2B

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 139 of 178
Sector (Software) 4 of 7
Type (Secondary Buyout) 27 of 34
State (Texas) 7 of 9
Country (United States) 62 of 83
Year (2020) 8 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-27 TSK Corp

Siheung-si, South Korea

TSK Corp is an operator of water treatment facilities, landfill sites, and other environmental businesses such as soil purification in Korea. TSK Corp is based in Siheung-si, South Korea.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-16 THG

Altrincham, United Kingdom

THG is an online beauty and wellbeing businesses that operates 166 websites, retailing to customers in 160 countries. THG was founded in 2004 and is based in Altrincham, United Kingdom.

Sell -