Cerberus Capital Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cerberus Capital Management has acquired 18 companies.

Cerberus Capital Management’s most common sectors for investment are financial services (11%) and automotive (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (31%) and divestiture (17%). In total, Cerberus Capital Management has invested in 22 US states and 12 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Albertsons Companies for $17.4B.

In the last 3 years, Cerberus Capital Management has exited 8 companies. The Firm’s most common exit type is trade sale (50%). Cerberus Capital Management’s largest (disclosed) exit occurred in 2010 when it sold TD Auto Finance for $6.3B.

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M&A Summary

M&A Total Activity113
- M&A Buy Activity73
- M&A Sell Activity40
Total Sectors Invested 31
Total Countries Invested 12
M&A Buy/Sell Connections 42
M&A Advisors 24

Cerberus Capital Management

875 Third Avenue ,
New York, New York 10022
United States
(212) 891-2100
www.cerberuscapital.com

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

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '16	'17	'18	'19	'20	'21	T
Buy (4.8/yr)	#	49	6	10	5	3	-	73
vol	$37.7B		$325M		$250M		$38.3B
Sell (2.6/yr)	#	27	5	2	2	4	-	40
vol	$11.2B	$57M	$201M	$125M	$380M		$12.0B
	113

Year

≤ '16

'17

'18

'19

'20

'21

Buy (4.8/yr)

vol

$37.7B

$325M

$250M

$38.3B

Sell (2.6/yr)

vol

$11.2B

$57M

$201M

$125M

$380M

$12.0B

113

Company	Date	Value	Type
Sparton Corp.	2020-12-23	380M USD	Add-on Acquisition
De Leon Springs, Florida · www.sparton.com
National Dentex Corp.	2020-10-27	-	Divestiture
Natick, Massachusetts · www.nationaldentex.com
DynCorp International LLC	2020-09-24	-	Add-on Acquisition
McLean, Virginia · www.dyn-intl.com
School Specialty, Inc.	2020-09-15	-	Recapitalization
Greenville, Wisconsin · www.schoolspecialty.com
Bluestem Brands, Inc.	2020-07-07	250M USD	Special Situations/Distressed
Eden Praire, Minnesota · www.bluestembrands.com
Albertsons Companies Inc.	2020-06-26	-	IPO
Boise, Idaho · www.albertsons.com
Covis Pharma BV	2020-02-06	-	Secondary Buyout
Baarn, Netherlands · www.covispharma.com
Off Lease Only LLC	2019-11-15	-	Buyout (LBO, MBO, MBI)
West Palm Beach, Florida · www.offleaseonly.com
Kellermeyer Bergensons Services LLC	2019-10-22	-	Secondary Buyout
Maumee, Ohio · www.kbs-clean.com
Closure Systems International, Inc.	2019-10-14	-	Divestiture
Indianapolis, Indiana · www.csiclosures.com
View All >>

Company

Date

Value

Type

Sparton Corp.

2020-12-23

380M USD

Add-on Acquisition

De Leon Springs, Florida · www.sparton.com

National Dentex Corp.

2020-10-27

Divestiture

Natick, Massachusetts · www.nationaldentex.com

DynCorp International LLC

2020-09-24

Add-on Acquisition

McLean, Virginia · www.dyn-intl.com

School Specialty, Inc.

2020-09-15

Recapitalization

Greenville, Wisconsin · www.schoolspecialty.com

Bluestem Brands, Inc.

2020-07-07

250M USD

Special Situations/Distressed

Eden Praire, Minnesota · www.bluestembrands.com

Albertsons Companies Inc.

2020-06-26

IPO

Boise, Idaho · www.albertsons.com

Covis Pharma BV

2020-02-06

Secondary Buyout

Baarn, Netherlands · www.covispharma.com

Off Lease Only LLC

2019-11-15

Buyout (LBO, MBO, MBI)

West Palm Beach, Florida · www.offleaseonly.com

Kellermeyer Bergensons Services LLC

2019-10-22

Secondary Buyout

Maumee, Ohio · www.kbs-clean.com

Closure Systems International, Inc.

2019-10-14

Divestiture

Indianapolis, Indiana · www.csiclosures.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Kellermeyer Bergensons Services LLC	2019-10-22	Hospitality Staffing Solutions LLC	2020-01-13	3
Maumee, Ohio · www.kbs-clean.com	Atlanta, Georgia · www.hssstaffing.com
Steward Health Care System	2010-11-09	Steward Health Choice Arizona	2019-11-07	1
Boston, Massachusetts · www.steward.org	Phoenix, Arizona · www.stewardhealthchoiceaz.com
ABC Technologies	2016-07-01	Polybottle Group Ltd.	2018-11-05	2
Toronto, Ontario · www.abctechnologies.com	Surrey, British Columbia · www.polybottle.com
ABC Technologies	2016-07-01	Humberline Packaging, Inc.	2018-11-05	1
Toronto, Ontario · www.abctechnologies.com	Woodbridge, Ontario
Steward Health Care System	2010-11-09	IASIS Healthcare Corp.	2017-09-29	4
Boston, Massachusetts · www.steward.org	Franklin, Tennessee · www.iasishealthcare.com
Steward Health Care System	2010-11-09	Community Health Systems, Inc. - Eight Hospitals	2017-02-16	3
Boston, Massachusetts · www.steward.org	, United States
BAWAG P.S.K	2006-12-01	BAWAG Malta Bank Ltd.	2016-02-01	1
Vienna, Austria · www.bawagpsk.com	, Malta
Scottish Re Group Ltd.	2006-05-07	Scottish Re - Reinsurance Portfolio	2011-04-18	1
Hamilton, Bermuda · www.scottishre.com	, United States

Company

Acquired

Add-On/Sale

Date

Kellermeyer Bergensons Services LLC

2019-10-22

Hospitality Staffing Solutions LLC

2020-01-13

Maumee, Ohio · www.kbs-clean.com

Atlanta, Georgia · www.hssstaffing.com

Steward Health Care System

2010-11-09

Steward Health Choice Arizona

2019-11-07

Boston, Massachusetts · www.steward.org

Phoenix, Arizona · www.stewardhealthchoiceaz.com

ABC Technologies

2016-07-01

Polybottle Group Ltd.

2018-11-05

Toronto, Ontario · www.abctechnologies.com

Surrey, British Columbia · www.polybottle.com

ABC Technologies

2016-07-01

Humberline Packaging, Inc.

2018-11-05

Toronto, Ontario · www.abctechnologies.com

Woodbridge, Ontario

Steward Health Care System

2010-11-09

IASIS Healthcare Corp.

2017-09-29

Boston, Massachusetts · www.steward.org

Franklin, Tennessee · www.iasishealthcare.com

Steward Health Care System

2010-11-09

Community Health Systems, Inc. - Eight Hospitals

2017-02-16

Boston, Massachusetts · www.steward.org

, United States

BAWAG P.S.K

2006-12-01

BAWAG Malta Bank Ltd.

2016-02-01

Vienna, Austria · www.bawagpsk.com

, Malta

Scottish Re Group Ltd.

2006-05-07

Scottish Re - Reinsurance Portfolio

2011-04-18

Hamilton, Bermuda · www.scottishre.com

, United States

Sector	Current #	Value	All-time #	Value
Financial Services	5 (13%)	-	8 (11%)	620M (2%)
Automotive	3 (8%)	-	7 (10%)	7.4B (19%)
Retail	2 (5%)	250M (3%)	6 (8%)	19.3B (50%)
Leisure	3 (8%)	1.0B (12%)	6 (8%)	1.4B (4%)
Business Services	2 (5%)	6.6B (77%)	5 (7%)	8.4B (22%)
Consumer Products	2 (5%)	370M (4%)	3 (4%)	370M (1%)
Apparel/Textiles	1 (3%)	-	3 (4%)	-
Information Technology	3 (8%)	-	3 (4%)	-
Life Science	-	-	3 (4%)	-
Real Estate	3 (8%)	-	3 (4%)	-
Transportation	1 (3%)	-	2 (3%)	500M (1%)
Electrical Equipment	2 (5%)	-	2 (3%)	-
Energy Services and Equipment	-	-	2 (3%)	-
Healthcare Services	2 (5%)	-	2 (3%)	-
Manufacturing	1 (3%)	-	2 (3%)	-
Technology Hardware	1 (3%)	325M (4%)	1 (1%)	325M (1%)
Consumer Services	1 (3%)	-	1 (1%)	-
Distribution	-	-	1 (1%)	-
E-Commerce	1 (3%)	-	1 (1%)	-
Environmental	1 (3%)	-	1 (1%)	-
Forest Products	-	-	1 (1%)	-
Gaming	-	-	1 (1%)	-
Insurance	1 (3%)	-	1 (1%)	-
Media	-	-	1 (1%)	-
Metals/Mining	1 (3%)	-	1 (1%)	-
Packaging	1 (3%)	-	1 (1%)	-
Publishing	-	-	1 (1%)	-
Renewable Energy	1 (3%)	-	1 (1%)	-
Restaurants	1 (3%)	-	1 (1%)	-
Software	-	-	1 (1%)	-
Staffing	-	-	1 (1%)	-
Total	39	$8.6B	73	$38.3B

Sector

Current #

Value

All-time #

Value

Financial Services

5 (13%)

8 (11%)

620M (2%)

Automotive

3 (8%)

7 (10%)

7.4B (19%)

Retail

2 (5%)

250M (3%)

6 (8%)

19.3B (50%)

Leisure

3 (8%)

1.0B (12%)

6 (8%)

1.4B (4%)

Business Services

2 (5%)

6.6B (77%)

5 (7%)

8.4B (22%)

Consumer Products

2 (5%)

370M (4%)

3 (4%)

370M (1%)

Apparel/Textiles

1 (3%)

3 (4%)

Information Technology

3 (8%)

3 (4%)

Life Science

3 (4%)

Real Estate

3 (8%)

3 (4%)

Transportation

1 (3%)

2 (3%)

500M (1%)

Electrical Equipment

2 (5%)

2 (3%)

Energy Services and Equipment

2 (3%)

Healthcare Services

2 (5%)

2 (3%)

Manufacturing

1 (3%)

2 (3%)

Technology Hardware

1 (3%)

325M (4%)

1 (1%)

325M (1%)

Consumer Services

1 (3%)

1 (1%)

Distribution

1 (1%)

E-Commerce

1 (3%)

1 (1%)

Environmental

1 (3%)

1 (1%)

Forest Products

1 (1%)

Gaming

1 (1%)

Insurance

1 (3%)

1 (1%)

Media

1 (1%)

Metals/Mining

1 (3%)

1 (1%)

Packaging

1 (3%)

1 (1%)

Publishing

1 (1%)

Renewable Energy

1 (3%)

1 (1%)

Restaurants

1 (3%)

1 (1%)

Software

1 (1%)

Staffing

1 (1%)

Total

$8.6B

$38.3B

State/Country	Current #	Value	All-time #	Value
United States	25 (64%)	8.6B (100%)	50 (68%)	37.7B (98%)
	Florida	6 (15%)	1.0B (12%)	7 (10%)	1.0B (3%)
	Michigan	2 (5%)	-	5 (7%)	7.4B (19%)
	California	2 (5%)	-	4 (5%)	1.7B (4%)
	North Carolina	2 (5%)	370M (4%)	4 (5%)	370M (1%)
	Georgia	1 (3%)	-	4 (5%)	-
	New York	-	-	4 (5%)	500M (1%)
	Massachusetts	2 (5%)	-	2 (3%)	-
	Minnesota	1 (3%)	250M (3%)	2 (3%)	870M (2%)
	Pennsylvania	1 (3%)	-	2 (3%)	-
	Ohio	1 (3%)	-	2 (3%)	-
	Virginia	-	-	2 (3%)	1.5B (4%)
	Texas	-	-	2 (3%)	94M (< 1%)
	Connecticut	1 (3%)	6.6B (77%)	1 (1%)	6.6B (17%)
	New Jersey	1 (3%)	325M (4%)	1 (1%)	325M (1%)
	Wisconsin	1 (3%)	-	1 (1%)	-
	Nevada	1 (3%)	-	1 (1%)	-
	Montana	1 (3%)	-	1 (1%)	-
	Indiana	1 (3%)	-	1 (1%)	-
	Illinois	1 (3%)	-	1 (1%)	-
	Idaho	-	-	1 (1%)	17.4B (45%)
	North Dakota	-	-	1 (1%)	-
	Alabama	-	-	1 (1%)	-
United Kingdom	-	-	6 (8%)	578M (2%)
Spain	3 (8%)	-	3 (4%)	-
Netherlands	2 (5%)	-	3 (4%)	-
Italy	2 (5%)	-	2 (3%)	-
Australia	2 (5%)	-	2 (3%)	-
Japan	1 (3%)	-	2 (3%)	-
Canada	1 (3%)	-	1 (1%)	-
	Ontario	1 (3%)	-	1 (1%)	-
Austria	1 (3%)	-	1 (1%)	-
Bermuda	1 (3%)	-	1 (1%)	-
Ireland	1 (3%)	-	1 (1%)	-
Germany	-	-	1 (1%)	-
Domestic	25 (64%)	8.6B (100%)	50 (68%)	37.7B (98%)
Cross-border	14 (36%)	-	23 (32%)	578M (2%)
Total	39	$8.6B	73	$38.3B

State/Country

Current #

Value

All-time #

Value

United States

25 (64%)

8.6B (100%)

50 (68%)

37.7B (98%)

Florida

6 (15%)

1.0B (12%)

7 (10%)

1.0B (3%)

Michigan

2 (5%)

5 (7%)

7.4B (19%)

California

2 (5%)

4 (5%)

1.7B (4%)

North Carolina

2 (5%)

370M (4%)

4 (5%)

370M (1%)

Georgia

1 (3%)

4 (5%)

New York

4 (5%)

500M (1%)

Massachusetts

2 (5%)

2 (3%)

Minnesota

1 (3%)

250M (3%)

2 (3%)

870M (2%)

Pennsylvania

1 (3%)

2 (3%)

Ohio

1 (3%)

2 (3%)

Virginia

2 (3%)

1.5B (4%)

Texas

2 (3%)

94M (< 1%)

Connecticut

1 (3%)

6.6B (77%)

1 (1%)

6.6B (17%)

New Jersey

1 (3%)

325M (4%)

1 (1%)

325M (1%)

Wisconsin

1 (3%)

1 (1%)

Nevada

1 (3%)

1 (1%)

Montana

1 (3%)

1 (1%)

Indiana

1 (3%)

1 (1%)

Illinois

1 (3%)

1 (1%)

Idaho

1 (1%)

17.4B (45%)

North Dakota

1 (1%)

Alabama

1 (1%)

United Kingdom

6 (8%)

578M (2%)

Spain

3 (8%)

3 (4%)

Netherlands

2 (5%)

3 (4%)

Italy

2 (5%)

2 (3%)

Australia

2 (5%)

2 (3%)

Japan

1 (3%)

2 (3%)

Canada

1 (3%)

1 (1%)

Ontario

1 (3%)

1 (1%)

Austria

1 (3%)

1 (1%)

Bermuda

1 (3%)

1 (1%)

Ireland

1 (3%)

1 (1%)

Germany

1 (1%)

Domestic

25 (64%)

8.6B (100%)

50 (68%)

37.7B (98%)

Cross-border

14 (36%)

23 (32%)

578M (2%)

Total

$8.6B

$38.3B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	12 (31%)	-	22 (30%)	1.1B (3%)
Divestiture	8 (21%)	325M (4%)	12 (16%)	9.7B (25%)
Secondary Buyout	8 (21%)	370M (4%)	11 (15%)	1.9B (5%)
Special Situations/Distressed	5 (13%)	1.3B (15%)	11 (15%)	1.5B (4%)
Stake Purchase	4 (10%)	6.6B (77%)	7 (10%)	6.6B (17%)
Going Private	-	-	3 (4%)	17.5B (46%)
Growth Capital	1 (3%)	-	3 (4%)	-
Consolidation	-	-	1 (1%)	-
PIPE	-	-	1 (1%)	-
Recapitalization	1 (3%)	-	1 (1%)	-
Venture	-	-	1 (1%)	-
Total	39	$8.6B	73	$38.3B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

12 (31%)

22 (30%)

1.1B (3%)

Divestiture

8 (21%)

325M (4%)

12 (16%)

9.7B (25%)

Secondary Buyout

8 (21%)

370M (4%)

11 (15%)

1.9B (5%)

Special Situations/Distressed

5 (13%)

1.3B (15%)

11 (15%)

1.5B (4%)

Stake Purchase

4 (10%)

6.6B (77%)

7 (10%)

6.6B (17%)

Going Private

3 (4%)

17.5B (46%)

Growth Capital

1 (3%)

3 (4%)

Consolidation

1 (1%)

PIPE

1 (1%)

Recapitalization

1 (3%)

1 (1%)

Venture

1 (1%)

Total

$8.6B

$38.3B

Type	Total #	Value
Trade Sale - Public Company	15 (38%)	11.6B (97%)
IPO	6 (15%)	-
Secondary Sale	6 (15%)	-
Trade Sale	5 (13%)	380M (3%)
Bankruptcy	5 (13%)	-
Sold to Management	1 (3%)	1M (< 1%)
Merger	1 (3%)	-
Stake Sale	1 (3%)	-
Total	40	$12.0B

Type

Total #

Value

Trade Sale - Public Company

15 (38%)

11.6B (97%)

IPO

6 (15%)

Secondary Sale

6 (15%)

Trade Sale

5 (13%)

380M (3%)

Bankruptcy

5 (13%)

Sold to Management

1 (3%)

1M (< 1%)

Merger

1 (3%)

Stake Sale

1 (3%)

Total

$12.0B

Financial	Deals
Credit Suisse Investment Banking	2
Sapient Corporate Finance	2
Vitale & Co. S.p.A.	1

Financial

Deals

Credit Suisse Investment Banking

Sapient Corporate Finance

Vitale & Co. S.p.A.

Legal	Deals
Schulte Roth & Zabel LLP	4
Lowenstein Sandler LLP	3
Kirkland & Ellis LLP	2

Legal

Deals

Schulte Roth & Zabel LLP

Lowenstein Sandler LLP

Kirkland & Ellis LLP

buy	#	Total
> $1B	6	$35.6B
$100M to $1B	7	$2.6B
< $100M	1	$94M
TOTAL	$38.3B
Largest	Albertsons Companies Inc. $17.4B (2006-01-23)

buy

Total

> $1B

$35.6B

$100M to $1B

$2.6B

< $100M

$94M

TOTAL

$38.3B

Largest

Albertsons Companies Inc.
$17.4B (2006-01-23)

sell	#	Total
> $1B	2	$9.4B
$100M to $1B	7	$2.4B
< $100M	4	$208M
TOTAL	$12.0B
Largest	TD Auto Finance LLC $6.3B (2010-12-21)

sell

Total

> $1B

$9.4B

$100M to $1B

$2.4B

< $100M

$208M

TOTAL

$12.0B

Largest

TD Auto Finance LLC
$6.3B (2010-12-21)

		Deals
Acquired from
Investor(s)	18%	13 (18%)
Strategic(s)	18%	13 (18%)
Exited to
Investor(s)	15%	6 (15%)
Strategic(s)	53%	21 (53%)

Deals

Acquired from

Investor(s)

13 (18%)

Strategic(s)

13 (18%)

Exited to

Investor(s)

6 (15%)

Strategic(s)

21 (53%)

Cerberus Capital Management Mergers and Acquisitions Summary

Private Equity Profile

M&A Summary