Cerberus Capital Management Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Cerberus Capital Management has acquired 24 companies.

Cerberus Capital Management’s most common sectors for investment arefinancial services (9%) and automotive (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (31%) and secondary buyout (18%). In total, Cerberus Capital Management has invested in 24 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 (49%). 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 Activity124
    • M&A Buy Activity79
    • M&A Sell Activity45
  • Total Sectors Invested 33
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 47
  • M&A Advisors 26

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (6.0/yr) # 49 6 11 5 3 5 79
vol $37.7B $325M $250M $1.1B $39.4B
Sell (3.0/yr) # 30 5 2 2 5 1 45
vol $11.2B $57M $201M $125M $380M $12.0B
  124

Most Recent M&A

Company Date Value Type
Helix Sleep, Inc. 2021-09-13 - Buyout (LBO, MBO, MBI)
New York, New York · www.helixsleep.com
Brooklyn Bedding 2021-09-13 - Buyout (LBO, MBO, MBI)
Phoenix, Arizona · www.brooklynbedding.com
Source Code Corp. 2021-08-02 - Secondary Buyout
Milford, Massachusetts · www.sourcecode.com
Red River Technology LLC 2021-06-01 - Secondary Buyout
Claremont, New Hampshire · www.redriver.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
National Dentex Corp. 2020-10-27 Sentage Corp. 2021-04-01 4
Natick, Massachusetts · www.nationaldentex.com St. Petersburg, Florida · www.dentalservices.net
Kellermeyer Bergensons Services LLC 2019-10-22 Hospitality Staffing Solutions LLC 2020-01-13 6
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

M&A by Sector

Sector Current # Value All-time # Value
Automotive 2 (5%) - 7 (9%) 7.4B (19%)
Financial Services 4 (11%) - 7 (9%) 620M (2%)
Retail 2 (5%) 250M (3%) 6 (8%) 19.3B (49%)
Leisure 2 (5%) - 5 (6%) 402M (1%)
Consumer Products 4 (11%) 370M (4%) 5 (6%) 370M (1%)
Information Technology 5 (13%) - 5 (6%) -
Business Services 1 (3%) 6.6B (76%) 4 (5%) 8.4B (21%)
Real Estate 1 (3%) - 4 (5%) 1.0B (3%)
Apparel/Textiles 1 (3%) - 3 (4%) -
Life Science - - 3 (4%) -
Transportation 1 (3%) - 2 (3%) 500M (1%)
Technology Hardware 2 (5%) 325M (4%) 2 (3%) 325M (1%)
Electrical Equipment 2 (5%) - 2 (3%) -
Energy Services and Equipment - - 2 (3%) -
Healthcare Services 1 (3%) - 2 (3%) -
Manufacturing 1 (3%) - 2 (3%) -
Software - - 2 (3%) -
Chemicals 1 (3%) 1.1B (13%) 1 (1%) 1.1B (3%)
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%) -
Staffing - - 1 (1%) -
Total 38 $8.6B 79 $39.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (71%) 8.6B (100%) 56 (71%) 38.8B (99%)
  Florida 4 (11%) - 7 (9%) 1.0B (3%)
  Michigan 2 (5%) - 5 (6%) 7.4B (19%)
  New York 1 (3%) - 5 (6%) 500M (1%)
  California 2 (5%) - 4 (5%) 1.7B (4%)
  North Carolina 2 (5%) 370M (4%) 4 (5%) 370M (1%)
  Georgia - - 4 (5%) -
  Pennsylvania 2 (5%) 1.1B (13%) 3 (4%) 1.1B (3%)
  Texas - - 3 (4%) 94M (< 1%)
  Massachusetts 2 (5%) - 2 (3%) -
  Arizona 2 (5%) - 2 (3%) -
  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 (76%) 1 (1%) 6.6B (17%)
  New Jersey 1 (3%) 325M (4%) 1 (1%) 325M (1%)
  Wisconsin 1 (3%) - 1 (1%) -
  New Hampshire 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 (44%)
  Alabama - - 1 (1%) -
  North Dakota - - 1 (1%) -
United Kingdom - - 6 (8%) 578M (1%)
Spain 3 (8%) - 3 (4%) -
Italy 2 (5%) - 2 (3%) -
Australia 2 (5%) - 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 27 (71%) 8.6B (100%) 56 (71%) 38.8B (99%)
Cross-border 11 (29%) - 23 (29%) 578M (1%)
Total 38 $8.6B 79 $39.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 10 (26%) - 24 (30%) 1.1B (3%)
Secondary Buyout 11 (29%) 370M (4%) 14 (18%) 1.9B (5%)
Divestiture 9 (24%) 1.4B (16%) 13 (16%) 10.8B (27%)
Special Situations/Distressed 4 (11%) 250M (3%) 11 (14%) 1.5B (4%)
Stake Purchase 2 (5%) 6.6B (76%) 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 38 $8.6B 79 $39.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 15 (33%) 11.6B (97%)
IPO 8 (18%) -
Trade Sale 7 (16%) 380M (3%)
Secondary Sale 6 (13%) -
Bankruptcy 5 (11%) -
Sold to Management 2 (4%) 1M (< 1%)
Merger 1 (2%) -
Stake Sale 1 (2%) -
Total 45 $12.0B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
4
Sapient Corporate Finance
2
J.P. Morgan Securities LLC
1
Legal Deals
Kirkland & Ellis LLP
5
Schulte Roth & Zabel LLP
4
Lowenstein Sandler LLP
3

Deal Values

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)
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)

M&A Connections

Deals
Acquired from
Investor(s)
20%
16 (20%)
Strategic(s)
18%
14 (18%)
Exited to
Investor(s)
13%
6 (13%)
Strategic(s)
51%
23 (51%)

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