Thomas H. Lee Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thomas H. Lee Partners has acquired 12 companies. It has also invested in 2 others.

Thomas H. Lee Partners’ most common sectors for investment aresoftware (14%) and information technology (9%) . The Firm’s most common investment types include secondary buyout (36%) and buyout (lbo, mbo, mbi) (19%). In total, Thomas H. Lee Partners has invested in 25 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired iHeartMedia for $26.7B.

In the last 3 years, Thomas H. Lee Partners has exited 3 companies. The Firm’s most common exit type is trade sale (34%). Thomas H. Lee Partners’ largest (disclosed) exit occurred in 2013 when it sold Warner Chilcott for $8.5B.

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M&A Summary

  • M&A Total Activity144
    • M&A Buy Activity90
    • M&A Sell Activity54
  • Total Sectors Invested 28
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 60
  • M&A Advisors 34

Thomas H. Lee Partners

Thomas H. Lee Partners, L.P.

100 Federal St., 35th Floor,
Boston, Massachusetts 02110
United States
(617) 227-1050
www.thl.com

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Insurance, Life Science, Machinery, Marketing, Media, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - 3,000
Target EBITDA - -
Investment Size 100 400
Enterprise Value 250 2,500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (4.0/yr) # 70 6 6 5 1 2 90
vol $107.5B $3.0B $1.6B $2.5B $114.6B
Sell (2.4/yr) # 42 9 1 1 1 - 54
vol $45.6B $190M $1.4B $47.2B
  144

Most Recent M&A

Company Date Value Type
American Megatrends International LLC 2024-09-09 - Secondary Buyout
Duluth, Georgia · www.ami.com
Agiliti, Inc. 2024-05-07 2.5B USD Going Private
Eden Prairie, Minnesota · www.agilitihealth.com
Standish Management LLC 2023-09-15 1.6B USD Buyout (LBO, MBO, MBI)
San Francisco, California · www.standishmanagement.com
NexTech Systems LLC 2023-07-19 1.4B USD Secondary Sale
Tampa, Florida · www.nextech.com
Bynder BV 2022-12-20 - Buyout (LBO, MBO, MBI)
Amsterdam, Netherlands · www.bynder.com
Inriver AB 2022-05-19 - Secondary Buyout
Malmo, Sweden · www.inriver.com
Material Handling Systems, Inc. 2022-04-18 - Trade Sale
Mount Washington, Kentucky · www.mhsglobal.com
Carpe Data 2022-04-11 - Secondary Buyout
Santa Barbara, California · www.carpe.io
Intelligent Medical Objects, Inc. 2022-03-31 - Secondary Buyout
Rosemont, Illinois · www.imohealth.com
Smile Doctors LLC 2022-01-05 - Recapitalization
Dallas, Texas · www.smiledoctors.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CARET USA 2021-03-10 HotDocs Ltd. 2024-06-10 1
San Diego, California · www.getcaret.com Scotland, United Kingdom · www.hotdocs.com
Amerilife Group LLC 2020-01-07 AmeriLife - Administrative Partners of America 2024-01-09 1
Clearwater, Florida · www.amerilife.com Clearwater, Florida
Amerilife Group LLC 2020-01-07 Saybrus Partners LLC 2021-07-27 11
Clearwater, Florida · www.amerilife.com Hartford, Connecticut · www.saybruspartners.com
Healthcare Staffing Services LLC 2015-09-23 U.S. Nursing Corp. 2021-02-24 2
Greenwood Village, Colorado · www.healthcarestaffingservicesllc.com Greenwood Village, Colorado · www.usnursing.com
Healthcare Staffing Services LLC 2015-09-23 Fastaff Travel Nursing, LLC 2021-02-24 1
Greenwood Village, Colorado · www.healthcarestaffingservicesllc.com Greenwood Village, Colorado · www.fastaff.com
Hightower Advisors LLC 2017-10-25 Bel Air Investment Advisors LLC 2021-01-04 6
Chicago, Illinois · www.hightoweradvisors.com Los Angeles, California · www.belair-llc.com
Amerilife Group LLC 2020-01-07 Secure Administrative Solutions LLC 2020-10-06 10
Clearwater, Florida · www.amerilife.com Salt Lake City, Utah · www.sas-llc-online.com
Professional Physical Therapy 2016-12-19 Fyzical Therapy & Balance Centers 2018-01-17 1
Melville, New York · www.professionalpt.com Sarasota, Florida · www.fyzical.com

M&A by Sector

Sector Current # Value All-time # Value
Software 6 (21%) - 12 (13%) 5.3B (5%)
Information Technology 2 (7%) - 8 (9%) 1.1B (1%)
Insurance 1 (4%) - 7 (8%) 2.0B (2%)
Healthcare Services 6 (21%) - 7 (8%) -
Financial Services 1 (4%) - 6 (7%) 5.5B (5%)
Media - - 5 (6%) 43.0B (38%)
Internet Software and Services 3 (11%) - 5 (6%) 3.0B (3%)
Business Services 2 (7%) 1.6B (23%) 4 (4%) 9.9B (9%)
Consumer Products - - 4 (4%) 4.4B (4%)
Life Science 1 (4%) - 4 (4%) 4.3B (4%)
Communications - - 3 (3%) 3.8B (3%)
Food - - 3 (3%) 1.1B (1%)
Information Services - - 2 (2%) 19.6B (17%)
Restaurants - - 2 (2%) 2.4B (2%)
Machinery 1 (4%) - 2 (2%) -
Publishing - - 2 (2%) -
Retail - - 2 (2%) -
Staffing 1 (4%) - 2 (2%) -
Semiconductors 1 (4%) 3.0B (42%) 1 (1%) 3.0B (3%)
Medical Products 1 (4%) 2.5B (35%) 1 (1%) 2.5B (2%)
Marketing - - 1 (1%) 2.0B (2%)
Education - - 1 (1%) 1.7B (1%)
Automotive - - 1 (1%) -
Digital Media 1 (4%) - 1 (1%) -
Distribution - - 1 (1%) -
E-Commerce - - 1 (1%) -
Renewable Energy - - 1 (1%) -
Technology Hardware 1 (4%) - 1 (1%) -
Total 28 $7.1B 90 $114.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (93%) 7.1B (100%) 77 (86%) 107.5B (94%)
  Pennsylvania 1 (4%) - 8 (9%) 9.0B (8%)
  California 5 (18%) 1.6B (23%) 7 (8%) 1.6B (1%)
  Massachusetts 2 (7%) 3.0B (42%) 7 (8%) 8.3B (7%)
  Florida 1 (4%) - 7 (8%) 13.7B (12%)
  Georgia 2 (7%) - 6 (7%) 2.4B (2%)
  Texas 2 (7%) - 5 (6%) 26.7B (23%)
  New York 1 (4%) - 5 (6%) 29.0B (25%)
  Illinois 4 (14%) - 4 (4%) -
  Colorado 2 (7%) - 3 (3%) -
  Minnesota 1 (4%) 2.5B (35%) 3 (3%) 8.9B (8%)
  North Carolina - - 3 (3%) -
  New Jersey 1 (4%) - 2 (2%) 2.7B (2%)
  Michigan 1 (4%) - 2 (2%) -
  Idaho 1 (4%) - 2 (2%) -
  Tennessee - - 2 (2%) 635M (1%)
  Ohio - - 2 (2%) -
  Virginia 1 (4%) - 1 (1%) -
  Nebraska - - 1 (1%) 3.0B (3%)
  South Carolina - - 1 (1%) 1.1B (1%)
  Missouri - - 1 (1%) 620M (1%)
  Wisconsin - - 1 (1%) -
  Utah - - 1 (1%) -
  Kentucky - - 1 (1%) -
  Iowa - - 1 (1%) -
Bermuda - - 4 (4%) 1.4B (1%)
Canada - - 2 (2%) -
  Ontario - - 2 (2%) -
Netherlands 1 (4%) - 1 (1%) -
Sweden 1 (4%) - 1 (1%) -
Ireland - - 1 (1%) 3.1B (3%)
Spain - - 1 (1%) 2.5B (2%)
Germany - - 1 (1%) -
Norway - - 1 (1%) -
Puerto Rico - - 1 (1%) -
Domestic 26 (93%) 7.1B (100%) 77 (86%) 107.5B (94%)
Cross-border 2 (7%) - 13 (14%) 7.0B (6%)
Total 28 $7.1B 90 $114.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 12 (43%) - 32 (36%) 6.0B (5%)
Buyout (LBO, MBO, MBI) 4 (14%) 1.6B (23%) 17 (19%) 49.6B (44%)
Recapitalization 5 (18%) - 11 (12%) 11.2B (10%)
Growth Capital 5 (18%) - 8 (9%) -
Divestiture 1 (4%) 3.0B (42%) 7 (8%) 9.7B (9%)
Going Private 1 (4%) 2.5B (35%) 5 (6%) 36.7B (32%)
Stake Purchase - - 5 (6%) 378M (< 1%)
PIPE - - 2 (2%) -
Venture - - 2 (2%) -
Joint Venture - - 1 (1%) -
Total 28 $7.1B 90 $113.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (24%) 27.7B (60%)
IPO 13 (24%) -
Secondary Sale 11 (20%) 8.1B (18%)
Bankruptcy 7 (13%) 760M (2%)
Trade Sale 6 (11%) 3.3B (7%)
Merger 2 (4%) 5.9B (13%)
Recapitalization 2 (4%) -
Total 54 $45.8B

Top M&A Advisors

Financial Deals
Goldman Sachs
 6
PwC Corporate Finance LLC
 5
Credit Suisse Investment Banking
 4
Legal Deals
Kirkland & Ellis
 23
Weil Gotshal & Manges
 14
Ropes & Gray
 5

Deal Values

buy # Total
> $1B 24 $112.2B
$100M to $1B 4 $2.4B
TOTAL $114.6B
Largest iHeartMedia, Inc.
$26.7B (2006-11-16)
sell # Total
> $1B 15 $44.6B
$100M to $1B 5 $2.5B
< $100M 1 $99M
TOTAL $47.2B
Largest Warner Chilcott PLC
$8.5B (2013-05-20)

M&A Connections

Deals
Acquired from
Investor(s)
40%
36 (40%)
Strategic(s)
8%
7 (8%)
Exited to
Investor(s)
26%
14 (26%)
Strategic(s)
39%
21 (39%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

35.0B USD

Established

1974

Specialist/Generalist

Generalist

Leadership

Scott Sperling

Co-CEO

Todd Abbrecht

Co-CEO

Kent Weldon

Advisory Partner

Soren Oberg

Advisory Partner

Anthony DiNovi

Chairman

FAQ

When was Thomas H. Lee Partners founded?

Thomas H. Lee Partners was founded in 1974.

What type of investor is Thomas H. Lee Partners?

Thomas H. Lee Partners is a private equity firm.

Where is Thomas H. Lee Partners headquartered?

Thomas H. Lee Partners is headquartered in Boston, Massachusetts.

How much capital does Thomas H. Lee Partners have under management?

Thomas H. Lee Partners has 35.0B USD under management.

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