Hellman & Friedman Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Hellman & Friedman has acquired 12 companies. It has also invested in 3 others.

Hellman & Friedman’s most common sectors for investment aresoftware (14%) and financial services (14%) . The Firm’s most common investment types include secondary buyout (30%) and going private (20%). In total, Hellman & Friedman has invested in 21 US states and 15 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Medline Industries for $34.0B.

In the last 3 years, Hellman & Friedman has exited 12 companies. The Firm’s most common exit type is ipo (26%). 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 Activity143
    • M&A Buy Activity86
    • M&A Sell Activity57
  • Total Sectors Invested 23
  • Total Countries Invested 15
  • M&A Buy/Sell Connections 68
  • M&A Advisors 32

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 a large 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, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.4/yr) # 69 2 2 3 9 1 86
vol $67.7B $3.0B $11.0B $1.2B $54.8B $10.2B $147.9B
Sell (3.2/yr) # 43 4 2 5 4 1 59
vol $38.7B $38.7B
  145

Most Recent M&A

Company Date Value Type
Zendesk, Inc. 2022-06-24 10.2B USD Going Private
San Francisco, California · www.zendesk.com
The NPD Group, Inc. 2022-04-11 - Merger
Port Washington, New York · www.npd.com
athenahealth, Inc. 2021-11-22 17.0B USD Secondary Buyout
Watertown, Massachusetts · www.athenahealth.com
zooplus AG 2021-10-25 - Going Private
Munich, Germany · www.zooplus.de
The NPD Group, Inc. 2021-10-19 - Buyout (LBO, MBO, MBI)
Port Washington, New York · www.npd.com
Snap One Holdings Corp. 2021-07-27 - IPO
Charlotte, North Carolina · www.snapone.com
Sprinklr, Inc. 2021-06-23 - IPO
New York, New York · www.sprinklr.com
Splunk, Inc. 2021-06-22 - Stake Purchase
San Francisco, California · www.splunk.com
Nets A/S 2021-06-16 - Merger
Ballerup, Denmark · www.nets.eu
Nexi S.p.A. 2021-06-16 - Stake Purchase
Milan, Italy · www.nexi.it
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 Sandy Spring Insurance Corp. 2022-06-02 375
Chicago, Illinois · www.hubinternational.com Annapolis, Maryland · www.sandyspringbank.com/insurance/
HUB International Ltd. 2013-08-05 APEX Global Benefit Management System and Related Assets 2022-05-06 374
Chicago, Illinois · www.hubinternational.com , Illinois
Information Resources, Inc. 2011-06-01 The NPD Group, Inc. 2022-04-11 3
Chicago, Illinois · www.iriworldwide.com Port Washington, New York · www.npd.com
HUB International Ltd. 2013-08-05 Chun-Ha Insurance Services, Inc. 2022-04-04 373
Chicago, Illinois · www.hubinternational.com Garden Grove, California · www.chunha.com
Medline Industries, Inc. 2021-06-05 Asid Bonz GmbH 2022-04-04 1
Northfield, Illinois · www.medline.com Herrenberg, Germany · www.asid-bonz.de
UKG, Inc. 2007-03-23 Ascentis Corp. 2022-03-09 20
Chelmsford, Massachusetts · www.ukg.com Eden Prairie, Minnesota · www.ascentis.com
HUB International Ltd. 2013-08-05 Pickett and Associates, Inc. 2022-02-02 2
Chicago, Illinois · www.hubinternational.com La Quinta, California · www.pickettbenefits.com
Genesys Telecommunications Laboratories, Inc. 2012-02-01 Pointillist, Inc. 2021-10-07 17
Daly City, California · www.genesys.com Boston, Massachusetts · www.pointillist.com
HUB International Ltd. 2013-08-05 National Home Warranty Group, Inc. 2021-08-24 372
Chicago, Illinois · www.hubinternational.com Edmonton, Alberta · www.nationalhomewarranty.com
Information Resources, Inc. 2011-06-01 Intelligent Shopper Solutions 2021-03-18 2
Chicago, Illinois · www.iriworldwide.com Toronto, Ontario

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 3 (11%) 5.0B (6%) 12 (14%) 12.5B (9%)
Software 4 (15%) 2.5B (3%) 12 (14%) 5.2B (4%)
Internet Software and Services 5 (19%) 29.0B (37%) 10 (12%) 43.7B (30%)
Insurance 2 (7%) 4.4B (6%) 7 (8%) 7.9B (5%)
Information Services 2 (7%) - 5 (6%) 13.9B (10%)
Marketing - - 5 (6%) 1.7B (1%)
Information Technology - - 4 (5%) 3.3B (2%)
Media - - 4 (5%) -
Retail 2 (7%) 2.8B (4%) 3 (3%) 2.8B (2%)
Education 1 (4%) - 3 (3%) 1.1B (1%)
Automotive 2 (7%) - 3 (3%) -
E-Commerce 2 (7%) - 3 (3%) -
Medical Products 2 (7%) 35.0B (44%) 2 (2%) 35.0B (24%)
Utilities - - 2 (2%) 7.4B (5%)
Digital Media - - 2 (2%) 3.0B (2%)
Safety/Security 2 (7%) 249M (< 1%) 2 (2%) 249M (< 1%)
Life Science - - 1 (1%) 3.9B (3%)
Manufacturing - - 1 (1%) 2.7B (2%)
Building Materials - - 1 (1%) 1.3B (1%)
Publishing - - 1 (1%) 394M (< 1%)
Communications - - 1 (1%) -
Engineering - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Total 27 $79.0B 86 $146.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (59%) 77.4B (96%) 60 (70%) 133.1B (90%)
  California 4 (15%) 14.6B (18%) 10 (12%) 15.3B (10%)
  New York - - 8 (9%) 13.8B (9%)
  Massachusetts 4 (15%) 18.8B (23%) 6 (7%) 21.3B (14%)
  Texas 3 (11%) 2.8B (3%) 6 (7%) 9.2B (6%)
  Illinois 4 (15%) 40.2B (50%) 5 (6%) 40.2B (27%)
  Florida 1 (4%) 1.0B (1%) 4 (5%) 13.7B (9%)
  Tennessee - - 3 (3%) 4.1B (3%)
  North Carolina - - 2 (2%) 3.9B (3%)
  Washington - - 2 (2%) 2.4B (2%)
  Wisconsin - - 2 (2%) 1.1B (1%)
  Virginia - - 2 (2%) 570M (< 1%)
  New Jersey - - 1 (1%) 3.7B (3%)
  Ohio - - 1 (1%) 1.3B (1%)
  Alabama - - 1 (1%) 1.3B (1%)
  Maryland - - 1 (1%) 1.2B (1%)
  South Carolina - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Georgia - - 1 (1%) -
  Colorado - - 1 (1%) -
Germany 2 (7%) - 5 (6%) 2.6B (2%)
United Kingdom 1 (4%) - 5 (6%) 1.1B (1%)
Bermuda 1 (4%) - 3 (3%) 763M (1%)
Italy 2 (7%) - 2 (2%) -
Canada 1 (4%) - 2 (2%) -
  Ontario 1 (4%) - 2 (2%) -
Spain 1 (4%) 2.0B (3%) 1 (1%) 2.0B (1%)
Israel 1 (4%) 1.2B (1%) 1 (1%) 1.2B (1%)
Sweden 1 (4%) 249M (< 1%) 1 (1%) 249M (< 1%)
Netherlands 1 (4%) - 1 (1%) -
Denmark - - 1 (1%) 5.0B (3%)
Switzerland - - 1 (1%) 1.6B (1%)
Ireland - - 1 (1%) 342M (< 1%)
France - - 1 (1%) -
Cayman Islands - - 1 (1%) -
Domestic 16 (59%) 77.4B (96%) 60 (70%) 133.1B (90%)
Cross-border 11 (41%) 3.4B (4%) 26 (30%) 14.8B (10%)
Total 27 $80.8B 86 $147.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 10 (37%) 26.6B (33%) 25 (29%) 31.9B (22%)
Going Private 5 (19%) 17.8B (22%) 17 (20%) 50.9B (35%)
Buyout (LBO, MBO, MBI) 5 (19%) 34.0B (42%) 15 (17%) 50.8B (35%)
Stake Purchase 3 (11%) - 13 (15%) 394M (< 1%)
Divestiture 2 (7%) 2.4B (3%) 6 (7%) 8.3B (6%)
Growth Capital 2 (7%) - 6 (7%) -
PIPE - - 3 (3%) 4.5B (3%)
Merger - - 1 (1%) -
Total 27 $80.8B 86 $146.8B

Exits by Deal Type

Type Total # Value
IPO 15 (25%) -
Secondary Sale 14 (24%) 15.7B (41%)
Trade Sale - Public Company 10 (17%) 23.0B (59%)
Merger 7 (12%) -
Stake Sale 5 (8%) -
Trade Sale 4 (7%) -
Recapitalization 2 (3%) -
SPAC 2 (3%) -
Total 59 $38.7B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 7
Morgan Stanley
 6
Deutsche Bank Corporate & Investment Banking
 5
Legal Deals
Simpson Thacher & Bartlett LLP
 30
Freshfields Bruckhaus Deringer LLP
 3
Kirkland & Ellis LLP
 3

Deal Values

buy # Total
> $1B 31 $143.9B
$100M to $1B 8 $4.0B
TOTAL $147.9B
Largest Medline Industries, Inc.
$34.0B (2021-06-05)
sell # Total
> $1B 12 $36.5B
$100M to $1B 4 $2.2B
TOTAL $38.7B
Largest Texas Genco Holdings, Inc.
$5.8B (2005-10-03)

M&A Connections

Deals
Acquired from
Investor(s)
30%
26 (30%)
Strategic(s)
8%
7 (8%)
Exited to
Investor(s)
24%
14 (24%)
Strategic(s)
32%
19 (32%)

Investor Summary

Investor Type

Private Equity Firm

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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