KKR Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, KKR has acquired 57 companies. It has also invested in 32 others.

KKR’s most common sectors for investment are financial services (7%) and internet software and services (7%). The Firm’s most common investment types include secondary buyout (24%) and buyout (lbo, mbo, mbi) (18%). In total, KKR has invested in 31 US states and 34 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 37 companies. The Firm’s most common exit type is trade sale (41%). 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 Activity408
    • M&A Buy Activity294
    • M&A Sell Activity114
  • Total Sectors Invested 53
  • Total Countries Invested 34
  • M&A Buy/Sell Connections 201
  • 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 (20.8/yr) # 190 15 27 22 23 17 294
vol $288.4B $1.5B $9.0B $12.8B $3.0B $6.7B $321.5B
Sell (8.8/yr) # 70 7 9 9 13 6 114
vol $68.3B $6.7B $2.0B $6.7B $3.2B $4.5B $91.4B
  408

Most Recent M&A

Company Date Value Type
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
SocialChorus, Inc. 2020-07-15 - Secondary Buyout
San Francisco, California · www.socialchorus.com
Terra Carbon Pty Ltd. 2020-07-14 - Growth Capital
The Rocks, Australia · www.greencollar.com.au
Global Atlantic Financial Group Ltd. 2020-07-08 - Secondary Buyout
New York, New York · www.globalatlantic.com
J.B. Chemicals & Pharmaceuticals Ltd. 2020-07-02 - Stake Purchase
Mumbai, India · www.jbcpl.com
First Gen Corp. 2020-06-28 - Stake Purchase
Pasig, Philippines · www.firstgen.com.ph
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Visma Oy 2010-09-25 Cash Software bv 2020-09-09 53
Oslo, Norway · www.visma.com Den Haag, Netherlands · www.cash.nl
BMC Software, Inc. 2018-05-29 Alderstone Consulting 2020-09-08 3
Houston, Texas · www.bmc.com Cheltenham, United Kingdom · www.alderstone.com
Visma Oy 2010-09-25 Codegarden Oy 2020-08-24 52
Oslo, Norway · www.visma.com , Norway · www.codegarden.no
Visma Oy 2010-09-25 Yuki Works B.V. 2020-08-04 51
Oslo, Norway · www.visma.com Rotterdam, Netherlands · www.yuki.nl
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
Headlands Research 2018-01-01 JEM Research Institute 2020-07-07 2
San Francisco, California · www.headlandsresearch.com Lake Worth, Florida · www.jemri.net
Headlands Research 2018-01-01 Toronto Memory Program 2020-07-07 1
San Francisco, California · www.headlandsresearch.com Toronto, Ontario · www.torontomemoryprogram.com
OverDrive, Inc. 2019-12-24 Recorded Books, Inc. 2020-06-23 3
Cleveland, Ohio · www.overdrive.com Prince Frederick, Maryland · www.recordedbooks.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 13 (7%) 370M (1%) 19 (6%) 29.4B (9%)
Internet Software and Services 11 (6%) 282M (1%) 19 (6%) 4.7B (1%)
Healthcare Services 10 (6%) 12.3B (23%) 14 (5%) 45.3B (14%)
Information Technology 10 (6%) 1.3B (3%) 14 (5%) 5.0B (2%)
Retail 7 (4%) 2.7B (5%) 13 (4%) 24.7B (8%)
Food 9 (5%) 2.2B (4%) 13 (4%) 13.5B (4%)
Software 10 (6%) 1.1B (2%) 13 (4%) 13.4B (4%)
Consumer Products 8 (4%) - 11 (4%) 1.5B (< 1%)
Communications 5 (3%) - 10 (3%) 16.4B (5%)
Environmental 6 (3%) 7.4B (14%) 9 (3%) 7.4B (2%)
Media 6 (3%) - 9 (3%) 3.9B (1%)
Life Science 4 (2%) - 8 (3%) 3.7B (1%)
Energy Services and Equipment 8 (4%) 1.2B (2%) 8 (3%) 1.2B (< 1%)
Digital Media 5 (3%) - 8 (3%) -
Medical Products 4 (2%) 1.7B (3%) 7 (2%) 14.4B (4%)
Utilities 3 (2%) - 6 (2%) 51.8B (16%)
Consumer Services 2 (1%) - 6 (2%) 4.9B (2%)
Insurance 3 (2%) 4.3B (8%) 6 (2%) 4.3B (1%)
Automotive 3 (2%) 1.8B (3%) 6 (2%) 2.9B (1%)
Building Materials 1 (1%) - 6 (2%) 2.5B (1%)
Business Services 5 (3%) 1.6B (3%) 6 (2%) 1.6B (< 1%)
Manufacturing 4 (2%) 1.6B (3%) 6 (2%) 1.6B (< 1%)
Transportation 2 (1%) 40M (< 1%) 6 (2%) 271M (< 1%)
Leisure 5 (3%) - 6 (2%) -
Oil/Gas Exploration 3 (2%) 1.1B (2%) 5 (2%) 8.3B (3%)
Machinery 3 (2%) 3.9B (7%) 5 (2%) 7.9B (2%)
Education 3 (2%) 3.8B (7%) 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 (3%)
Semiconductors 1 (1%) - 3 (1%) 2.7B (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%)
Packaging 1 (1%) 1.1B (2%) 2 (1%) 4.4B (1%)
Aerospace 1 (1%) - 2 (1%) 1.7B (1%)
Safety/Security 1 (1%) - 2 (1%) 1.1B (< 1%)
Renewable Energy 1 (1%) 1.0B (2%) 2 (1%) 1.0B (< 1%)
Agriculture 2 (1%) - 2 (1%) -
Furniture 2 (1%) - 2 (1%) -
Publishing 1 (1%) - 2 (1%) -
Information Services - - 1 (< 1%) 12.7B (4%)
Beverages - - 1 (< 1%) 1.8B (1%)
Defense 1 (1%) 1.2B (2%) 1 (< 1%) 1.2B (< 1%)
Staffing - - 1 (< 1%) 269M (< 1%)
Infrastructure 1 (1%) 234M (< 1%) 1 (< 1%) 234M (< 1%)
Diversified 1 (1%) - 1 (< 1%) -
Electronics 1 (1%) - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Metals/Mining 1 (1%) - 1 (< 1%) -
Plastics 1 (1%) - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 180 $52.9B 294 $321.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 68 (38%) 30.7B (58%) 123 (42%) 247.6B (77%)
  California 12 (7%) 1.1B (2%) 22 (7%) 11.9B (4%)
  New York 8 (4%) 4.3B (8%) 12 (4%) 4.7B (1%)
  Texas 7 (4%) 2.0B (4%) 12 (4%) 50.0B (16%)
  Colorado 4 (2%) - 5 (2%) -
  Georgia 3 (2%) - 5 (2%) 29.0B (9%)
  Minnesota 3 (2%) - 5 (2%) 2.4B (1%)
  Tennessee 2 (1%) 9.9B (19%) 5 (2%) 52.6B (16%)
  New Jersey 2 (1%) 2.2B (4%) 5 (2%) 13.7B (4%)
  North Carolina 2 (1%) - 5 (2%) 2.8B (1%)
  Maryland 3 (2%) 5.4B (10%) 4 (1%) 5.4B (2%)
  Pennsylvania 2 (1%) - 4 (1%) 11.4B (4%)
  Ohio 1 (1%) - 4 (1%) 3.8B (1%)
  Missouri 3 (2%) - 3 (1%) -
  Illinois 2 (1%) - 3 (1%) 7.1B (2%)
  Virginia - - 3 (1%) 2.5B (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 (3%)
  Wisconsin 1 (1%) 3.9B (7%) 1 (< 1%) 3.9B (1%)
  Kentucky 1 (1%) 1.4B (3%) 1 (< 1%) 1.4B (< 1%)
  Washington 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%) 3.2B (6%) 22 (7%) 14.3B (4%)
India 16 (9%) 1.1B (2%) 17 (6%) 1.1B (< 1%)
China 15 (8%) 794M (1%) 16 (5%) 794M (< 1%)
United Kingdom 11 (6%) 6.5B (12%) 16 (5%) 10.1B (3%)
Netherlands 4 (2%) 2.7B (5%) 12 (4%) 6.0B (2%)
Spain 7 (4%) 1.0B (2%) 11 (4%) 1.2B (< 1%)
France 5 (3%) 282M (1%) 11 (4%) 8.4B (3%)
Australia 8 (4%) 350M (1%) 10 (3%) 350M (< 1%)
Switzerland 4 (2%) - 6 (2%) -
Singapore 4 (2%) 2.1B (4%) 5 (2%) 4.8B (1%)
Japan 3 (2%) 2.2B (4%) 4 (1%) 2.5B (1%)
Sweden 3 (2%) 610M (1%) 4 (1%) 610M (< 1%)
Norway 3 (2%) 1.3B (3%) 3 (1%) 1.3B (< 1%)
Indonesia 3 (2%) - 3 (1%) -
Canada 2 (1%) - 3 (1%) 2.6B (1%)
  Ontario 1 (1%) - 2 (1%) 2.6B (1%)
  British Columbia 1 (1%) - 1 (< 1%) -
South Korea 2 (1%) - 3 (1%) 1.8B (1%)
Italy - - 3 (1%) 1.6B (< 1%)
Hong Kong 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%) -
Philippines 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%) -
Vietnam - - 1 (< 1%) -
Domestic 68 (38%) 30.7B (58%) 123 (42%) 247.6B (77%)
Cross-border 112 (62%) 22.2B (42%) 171 (58%) 73.9B (23%)
Total 180 $52.9B 294 $321.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 50 (28%) 12.4B (23%) 69 (23%) 28.9B (9%)
Buyout (LBO, MBO, MBI) 19 (11%) 2.7B (5%) 50 (17%) 42.1B (14%)
Divestiture 24 (13%) 15.5B (29%) 41 (14%) 38.0B (12%)
Stake Purchase 27 (15%) - 38 (13%) 2.6B (1%)
Growth Capital 26 (14%) 282M (1%) 35 (12%) 282M (< 1%)
Going Private 8 (4%) 21.1B (40%) 21 (7%) 174.6B (57%)
PIPE 11 (6%) - 16 (5%) 19.5B (6%)
Venture 9 (5%) - 16 (5%) -
Joint Venture 1 (1%) - 2 (1%) -
Special Situations/Distressed 2 (1%) - 2 (1%) -
Add-on Acquisition 1 (1%) 925M (2%) 1 (< 1%) 925M (< 1%)
Acquisition Financing 1 (1%) - 1 (< 1%) -
Consolidation 1 (1%) - 1 (< 1%) -
Recapitalization - - 1 (< 1%) -
Total 180 $52.9B 294 $307.0B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 37 (32%) 66.6B (85%)
IPO 30 (26%) -
Secondary Sale 23 (20%) 6.7B (9%)
Trade Sale 9 (8%) 5.1B (7%)
Bankruptcy 6 (5%) -
Stake Sale 6 (5%) -
Merger 3 (3%) -
Total 114 $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
 57
Kirkland & Ellis LLP
 8
Clifford Chance LLP
 3

Deal Values

buy # Total
> $1B 56 $308.4B
$100M to $1B 24 $13.0B
< $100M 1 $40M
TOTAL $321.5B
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)
68%
106 68%
Strategic(s)
32%
50 32%
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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