DFO Management Mergers and Acquisitions Summary

Family Office Profile

In the last 3 years, DFO Management has acquired 1 company. It has also invested in 3 others.

DFO Management’s most common sectors for investment aredistribution (13%) and media (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and secondary buyout (19%). In total, DFO Management has invested in 12 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Transaction Network Services for $862M.

In the last 3 years, DFO Management has exited 3 companies. The Firm’s most common exit type is trade sale (40%). DFO Management’s largest (disclosed) exit occurred in 2015 when it sold OneWest Bank for $3.4B.

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M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity16
    • M&A Sell Activity10
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 15
  • M&A Advisors 3

DFO Management

DFO Management, LLC

1 Vanderbilt Avenue 26th Floor,
New York, New York 10017
United States
(212) 303-1650
www.dellfamilyoffice.com

DFO Management is the private investment vehicle for Michael Dell, founder of Dell Computers. The Firm targets investment opportunities across the US and internationally and is split into several groups. These include Public Equity, Special Opportunities, Private Equity, Real Estate, and Partnerships. The Private Equity group targets transactions that include leveraged and management buyouts, take privates, mezzanine debt and other structured investments, PIPEs and growth equity financings, platform acquisitions and roll-ups, and partnerships with other financial sponsors. DFO looks to commit $100 to $250 million per transaction and prefers investments in non-technology companies. DFO Management was formed in 1998 and is based in New York City.


Investment Criteria

Sectors of Interest: Business Services, Distribution, Financial Services, Forest Products, Healthcare Services, Internet Software and Services, Software

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

Geographic Preferences: East US, Midwest US, South US, West US, Western Europe, Eastern Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 250
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 12 - 3 - 1 - 16
vol $862M $862M
Sell (0.6/yr) # 7 - 3 - - - 10
vol $3.4B $3.4B
  26

Most Recent M&A

Company Date Value Type
National Amusements, Inc. 2023-05-25 - Growth Capital
Norwood, Massachusetts · www.nationalamusements.com
Formagrid, Inc. 2021-12-13 - Venture
San Francisco, California · www.airtable.com
West Monroe Partners LLC 2021-11-10 - Stake Purchase
Chicago, Illinois · www.westmonroe.com
Transaction Network Services, Inc. 2021-06-01 - Trade Sale
Reston, Virginia · www.tnsi.com
Endeavor Group Holdings, Inc. 2021-04-29 - IPO
Beverly Hills, California · www.endeavorco.com
Woolpert, Inc. 2021-04-09 - Secondary Buyout
Dayton, Ohio · www.woolpert.com
Hayward Industries, Inc. 2021-03-11 - IPO
Charlotte, North Carolina · www.hayward-pool.com
WIRB-Copernicus Group, Inc. 2019-11-14 - Recapitalization
Princeton, New Jersey · www.wcgclinical.com
DentalOne Partners 2019-10-21 - Trade Sale
Plano, Texas · www.dentalonepartners.com
Endries International, Inc. 2018-12-11 - Secondary Buyout
Brillion, Wisconsin · www.endries.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Woolpert, Inc. 2021-04-09 Cooperative Strategies LLC 2023-08-01 7
Dayton, Ohio · www.woolpert.com Irvine, California · www.coopstrategies.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (17%) - 2 (13%) -
Distribution 1 (17%) - 2 (13%) -
Media 1 (17%) - 2 (13%) -
Communications - - 1 (6%) 862M (100%)
Aerospace - - 1 (6%) -
Engineering 1 (17%) - 1 (6%) -
Financial Services - - 1 (6%) -
Forest Products - - 1 (6%) -
Healthcare Services - - 1 (6%) -
Information Services - - 1 (6%) -
Information Technology 1 (17%) - 1 (6%) -
Machinery - - 1 (6%) -
Plastics 1 (17%) - 1 (6%) -
Total 6 - 16 $862M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (100%) - 15 (94%) 862M (100%)
  California 1 (17%) - 4 (25%) -
  Wisconsin 1 (17%) - 1 (6%) -
  Tennessee 1 (17%) - 1 (6%) -
  Ohio 1 (17%) - 1 (6%) -
  Massachusetts 1 (17%) - 1 (6%) -
  Illinois 1 (17%) - 1 (6%) -
  Virginia - - 1 (6%) 862M (100%)
  Texas - - 1 (6%) -
  North Carolina - - 1 (6%) -
  New York - - 1 (6%) -
  New Jersey - - 1 (6%) -
  Connecticut - - 1 (6%) -
Ireland - - 1 (6%) -
Domestic 6 (100%) - 15 (94%) 862M (100%)
Cross-border - - 1 (6%) -
Total 6 - 16 $862M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (17%) - 5 (31%) -
Secondary Buyout 2 (33%) - 3 (19%) -
Growth Capital 1 (17%) - 2 (13%) -
Stake Purchase 1 (17%) - 2 (13%) -
Going Private - - 1 (6%) 862M (100%)
Joint Venture - - 1 (6%) -
Recapitalization - - 1 (6%) -
Venture 1 (17%) - 1 (6%) -
Total 6 - 16 $862M

Exits by Deal Type

Type Total # Value
Trade Sale 4 (40%) -
IPO 2 (20%) -
Trade Sale - Public Company 1 (10%) 3.4B (100%)
Bankruptcy 1 (10%) -
Merger 1 (10%) -
Recapitalization 1 (10%) -
Total 10 $3.4B

Top M&A Advisors

Financial Deals
BofA Securities
 1
Houlihan Lokey
 1
Legal Deals
Dechert
 2

Deal Values

buy # Total
$100M to $1B 1 $862M
TOTAL $862M
Largest Transaction Network Services, Inc.
$862M (2012-12-11)
sell # Total
> $1B 1 $3.4B
TOTAL $3.4B
Largest OneWest Bank
$3.4B (2015-08-03)

M&A Connections

Deals
Acquired from
Investor(s)
13%
2 (13%)
Exited to
Investor(s)
10%
1 (10%)
Strategic(s)
50%
5 (50%)

Investor Summary

Investor Type

Family Office

Size

Mega

PE Assets

16.0B USD

Established

1998

Specialist/Generalist

Generalist

Leadership

Gregg Lemkau

Chairman

Marc Lisker

Partner & CLO

Alisa Mall

CIO

FAQ

When was DFO Management founded?

DFO Management was founded in 1998.

What type of investor is DFO Management?

DFO Management is a family office.

Where is DFO Management headquartered?

DFO Management is headquartered in New York, New York.

How much capital does DFO Management have under management?

DFO Management has 16.0B USD under management.

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