Hellman & Friedman Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Hellman & Friedman has acquired 9 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 19 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 6 companies. The Firm’s most common exit type is ipo (24%). Hellman & Friedman’s largest (disclosed) exit occurred in 2023 when it sold Splunk for $28.0B.

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M&A Summary

  • M&A Total Activity145
    • M&A Buy Activity88
    • M&A Sell Activity57
  • Total Sectors Invested 25
  • Total Countries Invested 15
  • M&A Buy/Sell Connections 54
  • M&A Advisors 36

Hellman & Friedman

Hellman & Friedman LLC

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, Nordic

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (3.0/yr) # 73 3 9 1 - 2 88
vol $81.7B $1.2B $54.8B $10.2B $147.9B
Sell (2.2/yr) # 48 5 4 1 1 - 59
vol $39.0B $28.0B $67.0B
  147

Most Recent M&A

Company Date Value Type
Safe-Guard Products International LLC 2024-07-15 - Secondary Buyout
Atlanta, Georgia · www.safe-guardproducts.com
Baker Tilly US LLP 2024-02-05 - Growth Capital
Chicago, Illinois · www.bakertilly.com
Splunk, Inc. 2023-09-21 28.0B USD Stake Sale
San Francisco, California · www.splunk.com
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
Boston, 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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HUB International Ltd. 2013-08-05 Western Growers Insurance Services 2024-11-04 453
Chicago, Illinois · www.hubinternational.com , California · www.wgis.com
HUB International Ltd. 2013-08-05 WestStar Insurance Agency, Inc. 2024-10-09 452
Chicago, Illinois · www.hubinternational.com El Paso, Texas
AutoScout24 GmbH 2019-12-17 Trader Corp. 2024-08-16 1
Munich, Germany · www.autoscout24.com Etobicoke, Ontario · www.tradercorporation.com
Medline Industries, Inc. 2021-06-05 Ecolab - Global Surgical Solutions Business 2024-08-01 3
Northfield, Illinois · www.medline.com St. Paul, Minnesota
Applied Systems, Inc. 2014-01-24 Planck Resolution Ltd. 2024-07-23 9
University Park, Illinois · www1.appliedsystems.com New York, New York · www.planckdata.com
Zendesk, Inc. 2022-06-24 Ultimate.ai GmbH 2024-03-14 2
San Francisco, California · www.zendesk.com Helsinki, Finland · www.ultimate.ai
HUB International Ltd. 2013-08-05 Gottschling - Book of Business 2024-01-05 451
Chicago, Illinois · www.hubinternational.com Vienna, Virginia
UKG, Inc. 2007-03-23 Immedis 2023-06-06 22
Lowell, Massachusetts · www.ukg.com Dublin, Ireland · www.immedis.com
athenahealth, Inc. 2021-11-22 Quatris Healthco 2022-12-29 1
Boston, Massachusetts · www.athenahealth.com Bedford, Texas · www.athenahealth.com/quatris-healthco
Cordis US Corp. 2021-03-12 M.A. Med Alliance SA 2022-10-18 1
Miami Lakes, Florida · www.cordis.com Nyon, Switzerland · www.medalliance.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 3 (10%) 5.0B (6%) 12 (14%) 12.5B (9%)
Software 3 (10%) 2.5B (3%) 12 (14%) 5.2B (4%)
Internet Software and Services 5 (17%) 29.0B (35%) 10 (11%) 43.7B (30%)
Insurance 2 (7%) 4.4B (5%) 7 (8%) 7.9B (5%)
Information Services 2 (7%) - 6 (7%) 13.9B (10%)
Information Technology 1 (3%) 3.0B (4%) 4 (5%) 3.3B (2%)
Marketing - - 4 (5%) 1.7B (1%)
Automotive 3 (10%) - 4 (5%) -
Media - - 4 (5%) -
Retail 2 (7%) 2.8B (3%) 3 (3%) 2.8B (2%)
Education 1 (3%) - 3 (3%) 1.1B (1%)
Medical Products 2 (7%) 35.0B (43%) 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%)
E-Commerce 2 (7%) - 2 (2%) -
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%)
Business Services 1 (3%) - 1 (1%) -
Communications - - 1 (1%) -
Electronics - - 1 (1%) -
Engineering - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Total 29 $82.0B 88 $146.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (62%) 80.4B (96%) 61 (69%) 131.8B (89%)
  California 3 (10%) 14.6B (17%) 11 (13%) 17.8B (12%)
  New York - - 8 (9%) 13.8B (9%)
  Texas 3 (10%) 2.8B (3%) 7 (8%) 12.9B (9%)
  Illinois 5 (17%) 40.2B (48%) 6 (7%) 40.2B (27%)
  Massachusetts 4 (14%) 18.8B (22%) 5 (6%) 18.8B (13%)
  Florida 1 (3%) 1.0B (1%) 4 (5%) 13.7B (9%)
  Tennessee 1 (3%) 3.0B (4%) 3 (3%) 4.1B (3%)
  Georgia 1 (3%) - 2 (2%) -
  North Carolina - - 2 (2%) 3.9B (3%)
  Washington - - 2 (2%) 2.4B (2%)
  Wisconsin - - 2 (2%) 1.1B (1%)
  Virginia - - 2 (2%) 570M (< 1%)
  Alabama - - 1 (1%) 1.3B (1%)
  Ohio - - 1 (1%) 1.3B (1%)
  Colorado - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  Minnesota - - 1 (1%) -
United Kingdom 1 (3%) - 6 (7%) 2.3B (2%)
Germany 2 (7%) - 5 (6%) 2.6B (2%)
Bermuda 1 (3%) - 3 (3%) 763M (1%)
Italy 2 (7%) - 2 (2%) -
Canada 1 (3%) - 2 (2%) -
  Ontario 1 (3%) - 2 (2%) -
Spain 1 (3%) 2.0B (2%) 1 (1%) 2.0B (1%)
Israel 1 (3%) 1.2B (1%) 1 (1%) 1.2B (1%)
Sweden 1 (3%) 249M (< 1%) 1 (1%) 249M (< 1%)
Netherlands 1 (3%) - 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 18 (62%) 80.4B (96%) 61 (69%) 131.8B (89%)
Cross-border 11 (38%) 3.4B (4%) 27 (31%) 16.1B (11%)
Total 29 $83.8B 88 $147.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 11 (38%) 26.6B (32%) 26 (30%) 31.9B (22%)
Going Private 6 (21%) 20.8B (25%) 17 (19%) 50.9B (35%)
Buyout (LBO, MBO, MBI) 5 (17%) 34.0B (41%) 15 (17%) 50.8B (35%)
Stake Purchase 2 (7%) - 13 (15%) 394M (< 1%)
Growth Capital 3 (10%) - 7 (8%) -
Divestiture 2 (7%) 2.4B (3%) 6 (7%) 8.3B (6%)
PIPE - - 3 (3%) 4.5B (3%)
Merger - - 1 (1%) -
Total 29 $83.8B 88 $146.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (24%) 16.0B (24%)
IPO 14 (24%) -
Trade Sale - Public Company 10 (17%) 23.0B (34%)
Merger 7 (12%) -
Stake Sale 6 (10%) 28.0B (42%)
Trade Sale 4 (7%) -
Recapitalization 2 (3%) -
SPAC 2 (3%) -
Total 59 $67.0B

Top M&A Advisors

Financial Deals
BofA Securities
 7
UBS Investment Bank
 6
Morgan Stanley
 6
Legal Deals
Simpson Thacher & Bartlett
 31
Kirkland & Ellis
 5
Freshfields Bruckhaus Deringer
 4

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 13 $64.5B
$100M to $1B 5 $2.5B
TOTAL $67.0B
Largest Splunk, Inc.
$28.0B (2023-09-21)

M&A Connections

Deals
Acquired from
Investor(s)
31%
27 (31%)
Strategic(s)
9%
8 (9%)
Exited to
Investor(s)
25%
15 (25%)
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

Siru Niemi

Director of Talent

Zomo Fisher

Head of Sustainability & ESG

Emily Johnson Lambert

Managing Director

FAQ

When was Hellman & Friedman founded?

Hellman & Friedman was founded in 1984.

What type of investor is Hellman & Friedman?

Hellman & Friedman is a private equity firm.

Where is Hellman & Friedman headquartered?

Hellman & Friedman is headquartered in San Francisco, California.

How much capital does Hellman & Friedman have under management?

Hellman & Friedman has 50.0B USD under management.

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