Cerberus Capital Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cerberus Capital Management has acquired 19 companies.

Cerberus Capital Management’s most common sectors for investment are automotive (10%) and financial services (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (30%) and divestiture (18%). 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 10 companies. The Firm’s most common exit type is trade sale (48%). 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 Activity116
- M&A Buy Activity74
- M&A Sell Activity42
Total Sectors Invested 33
Total Countries Invested 12
M&A Buy/Sell Connections 45
M&A Advisors 25

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 (5.0/yr)	#	49	6	10	5	3	1	74
vol	$37.7B		$325M		$250M	$1.1B	$39.4B
Sell (3.0/yr)	#	27	5	2	2	5	1	42
vol	$11.2B	$57M	$201M	$125M	$380M		$12.0B
	116

Year

≤ '16

'17

'18

'19

'20

'21

Buy (5.0/yr)

vol

$37.7B

$325M

$250M

$1.1B

$39.4B

Sell (3.0/yr)

vol

$11.2B

$57M

$201M

$125M

$380M

$12.0B

116

Company	Date	Value	Type
PQ Performance Chemicals	2021-03-01	1.1B USD	Divestiture
Valley Forge, Pennsylvania
ABC Technologies Inc.	2021-02-22	-	IPO
Toronto, Ontario · www.abctechnologies.com
Sparton Corp.	2020-12-23	380M USD	Add-on Acquisition
De Leon Springs, Florida · www.sparton.com
Steward Health Care System	2020-12-01	-	Sold to Management
Dallas, Texas · www.steward.org
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
View All >>

Company

Date

Value

Type

PQ Performance Chemicals

2021-03-01

1.1B USD

Divestiture

Valley Forge, Pennsylvania

ABC Technologies Inc.

2021-02-22

IPO

Toronto, Ontario · www.abctechnologies.com

Sparton Corp.

2020-12-23

380M USD

Add-on Acquisition

De Leon Springs, Florida · www.sparton.com

Steward Health Care System

2020-12-01

Sold to Management

Dallas, Texas · www.steward.org

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

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
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

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
Automotive	2 (6%)	-	7 (9%)	7.4B (19%)
Financial Services	4 (11%)	-	7 (9%)	620M (2%)
Retail	2 (6%)	250M (3%)	6 (8%)	19.3B (49%)
Leisure	3 (8%)	1.0B (11%)	6 (8%)	1.4B (4%)
Business Services	2 (6%)	6.6B (68%)	5 (7%)	8.4B (21%)
Consumer Products	2 (6%)	370M (4%)	3 (4%)	370M (1%)
Apparel/Textiles	1 (3%)	-	3 (4%)	-
Information Technology	3 (8%)	-	3 (4%)	-
Life Science	-	-	3 (4%)	-
Real Estate	2 (6%)	-	3 (4%)	-
Transportation	1 (3%)	-	2 (3%)	500M (1%)
Electrical Equipment	2 (6%)	-	2 (3%)	-
Energy Services and Equipment	-	-	2 (3%)	-
Healthcare Services	1 (3%)	-	2 (3%)	-
Manufacturing	1 (3%)	-	2 (3%)	-
Chemicals	1 (3%)	1.1B (11%)	1 (1%)	1.1B (3%)
Technology Hardware	1 (3%)	325M (3%)	1 (1%)	325M (1%)
Aerospace	-	-	1 (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	36	$9.7B	74	$39.4B

Sector

Current #

Value

All-time #

Value

Automotive

2 (6%)

7 (9%)

7.4B (19%)

Financial Services

4 (11%)

7 (9%)

620M (2%)

Retail

2 (6%)

250M (3%)

6 (8%)

19.3B (49%)

Leisure

3 (8%)

1.0B (11%)

6 (8%)

1.4B (4%)

Business Services

2 (6%)

6.6B (68%)

5 (7%)

8.4B (21%)

Consumer Products

2 (6%)

370M (4%)

3 (4%)

370M (1%)

Apparel/Textiles

1 (3%)

3 (4%)

Information Technology

3 (8%)

3 (4%)

Life Science

3 (4%)

Real Estate

2 (6%)

3 (4%)

Transportation

1 (3%)

2 (3%)

500M (1%)

Electrical Equipment

2 (6%)

2 (3%)

Energy Services and Equipment

2 (3%)

Healthcare Services

1 (3%)

2 (3%)

Manufacturing

1 (3%)

2 (3%)

Chemicals

1 (3%)

1.1B (11%)

1 (1%)

1.1B (3%)

Technology Hardware

1 (3%)

325M (3%)

1 (1%)

325M (1%)

Aerospace

1 (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

$9.7B

$39.4B

State/Country	Current #	Value	All-time #	Value
United States	25 (69%)	9.7B (100%)	51 (69%)	38.8B (99%)
	Florida	6 (17%)	1.0B (11%)	7 (9%)	1.0B (3%)
	Michigan	2 (6%)	-	5 (7%)	7.4B (19%)
	California	2 (6%)	-	4 (5%)	1.7B (4%)
	North Carolina	2 (6%)	370M (4%)	4 (5%)	370M (1%)
	Georgia	1 (3%)	-	4 (5%)	-
	New York	-	-	4 (5%)	500M (1%)
	Pennsylvania	2 (6%)	1.1B (11%)	3 (4%)	1.1B (3%)
	Texas	-	-	3 (4%)	94M (< 1%)
	Minnesota	1 (3%)	250M (3%)	2 (3%)	870M (2%)
	Ohio	1 (3%)	-	2 (3%)	-
	Virginia	-	-	2 (3%)	1.5B (4%)
	Connecticut	1 (3%)	6.6B (68%)	1 (1%)	6.6B (17%)
	New Jersey	1 (3%)	325M (3%)	1 (1%)	325M (1%)
	Wisconsin	1 (3%)	-	1 (1%)	-
	Nevada	1 (3%)	-	1 (1%)	-
	Montana	1 (3%)	-	1 (1%)	-
	Massachusetts	1 (3%)	-	1 (1%)	-
	Indiana	1 (3%)	-	1 (1%)	-
	Illinois	1 (3%)	-	1 (1%)	-
	Idaho	-	-	1 (1%)	17.4B (44%)
	North Dakota	-	-	1 (1%)	-
	Alabama	-	-	1 (1%)	-
United Kingdom	-	-	6 (8%)	578M (1%)
Spain	3 (8%)	-	3 (4%)	-
Italy	2 (6%)	-	2 (3%)	-
Australia	2 (6%)	-	2 (3%)	-
Ireland	1 (3%)	-	2 (3%)	-
Netherlands	1 (3%)	-	2 (3%)	-
Japan	-	-	2 (3%)	-
Austria	1 (3%)	-	1 (1%)	-
Bermuda	1 (3%)	-	1 (1%)	-
Canada	-	-	1 (1%)	-
	Ontario	-	-	1 (1%)	-
Germany	-	-	1 (1%)	-
Domestic	25 (69%)	9.7B (100%)	51 (69%)	38.8B (99%)
Cross-border	11 (31%)	-	23 (31%)	578M (1%)
Total	36	$9.7B	74	$39.4B

State/Country

Current #

Value

All-time #

Value

United States

25 (69%)

9.7B (100%)

51 (69%)

38.8B (99%)

Florida

6 (17%)

1.0B (11%)

7 (9%)

1.0B (3%)

Michigan

2 (6%)

5 (7%)

7.4B (19%)

California

2 (6%)

4 (5%)

1.7B (4%)

North Carolina

2 (6%)

370M (4%)

4 (5%)

370M (1%)

Georgia

1 (3%)

4 (5%)

New York

4 (5%)

500M (1%)

Pennsylvania

2 (6%)

1.1B (11%)

3 (4%)

1.1B (3%)

Texas

3 (4%)

94M (< 1%)

Minnesota

1 (3%)

250M (3%)

2 (3%)

870M (2%)

Ohio

1 (3%)

2 (3%)

Virginia

2 (3%)

1.5B (4%)

Connecticut

1 (3%)

6.6B (68%)

1 (1%)

6.6B (17%)

New Jersey

1 (3%)

325M (3%)

1 (1%)

325M (1%)

Wisconsin

1 (3%)

1 (1%)

Nevada

1 (3%)

1 (1%)

Montana

1 (3%)

1 (1%)

Massachusetts

1 (3%)

1 (1%)

Indiana

1 (3%)

1 (1%)

Illinois

1 (3%)

1 (1%)

Idaho

1 (1%)

17.4B (44%)

North Dakota

1 (1%)

Alabama

1 (1%)

United Kingdom

6 (8%)

578M (1%)

Spain

3 (8%)

3 (4%)

Italy

2 (6%)

2 (3%)

Australia

2 (6%)

2 (3%)

Ireland

1 (3%)

2 (3%)

Netherlands

1 (3%)

2 (3%)

Japan

2 (3%)

Austria

1 (3%)

1 (1%)

Bermuda

1 (3%)

1 (1%)

Canada

1 (1%)

Ontario

1 (1%)

Germany

1 (1%)

Domestic

25 (69%)

9.7B (100%)

51 (69%)

38.8B (99%)

Cross-border

11 (31%)

23 (31%)

578M (1%)

Total

$9.7B

$39.4B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	10 (28%)	-	22 (30%)	1.1B (3%)
Divestiture	9 (25%)	1.4B (15%)	13 (18%)	10.8B (27%)
Secondary Buyout	8 (22%)	370M (4%)	11 (15%)	1.9B (5%)
Special Situations/Distressed	5 (14%)	1.3B (13%)	11 (15%)	1.5B (4%)
Stake Purchase	2 (6%)	6.6B (68%)	7 (9%)	6.6B (17%)
Going Private	-	-	3 (4%)	17.5B (44%)
Growth Capital	1 (3%)	-	3 (4%)	-
Consolidation	-	-	1 (1%)	-
PIPE	-	-	1 (1%)	-
Recapitalization	1 (3%)	-	1 (1%)	-
Venture	-	-	1 (1%)	-
Total	36	$9.7B	74	$39.4B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

10 (28%)

22 (30%)

1.1B (3%)

Divestiture

9 (25%)

1.4B (15%)

13 (18%)

10.8B (27%)

Secondary Buyout

8 (22%)

370M (4%)

11 (15%)

1.9B (5%)

Special Situations/Distressed

5 (14%)

1.3B (13%)

11 (15%)

1.5B (4%)

Stake Purchase

2 (6%)

6.6B (68%)

7 (9%)

6.6B (17%)

Going Private

3 (4%)

17.5B (44%)

Growth Capital

1 (3%)

3 (4%)

Consolidation

1 (1%)

PIPE

1 (1%)

Recapitalization

1 (3%)

1 (1%)

Venture

1 (1%)

Total

$9.7B

$39.4B

Type	Total #	Value
Trade Sale - Public Company	15 (36%)	11.6B (97%)
IPO	7 (17%)	-
Secondary Sale	6 (14%)	-
Trade Sale	5 (12%)	380M (3%)
Bankruptcy	5 (12%)	-
Sold to Management	2 (5%)	1M (< 1%)
Merger	1 (2%)	-
Stake Sale	1 (2%)	-
Total	42	$12.0B

Type

Total #

Value

Trade Sale - Public Company

15 (36%)

11.6B (97%)

IPO

7 (17%)

Secondary Sale

6 (14%)

Trade Sale

5 (12%)

380M (3%)

Bankruptcy

5 (12%)

Sold to Management

2 (5%)

1M (< 1%)

Merger

1 (2%)

Stake Sale

1 (2%)

Total

$12.0B

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

Financial

Deals

Sapient Corporate Finance

Credit Suisse Investment Banking

Vitale & Co. S.p.A.

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

Legal

Deals

Schulte Roth & Zabel LLP

Kirkland & Ellis LLP

Lowenstein Sandler LLP

buy	#	Total
> $1B	7	$36.7B
$100M to $1B	7	$2.6B
< $100M	1	$94M
TOTAL	$39.4B
Largest	Albertsons Companies Inc. $17.4B (2006-01-23)

buy

Total

> $1B

$36.7B

$100M to $1B

$2.6B

< $100M

$94M

TOTAL

$39.4B

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)	19%	14 (19%)
Exited to
Investor(s)	14%	6 (14%)
Strategic(s)	50%	21 (50%)

Deals

Acquired from

Investor(s)

13 (18%)

Strategic(s)

14 (19%)

Exited to

Investor(s)

6 (14%)

Strategic(s)

21 (50%)

Cerberus Capital Management Mergers and Acquisitions Summary

Private Equity Profile

M&A Summary