Cerberus Capital Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cerberus Capital Management has acquired 12 companies. It has also invested in 1 other.

Cerberus Capital Management’s most common sectors for investment are financial services (12%) and automotive (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (31%) and divestiture (17%). In total, Cerberus Capital Management has invested in 20 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 (52%). 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 Activity103
    • M&A Buy Activity68
    • M&A Sell Activity35
  • Total Sectors Invested 30
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 39
  • M&A Advisors 22

Cerberus Capital Management

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

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. Cerberus was formed in 1992 by Steve Feinberg and is based in New York. Cerberus also has offices/affiliates in Chicago, Illinois; Los Angeles, California; Atlanta, Georgia; London, United Kingdom; Baarn, Netherlands; Frankfurt, Germany; Tokyo and Osaka, Japan; and Taipei, Taiwan.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Building Materials, Business Services, Communications, Consumer Products, Consumer Services, Defense, Distribution, Electrical Equipment, Financial Services, Forest Products, Healthcare Services, Information Technology, Insurance, Leisure, Life Science, Machinery, Manufacturing, Media, Medical Products, Packaging, Real Estate, Restaurants, Retail, Software, Technology Hardware, Transportation

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Asia/Pacific, Middle East

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

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (4.6/yr) # 45 3 6 9 5 - 68
vol $37.7B $325M $38.1B
Sell (2.2/yr) # 24 2 4 2 2 1 35
vol $11.2B $57M $201M $125M $11.6B
  103

Most Recent M&A

Company Date Value Type
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
Axsesstoday Ltd. 2019-09-09 - Buyout (LBO, MBO, MBI)
Melbourne, Australia · www.axsesstodaylimited.com.au
Avon Products, Inc. 2019-05-22 - Add-on Acquisition
London , United Kingdom · www.avonworldwide.com
Frontier Spinning Mills, Inc. 2019-05-02 - Secondary Buyout
Sanford, North Carolina · www.frontierspinning.com
New Avon LLC (Avon North America) 2019-04-25 125M USD Add-on Acquisition
New York, New York · www.avon.com
Sparton Corp. 2018-12-12 - Going Private
Schaumburg, Illinois · www.sparton.com
Navistar Defense LLC 2018-12-03 - Buyout (LBO, MBO, MBI)
Madison Heights, Michigan · www.navistardefense.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Kellermeyer Bergensons Services LLC 2019-10-22 Hospitality Staffing Solutions LLC 2020-01-13 1
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 Group, Inc. 2016-07-01 Polybottle Group Ltd. 2018-11-05 2
Toronto, Ontario · www.abcgroupinc.com Surrey, British Columbia · www.polybottle.com
ABC Group, Inc. 2016-07-01 Humberline Packaging, Inc. 2018-11-05 1
Toronto, Ontario · www.abcgroupinc.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
Albertsons Companies LLC 2006-01-23 DineInFresh, Inc. 2017-09-20 4
Boise, Idaho · www.albertsons.com New York, New York · www.plated.com
Albertsons Companies LLC 2006-01-23 MedCart Specialty Pharmacy 2017-05-31 3
Boise, Idaho · www.albertsons.com Livonia, Michigan · www.medcartpharmacy.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
Albertsons Companies LLC 2006-01-23 Safeway, Inc. 2014-03-06 2
Boise, Idaho · www.albertsons.com Pleasanton, California · www.safeway.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 5 (13%) - 8 (12%) 620M (2%)
Automotive 3 (8%) - 7 (10%) 7.4B (19%)
Leisure 3 (8%) 1.0B (4%) 6 (9%) 1.4B (4%)
Retail 2 (5%) 17.4B (64%) 5 (7%) 19.3B (51%)
Business Services 3 (8%) 8.1B (30%) 4 (6%) 8.1B (21%)
Consumer Products 2 (5%) 370M (1%) 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%) -
Manufacturing 2 (5%) - 2 (3%) -
Technology Hardware 1 (3%) 325M (1%) 1 (1%) 325M (1%)
Consumer Services 1 (3%) - 1 (1%) -
Distribution - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Environmental 1 (3%) - 1 (1%) -
Forest Products - - 1 (1%) -
Gaming - - 1 (1%) -
Healthcare Services 1 (3%) - 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 $27.2B 68 $38.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 25 (64%) 27.2B (100%) 45 (66%) 37.5B (98%)
  Florida 6 (15%) 1.0B (4%) 6 (9%) 1.0B (3%)
  Michigan 2 (5%) - 5 (7%) 7.4B (19%)
  California 2 (5%) - 4 (6%) 1.7B (4%)
  North Carolina 2 (5%) 370M (1%) 4 (6%) 370M (1%)
  Georgia 1 (3%) - 4 (6%) -
  New York - - 4 (6%) 500M (1%)
  Illinois 2 (5%) - 2 (3%) -
  Virginia 1 (3%) 1.5B (6%) 2 (3%) 1.5B (4%)
  Ohio 1 (3%) - 2 (3%) -
  Texas - - 2 (3%) 94M (< 1%)
  Idaho 1 (3%) 17.4B (64%) 1 (1%) 17.4B (46%)
  Connecticut 1 (3%) 6.6B (24%) 1 (1%) 6.6B (17%)
  New Jersey 1 (3%) 325M (1%) 1 (1%) 325M (1%)
  Pennsylvania 1 (3%) - 1 (1%) -
  Nevada 1 (3%) - 1 (1%) -
  Montana 1 (3%) - 1 (1%) -
  Massachusetts 1 (3%) - 1 (1%) -
  Indiana 1 (3%) - 1 (1%) -
  Minnesota - - 1 (1%) 620M (2%)
  Alabama - - 1 (1%) -
United Kingdom - - 6 (9%) 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%) 27.2B (100%) 45 (66%) 37.5B (98%)
Cross-border 14 (36%) - 23 (34%) 578M (2%)
Total 39 $27.2B 68 $38.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 12 (31%) - 21 (31%) 1.1B (3%)
Divestiture 7 (18%) 325M (1%) 11 (16%) 9.7B (25%)
Secondary Buyout 9 (23%) 1.9B (7%) 11 (16%) 1.9B (5%)
Special Situations/Distressed 4 (10%) 1.0B (4%) 9 (13%) 1.3B (3%)
Stake Purchase 4 (10%) 6.6B (24%) 7 (10%) 6.6B (17%)
Going Private 2 (5%) 17.4B (64%) 3 (4%) 17.5B (46%)
Growth Capital 1 (3%) - 3 (4%) -
Consolidation - - 1 (1%) -
PIPE - - 1 (1%) -
Venture - - 1 (1%) -
Total 39 $27.2B 68 $38.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 15 (43%) 11.6B (100%)
IPO 5 (14%) -
Secondary Sale 5 (14%) -
Bankruptcy 4 (11%) -
Trade Sale 3 (9%) -
Sold to Management 1 (3%) 1M (< 1%)
Merger 1 (3%) -
Stake Sale 1 (3%) -
Total 35 $11.6B

Top M&A Advisors

Financial Deals
Sapient Corporate Finance
2
Credit Suisse Investment Banking
2
Goldman Sachs Investment Banking Division
1
Legal Deals
Schulte Roth & Zabel LLP
4
Lowenstein Sandler LLP
3
Kirkland & Ellis LLP
2

Deal Values

buy # Total
> $1B 6 $35.6B
$100M to $1B 6 $2.4B
< $100M 1 $94M
TOTAL $38.1B
Largest Albertsons Companies LLC
$17.4B (2006-01-23)
sell # Total
> $1B 2 $9.4B
$100M to $1B 6 $2.0B
< $100M 4 $208M
TOTAL $11.6B
Largest TD Auto Finance LLC
$6.3B (2010-12-21)

M&A Connections

Deals %
Acquired from
PE Firm(s)
61%
19 61%
Strategic(s)
39%
12 39%
Exited to
PE Firm(s)
21%
5 21%
Strategic(s)
79%
19 79%

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