M&A Deal Summary

Cornell Capital, HarbourVest Partners, KKR and CDPQ Acquire KDC/ONE

On November 7, 2018, private equity firm Cornell Capital, private equity firm HarbourVest Partners, private equity firm KKR and asset manager CDPQ acquired consumer products company KDC/ONE from Novacap

Acquisition Highlights
  • This is Cornell Capital’s 2nd, HarbourVest Partners’ 4th, KKR’s 10th and CDPQ’s 2nd transaction in the Consumer Products sector.
  • This is Cornell Capital’s 1st, HarbourVest Partners’ 6th, KKR’s 3rd and CDPQ’s 26th transaction in Canada.
  • This is Cornell Capital’s 1st, HarbourVest Partners’ 1st, KKR’s 1st and CDPQ’s 24th transaction in Quebec.

M&A Deal Summary

Date 2018-11-07
Target KDC/ONE
Sector Consumer Products
Buyer(s) Cornell Capital
HarbourVest Partners
KKR
CDPQ
Sellers(s) Novacap
Deal Type Secondary Buyout

Target

KDC/ONE

Longueuil, Quebec, Canada
website
KDC/ONE is a custom innovator, formulator and manufacturer serving the prestige beauty, personal care, and household sectors. KDC/ONE was established in 2002 and is based in Longueuil, Quebec.

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Buyer(S) 4

Buyer

Cornell Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 6 of 17
Sector (Consumer Products) 2 of 3
Type (Secondary Buyout) 2 of 6
State (Quebec) 1 of 1
Country (Canada) 1 of 2
Year (2018) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-01 PureStar

Las Vegas, Nevada, United States

PureStar is a commercial linen management services provider dedicated to the hospitality industry. PureStar boasts 11 brands with 30 full-service laundries across 3 countries and 25 U.S. markets. PureStar is based in Las Vegas, Nevada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-08 Fekkai

New York, New York, United States

Fekkai develops and produces hair and body care products, including shampoos, conditioners, treatments, hair fragrances, and styling products. Additionally, The company owns and operates a number of salons across the United States. Fekkai was founded in 1958 and is based in New York City.

Buy -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 188 of 222
Sector (Consumer Products) 4 of 4
Type (Secondary Buyout) 41 of 55
State (Quebec) 1 of 1
Country (Canada) 6 of 7
Year (2018) 22 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-31 McLarens

Peachtree Corners, Georgia, United States

McLarens is a global insurance services provider with offices and operations strategically located around the world. With a focus on complex, commercial and niche markets, McLarens provides loss adjusting and claims management services, as well as auditing and pre-risk surveying. The company’s global footprint enables it to provide streamlined consistent service to global customers, while at the same time delivering local expertise and responsive service. McLarens was founded in 1931 and is based in Peachtree Corners, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-13 SRS Acquiom

Denver, Colorado, United States

SRS Acquiom is a provider of technology-enabled services related to M&A settlement support and risk mitigation. SRS Acquiom provides an integrated platform for professional services, technology solutions, and data that enables corporate acquirers, private equity firms and venture capital firms to navigate the complex M&A deal execution process more efficiently. The Company has managed over 2,200 deals, representing 205,000 shareholders, valued at over $340 billion. SRS Acquiom was founded in 2007 and is based in Denver, Colorado.

Buy -
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


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 289 of 430
Sector (Consumer Products) 10 of 16
Type (Secondary Buyout) 60 of 104
State (Quebec) 1 of 2
Country (Canada) 3 of 9
Year (2018) 32 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-26 Epic Games

Cary, North Carolina, United States

Epic Games is a publisher of interactive games and developer of the software platforms used for game development and high-end graphics rendering. Epic Games was founded in 1991 and is based in Cary, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-19 GeoStabilization

Commerce City, Colorado, United States

GeoStabilization is a provider of complex geotechnical maintenance services for critical infrastructure across the U.S. and Canada. The company develops and implements innovative solutions that protect from dangers associated with geohazards that have either caused or have the potential to cause, catastrophic infrastructure failures and significant economic disruption. GeoStabilization was founded in 2002 and is based in Commerce City, Colorado.

Buy -
Buyer

CDPQ

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.


DEAL STATS #
Overall 55 of 98
Sector (Consumer Products) 2 of 2
Type (Secondary Buyout) 14 of 19
State (Quebec) 24 of 42
Country (Canada) 26 of 45
Year (2018) 12 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-17 Azure Power Global

New Delhi, India

Azure Power Global provides solar energy to central and state government utilities and independent industrial and commercial customers. Azure Power Global was founded in 2008 and is based in New Delhi, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-28 Plusgrade

Montréal, Quebec, Canada

Plusgrade provides revenue solutions to airline, hospitality, cruise, passenger rail, and financial services companies. Plusgrade was founded in 2009 and is based in Montréal, Québec.

Buy -

Seller(S) 1

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


DEAL STATS #
Overall 12 of 28
Sector (Consumer Products) 2 of 2
Type (Secondary Buyout) 4 of 11
State (Quebec) 7 of 13
Country (Canada) 8 of 18
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-20 Noble Foods Nutrition

Pointe-Claire, Quebec, Canada

Noble Foods Nutrition is a manufacturer of nutrition and energy bars. Noble Foods Nutrition was founded in 1999 and is based in Pointe-Claire, Québec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-28 Plusgrade

Montréal, Quebec, Canada

Plusgrade provides revenue solutions to airline, hospitality, cruise, passenger rail, and financial services companies. Plusgrade was founded in 2009 and is based in Montréal, Québec.

Buy -