KKR Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, KKR has acquired 54 companies. It has also invested in 31 others.

KKR’s most common sectors for investment are internet software and services (6%) 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 32 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 35 companies. The Firm’s most common exit type is trade sale (40%). 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 Activity461
    • M&A Buy Activity336
    • M&A Sell Activity125
  • Total Sectors Invested 55
  • Total Countries Invested 36
  • M&A Buy/Sell Connections 214
  • M&A Advisors 65

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 (24.2/yr) # 215 36 27 29 27 2 336
vol $296.6B $16.7B $12.8B $3.0B $6.7B $335.8B
Sell (8.8/yr) # 81 9 10 13 11 1 125
vol $74.9B $2.0B $6.7B $3.2B $4.7B $91.6B
  461

Most Recent M&A

Company Date Value Type
Telefonica Chile’s Wholesale Fiber Optic Network 2021-02-22 - Divestiture
, Chile
Flow Control Group 2021-02-17 - Secondary Buyout
Charlotte, United States · www.flowcontrolgroup.com
Cherwell Software LLC 2021-01-26 - Add-on Acquisition
Colorado Springs, Colorado · www.cherwell.com
RigNet, Inc. 2020-12-21 222M USD Add-on Acquisition
Houston, Texas · www.rig.net
T-Solar Global SA 2020-12-15 - Add-on Acquisition
Madrid, Spain · www.tsolar.com
Argenta Ltd. 2020-11-18 - Growth Capital
Auckland, New Zealand · www.argentaglobal.com
CMC Srl 2020-11-16 - Growth Capital
Città di Castello, Italy · www.cmcmachinery.com
Hensoldt AG 2020-09-25 - IPO
Taufkirchen, Germany · www.hensoldt.net
Academy Sports + Outdoors, Inc. 2020-09-24 - IPO
Katy, Texas · www.academy.com
1-800-Contacts, Inc. 2020-09-23 - Secondary Buyout
Orem, Utah · www.1800contacts.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 3
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
Blue Sprig Pediatrics, Inc. 2018-01-09 Florida Autism Center 2020-03-05 8
Houston, Texas · www.bluesprigpediatrics.com Sanford, Florida · www.floridaautismcenter.info

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 12 (6%) - 20 (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%)
Food 11 (5%) 9.9B (16%) 15 (4%) 21.2B (6%)
Information Technology 11 (5%) 1.3B (2%) 15 (4%) 5.0B (1%)
Retail 6 (3%) - 14 (4%) 24.7B (7%)
Software 10 (5%) 1.1B (2%) 14 (4%) 13.4B (4%)
Communications 5 (2%) - 12 (4%) 16.4B (5%)
Environmental 8 (4%) 7.4B (12%) 12 (4%) 7.4B (2%)
Life Science 7 (3%) - 12 (4%) 3.7B (1%)
Consumer Products 9 (4%) - 12 (4%) 1.5B (< 1%)
Media 6 (3%) - 10 (3%) 3.9B (1%)
Energy Services and Equipment 8 (4%) 1.2B (2%) 9 (3%) 1.2B (< 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%)
Transportation 4 (2%) 40M (< 1%) 7 (2%) 271M (< 1%)
Digital Media 4 (2%) - 7 (2%) -
Utilities 3 (1%) - 6 (2%) 51.8B (15%)
Insurance 3 (1%) 4.3B (7%) 6 (2%) 4.3B (1%)
Automotive 3 (1%) 1.8B (3%) 6 (2%) 2.9B (1%)
Business Services 4 (2%) - 6 (2%) 1.6B (< 1%)
Manufacturing 4 (2%) 1.6B (3%) 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 1 (< 1%) - 5 (1%) 3.9B (1%)
Education 4 (2%) 3.8B (6%) 5 (1%) 3.8B (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 209 $61.7B 336 $335.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 78 (37%) 26.9B (44%) 138 (41%) 245.4B (73%)
  California 16 (8%) 1.1B (2%) 27 (8%) 11.9B (4%)
  Texas 8 (4%) 2.0B (3%) 15 (4%) 50.0B (15%)
  New York 8 (4%) 4.3B (7%) 12 (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%)
  Minnesota 3 (1%) - 5 (1%) 2.4B (1%)
  Ohio 2 (1%) - 5 (1%) 3.8B (1%)
  North Carolina 2 (1%) - 5 (1%) 2.8B (1%)
  Maryland 2 (1%) 3.8B (6%) 4 (1%) 5.4B (2%)
  New Jersey 1 (< 1%) - 4 (1%) 11.5B (3%)
  Illinois 2 (1%) - 3 (1%) 7.1B (2%)
  Florida 2 (1%) - 3 (1%) 2.5B (1%)
  Virginia - - 3 (1%) 2.5B (1%)
  Washington 2 (1%) - 2 (1%) -
  Massachusetts 2 (1%) - 2 (1%) -
  Oklahoma 1 (< 1%) - 2 (1%) 7.2B (2%)
  Connecticut 1 (< 1%) - 2 (1%) 1.8B (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%) -
  West Virginia - - 1 (< 1%) -
  South Carolina - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
Germany 10 (5%) 1.8B (3%) 22 (7%) 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 11 (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 (4%) 10.8B (3%)
France 5 (2%) - 12 (4%) 8.1B (2%)
Singapore 6 (3%) 2.1B (3%) 8 (2%) 4.8B (1%)
Japan 4 (2%) 2.2B (4%) 6 (2%) 2.5B (1%)
Switzerland 4 (2%) - 6 (2%) -
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%)
Sweden 3 (1%) 610M (1%) 4 (1%) 610M (< 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%) -
Taiwan 2 (1%) - 2 (1%) -
United Arab Emirates 2 (1%) - 2 (1%) -
Brazil 1 (< 1%) - 1 (< 1%) -
Chile 1 (< 1%) - 1 (< 1%) -
New Zealand 1 (< 1%) - 1 (< 1%) -
Serbia 1 (< 1%) - 1 (< 1%) -
Denmark - - 1 (< 1%) 15.8B (5%)
Austria - - 1 (< 1%) -
Bermuda - - 1 (< 1%) -
Finland - - 1 (< 1%) -
Ireland - - 1 (< 1%) -
Luxembourg - - 1 (< 1%) -
Turkey - - 1 (< 1%) -
Domestic 78 (37%) 26.9B (44%) 138 (41%) 245.4B (73%)
Cross-border 131 (63%) 34.8B (56%) 198 (59%) 90.4B (27%)
Total 209 $61.7B 336 $335.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 50 (24%) 10.8B (17%) 72 (21%) 28.9B (9%)
Buyout (LBO, MBO, MBI) 19 (9%) 965M (2%) 53 (16%) 43.0B (13%)
Growth Capital 37 (18%) - 48 (14%) -
Divestiture 25 (12%) 28.9B (47%) 44 (13%) 52.6B (16%)
Stake Purchase 32 (15%) - 44 (13%) 2.6B (1%)
Going Private 9 (4%) 21.1B (34%) 23 (7%) 174.6B (54%)
Venture 14 (7%) - 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 209 $61.7B 336 $321.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 38 (30%) 66.8B (85%)
IPO 35 (28%) -
Secondary Sale 23 (18%) 6.7B (9%)
Trade Sale 11 (9%) 5.1B (7%)
Stake Sale 7 (6%) -
Bankruptcy 6 (5%) -
Merger 3 (2%) -
Recapitalization 1 (1%) -
Unknown 1 (1%) -
Total 125 $78.7B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
 10
Goldman Sachs Investment Banking Division
 10
Credit Suisse Investment Banking
 8
Legal Deals
Simpson Thacher & Bartlett LLP
 57
Kirkland & Ellis LLP
 9
Clifford Chance LLP
 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 $88.2B
$100M to $1B 6 $3.4B
< $100M 1 $25M
TOTAL $91.6B
Largest Biomet, Inc.
$13.4B (2014-04-24)

M&A Connections

Deals
Acquired from
Investor(s)
22%
75 (22%)
Strategic(s)
15%
52 (15%)
Exited to
Investor(s)
19%
24 (19%)
Strategic(s)
42%
52 (42%)

Investor Summary

Size

Mega

PE Assets

129.6B USD

Established

1976

Specialist/Generalist

Generalist

Leadership

George Roberts

Co-Founder & Co-CEO & Co-Chairman

Henry Kravis

Co-Founder, Co-CEO & Co-Chairman

Joseph Bae

Co-President & Co-COO

Ming Lu

Head of Asia Pacific

Scott Lazarz

Head of Legal & Compliance Technology

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