Leonard Green & Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Leonard Green & Partners has acquired 15 companies.

Leonard Green & Partners’ most common sectors for investment are retail (25%) and healthcare services (10%). The Firm’s most common investment types include secondary buyout (38%) and going private (19%). In total, Leonard Green & Partners has invested in 26 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 12 companies. The Firm’s most common exit type is secondary buyout (30%). Leonard Green & Partners’ largest (disclosed) exit occurred in 2014 when it sold IMS Health Holdings for $10.5B.

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M&A Summary

  • M&A Total Activity114
    • M&A Buy Activity74
    • M&A Sell Activity40
  • Total Sectors Invested 29
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 41
  • M&A Advisors 14

Leonard Green & Partners LP

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.8/yr) # 55 4 7 4 4 - 74
vol $36.2B $2.2B $2.4B $3.0B $43.8B
Sell (3.0/yr) # 25 3 3 3 5 1 40
vol $26.1B $902M $300M $27.3B
  114

Most Recent M&A

Company Date Value Type
Advantage Solutions, Inc. 2020-09-08 - IPO
Irvine, California · www.advantagesolutions.net
AerSale, Inc. 2019-12-09 - IPO
Coral Gables, Florida · www.aersale.com
WIRB-Copernicus Group, Inc. 2019-11-14 - Recapitalization
Princeton, New Jersey · www.wcgclinical.com
Pye-Barker Fire & Safety, LLC 2019-11-06 - Buyout (LBO, MBO, MBI)
Alpharetta, Georgia · www.pyebarkerfire.com
Press Ganey Holdings, Inc. 2019-06-11 - Secondary Buyout
Wakefield, Massachusetts · www.pressganey.com
TopShop/TopMan 2019-04-12 - Stake Purchase
Tel Aviv, Israel · www.topshop.com
The Wrench Group 2019-04-08 - Secondary Buyout
Melissa, Texas · www.thewrenchgroup.com
Savers, Inc. 2019-03-28 - Sold to Existing Investors
Bellevue, Washington · www.savers.com
Tank Holdings Corp. 2019-03-26 - Secondary Buyout
Ballwin, Missouri · www.tankholding.com
U.S. Renal Care, Inc. 2019-02-13 - Secondary Buyout
Plano, Texas · www.usrenalcare.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
SRS Distribution, Inc. 2018-04-24 CB Wholesale 2020-09-25 3
McKinney, Texas · www.srsicorp.com Bellingham, Washington · www.cbwholesale.com
SRS Distribution, Inc. 2018-04-24 RSI Building Products LLC 2020-09-25 2
McKinney, Texas · www.srsicorp.com Shreveport, Louisiana · www.rsibp.com
Pro Mach, Inc. 2018-01-29 Panther Industries, Inc. 2020-09-18 7
Covington, Kentucky · www.promachbuilt.com Highlands Ranch, Colorado · www.print-n-apply.com
Car Wash Partners, Inc. 2014-08-22 Bush Car Wash - Seven Car Wash Locations 2020-09-18 5
Tucson, Arizona · www.mistercarwash.com Richland, Washington
Pye-Barker Fire & Safety, LLC 2019-11-06 American Fire and Safety, Inc. 2020-09-03 2
Alpharetta, Georgia · www.pyebarkerfire.com Laurel, Mississippi · www.428safe.com
Pye-Barker Fire & Safety, LLC 2019-11-06 Florida Fire Safety, Inc. 2020-09-03 1
Alpharetta, Georgia · www.pyebarkerfire.com Doral, Florida · www.florida-fire.com
The Wrench Group 2019-04-08 All About Water 2020-09-01 4
Melissa, Texas · www.thewrenchgroup.com Chandler, Arizona · www.ecowateraz.com
Pro Mach, Inc. 2018-01-29 Fogg Filler Co. 2020-08-06 6
Covington, Kentucky · www.promachbuilt.com Holland, Michigan · www.foggfiller.com
Pro Mach, Inc. 2018-01-29 Modering Packaging, Inc. 2020-07-09 5
Covington, Kentucky · www.promachbuilt.com Deer Park, New York · www.modernpackaginginc.com
The Wrench Group 2019-04-08 Service Champions North 2020-07-06 3
Melissa, Texas · www.thewrenchgroup.com Pleasanton, California · www.servicechampions.net

M&A by Sector

Sector Current # Value All-time # Value
Retail 4 (13%) 1.6B (9%) 18 (24%) 13.5B (32%)
Healthcare Services 5 (16%) 363M (2%) 7 (9%) 911M (2%)
Business Services 2 (6%) - 5 (7%) 1.8B (4%)
Information Technology 2 (6%) - 4 (5%) 5.2B (12%)
Consumer Services 3 (10%) 4.9B (28%) 4 (5%) 4.9B (12%)
Information Services 3 (10%) 2.2B (13%) 3 (4%) 2.2B (5%)
Consumer Products 2 (6%) - 3 (4%) -
Software 1 (3%) 3.5B (20%) 2 (3%) 4.1B (10%)
Distribution 1 (3%) 3.0B (17%) 2 (3%) 3.2B (8%)
Apparel/Textiles 1 (3%) 225M (1%) 2 (3%) 3.2B (8%)
Manufacturing - - 2 (3%) 830M (2%)
Aerospace - - 2 (3%) -
Leisure 1 (3%) - 2 (3%) -
Restaurants 1 (3%) - 2 (3%) -
Staffing 2 (6%) - 2 (3%) -
Plastics 1 (3%) 1.5B (9%) 1 (1%) 1.5B (4%)
E-Commerce - - 1 (1%) 420M (1%)
Medical Products - - 1 (1%) 251M (1%)
Financial Services - - 1 (1%) 177M (< 1%)
Automotive - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Gaming - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Packaging 1 (3%) - 1 (1%) -
Safety/Security 1 (3%) - 1 (1%) -
Semiconductors - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Transportation - - 1 (1%) -
Total 31 $17.3B 74 $42.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (90%) 16.4B (95%) 69 (93%) 42.9B (98%)
  California 3 (10%) 588M (3%) 12 (16%) 2.6B (6%)
  New York 8 (26%) - 11 (15%) 548M (1%)
  Texas 2 (6%) 3.0B (17%) 8 (11%) 8.4B (19%)
  Georgia 3 (10%) 2.2B (13%) 3 (4%) 2.2B (5%)
  Arizona 2 (6%) - 3 (4%) -
  Virginia 1 (3%) 3.5B (20%) 3 (4%) 6.5B (15%)
  Illinois - - 3 (4%) 970M (2%)
  Connecticut 1 (3%) - 2 (3%) 5.2B (12%)
  Massachusetts 1 (3%) - 2 (3%) 2.8B (6%)
  Florida 1 (3%) - 2 (3%) -
  Iowa - - 2 (3%) 1.0B (2%)
  Missouri - - 2 (3%) 830M (2%)
  Pennsylvania - - 2 (3%) 750M (2%)
  Indiana - - 2 (3%) -
  Minnesota 1 (3%) 4.0B (23%) 1 (1%) 4.0B (9%)
  Ohio 1 (3%) 1.6B (9%) 1 (1%) 1.6B (4%)
  Wisconsin 1 (3%) 1.5B (9%) 1 (1%) 1.5B (3%)
  Utah 1 (3%) - 1 (1%) -
  New Jersey 1 (3%) - 1 (1%) -
  Kentucky 1 (3%) - 1 (1%) -
  Washington - - 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 (5%) 1 (1%) 924M (2%)
Bermuda 1 (3%) - 1 (1%) -
Channel Islands 1 (3%) - 1 (1%) -
India - - 1 (1%) -
Israel - - 1 (1%) -
Domestic 28 (90%) 16.4B (95%) 69 (93%) 42.9B (98%)
Cross-border 3 (10%) 924M (5%) 5 (7%) 924M (2%)
Total 31 $17.3B 74 $43.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 19 (61%) 8.9B (52%) 28 (38%) 12.3B (28%)
Going Private 4 (13%) 8.2B (47%) 14 (19%) 27.7B (63%)
Buyout (LBO, MBO, MBI) 1 (3%) - 9 (12%) 240M (1%)
Stake Purchase 2 (6%) - 7 (9%) -
Recapitalization 3 (10%) - 6 (8%) 2.4B (6%)
Divestiture 1 (3%) 225M (1%) 3 (4%) 975M (2%)
PIPE - - 3 (4%) 177M (< 1%)
Growth Capital 1 (3%) - 2 (3%) -
Add-on Acquisition - - 1 (1%) -
Joint Venture - - 1 (1%) -
Total 31 $17.3B 74 $43.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (30%) 13.6B (50%)
IPO 11 (28%) 10.5B (38%)
Trade Sale 5 (13%) 509M (2%)
Trade Sale - Public Company 4 (10%) 2.5B (9%)
Sold to Existing Investors 3 (8%) -
Recapitalization 2 (5%) 300M (1%)
Stake Sale 2 (5%) -
Bankruptcy 1 (3%) -
Total 40 $27.3B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch
6
Barclays Investment Bank
4
Deutsche Bank Corporate & Investment Banking
4
Legal Deals
Latham & Watkins
16
Simpson Thacher & Bartlett LLP
1
Squire Sanders
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 6 $24.9B
$100M to $1B 6 $2.5B
TOTAL $27.3B
Largest IMS Health Holdings, Inc.
$10.5B (2014-04-03)

M&A Connections

Deals %
Acquired from
PE Firm(s)
96%
43 96%
Strategic(s)
4%
2 4%
Exited to
PE Firm(s)
59%
16 59%
Strategic(s)
41%
11 41%

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