Leonard Green & Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Leonard Green & Partners has acquired 14 companies. It has also invested in 2 others.

Leonard Green & Partners’ most common sectors for investment areretail (19%) and healthcare services (11%) . The Firm’s most common investment types include secondary buyout (47%) and going private (14%). In total, Leonard Green & Partners has invested in 30 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired IMS Health Holdings for $5.2B.

In the last 3 years, Leonard Green & Partners has exited 11 companies. The Firm’s most common exit type is secondary buyout (34%). Leonard Green & Partners’ largest (disclosed) exit occurred in 2024 when it sold SRS Distribution for $18.3B.

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M&A Summary

  • M&A Total Activity153
    • M&A Buy Activity102
    • M&A Sell Activity51
  • Total Sectors Invested 37
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 47
  • M&A Advisors 24

Leonard Green & Partners

Leonard Green & Partners, L.P.

11111 Santa Monica Blvd., Suite 2000,
Los Angeles, California 90025
United States
(310) 954-0444
www.leonardgreen.com

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Engineering, Financial Services, Healthcare Services, Leisure, Life Science, Manufacturing, Media, Publishing, Restaurants, Retail, Semiconductors

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 500 5,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (4.2/yr) # 81 5 7 3 4 2 102
vol $44.0B $4.8B $48.8B
Sell (3.0/yr) # 39 4 9 - - 2 54
vol $27.3B $18.3B $45.6B
  156

Most Recent M&A

Company Date Value Type
Eyemart Express LLC 2024-10-09 - Trade Sale
Farmers Branch, Texas · www.eyemartexpress.com
GeoStabilization International LLC 2024-09-26 - Secondary Buyout
Commerce City, Colorado · www.geostabilization.com
DuraServ Corp. 2024-08-02 - Buyout (LBO, MBO, MBI)
Carrollton, Texas · www.duraservcorp.com
SRS Distribution, Inc. 2024-03-28 18.3B USD Trade Sale
McKinney, Texas · www.srsdistribution.com
IRIS Software Group Ltd. 2023-12-23 4.8B GBP Secondary Buyout
Slough, United Kingdom · www.iris.co.uk
TenCate Grass Holding B.V. 2023-12-22 - Secondary Buyout
Nijverdal, Netherlands · www.tencategrass.com
Parts Town LLC 2023-11-03 - Recapitalization
Addison, Illinois · www.partstown.com
I.M.A. Industria Macchine Automatiche S.p.A. 2023-01-01 - Secondary Buyout
Ozzano dell'Emilia, Italy · www.ima.it
Epiphany Dermatology PA 2022-02-01 - Secondary Buyout
Austin, Texas · www.epiphanydermatology.com
Pace Analytical Services LLC 2022-01-11 - Secondary Buyout
Minneapolis, Minnesota · www.pacelabs.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WellSky Corp. 2016-12-20 Bonafide Medical Group LLC 2024-10-25 14
Overland Park, Kansas · www.wellsky.com Thousand Oaks, California · www.bonafide.com
WIRB-Copernicus Group, Inc. 2019-11-14 Educational Measures LLC 2024-08-05 5
Princeton, New Jersey · www.wcgclinical.com Greenwood Village, Colorado · www.arraylive.com
IRIS Software Group Ltd. 2023-12-23 SwipeClock LLC 2024-05-15 1
Slough, United Kingdom · www.iris.co.uk South Jordan, Utah · www.swipeclock.com
Pace Analytical Services LLC 2022-01-11 Whitehouse Analytical Laboratories 2024-03-14 1
Minneapolis, Minnesota · www.pacelabs.com Lebanon, New Jersey · www.whitehouselabs.com
WellSky Corp. 2016-12-20 The Corridor Group, Inc. 2023-10-12 13
Overland Park, Kansas · www.wellsky.com Overland Park, Kansas · www.corridorgroup.com
Service Logic LLC 2020-11-02 Indoor Environmental Services 2023-01-11 1
Charlotte, North Carolina · www.servicelogic.com Sacramento, California · www.ies-hvac.com
Press Ganey Holdings, Inc. 2019-06-11 Forsta Group 2022-02-07 6
Wakefield, Massachusetts · www.pressganey.com London, United Kingdom · www.forsta.com
Mindpath Health LLC 2020-12-15 MindPath Care Centers PLLC 2021-05-11 4
Sacramento, California · www.mindpath.com Durham, North Carolina · www.mindpathcare.com
The Aspen Group 2017-06-13 ClearChoice Management Services LLC 2020-11-16 1
East Syracuse, New York · www.aspendental.com Greenwood Village, Colorado · www.clearchoice.com
WellSky Corp. 2016-12-20 CarePort Health 2020-10-13 12
Overland Park, Kansas · www.wellsky.com Boston, Massachusetts · www.careporthealth.com

M&A by Sector

Sector Current # Value All-time # Value
Retail 3 (7%) - 19 (19%) 13.5B (28%)
Healthcare Services 6 (13%) - 11 (11%) 911M (2%)
Business Services 6 (13%) - 9 (9%) 1.8B (4%)
Information Technology 1 (2%) - 5 (5%) 5.2B (11%)
Consumer Services 2 (4%) 924M (13%) 5 (5%) 4.9B (10%)
Information Services 2 (4%) - 4 (4%) 2.2B (5%)
Software 2 (4%) 4.8B (67%) 3 (3%) 5.4B (11%)
Distribution 1 (2%) - 3 (3%) 3.2B (7%)
Consumer Products 2 (4%) - 3 (3%) 131M (< 1%)
Automotive 2 (4%) - 3 (3%) -
Restaurants 2 (4%) - 3 (3%) -
Apparel/Textiles - - 2 (2%) 3.2B (7%)
Packaging 1 (2%) - 2 (2%) 830M (2%)
Aerospace - - 2 (2%) -
Construction 2 (4%) - 2 (2%) -
Leisure 1 (2%) - 2 (2%) -
Manufacturing 1 (2%) - 2 (2%) -
Safety/Security 1 (2%) - 2 (2%) -
Staffing 2 (4%) - 2 (2%) -
Education - - 1 (1%) 3.5B (7%)
Plastics 1 (2%) 1.5B (21%) 1 (1%) 1.5B (3%)
E-Commerce - - 1 (1%) 420M (1%)
Medical Products - - 1 (1%) 251M (1%)
Financial Services - - 1 (1%) 177M (< 1%)
Electrical Equipment 1 (2%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering 1 (2%) - 1 (1%) -
Environmental 1 (2%) - 1 (1%) -
Franchising 1 (2%) - 1 (1%) -
Gaming - - 1 (1%) -
Internet Software and Services 1 (2%) - 1 (1%) -
Machinery 1 (2%) - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Semiconductors - - 1 (1%) -
Test/Measurement Equipment 1 (2%) - 1 (1%) -
Utilities - - 1 (1%) -
Total 45 $7.3B 102 $47.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 40 (89%) 1.5B (21%) 94 (92%) 43.0B (88%)
  Texas 7 (16%) - 16 (16%) 8.5B (17%)
  California 2 (4%) - 11 (11%) 2.4B (5%)
  New York 6 (13%) - 10 (10%) 548M (1%)
  Georgia 3 (7%) - 6 (6%) 2.4B (5%)
  Illinois 3 (7%) - 6 (6%) 970M (2%)
  Arizona 2 (4%) - 4 (4%) -
  Massachusetts 2 (4%) - 3 (3%) 2.8B (6%)
  Colorado 2 (4%) - 3 (3%) 1.4B (3%)
  Pennsylvania 1 (2%) - 3 (3%) 750M (2%)
  Virginia - - 3 (3%) 6.5B (13%)
  Kansas 2 (4%) - 2 (2%) -
  Tennessee 2 (4%) - 2 (2%) -
  Connecticut 1 (2%) - 2 (2%) 5.2B (11%)
  Minnesota 1 (2%) - 2 (2%) 4.0B (8%)
  Nebraska 1 (2%) - 2 (2%) 830M (2%)
  Iowa - - 2 (2%) 1.0B (2%)
  Missouri - - 2 (2%) -
  Indiana - - 2 (2%) -
  Florida - - 2 (2%) -
  Wisconsin 1 (2%) 1.5B (21%) 1 (1%) 1.5B (3%)
  Kentucky 1 (2%) - 1 (1%) -
  Utah 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Jersey 1 (2%) - 1 (1%) -
  Washington - - 1 (1%) 1.6B (3%)
  Ohio - - 1 (1%) 1.6B (3%)
  Maryland - - 1 (1%) 847M (2%)
  Oregon - - 1 (1%) 177M (< 1%)
  Louisiana - - 1 (1%) -
  Nevada - - 1 (1%) -
United Kingdom 2 (4%) 5.8B (79%) 2 (2%) 5.8B (12%)
Italy 1 (2%) - 1 (1%) -
Bermuda 1 (2%) - 1 (1%) -
Netherlands 1 (2%) - 1 (1%) -
India - - 1 (1%) -
Channel Islands - - 1 (1%) -
Israel - - 1 (1%) -
Domestic 40 (89%) 1.5B (21%) 94 (92%) 43.0B (88%)
Cross-border 5 (11%) 5.8B (79%) 8 (8%) 5.8B (12%)
Total 45 $7.3B 102 $48.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 30 (67%) 7.3B (100%) 47 (46%) 17.1B (35%)
Going Private - - 14 (14%) 27.7B (57%)
Buyout (LBO, MBO, MBI) 3 (7%) - 12 (12%) 371M (1%)
Recapitalization 5 (11%) - 8 (8%) 2.4B (5%)
Stake Purchase 3 (7%) - 7 (7%) -
Growth Capital 3 (7%) - 5 (5%) -
Divestiture 1 (2%) - 4 (4%) 975M (2%)
PIPE - - 3 (3%) 177M (< 1%)
Add-on Acquisition - - 1 (1%) -
Joint Venture - - 1 (1%) -
Total 45 $7.3B 102 $48.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 18 (33%) 13.6B (30%)
IPO 12 (22%) 10.5B (23%)
Trade Sale - Public Company 5 (9%) 20.7B (45%)
Trade Sale 5 (9%) 509M (1%)
Sold to Existing Investors 3 (6%) -
SPAC 3 (6%) -
Recapitalization 2 (4%) 300M (1%)
Bankruptcy 2 (4%) -
Stake Sale 2 (4%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Total 54 $45.6B

Top M&A Advisors

Financial Deals
BofA Securities
 7
Barclays Investment Bank
 4
Deutsche Bank Corporate & Investment Banking
 4
Legal Deals
Latham & Watkins
 28
Kirkland & Ellis
 1
Simpson Thacher & Bartlett
 1

Deal Values

buy # Total
> $1B 15 $42.5B
$100M to $1B 13 $6.3B
TOTAL $48.8B
Largest IMS Health Holdings, Inc.
$5.2B (2009-11-05)
sell # Total
> $1B 7 $43.1B
$100M to $1B 6 $2.5B
TOTAL $45.6B
Largest SRS Distribution, Inc.
$18.3B (2024-03-28)

M&A Connections

Deals
Acquired from
Investor(s)
53%
54 (53%)
Strategic(s)
3%
3 (3%)
Exited to
Investor(s)
37%
20 (37%)
Strategic(s)
24%
13 (24%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

75.0B USD

Established

1989

Specialist/Generalist

Generalist

Leadership

John Danhakl

Managing Partner

Jonathan Sokoloff

Managing Partner

John Baumer

Senior Partner

Lance Schumacher

Head of Tax

Alyse Wagner

Partner

FAQ

When was Leonard Green & Partners founded?

Leonard Green & Partners was founded in 1989.

What type of investor is Leonard Green & Partners?

Leonard Green & Partners is a private equity firm.

Where is Leonard Green & Partners headquartered?

Leonard Green & Partners is headquartered in Los Angeles, California.

How much capital does Leonard Green & Partners have under management?

Leonard Green & Partners has 75.0B USD under management.

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