Leonard Green & Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Leonard Green & Partners has acquired 10 companies. It has also invested in 1 other.

Leonard Green & Partners’ most common sectors for investment areretail (22%) and healthcare services (10%) . The Firm’s most common investment types include secondary buyout (45%) and going private (17%). In total, Leonard Green & Partners has invested in 27 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired IMS Health Holdings for $5.2B.

In the last 3 years, Leonard Green & Partners has exited 15 companies. The Firm’s most common exit type is secondary buyout (35%). Leonard Green & Partners’ largest (disclosed) exit occurred in 2021 when it sold Authentic Brands Group for $12.7B.

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M&A Summary

  • M&A Total Activity129
    • M&A Buy Activity83
    • M&A Sell Activity46
  • Total Sectors Invested 32
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 42
  • M&A Advisors 18

Leonard Green & Partners

11111 Santa Monica Blvd., Suite 2000,
Los Angeles, California 90025
United States
(310) 954-0444
www.leonardgreen.com

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Engineering, Financial Services, Healthcare Services, Leisure, Life Science, Manufacturing, Media, Publishing, Restaurants, Retail, Semiconductors

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 500 5,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.2/yr) # 67 5 4 2 3 2 83
vol $40.8B $3.0B $43.8B
Sell (3.6/yr) # 31 3 5 2 8 - 49
vol $27.3B $12.7B $40.0B
  132

Most Recent M&A

Company Date Value Type
Epiphany Dermatology PA 2022-02-01 - Secondary Buyout
Austin, Texas · www.epiphanydermatology.com
Pace Analytical Services LLC 2022-01-11 - Secondary Buyout
Minneapolis, Minnesota · www.pacelabs.com
Convergint Technologies LLC 2021-12-16 - Stake Purchase
Schaumburg, Illinois · www.convergint.com
Velvet Taco, Inc. 2021-11-30 - Secondary Buyout
Plano, Texas · www.velvettaco.com
Authentic Brands Group LLC 2021-11-22 12.7B USD Secondary Buyout
New York, New York · www.authenticbrandsgroup.com
MDVIP LLC 2021-08-19 - Secondary Buyout
Boca Raton, Florida · www.mdvip.com
Mister Car Wash, Inc. 2021-06-25 - IPO
Tucson, Arizona · www.mistercarwash.com
ExamWorks LLC 2021-06-22 - Secondary Buyout
Atlanta, Georgia · www.examworks.com
Pye-Barker Fire & Safety LLC 2021-06-21 - Secondary Buyout
Alpharetta, Georgia · www.pyebarkerfire.com
Ellucian Co. L.P. 2021-06-14 - Secondary Buyout
Reston, Virginia · www.ellucian.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Prospect Medical Holdings, Inc. 2010-08-16 Medical Properties Trust - Three Connecticut Hospitals 2022-10-06 5
Los Angeles, California · www.prospectmedicalholdings.com Birmingham, Alabama
Press Ganey Holdings, Inc. 2019-06-11 Forsta Group 2022-02-07 6
Wakefield, Massachusetts · www.pressganey.com London, United Kingdom · www.forsta.com
Aspen Dental Management, Inc. 2017-06-13 ClearChoice Management Services LLC 2020-11-16 1
East Syracuse, New York · www.aspendental.com Greenwood Village, Colorado · www.clearchoice.com
Press Ganey Holdings, Inc. 2019-06-11 Doctor.com 2020-10-13 5
Wakefield, Massachusetts · www.pressganey.com New York, New York · www.doctor.com
Prospect Medical Holdings, Inc. 2010-08-16 Cal Care IPA & Los Angeles Medical Center IPA - Riverside, San Bernardino, and San Diego Centers 2020-05-18 4
Los Angeles, California · www.prospectmedicalholdings.com Corona, California
North American Partners in Anesthesia LLP 2016-04-19 American Anesthesiology, Inc. 2020-05-06 3
Melville, New York · www.napaanesthesia.com Sunrise, Florida · www.americananesthesiology.com
Pure Gym Ltd. 2017-11-03 Fitness World A/S 2019-12-12 1
North Yorkshire, United Kingdom · www.puregym.co.uk Rødovre, Denmark · www.fitnessworld.dk
North American Partners in Anesthesia LLP 2016-04-19 Aisthesis 2018-12-05 2
Melville, New York · www.napaanesthesia.com Bethesda, Maryland · www.aisthesispartners.com
Caliber Collision Centers 2013-11-20 ABRA Auto Body & Glass LP 2018-12-05 4
Lewisville, Texas · www.calibercollision.com Brooklyn Park, Minnesota · www.abraauto.com
CPA Global Ltd. 2017-08-29 Filing Analytics 2018-08-16 2
Jersey, Channel Islands · www.cpaglobal.com , United States · www.filinganalytics.io

M&A by Sector

Sector Current # Value All-time # Value
Retail 3 (10%) - 18 (22%) 13.5B (32%)
Healthcare Services 4 (13%) 363M (4%) 8 (10%) 911M (2%)
Business Services 3 (10%) - 6 (7%) 1.8B (4%)
Information Technology 1 (3%) - 5 (6%) 5.2B (12%)
Consumer Services 2 (6%) 4.9B (49%) 4 (5%) 4.9B (12%)
Information Services 2 (6%) - 3 (4%) 2.2B (5%)
Consumer Products 1 (3%) - 3 (4%) -
Restaurants 2 (6%) - 3 (4%) -
Distribution 1 (3%) 3.0B (30%) 2 (2%) 3.2B (8%)
Apparel/Textiles 1 (3%) 225M (2%) 2 (2%) 3.2B (8%)
Manufacturing - - 2 (2%) 830M (2%)
Software 1 (3%) - 2 (2%) 550M (1%)
Aerospace - - 2 (2%) -
Automotive 1 (3%) - 2 (2%) -
Leisure 1 (3%) - 2 (2%) -
Safety/Security 1 (3%) - 2 (2%) -
Staffing 2 (6%) - 2 (2%) -
Education - - 1 (1%) 3.5B (8%)
Plastics 1 (3%) 1.5B (15%) 1 (1%) 1.5B (4%)
E-Commerce - - 1 (1%) 420M (1%)
Medical Products - - 1 (1%) 251M (1%)
Financial Services - - 1 (1%) 177M (< 1%)
Construction 1 (3%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Environmental 1 (3%) - 1 (1%) -
Gaming - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Packaging 1 (3%) - 1 (1%) -
Semiconductors - - 1 (1%) -
Test/Measurement Equipment 1 (3%) - 1 (1%) -
Utilities - - 1 (1%) -
Total 31 $10.0B 83 $42.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (90%) 9.1B (91%) 78 (94%) 42.9B (98%)
  Texas 7 (23%) 3.0B (30%) 13 (16%) 8.4B (19%)
  New York 6 (19%) 4.0B (40%) 12 (14%) 4.5B (10%)
  California 3 (10%) 588M (6%) 12 (14%) 2.6B (6%)
  Illinois 2 (6%) - 5 (6%) 970M (2%)
  Georgia 1 (3%) - 3 (4%) 2.2B (5%)
  Arizona 1 (3%) - 3 (4%) -
  Virginia - - 3 (4%) 6.5B (15%)
  Connecticut 1 (3%) - 2 (2%) 5.2B (12%)
  Massachusetts 1 (3%) - 2 (2%) 2.8B (6%)
  Iowa - - 2 (2%) 1.0B (2%)
  Missouri - - 2 (2%) 830M (2%)
  Pennsylvania - - 2 (2%) 750M (2%)
  Indiana - - 2 (2%) -
  Florida - - 2 (2%) -
  Wisconsin 1 (3%) 1.5B (15%) 1 (1%) 1.5B (3%)
  Utah 1 (3%) - 1 (1%) -
  North Carolina 1 (3%) - 1 (1%) -
  New Jersey 1 (3%) - 1 (1%) -
  Minnesota 1 (3%) - 1 (1%) -
  Kentucky 1 (3%) - 1 (1%) -
  Washington - - 1 (1%) 1.6B (4%)
  Ohio - - 1 (1%) 1.6B (4%)
  Colorado - - 1 (1%) 1.4B (3%)
  Maryland - - 1 (1%) 847M (2%)
  Oregon - - 1 (1%) 177M (< 1%)
  Tennessee - - 1 (1%) -
  Nevada - - 1 (1%) -
United Kingdom 1 (3%) 924M (9%) 1 (1%) 924M (2%)
Bermuda 1 (3%) - 1 (1%) -
Channel Islands 1 (3%) - 1 (1%) -
India - - 1 (1%) -
Israel - - 1 (1%) -
Domestic 28 (90%) 9.1B (91%) 78 (94%) 42.9B (98%)
Cross-border 3 (10%) 924M (9%) 5 (6%) 924M (2%)
Total 31 $10.0B 83 $43.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 22 (71%) 5.4B (54%) 37 (45%) 12.3B (28%)
Going Private 2 (6%) 4.4B (44%) 14 (17%) 27.7B (63%)
Buyout (LBO, MBO, MBI) - - 8 (10%) 240M (1%)
Stake Purchase 3 (10%) - 8 (10%) -
Recapitalization 3 (10%) - 6 (7%) 2.4B (6%)
Divestiture 1 (3%) 225M (2%) 3 (4%) 975M (2%)
PIPE - - 3 (4%) 177M (< 1%)
Growth Capital - - 2 (2%) -
Add-on Acquisition - - 1 (1%) -
Joint Venture - - 1 (1%) -
Total 31 $10.0B 83 $43.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (35%) 26.3B (66%)
IPO 11 (22%) 10.5B (26%)
Trade Sale 6 (12%) 509M (1%)
Trade Sale - Public Company 4 (8%) 2.5B (6%)
Sold to Existing Investors 3 (6%) -
SPAC 3 (6%) -
Recapitalization 2 (4%) 300M (1%)
Stake Sale 2 (4%) -
Bankruptcy 1 (2%) -
Total 49 $40.0B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
7
Barclays Investment Bank
4
Deutsche Bank Corporate & Investment Banking
4
Legal Deals
Latham & Watkins
24
Squire Sanders
1
Simpson Thacher & Bartlett LLP
1

Deal Values

buy # Total
> $1B 14 $37.7B
$100M to $1B 12 $6.1B
TOTAL $43.8B
Largest IMS Health Holdings, Inc.
$5.2B (2009-11-05)
sell # Total
> $1B 7 $37.6B
$100M to $1B 6 $2.5B
TOTAL $40.0B
Largest Authentic Brands Group LLC
$12.7B (2021-11-22)

M&A Connections

Deals
Acquired from
Investor(s)
52%
43 (52%)
Strategic(s)
2%
2 (2%)
Exited to
Investor(s)
39%
19 (39%)
Strategic(s)
29%
14 (29%)

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