KKR Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, KKR has acquired 61 companies. It has also invested in 40 others.

KKR’s most common sectors for investment are financial services (7%) and internet software and services (6%). The Firm’s most common investment types include secondary buyout (23%) and buyout (lbo, mbo, mbi) (17%). In total, KKR has invested in 32 US states and 35 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 40 companies. The Firm’s most common exit type is trade sale (39%). 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 Activity428
    • M&A Buy Activity309
    • M&A Sell Activity119
  • Total Sectors Invested 55
  • Total Countries Invested 35
  • M&A Buy/Sell Connections 209
  • 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (23.2/yr) # 193 15 31 23 25 22 309
vol $295.6B $1.2B $16.7B $12.8B $3.0B $6.7B $336.1B
Sell (9.4/yr) # 72 7 9 9 13 9 119
vol $68.3B $6.7B $2.0B $6.7B $3.2B $4.5B $91.4B
  428

Most Recent M&A

Company Date Value Type
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
Zwift, Inc. 2020-09-16 - Venture
Long Beach, California · www.zwift.com
Epicor Software Corp. 2020-08-31 - Secondary Buyout
Austin, Texas · www.epicor.com
Citation Ltd. 2020-08-20 - Secondary Buyout
Wilmslow, United Kingdom · www.citation.co.uk
Master Distancia, S.A. 2020-07-31 - Buyout (LBO, MBO, MBI)
Zaragoza, Spain · www.masterd.es
Papresa SA 2020-07-29 - Secondary Buyout
Errenteria, Spain · www.papresa.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Visma Oy 2010-09-25 Ditmer A/S 2020-11-20 57
Oslo, Norway · www.visma.com Aabyhoj, Denmark · www.ditmer.dk
Angelica Corp. 2017-04-03 Angelica Corp. - Laundry Processing Facility 2020-11-04 1
Alpharetta, Georgia · www.angelica.com Ooltewah, Tennessee
Visma Oy 2010-09-25 SIA Jumis Pro 2020-10-26 56
Oslo, Norway · www.visma.com Rīga, Latvia · www.mansjumis.lv
MYOB Technology Pty Ltd. 2019-05-08 GreatSoft Pty Ltd. 2020-10-26 1
Glen Waverley, Australia · www.myob.com Sydney, Australia · www.greatsoft.com.au
BMC Software, Inc. 2018-05-29 ComAround, Inc. 2020-10-13 4
Houston, Texas · www.bmc.com Naperville, Illinois · www.comaround.com
Visma Oy 2010-09-25 Invian Oy 2020-10-06 55
Oslo, Norway · www.visma.com Espoo, Finland · www.domacare.fi
Visma Oy 2010-09-25 Paybyway Oy 2020-10-05 54
Oslo, Norway · www.visma.com Lappeenranta, Finland · www.bambora.com
PharMerica Corp. 2017-08-02 OnePoint Patient Care (OPPC) 2020-10-01 1
Louisville, Kentucky · www.pharmerica.com Tempe, Arizona · www.oppc.com
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

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 12 (6%) 8.6B (13%) 19 (6%) 37.6B (11%)
Internet Software and Services 10 (5%) - 18 (6%) 4.5B (1%)
Healthcare Services 11 (6%) 12.3B (19%) 15 (5%) 45.3B (13%)
Food 11 (6%) 9.9B (16%) 15 (5%) 21.2B (6%)
Information Technology 10 (5%) 1.3B (2%) 14 (5%) 5.0B (1%)
Retail 5 (3%) - 13 (4%) 24.7B (7%)
Software 10 (5%) 1.1B (2%) 13 (4%) 13.4B (4%)
Consumer Products 8 (4%) - 11 (4%) 1.5B (< 1%)
Communications 4 (2%) - 10 (3%) 16.4B (5%)
Media 6 (3%) - 10 (3%) 3.9B (1%)
Life Science 5 (3%) - 10 (3%) 3.7B (1%)
Environmental 6 (3%) 7.4B (12%) 9 (3%) 7.4B (2%)
Energy Services and Equipment 8 (4%) 1.2B (2%) 8 (3%) 1.2B (< 1%)
Medical Products 4 (2%) 1.7B (3%) 7 (2%) 14.4B (4%)
Oil/Gas Exploration 5 (3%) 1.1B (2%) 7 (2%) 8.3B (2%)
Consumer Services 3 (2%) - 7 (2%) 4.9B (1%)
Building Materials 2 (1%) - 7 (2%) 2.5B (1%)
Utilities 3 (2%) - 6 (2%) 51.8B (15%)
Insurance 3 (2%) 4.3B (7%) 6 (2%) 4.3B (1%)
Automotive 3 (2%) 1.8B (3%) 6 (2%) 2.9B (1%)
Business Services 5 (3%) 1.6B (3%) 6 (2%) 1.6B (< 1%)
Manufacturing 4 (2%) 1.6B (2%) 6 (2%) 1.6B (< 1%)
Digital Media 3 (2%) - 6 (2%) -
Leisure 5 (3%) - 6 (2%) -
Machinery 3 (2%) 3.9B (6%) 5 (2%) 7.9B (2%)
Transportation 2 (1%) 40M (< 1%) 5 (2%) 271M (< 1%)
E-Commerce 4 (2%) - 5 (2%) -
Semiconductors 1 (1%) - 4 (1%) 3.9B (1%)
Education 3 (2%) 3.8B (6%) 4 (1%) 3.8B (1%)
Chemicals 1 (1%) - 4 (1%) 2.0B (1%)
Apparel/Textiles 3 (2%) - 4 (1%) -
Restaurants 3 (2%) - 4 (1%) -
Electrical Equipment 1 (1%) 794M (1%) 3 (1%) 8.3B (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%)
Distribution 1 (1%) - 2 (1%) 7.1B (2%)
Aerospace 1 (1%) - 2 (1%) 1.7B (1%)
Safety/Security 1 (1%) - 2 (1%) 1.1B (< 1%)
Agriculture 2 (1%) - 2 (1%) -
Furniture 2 (1%) - 2 (1%) -
Marine 1 (1%) - 2 (1%) -
Publishing 1 (1%) - 2 (1%) -
Renewable Energy 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%) -
Real Estate 1 (1%) - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 187 $63.6B 309 $336.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 69 (37%) 28.5B (45%) 126 (41%) 245.4B (73%)
  California 13 (7%) 1.1B (2%) 24 (8%) 11.9B (4%)
  Texas 6 (3%) 2.0B (3%) 12 (4%) 50.0B (15%)
  New York 7 (4%) 4.3B (7%) 11 (4%) 4.7B (1%)
  Georgia 4 (2%) - 6 (2%) 29.0B (9%)
  Tennessee 3 (2%) 9.9B (16%) 6 (2%) 52.6B (16%)
  Colorado 4 (2%) - 5 (2%) -
  Minnesota 3 (2%) - 5 (2%) 2.4B (1%)
  Ohio 2 (1%) - 5 (2%) 3.8B (1%)
  North Carolina 2 (1%) - 5 (2%) 2.8B (1%)
  Maryland 3 (2%) 5.4B (8%) 4 (1%) 5.4B (2%)
  Pennsylvania 2 (1%) - 4 (1%) 11.4B (3%)
  New Jersey 1 (1%) - 4 (1%) 11.5B (3%)
  Illinois 2 (1%) - 3 (1%) 7.1B (2%)
  Virginia - - 3 (1%) 2.5B (1%)
  Missouri 2 (1%) - 2 (1%) -
  Massachusetts 2 (1%) - 2 (1%) -
  Oklahoma 1 (1%) - 2 (1%) 7.2B (2%)
  Florida 1 (1%) - 2 (1%) 2.5B (1%)
  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%)
  Washington 1 (1%) - 1 (< 1%) -
  Utah 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 11 (6%) 2.0B (3%) 23 (7%) 14.3B (4%)
China 16 (9%) 794M (1%) 17 (6%) 794M (< 1%)
India 15 (8%) 1.1B (2%) 17 (6%) 1.1B (< 1%)
United Kingdom 10 (5%) 6.5B (10%) 16 (5%) 10.1B (3%)
Netherlands 4 (2%) 7.7B (12%) 13 (4%) 13.7B (4%)
Australia 9 (5%) 10.8B (17%) 11 (4%) 10.8B (3%)
Spain 7 (4%) - 11 (4%) 231M (< 1%)
France 4 (2%) - 11 (4%) 8.1B (2%)
Singapore 6 (3%) 2.1B (3%) 7 (2%) 4.8B (1%)
Switzerland 4 (2%) - 6 (2%) -
Canada 3 (2%) - 4 (1%) 2.6B (1%)
  Ontario 1 (1%) - 2 (1%) 2.6B (1%)
  British Columbia 1 (1%) - 1 (< 1%) -
  Alberta 1 (1%) - 1 (< 1%) -
Japan 3 (2%) 2.2B (3%) 4 (1%) 2.5B (1%)
Sweden 3 (2%) 610M (1%) 4 (1%) 610M (< 1%)
Italy 1 (1%) - 4 (1%) 1.6B (< 1%)
Norway 3 (2%) 1.3B (2%) 3 (1%) 1.3B (< 1%)
Indonesia 3 (2%) - 3 (1%) -
Vietnam 2 (1%) - 3 (1%) -
South Korea 1 (1%) - 3 (1%) 1.8B (1%)
Hong Kong 2 (1%) - 2 (1%) -
Philippines 2 (1%) - 2 (1%) -
Taiwan 2 (1%) - 2 (1%) -
United Arab Emirates 2 (1%) - 2 (1%) -
Ireland 1 (1%) - 2 (1%) -
Malaysia 1 (1%) - 2 (1%) -
Israel - - 2 (1%) 650M (< 1%)
Brazil 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%) -
Luxembourg - - 1 (< 1%) -
Turkey - - 1 (< 1%) -
Domestic 69 (37%) 28.5B (45%) 126 (41%) 245.4B (73%)
Cross-border 118 (63%) 35.1B (55%) 183 (59%) 90.7B (27%)
Total 187 $63.6B 309 $336.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 50 (27%) 12.4B (19%) 70 (23%) 28.9B (9%)
Buyout (LBO, MBO, MBI) 17 (9%) 965M (2%) 51 (17%) 43.0B (13%)
Divestiture 24 (13%) 29.2B (46%) 43 (14%) 52.9B (16%)
Growth Capital 31 (17%) - 41 (13%) -
Stake Purchase 28 (15%) - 40 (13%) 2.6B (1%)
Going Private 9 (5%) 21.1B (33%) 22 (7%) 174.6B (54%)
Venture 10 (5%) - 17 (6%) -
PIPE 11 (6%) - 16 (5%) 19.5B (6%)
Joint Venture 2 (1%) - 3 (1%) -
Special Situations/Distressed 3 (2%) - 3 (1%) -
Acquisition Financing 1 (1%) - 1 (< 1%) -
Consolidation 1 (1%) - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 187 $63.6B 309 $321.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 37 (31%) 66.6B (85%)
IPO 34 (29%) -
Secondary Sale 23 (19%) 6.7B (9%)
Trade Sale 9 (8%) 5.1B (7%)
Bankruptcy 6 (5%) -
Stake Sale 6 (5%) -
Merger 3 (3%) -
Recapitalization 1 (1%) -
Total 119 $78.5B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
 10
Goldman Sachs Investment Banking Division
 10
Credit Suisse Investment Banking
 9
Legal Deals
Simpson Thacher & Bartlett LLP
 58
Kirkland & Ellis LLP
 8
Clifford Chance LLP
 3

Deal Values

buy # Total
> $1B 57 $323.3B
$100M to $1B 23 $12.7B
< $100M 1 $40M
TOTAL $336.1B
Largest Energy Future Holdings Corp.
$44.4B (2007-10-10)
sell # Total
> $1B 24 $88.2B
$100M to $1B 5 $3.2B
< $100M 1 $25M
TOTAL $91.4B
Largest Biomet, Inc.
$13.4B (2014-04-24)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
107 67%
Strategic(s)
33%
52 33%
Exited to
PE Firm(s)
38%
31 38%
Strategic(s)
62%
50 62%

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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