Hellman & Friedman Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Hellman & Friedman has acquired 3 companies.

Hellman & Friedman’s most common sectors for investment are software (20%) and financial services (14%). The Firm’s most common investment types include secondary buyout (33%) and going private (20%). In total, Hellman & Friedman has invested in 21 US states and 12 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Nielsen Holdings NV for $12.7B.

In the last 3 years, Hellman & Friedman has exited 6 companies. The Firm’s most common exit type is secondary buyout (27%). Hellman & Friedman’s largest (disclosed) exit occurred in 2005 when it sold Texas Genco Holdings for $5.8B.

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M&A Summary

  • M&A Total Activity114
    • M&A Buy Activity65
    • M&A Sell Activity49
  • Total Sectors Invested 22
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 53
  • M&A Advisors 26

Hellman & Friedman

One Maritime Plaza, 12th Floor,
San Francisco, California 94111
United States
(415) 788-5111
www.hf.com
info@hf.com

Hellman & Friedman (H&F) is the largest private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Consumer Products, Consumer Services, Digital Media, Energy Services and Equipment, Financial Services, Healthcare Services, Information Services, Information Technology, Insurance, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Oil/Gas Exploration, Publishing, Retail, Safety/Security, Software, Staffing, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 300 1,000
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.4/yr) # 58 1 2 1 2 1 65
vol $59.3B $2.0B $3.0B $11.0B $1.2B $76.5B
Sell (1.2/yr) # 43 - - 3 1 2 49
vol $39.7B $39.7B
  114

Most Recent M&A

Company Date Value Type
Checkmarx 2020-03-16 1.2B USD Secondary Buyout
Greenwood Village, Colorado · www.checkmarx.com
The Ultimate Software Group, Inc. 2020-02-20 - Merger
Weston, Florida · www.ultimatesoftware.com
PPD Inc. 2020-01-27 - IPO
Wilmington, North Carolina · www.ppdi.com
AutoScout24 GmbH 2019-12-17 - Buyout (LBO, MBO, MBI)
München, Germany · www.autoscout24.com
Change Healthcare, Inc. 2019-06-27 - IPO
Nashville, Tennessee · www.changehealthcare.com
The Ultimate Software Group, Inc. 2019-02-04 11.0B USD Going Private
Weston, Florida · www.ultimatesoftware.com
ABRA Auto Body & Glass LP 2018-12-05 - Merger
Brooklyn Park, Minnesota · www.abraauto.com
Renaissance Learning, Inc. 2018-05-03 - Secondary Buyout
Wisconsin Rapids, Wisconsin · www.renaissance.com
Financial Engines, Inc. 2018-05-01 3.0B USD Going Private
Sunnyvale, California · www.financialengines.com
OpenLink Financial, Inc. 2018-02-02 - Add-on Acquisition
Uniondale, New York · www.olf.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 ivari - MGA Assets 2020-07-02 256
Chicago, Illinois · www.hubinternational.com Toronto, Ontario
HUB International Ltd. 2013-08-05 The Clements Agency, Inc. 2020-06-08 255
Chicago, Illinois · www.hubinternational.com Tucson, Arizona · www.clementsinsurance.com
HUB International Ltd. 2013-08-05 HB Consultants 2020-06-03 254
Chicago, Illinois · www.hubinternational.com Calgary, Alberta · www.hbconsultants.ca
HUB International Ltd. 2013-08-05 J.M. Rose Insurance Agency Ltd. 2020-06-02 253
Chicago, Illinois · www.hubinternational.com Toronto, Ontario · www.usefulideas.com
HUB International Ltd. 2013-08-05 Lashua-LaChance & Poliks Insurance Agency, Inc. 2020-05-15 252
Chicago, Illinois · www.hubinternational.com Gardner, Massachusetts · www.lashua-lachance.com
HUB International Ltd. 2013-08-05 Hatchett Insurance Agency LLC 2020-05-14 251
Chicago, Illinois · www.hubinternational.com Winchester, Tennessee · www.hatchettinsurance.com
HUB International Ltd. 2013-08-05 Vestas Damage Insurance Firm, Inc. 2020-05-13 250
Chicago, Illinois · www.hubinternational.com Montreal, Quebec · www.vestasassurance.com
HUB International Ltd. 2013-08-05 Vestas Financial Services Firm, Inc. 2020-05-13 249
Chicago, Illinois · www.hubinternational.com Montreal, Quebec · www.vestasassurance.com
HUB International Ltd. 2013-08-05 The Healy Group, Inc. - Employee Benefits Division 2020-05-12 248
Chicago, Illinois · www.hubinternational.com South Bend, Indiana
HUB International Ltd. 2013-08-05 The B&G Group, Inc. 2020-05-11 247
Chicago, Illinois · www.hubinternational.com Plainview, New York · www.thebggroup.com

M&A by Sector

Sector Current # Value All-time # Value
Software 3 (20%) 3.0B (21%) 13 (20%) 6.7B (9%)
Financial Services 3 (20%) 2.0B (14%) 9 (14%) 4.5B (6%)
Internet Software and Services 1 (7%) - 5 (8%) 16.2B (21%)
Insurance 1 (7%) 4.4B (31%) 5 (8%) 6.8B (9%)
Information Technology 1 (7%) - 5 (8%) 4.4B (6%)
Marketing - - 4 (6%) 1.7B (2%)
Media - - 4 (6%) -
Information Services - - 3 (5%) 13.9B (18%)
Utilities - - 2 (3%) 7.4B (10%)
Business Services 2 (13%) 3.4B (24%) 2 (3%) 3.4B (4%)
Digital Media - - 2 (3%) 3.0B (4%)
Life Science - - 1 (2%) 3.9B (5%)
Manufacturing - - 1 (2%) 2.7B (4%)
Building Materials 1 (7%) 1.3B (9%) 1 (2%) 1.3B (2%)
Publishing - - 1 (2%) 394M (1%)
Safety/Security 1 (7%) 249M (2%) 1 (2%) 249M (< 1%)
Automotive - - 1 (2%) -
Communications - - 1 (2%) -
Electronics 1 (7%) - 1 (2%) -
Engineering - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Retail 1 (7%) - 1 (2%) -
Total 15 $14.3B 65 $76.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (67%) 11.7B (82%) 47 (72%) 67.8B (89%)
  California 2 (13%) 3.0B (21%) 7 (11%) 3.7B (5%)
  Illinois 3 (20%) 6.2B (43%) 4 (6%) 6.2B (8%)
  New York 1 (7%) - 4 (6%) 1.1B (1%)
  Texas 1 (7%) - 3 (5%) 6.4B (8%)
  Florida - - 3 (5%) 12.7B (17%)
  Massachusetts - - 3 (5%) 4.3B (6%)
  Tennessee - - 3 (5%) 4.1B (5%)
  Washington - - 3 (5%) 2.4B (3%)
  North Carolina 1 (7%) - 2 (3%) 3.9B (5%)
  Wisconsin - - 2 (3%) 1.1B (1%)
  Virginia - - 2 (3%) 570M (1%)
  Ohio 1 (7%) 1.3B (9%) 1 (2%) 1.3B (2%)
  Colorado 1 (7%) 1.2B (8%) 1 (2%) 1.2B (2%)
  New Jersey - - 1 (2%) 3.7B (5%)
  Alabama - - 1 (2%) 1.3B (2%)
  Maryland - - 1 (2%) 1.2B (2%)
  South Carolina - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Georgia - - 1 (2%) -
Germany 1 (7%) - 4 (6%) 2.6B (3%)
United Kingdom - - 4 (6%) 1.1B (1%)
Bermuda - - 2 (3%) 763M (1%)
Spain 1 (7%) 2.0B (14%) 1 (2%) 2.0B (3%)
Ireland 1 (7%) 342M (2%) 1 (2%) 342M (< 1%)
Sweden 1 (7%) 249M (2%) 1 (2%) 249M (< 1%)
Italy 1 (7%) - 1 (2%) -
Switzerland - - 1 (2%) 1.6B (2%)
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
France - - 1 (2%) -
Cayman Islands - - 1 (2%) -
Domestic 10 (67%) 11.7B (82%) 47 (72%) 67.8B (89%)
Cross-border 5 (33%) 2.6B (18%) 18 (28%) 8.7B (11%)
Total 15 $14.3B 65 $76.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 12 (80%) 11.3B (79%) 21 (32%) 14.9B (20%)
Going Private 1 (7%) 3.0B (21%) 13 (20%) 32.9B (44%)
Buyout (LBO, MBO, MBI) 1 (7%) - 10 (15%) 16.8B (22%)
Stake Purchase 1 (7%) - 10 (15%) 394M (1%)
Divestiture - - 4 (6%) 5.9B (8%)
PIPE - - 3 (5%) 4.5B (6%)
Growth Capital - - 3 (5%) -
Merger - - 1 (2%) -
Total 15 $14.3B 65 $75.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (29%) 16.0B (40%)
IPO 11 (22%) -
Trade Sale - Public Company 10 (20%) 23.0B (58%)
Stake Sale 5 (10%) -
Merger 4 (8%) -
Trade Sale 3 (6%) -
Recapitalization 2 (4%) 750M (2%)
Total 49 $39.7B

Top M&A Advisors

Financial Deals
UBS Investment Bank
 5
Goldman Sachs Investment Banking Division
 4
Bank of America Merrill Lynch
 4
Legal Deals
Simpson Thacher & Bartlett LLP
 25
Latham & Watkins
 2
Freshfields Bruckhaus Deringer LLP
 2

Deal Values

buy # Total
> $1B 24 $72.5B
$100M to $1B 8 $4.0B
TOTAL $76.5B
Largest Nielsen Holdings NV
$12.7B (2006-05-21)
sell # Total
> $1B 12 $36.5B
$100M to $1B 6 $3.3B
TOTAL $39.7B
Largest Texas Genco Holdings, Inc.
$5.8B (2005-10-03)

M&A Connections

Deals %
Acquired from
PE Firm(s)
91%
39 91%
Strategic(s)
9%
4 9%
Exited to
PE Firm(s)
57%
20 57%
Strategic(s)
43%
15 43%

Investor Summary

Size

Mega

PE Assets

35.0B USD

Established

1984

Specialist/Generalist

Generalist

Leadership

Patrick Healy

Co-CEO

Philip Hammarskjold

Co-CEO

Jacob Best

Director

Blake Kleinman

Managing Director

Adam Durrett

Partner

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