KKR Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, KKR has acquired 24 companies. It has also invested in 21 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) (17%). In total, KKR has invested in 31 US states and 33 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 31 companies. The Firm’s most common exit type is trade sale (42%). 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 Activity389
    • M&A Buy Activity280
    • M&A Sell Activity109
  • Total Sectors Invested 52
  • Total Countries Invested 33
  • M&A Buy/Sell Connections 191
  • M&A Advisors 63

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 (18.2/yr) # 189 15 27 19 23 7 280
vol $288.7B $1.5B $9.0B $12.8B $3.0B $6.7B $321.7B
Sell (8.0/yr) # 69 7 9 9 12 3 109
vol $68.3B $6.7B $2.0B $6.7B $3.2B $4.5B $91.4B
  389

Most Recent M&A

Company Date Value Type
Colonial First State Investments Ltd. 2020-05-12 - Divestiture
Sydney, Australia · www.colonialfirststate.com.au
Coty, Inc. - Professional Beauty and Retail Hair Businesses 2020-05-11 - Stake Purchase
, New York
Shapoorji Pallonji Infrastructure Capital Co. Pvt. Ltd. - 317MWp Solar Energy Assets 2020-04-27 234M INR Divestiture
Mumbai, United States
Jio Platforms Ltd. 2020-04-21 - Stake Purchase
Navi Mumbai, India
ACCIONA Energía Internacional 2020-04-10 - Stake Purchase
Alcobendas, Spain · www.acciona-energia.com
Kilter Finance 2020-04-02 - Growth Capital
London, United Kingdom · www.kilterfinance.com
Viridor Ltd. 2020-03-18 6.5B GBP Divestiture
Devon, United Kingdom · www.viridor.co.uk
Avida Finans AB 2020-02-20 - Stake Purchase
Stockholm, Sweden · www.avidafinance.com
Legg Mason, Inc. 2020-02-18 4.5B USD Add-on Acquisition
Baltimore, Maryland · www.leggmason.com
Deutsche Glasfaser 2020-02-10 - Secondary Buyout
Borken, Germany · www.deutsche-glasfaser.de
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Visma Oy 2010-09-25 Zetech S.A. 2020-05-12 49
Oslo, Norway · www.visma.com Buenos Aires, Brazil · www.zetech.com
Visma Oy 2010-09-25 Nmbrs BV 2020-05-12 48
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.nmbrs.com
USI Insurance Services Corp. 2017-03-17 Associated Financial Group LLC 2020-05-04 15
Briarcliff Manor, New York · www.usi.biz Minnetonka, Minnesota · www.associatedbrc.com
RBmedia 2018-07-16 Potomac Talking Book Services, Inc. 2020-03-19 2
Landover, Maryland · www.rbmediaglobal.com Rockville, Maryland · www.ptbs.org
RBmedia 2018-07-16 GraphicAudio LLC 2020-03-10 1
Landover, Maryland · www.rbmediaglobal.com Rockville, Maryland · www.graphicaudiointernational.net
Alliant Insurance Services, Inc. 2012-11-23 The LifeBalance Program 2020-03-04 34
Newport Beach, California · www.alliant.com Portland, Oregon · www.sales.lifebalanceprogram.com
Alliant Insurance Services, Inc. 2012-11-23 Pend Oreille Insurance 2020-03-03 33
Newport Beach, California · www.alliant.com Ponderay, Idaho · www.pendoreilleinsurance.com
BMC Software, Inc. 2018-05-29 Compuware Corp. 2020-03-02 2
Houston, Texas · www.bmc.com Detroit, Michigan · www.compuware.com
USI Insurance Services Corp. 2017-03-17 Full Service Insurance Agency, Inc. 2020-03-02 14
Briarcliff Manor, New York · www.usi.biz Franklin, Tennessee · www.fullserviceins.com
USI Insurance Services Corp. 2017-03-17 Forté Benefits 2020-02-24 13
Briarcliff Manor, New York · www.usi.biz Fort Worth, Texas · www.discoverforte.com

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 13 (8%) 370M (1%) 19 (7%) 29.4B (9%)
Internet Software and Services 10 (6%) 282M (1%) 17 (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 (5%) 24.7B (8%)
Software 11 (6%) 1.1B (2%) 13 (5%) 13.4B (4%)
Food 8 (5%) 2.2B (4%) 12 (4%) 13.5B (4%)
Consumer Products 8 (5%) - 11 (4%) 1.5B (< 1%)
Communications 5 (3%) - 10 (4%) 16.4B (5%)
Media 6 (4%) - 9 (3%) 3.9B (1%)
Energy Services and Equipment 8 (5%) 1.2B (2%) 8 (3%) 1.2B (< 1%)
Digital Media 5 (3%) - 8 (3%) -
Medical Products 4 (2%) 1.7B (3%) 7 (3%) 14.4B (4%)
Environmental 4 (2%) 7.4B (14%) 7 (3%) 7.4B (2%)
Consumer Services 2 (1%) - 6 (2%) 4.9B (2%)
Life Science 2 (1%) - 6 (2%) 3.7B (1%)
Automotive 3 (2%) 1.8B (3%) 6 (2%) 2.9B (1%)
Building Materials 1 (1%) - 6 (2%) 2.5B (1%)
Manufacturing 4 (2%) 1.6B (3%) 6 (2%) 1.6B (< 1%)
Transportation 2 (1%) 40M (< 1%) 6 (2%) 271M (< 1%)
Utilities 2 (1%) - 5 (2%) 51.8B (16%)
Oil/Gas Exploration 3 (2%) 1.1B (2%) 5 (2%) 8.3B (3%)
Machinery 3 (2%) 3.9B (7%) 5 (2%) 7.9B (2%)
Insurance 3 (2%) 4.3B (8%) 5 (2%) 4.3B (1%)
Business Services 4 (2%) 1.6B (3%) 5 (2%) 1.6B (< 1%)
Leisure 4 (2%) - 5 (2%) -
Chemicals 1 (1%) - 4 (1%) 2.0B (1%)
Apparel/Textiles 3 (2%) - 4 (1%) -
Electrical Equipment 1 (1%) 794M (1%) 3 (1%) 8.3B (3%)
Education 2 (1%) 3.8B (7%) 3 (1%) 4.0B (1%)
Semiconductors 1 (1%) - 3 (1%) 2.7B (1%)
Engineering 1 (1%) - 3 (1%) 1.7B (1%)
Technology Hardware 1 (1%) - 3 (1%) 975M (< 1%)
Restaurants 3 (2%) - 3 (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%) -
Metals/Mining 1 (1%) - 1 (< 1%) -
Plastics 1 (1%) - 1 (< 1%) -
Test/Measurement Equipment - - 1 (< 1%) -
Total 171 $52.9B 280 $321.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 65 (38%) 30.7B (58%) 116 (41%) 247.6B (77%)
  California 12 (7%) 1.1B (2%) 19 (7%) 11.9B (4%)
  Texas 8 (5%) 2.0B (4%) 12 (4%) 50.0B (16%)
  New York 7 (4%) 4.3B (8%) 11 (4%) 4.7B (1%)
  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%)
  Colorado 3 (2%) - 4 (1%) -
  Pennsylvania 2 (1%) - 4 (1%) 11.4B (4%)
  Ohio 1 (1%) - 4 (1%) 3.8B (1%)
  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%)
  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%) -
  Florida - - 1 (< 1%) 2.5B (1%)
  West Virginia - - 1 (< 1%) -
  South Carolina - - 1 (< 1%) -
  Idaho - - 1 (< 1%) -
Germany 11 (6%) 3.2B (6%) 22 (8%) 14.3B (4%)
India 15 (9%) 1.1B (2%) 16 (6%) 1.1B (< 1%)
China 15 (9%) 794M (1%) 16 (6%) 794M (< 1%)
United Kingdom 10 (6%) 6.5B (12%) 15 (5%) 10.4B (3%)
France 5 (3%) 282M (1%) 11 (4%) 8.4B (3%)
Netherlands 3 (2%) 2.7B (5%) 11 (4%) 6.0B (2%)
Australia 7 (4%) 350M (1%) 9 (3%) 350M (< 1%)
Spain 6 (4%) 1.0B (2%) 9 (3%) 1.2B (< 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%) -
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 65 (38%) 30.7B (58%) 116 (41%) 247.6B (77%)
Cross-border 106 (62%) 22.2B (42%) 164 (59%) 74.1B (23%)
Total 171 $52.9B 280 $321.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 49 (29%) 12.4B (23%) 67 (24%) 29.2B (9%)
Buyout (LBO, MBO, MBI) 15 (9%) 2.7B (5%) 45 (16%) 42.1B (14%)
Divestiture 24 (14%) 15.5B (29%) 41 (15%) 38.0B (12%)
Stake Purchase 25 (15%) - 36 (13%) 2.6B (1%)
Growth Capital 26 (15%) 282M (1%) 33 (12%) 282M (< 1%)
Going Private 8 (5%) 21.1B (40%) 21 (8%) 174.6B (57%)
PIPE 11 (6%) - 16 (6%) 19.5B (6%)
Venture 8 (5%) - 14 (5%) -
Joint Venture 1 (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%) -
Special Situations/Distressed 1 (1%) - 1 (< 1%) -
Total 171 $52.9B 280 $307.2B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 37 (34%) 66.6B (85%)
IPO 30 (28%) -
Secondary Sale 20 (18%) 6.7B (9%)
Trade Sale 8 (7%) 5.1B (7%)
Bankruptcy 6 (6%) -
Stake Sale 6 (6%) -
Merger 2 (2%) -
Total 109 $78.5B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
9
Credit Suisse Investment Banking
9
Goldman Sachs Investment Banking Division
9
Legal Deals
Simpson Thacher & Bartlett LLP
56
Kirkland & Ellis LLP
8
Clifford Chance LLP
3

Deal Values

buy # Total
> $1B 56 $308.4B
$100M to $1B 25 $13.2B
< $100M 1 $40M
TOTAL $321.7B
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%
104 68%
Strategic(s)
32%
50 32%
Exited to
PE Firm(s)
36%
27 36%
Strategic(s)
64%
48 64%

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