Hellman & Friedman Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Hellman & Friedman has acquired 5 companies. It has also invested in 2 others.

Hellman & Friedman’s most common sectors for investment are software (20%) and financial services (16%). The Firm’s most common investment types include secondary buyout (31%) and going private (20%). In total, Hellman & Friedman has invested in 21 US states and 14 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 11 companies. The Firm’s most common exit type is trade sale (24%). 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 Activity127
    • M&A Buy Activity72
    • M&A Sell Activity55
  • Total Sectors Invested 21
  • Total Countries Invested 14
  • M&A Buy/Sell Connections 56
  • M&A Advisors 29

Hellman & Friedman

415 Mission Street, Suite 5700,
San Francisco, California 94105
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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 62 3 2 3 2 - 72
vol $60.7B $7.0B $3.0B $11.0B $1.2B $82.9B
Sell (2.2/yr) # 44 - 4 2 4 1 55
vol $39.4B $39.4B
  127

Most Recent M&A

Company Date Value Type
FFG Finanzcheck Finanzportale GmbH 2021-02-12 - Add-on Acquisition
Hamburg, Germany · www.finanzcheck.de
Sprinklr, Inc. 2020-09-09 - Growth Capital
New York, New York · www.sprinklr.com
Associated Materials, Inc. 2020-08-03 - Recapitalization
Cuyahoga Falls, Ohio · www.associatedmaterials.com
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
MultiPlan Corp. 2020-02-01 - PIPE
New York, New York · www.multiplan.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
Action Nederland BV 2019-11-15 - Stake Purchase
Zwaagdijk-oost, Netherlands · www.action.com
Change Healthcare, Inc. 2019-06-27 - IPO
Nashville, Tennessee · www.changehealthcare.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 Eagle American Insurance Agency LLC 2021-01-14 288
Chicago, Illinois · www.hubinternational.com Longwood, Florida · www.eagleamericaninsurance.com
HUB International Ltd. 2013-08-05 Mumby Insurance Brokers, Inc. - Certain Assets 2020-10-08 287
Chicago, Illinois · www.hubinternational.com Waterloo, Ontario
HUB International Ltd. 2013-08-05 ivari - MGA Assets 2020-07-02 286
Chicago, Illinois · www.hubinternational.com Toronto, Ontario
HUB International Ltd. 2013-08-05 The Healy Group, Inc. - Employee Benefits Division 2020-05-12 285
Chicago, Illinois · www.hubinternational.com South Bend, Indiana
Nets A/S 2017-09-25 Polskie ePłatności S.A. 2020-03-11 1
Ballerup, Denmark · www.nets.eu Warszawa, Poland · www.pep.pl
HUB International Ltd. 2013-08-05 Morneau Shepell - Benefits Consulting Practice 2020-03-02 284
Chicago, Illinois · www.hubinternational.com Toronto, Ontario
HUB International Ltd. 2013-08-05 Newsura Insurance Services, Inc. - Insurance Brokerage Business 2019-11-05 283
Chicago, Illinois · www.hubinternational.com Roseville, California
Nets A/S 2017-09-25 Nets Denmark AS - Corporate Services Businesses 2019-08-06 1
Ballerup, Denmark · www.nets.eu Ballerup, Denmark
HUB International Ltd. 2013-08-05 BenefitLink Resource Group, Inc. 2019-07-02 282
Chicago, Illinois · www.hubinternational.com Edmonton, Alberta · www.benefitlink.ca
Allfunds S.A. 2017-03-07 Credit Suisse InvestLab 2019-06-25 1
Madrid, Spain · www.allfunds.com Zurich, Switzerland

M&A by Sector

Sector Current # Value All-time # Value
Software 4 (24%) 4.3B (23%) 14 (19%) 8.1B (10%)
Financial Services 4 (24%) 10.0B (53%) 11 (15%) 12.5B (15%)
Internet Software and Services 3 (18%) - 8 (11%) 16.5B (20%)
Insurance 1 (6%) 4.4B (23%) 5 (7%) 6.8B (8%)
Information Technology - - 5 (7%) 4.4B (5%)
Marketing - - 4 (6%) 1.7B (2%)
Media - - 4 (6%) -
Information Services - - 3 (4%) 13.9B (17%)
Utilities - - 2 (3%) 7.4B (9%)
Digital Media - - 2 (3%) 3.0B (4%)
Safety/Security 2 (12%) 249M (1%) 2 (3%) 249M (< 1%)
Automotive 1 (6%) - 2 (3%) -
Retail 1 (6%) - 2 (3%) -
Life Science - - 1 (1%) 3.9B (5%)
Manufacturing - - 1 (1%) 2.7B (3%)
Building Materials - - 1 (1%) 1.3B (2%)
Publishing - - 1 (1%) 394M (< 1%)
Communications - - 1 (1%) -
E-Commerce 1 (6%) - 1 (1%) -
Engineering - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Total 17 $19.0B 72 $82.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (59%) 11.8B (62%) 51 (71%) 69.2B (83%)
  California 2 (12%) 4.4B (23%) 8 (11%) 5.1B (6%)
  New York 1 (6%) - 5 (7%) 1.1B (1%)
  Illinois 3 (18%) 6.2B (33%) 4 (6%) 6.2B (7%)
  Texas 1 (6%) - 4 (6%) 6.4B (8%)
  Massachusetts 1 (6%) - 4 (6%) 4.3B (5%)
  Florida - - 3 (4%) 12.7B (15%)
  Tennessee - - 3 (4%) 4.1B (5%)
  North Carolina 1 (6%) - 2 (3%) 3.9B (5%)
  Colorado 1 (6%) 1.2B (6%) 2 (3%) 1.2B (1%)
  Washington - - 2 (3%) 2.4B (3%)
  Wisconsin - - 2 (3%) 1.1B (1%)
  Virginia - - 2 (3%) 570M (1%)
  New Jersey - - 1 (1%) 3.7B (5%)
  Ohio - - 1 (1%) 1.3B (2%)
  Alabama - - 1 (1%) 1.3B (2%)
  Maryland - - 1 (1%) 1.2B (1%)
  South Carolina - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Georgia - - 1 (1%) -
Germany 1 (6%) - 4 (6%) 2.6B (3%)
United Kingdom - - 4 (6%) 1.1B (1%)
Canada 1 (6%) - 2 (3%) -
  Ontario 1 (6%) - 2 (3%) -
Bermuda - - 2 (3%) 763M (1%)
Denmark 1 (6%) 5.0B (26%) 1 (1%) 5.0B (6%)
Spain 1 (6%) 2.0B (11%) 1 (1%) 2.0B (2%)
Sweden 1 (6%) 249M (1%) 1 (1%) 249M (< 1%)
Italy 1 (6%) - 1 (1%) -
Netherlands 1 (6%) - 1 (1%) -
Switzerland - - 1 (1%) 1.6B (2%)
Ireland - - 1 (1%) 342M (< 1%)
France - - 1 (1%) -
Cayman Islands - - 1 (1%) -
Domestic 10 (59%) 11.8B (62%) 51 (71%) 69.2B (83%)
Cross-border 7 (41%) 7.3B (38%) 21 (29%) 13.7B (17%)
Total 17 $19.0B 72 $82.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (47%) 9.6B (51%) 22 (31%) 14.9B (18%)
Going Private 2 (12%) 8.0B (42%) 14 (19%) 37.9B (46%)
Buyout (LBO, MBO, MBI) 2 (12%) - 11 (15%) 16.8B (21%)
Stake Purchase 2 (12%) - 11 (15%) 394M (< 1%)
Divestiture 1 (6%) 1.4B (7%) 5 (7%) 7.3B (9%)
Growth Capital 2 (12%) - 5 (7%) -
PIPE - - 3 (4%) 4.5B (6%)
Merger - - 1 (1%) -
Total 17 $19.0B 72 $81.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (25%) 15.7B (40%)
IPO 14 (25%) -
Trade Sale - Public Company 10 (18%) 23.0B (58%)
Merger 5 (9%) -
Stake Sale 5 (9%) -
Trade Sale 4 (7%) -
Recapitalization 3 (5%) 750M (2%)
Total 55 $39.4B

Top M&A Advisors

Financial Deals
UBS Investment Bank
 5
Bank of America Merrill Lynch (BofA Securities)
 5
Deutsche Bank Corporate & Investment Banking
 4
Legal Deals
Simpson Thacher & Bartlett LLP
 27
Freshfields Bruckhaus Deringer LLP
 3
Latham & Watkins
 2

Deal Values

buy # Total
> $1B 26 $78.9B
$100M to $1B 8 $4.0B
TOTAL $82.9B
Largest Nielsen Holdings NV
$12.7B (2006-05-21)
sell # Total
> $1B 12 $36.5B
$100M to $1B 5 $2.9B
TOTAL $39.4B
Largest Texas Genco Holdings, Inc.
$5.8B (2005-10-03)

M&A Connections

Deals
Acquired from
Investor(s)
33%
24 (33%)
Strategic(s)
7%
5 (7%)
Exited to
Investor(s)
29%
16 (29%)
Strategic(s)
31%
17 (31%)

Investor Summary

Size

Mega

PE Assets

50.0B USD

Established

1984

Specialist/Generalist

Generalist

Leadership

Patrick Healy

CEO

Philip Hammarskjold

Executive Chairman

Adam Durrett

Partner

Allen Thorpe

Partner

Benjamin Farkas

Partner

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