Freeman Spogli Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Freeman Spogli has acquired 6 companies. It has also invested in 1 other.

Freeman Spogli’s most common sectors for investment are retail (35%) and restaurants (10%). The Firm’s most common investment types include secondary buyout (40%) and buyout (lbo, mbo, mbi) (31%). In total, Freeman Spogli has invested in 18 US states. Its largest (disclosed) acquisition occurred in 2006 when it acquired Petco Health and Wellness Company for $1.8B.

In the last 3 years, Freeman Spogli has exited 1 company. The Firm’s most common exit type is secondary buyout (32%). Freeman Spogli’s largest (disclosed) exit occurred in 2015 when it sold Petco Health and Wellness Company for $4.6B.

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M&A Summary

  • M&A Total Activity64
    • M&A Buy Activity42
    • M&A Sell Activity22
  • Total Sectors Invested 16
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 25
  • M&A Advisors 7

Freeman Spogli & Co.

11100 Santa Monica Blvd Suite 1900,
Los Angeles, California 90025
United States
(310) 444-1822
www.freemanspogli.com
IR@freemanspogli.com

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.


Investment Criteria

Sectors of Interest: Consumer Products, Consumer Services, Distribution, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 75
Investment Size 75 300
Enterprise Value 100 750
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 32 3 1 2 4 - 42
vol $4.4B $4.4B
Sell (0.4/yr) # 20 1 - - 1 - 22
vol $8.0B $532M $8.5B
  64

Most Recent M&A

Company Date Value Type
Green Garden Products LLC 2020-12-31 532M USD Add-on Acquisition
Norton, Massachusetts · www.greengarden.com
Brooklinen, Inc. 2020-03-03 - Growth Capital
Brooklyn, New York · www.brooklinen.com
Galco Industrial Electronics, Inc. 2020-02-04 - Secondary Buyout
Madison Heights, Michigan · www.galco.com
Kamps Pallets, Inc. 2020-01-14 - Buyout (LBO, MBO, MBI)
Grand Rapids, Michigan · www.kampspallets.com
Easy Ice LLC 2020-01-08 - Buyout (LBO, MBO, MBI)
Marquette, Michigan · www.easyice.com
Five Star Food Service, Inc. 2019-03-28 - Secondary Buyout
Chattanooga, Tennessee · www.fivestarfoodservice.com
FASTSIGNS International, Inc. 2019-03-13 - Secondary Buyout
Carrollton, Texas · www.fastsigns.com
CRH Healthcare LLC 2018-12-18 - Recapitalization
Atlanta, Georgia · www.crhhealthcare.com
US Med-Equip, Inc. 2017-11-29 - Growth Capital
Houston, Texas · www.usmedequip.com
Planet Fitness, Inc. 2017-09-29 - Stake Purchase
Hampton, New Hampshire · www.planetfitness.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Regent Holding Co. 2015-11-04 Household Essentials LLC 2021-01-07 2
Memphis, Tennessee · www.regent-holding.com Hazelwood, Missouri · www.householdessential.com

M&A by Sector

Sector Current # Value All-time # Value
Retail 2 (11%) - 15 (35%) 2.8B (64%)
Business Services 2 (11%) - 4 (9%) 340M (8%)
Consumer Products 2 (11%) - 4 (9%) -
Distribution 2 (11%) - 4 (9%) -
Restaurants 3 (17%) - 4 (9%) -
Consumer Services 1 (6%) - 2 (5%) -
Real Estate - - 1 (2%) 750M (17%)
Apparel/Textiles - - 1 (2%) 500M (11%)
Financial Services - - 1 (2%) -
Furniture 1 (6%) - 1 (2%) -
Healthcare Services 1 (6%) - 1 (2%) -
Machinery 1 (6%) - 1 (2%) -
Marketing 1 (6%) - 1 (2%) -
Media - - 1 (2%) -
Packaging 1 (6%) - 1 (2%) -
Transportation 1 (6%) - 1 (2%) -
Total 18 - 43 $4.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) - 43 (100%) 4.4B (100%)
  California 1 (6%) - 7 (16%) 2.9B (65%)
  Tennessee 2 (11%) - 4 (9%) -
  New York 1 (6%) - 4 (9%) 200M (5%)
  Michigan 3 (17%) - 3 (7%) -
  Ohio 2 (11%) - 3 (7%) 500M (11%)
  Texas 2 (11%) - 3 (7%) -
  Georgia 1 (6%) - 3 (7%) -
  North Carolina - - 3 (7%) -
  Colorado 2 (11%) - 2 (5%) -
  Florida 1 (6%) - 2 (5%) -
  Indiana - - 2 (5%) -
  Wisconsin 1 (6%) - 1 (2%) -
  Utah 1 (6%) - 1 (2%) -
  New Hampshire 1 (6%) - 1 (2%) -
  Washington - - 1 (2%) 550M (12%)
  Minnesota - - 1 (2%) 277M (6%)
  Rhode Island - - 1 (2%) -
  Massachusetts - - 1 (2%) -
Total 18 - 43 $4.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (44%) - 17 (40%) 1.7B (38%)
Buyout (LBO, MBO, MBI) 3 (17%) - 13 (30%) 200M (5%)
Growth Capital 5 (28%) - 6 (14%) -
Recapitalization 1 (6%) - 4 (9%) -
Going Private - - 2 (5%) 2.6B (58%)
Stake Purchase 1 (6%) - 1 (2%) -
Total 18 - 43 $4.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (32%) 4.6B (54%)
IPO 6 (27%) -
Trade Sale - Public Company 4 (18%) 1.4B (17%)
Trade Sale 3 (14%) 915M (11%)
Recapitalization 1 (5%) 1.6B (19%)
Bankruptcy 1 (5%) -
Total 22 $8.5B

Top M&A Advisors

Financial Deals
Harris Williams & Co.
 1
Jefferies LLC
 1
William Blair & Co. LLC
 1
Legal Deals
Morgan, Lewis & Bockius LLP
 7
Ropes & Gray LLP
 3
Proskauer Rose LLP
 1

Deal Values

buy # Total
> $1B 1 $1.8B
$100M to $1B 6 $2.6B
TOTAL $4.4B
Largest Petco Health and Wellness Company, Inc.
$1.8B (2006-07-14)
sell # Total
> $1B 2 $6.2B
$100M to $1B 5 $2.3B
TOTAL $8.5B
Largest Petco Health and Wellness Company, Inc.
$4.6B (2015-11-23)

M&A Connections

Deals
Acquired from
Investor(s)
47%
20 (47%)
Exited to
Investor(s)
36%
8 (36%)
Strategic(s)
32%
7 (32%)

Investor Summary

Size

Large

PE Assets

4.0B USD

Established

1983

Specialist/Generalist

Specialist

Leadership

Bradford Freeman

Co-Founder & Chairman

Ronald Spogli

Co-Founder & Chairman

John Roth

CEO

Jon Ralph

President & COO

Lou Losorelli

CFO

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