KKR Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, KKR has acquired 58 companies. It has also invested in 35 others.

KKR’s most common sectors for investment are internet software and services (7%) and financial services (6%). The Firm’s most common investment types include secondary buyout (22%) and buyout (lbo, mbo, mbi) (16%). In total, KKR has invested in 33 US states and 36 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Energy Future Holdings for $44.4B.

In the last 3 years, KKR has exited 39 companies. The Firm’s most common exit type is trade sale (38%). KKR’s largest (disclosed) exit occurred in 2014 when it sold Biomet for $13.4B.

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M&A Summary

  • M&A Total Activity473
    • M&A Buy Activity344
    • M&A Sell Activity129
  • Total Sectors Invested 55
  • Total Countries Invested 36
  • M&A Buy/Sell Connections 221
  • M&A Advisors 66

KKR & Co. L.P.

9 West 57 Street, Suite 4200,
New York, New York 10019
United States
(212) 750-8300
www.kkr.com
info@kkr.com

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Defense, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Furniture, Healthcare Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Publishing, Restaurants, Retail, Semiconductors, Software, Staffing, Technology Hardware, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, 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, Asia/Pacific, Australia/New Zealand, Central Asia/India, Middle East

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

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (25.8/yr) # 215 36 27 30 28 8 344
vol $296.6B $16.7B $12.8B $3.0B $6.7B $335.8B
Sell (9.6/yr) # 81 9 10 12 11 6 129
vol $74.9B $2.0B $6.7B $1.0B $4.7B $5.8B $95.1B
  473

Most Recent M&A

Company Date Value Type
Natural Pet Food Group Ltd. 2021-05-02 - Buyout (LBO, MBO, MBI)
Christchurch, New Zealand · www.naturalpetfoodgroup.com
Darktrace Ltd. 2021-04-30 - IPO
London, United Kingdom · www.darktrace.com
The Bountiful Co. 2021-04-30 5.8B USD Add-on Acquisition
Bohemia, New York · www.naturesbountyco.com
KnowBe4, Inc. 2021-04-21 - IPO
Clearwater, Florida · www.knowbe4.com
Ensono 2021-04-14 - Secondary Buyout
Downers Grove, Illinois · www.ensono.com
AppLovin Corp. 2021-04-12 - IPO
Palo Alto, California · www.applovin.com
Box, Inc. 2021-04-08 - Stake Purchase
Redwood City, California · www.box.com
Therapy Brands, Inc. 2021-04-07 - Secondary Buyout
Birmingham, Alabama · www.therapybrands.com
Calabrio, Inc. 2021-03-23 - Secondary Buyout
Minneapolis, Minnesota · www.calabrio.com
Integrated Specialty Coverages LLC 2021-03-04 - Secondary Buyout
Harrison, New York · www.iscmga.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
RBmedia 2018-07-16 McGraw Hill Professional Audiobook Publishing Business 2021-05-11 3
Landover, Maryland · www.rbmediaglobal.com New York, New York
Global Atlantic Financial Group Ltd. 2020-07-08 Talcott Resolution Life Insurance Co. 2021-01-20 1
New York, New York · www.globalatlantic.com Windsor, Connecticut · www.talcottresolution.com
Corel Corp. 2019-07-03 ClearSlide, Inc. 2020-12-23 1
Ottawa, Ontario · www.corel.com San Ramon, California · www.clearslide.com
Axel Springer AG 2020-01-23 Groupe La Centrale 2020-12-16 1
Berlin, Germany · www.axelspringer.com Pari, France · www.groupelacentrale.fr
Angelica Corp. 2017-04-03 Angelica Corp. - Laundry Processing Facility 2020-11-04 1
Alpharetta, Georgia · www.angelica.com Ooltewah, Tennessee
Laureate Education, Inc. 2007-08-17 Laureate Education, Inc. - Brazilian Operations 2020-09-13 7
Baltimore, Maryland · www.laureate.net , Brazil
Laureate Education, Inc. 2007-08-17 Walden University 2020-09-11 6
Baltimore, Maryland · www.laureate.net Minneapolis, Minnesota · waldenu.edu
Laureate Education, Inc. 2007-08-17 Laureate Education, Inc. - Australia and New Zealand Academic Operations 2020-07-29 5
Baltimore, Maryland · www.laureate.net , Australia
OverDrive, Inc. 2019-12-24 Recorded Books, Inc. 2020-06-23 4
Cleveland, Ohio · www.overdrive.com Prince Frederick, Maryland · www.recordedbooks.com
USI Insurance Services Corp. 2017-03-17 Associated Financial Group LLC 2020-05-04 16
Briarcliff Manor, New York · www.usi.biz Minnetonka, Minnesota · www.associatedbrc.com

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 12 (6%) - 21 (6%) 4.5B (1%)
Financial Services 12 (6%) 8.3B (13%) 19 (6%) 37.3B (11%)
Healthcare Services 12 (6%) 12.3B (20%) 16 (5%) 45.3B (13%)
Information Technology 11 (5%) 1.3B (2%) 16 (5%) 5.0B (1%)
Retail 7 (3%) - 15 (4%) 24.7B (7%)
Food 11 (5%) 9.9B (16%) 15 (4%) 21.2B (6%)
Software 9 (4%) 1.1B (2%) 15 (4%) 13.4B (4%)
Life Science 7 (3%) - 13 (4%) 3.7B (1%)
Consumer Products 9 (4%) - 13 (4%) 1.5B (< 1%)
Communications 5 (2%) - 12 (3%) 16.4B (5%)
Environmental 8 (4%) 7.4B (12%) 12 (3%) 7.4B (2%)
Media 6 (3%) - 10 (3%) 3.9B (1%)
Energy Services and Equipment 8 (4%) 1.2B (2%) 9 (3%) 1.2B (< 1%)
Insurance 5 (2%) 4.3B (7%) 8 (2%) 4.3B (1%)
Building Materials 3 (1%) - 8 (2%) 2.5B (1%)
Medical Products 4 (2%) 1.7B (3%) 7 (2%) 14.4B (4%)
Oil/Gas Exploration 5 (2%) 1.1B (2%) 7 (2%) 8.3B (2%)
Consumer Services 3 (1%) - 7 (2%) 4.9B (1%)
Manufacturing 4 (2%) 1.6B (3%) 7 (2%) 2.0B (1%)
Transportation 4 (2%) 40M (< 1%) 7 (2%) 271M (< 1%)
Digital Media 4 (2%) - 7 (2%) -
Utilities 3 (1%) - 6 (2%) 51.8B (15%)
Business Services 4 (2%) - 6 (2%) 1.6B (< 1%)
E-Commerce 6 (3%) - 6 (2%) -
Leisure 5 (2%) - 6 (2%) -
Machinery 3 (1%) 3.9B (6%) 5 (1%) 7.9B (2%)
Semiconductors 2 (1%) - 5 (1%) 3.9B (1%)
Education 4 (2%) 3.8B (6%) 5 (1%) 3.8B (1%)
Automotive 3 (1%) 1.8B (3%) 5 (1%) 2.4B (1%)
Chemicals 1 (< 1%) - 4 (1%) 2.0B (1%)
Apparel/Textiles 3 (1%) - 4 (1%) -
Restaurants 3 (1%) - 4 (1%) -
Electrical Equipment 1 (< 1%) 794M (1%) 3 (1%) 8.3B (2%)
Distribution 2 (1%) - 3 (1%) 7.1B (2%)
Packaging 2 (1%) 1.1B (2%) 3 (1%) 4.4B (1%)
Engineering 1 (< 1%) - 3 (1%) 1.7B (< 1%)
Technology Hardware 1 (< 1%) - 3 (1%) 975M (< 1%)
Agriculture 3 (1%) - 3 (1%) -
Marine 2 (1%) - 3 (1%) -
Aerospace 1 (< 1%) - 2 (1%) 1.7B (1%)
Safety/Security 1 (< 1%) - 2 (1%) 1.1B (< 1%)
Furniture 2 (1%) - 2 (1%) -
Publishing 1 (< 1%) - 2 (1%) -
Real Estate 2 (1%) - 2 (1%) -
Renewable Energy 1 (< 1%) - 2 (1%) -
Test/Measurement Equipment 1 (< 1%) - 2 (1%) -
Information Services - - 1 (< 1%) 12.7B (4%)
Beverages - - 1 (< 1%) 1.8B (1%)
Staffing - - 1 (< 1%) 269M (< 1%)
Infrastructure 1 (< 1%) 234M (< 1%) 1 (< 1%) 234M (< 1%)
Electronics 1 (< 1%) - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Marketing 1 (< 1%) - 1 (< 1%) -
Metals/Mining 1 (< 1%) - 1 (< 1%) -
Plastics 1 (< 1%) - 1 (< 1%) -
Total 212 $61.7B 344 $335.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 77 (36%) 26.9B (44%) 142 (41%) 245.4B (73%)
  California 16 (8%) 1.1B (2%) 28 (8%) 11.9B (4%)
  Texas 8 (4%) 2.0B (3%) 15 (4%) 50.0B (15%)
  New York 8 (4%) 4.3B (7%) 13 (4%) 4.7B (1%)
  Georgia 4 (2%) - 6 (2%) 29.0B (9%)
  Colorado 4 (2%) - 6 (2%) -
  Tennessee 3 (1%) 9.9B (16%) 6 (2%) 52.6B (16%)
  Pennsylvania 3 (1%) - 5 (1%) 11.4B (3%)
  Ohio 2 (1%) - 5 (1%) 3.8B (1%)
  North Carolina 2 (1%) - 5 (1%) 2.8B (1%)
  Minnesota 2 (1%) - 5 (1%) 2.4B (1%)
  Illinois 3 (1%) - 4 (1%) 7.1B (2%)
  Maryland 2 (1%) 3.8B (6%) 4 (1%) 5.4B (2%)
  New Jersey 1 (< 1%) - 4 (1%) 11.5B (3%)
  Florida 1 (< 1%) - 3 (1%) 2.5B (1%)
  Virginia - - 3 (1%) 2.5B (1%)
  Massachusetts 2 (1%) - 2 (1%) -
  Oklahoma 1 (< 1%) - 2 (1%) 7.2B (2%)
  Connecticut 1 (< 1%) - 2 (1%) 1.8B (1%)
  Washington 1 (< 1%) - 2 (1%) -
  Indiana - - 2 (1%) 11.9B (4%)
  Arizona - - 2 (1%) 8.3B (2%)
  Wisconsin 1 (< 1%) 3.9B (6%) 1 (< 1%) 3.9B (1%)
  Kentucky 1 (< 1%) 1.4B (2%) 1 (< 1%) 1.4B (< 1%)
  Utah 1 (< 1%) - 1 (< 1%) -
  Missouri 1 (< 1%) - 1 (< 1%) -
  Mississippi 1 (< 1%) - 1 (< 1%) -
  Michigan 1 (< 1%) - 1 (< 1%) -
  Louisiana 1 (< 1%) - 1 (< 1%) -
  Alabama 1 (< 1%) - 1 (< 1%) -
  West Virginia - - 1 (< 1%) -
  South Carolina - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
Germany 10 (5%) 1.8B (3%) 22 (6%) 14.1B (4%)
China 19 (9%) 794M (1%) 20 (6%) 794M (< 1%)
India 16 (8%) 1.1B (2%) 18 (5%) 1.1B (< 1%)
United Kingdom 10 (5%) 6.5B (10%) 17 (5%) 10.1B (3%)
Spain 8 (4%) - 13 (4%) 231M (< 1%)
Netherlands 4 (2%) 7.7B (12%) 13 (4%) 13.7B (4%)
Australia 10 (5%) 10.8B (17%) 12 (3%) 10.8B (3%)
France 5 (2%) - 12 (3%) 8.1B (2%)
Singapore 6 (3%) 2.1B (3%) 8 (2%) 4.8B (1%)
Japan 6 (3%) 2.2B (4%) 7 (2%) 2.5B (1%)
Switzerland 4 (2%) - 6 (2%) -
Sweden 4 (2%) 610M (1%) 5 (1%) 610M (< 1%)
Canada 3 (1%) - 4 (1%) 2.6B (1%)
  Ontario 1 (< 1%) - 2 (1%) 2.6B (1%)
  British Columbia 1 (< 1%) - 1 (< 1%) -
  Alberta 1 (< 1%) - 1 (< 1%) -
South Korea 3 (1%) - 4 (1%) 1.8B (1%)
Italy 1 (< 1%) - 4 (1%) 1.6B (< 1%)
Norway 3 (1%) 1.3B (2%) 3 (1%) 1.3B (< 1%)
Indonesia 3 (1%) - 3 (1%) -
Philippines 3 (1%) - 3 (1%) -
Malaysia 2 (1%) - 3 (1%) -
Vietnam 2 (1%) - 3 (1%) -
Israel 1 (< 1%) - 3 (1%) 650M (< 1%)
Hong Kong 2 (1%) - 2 (1%) -
New Zealand 2 (1%) - 2 (1%) -
Taiwan 2 (1%) - 2 (1%) -
United Arab Emirates 2 (1%) - 2 (1%) -
Denmark 1 (< 1%) - 2 (1%) 15.8B (5%)
Brazil 1 (< 1%) - 1 (< 1%) -
Chile 1 (< 1%) - 1 (< 1%) -
Serbia 1 (< 1%) - 1 (< 1%) -
Austria - - 1 (< 1%) -
Bermuda - - 1 (< 1%) -
Finland - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Turkey - - 1 (< 1%) -
Domestic 77 (36%) 26.9B (44%) 142 (41%) 245.4B (73%)
Cross-border 135 (64%) 34.8B (56%) 202 (59%) 90.4B (27%)
Total 212 $61.7B 344 $335.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 52 (25%) 10.8B (17%) 75 (22%) 28.9B (9%)
Buyout (LBO, MBO, MBI) 19 (9%) 965M (2%) 54 (16%) 43.0B (13%)
Growth Capital 36 (17%) - 49 (14%) -
Stake Purchase 35 (17%) - 47 (14%) 2.6B (1%)
Divestiture 25 (12%) 28.9B (47%) 44 (13%) 52.6B (16%)
Going Private 10 (5%) 21.1B (34%) 23 (7%) 174.6B (54%)
Venture 12 (6%) - 21 (6%) -
PIPE 11 (5%) - 17 (5%) 19.5B (6%)
Consolidation 5 (2%) - 5 (1%) -
Joint Venture 3 (1%) - 4 (1%) -
Special Situations/Distressed 3 (1%) - 3 (1%) -
Acquisition Financing 1 (< 1%) - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 212 $61.7B 344 $321.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 38 (29%) 70.4B (86%)
IPO 38 (29%) -
Secondary Sale 24 (19%) 6.7B (8%)
Trade Sale 11 (9%) 5.1B (6%)
Stake Sale 7 (5%) -
Bankruptcy 6 (5%) -
Merger 3 (2%) -
Recapitalization 1 (1%) -
Unknown 1 (1%) -
Total 129 $82.2B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
11
Barclays Investment Bank
10
Credit Suisse Investment Banking
8
Legal Deals
Simpson Thacher & Bartlett LLP
59
Kirkland & Ellis LLP
10
Cyril Amarchand Mangaldas
3

Deal Values

buy # Total
> $1B 57 $323.3B
$100M to $1B 22 $12.5B
< $100M 1 $40M
TOTAL $335.8B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 24 $91.7B
$100M to $1B 6 $3.4B
< $100M 1 $25M
TOTAL $95.1B
Largest Biomet, Inc.
$13.4B (2014-04-24)

M&A Connections

Deals
Acquired from
Investor(s)
23%
78 (23%)
Strategic(s)
15%
53 (15%)
Exited to
Investor(s)
19%
25 (19%)
Strategic(s)
40%
52 (40%)

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