Lindsay Goldberg Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Lindsay Goldberg has acquired 8 companies. It has also invested in 1 other.

Lindsay Goldberg’s most common sectors for investment are packaging (13%) and food (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and secondary buyout (19%). In total, Lindsay Goldberg has invested in 19 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Amentum Services for $2.4B.

In the last 3 years, Lindsay Goldberg has exited 6 companies. The Firm’s most common exit type is secondary buyout (40%). Lindsay Goldberg’s largest (disclosed) exit occurred in 2017 when it sold Bluegrass Materials Company for $1.6B.

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M&A Summary

  • M&A Total Activity83
    • M&A Buy Activity48
    • M&A Sell Activity35
  • Total Sectors Invested 24
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 24
  • M&A Advisors 4

Lindsay Goldberg

630 Fifth Avenue, 30th Floor,
New York, New York 10111
United States
(212) 651-1100
www.lindsaygoldbergllc.com
contact@lindsaygoldbergllc.com

Lindsay Goldberg is a large private equity firm that targets investments in traditional, basic industries. Lindsay looks to commit $50 to $250 million per transaction in sectors that include basic & commodity manufacturing, financial services, food, and distribution. Lindsay looks to partner with management in pursuing transactions. Lindsay Goldberg was formerly known as Lindsay Goldberg & Bessemer. The Firm was formed in 2001 and is based in New York City.


Investment Criteria

Sectors of Interest: Agriculture, Beverages, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Defense, Distribution, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Insurance, Life Science, Machinery, Manufacturing, Marketing, Packaging, Real Estate, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Recapitalization, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 250
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.4/yr) # 36 3 3 4 1 1 48
vol $283M $500M $360M $2.4B $3.5B
Sell (2.4/yr) # 23 6 2 1 2 1 35
vol $6.9B $2.7B $775M $600M $10.9B
  83

Most Recent M&A

Company Date Value Type
Schur Flexibles Group 2021-05-17 - Add-on Acquisition
Baden, Austria · www.schurflexibles.com
Aryzta AG - North American Bakery 2021-03-12 - Divestiture
Chicago, Illinois
Pike Corp. 2020-12-21 - Stake Purchase
Mount Airy, North Carolina · www.pike.com
Refresh Management LLC 2020-12-10 - Secondary Buyout
Jacksonville Beach, Florida · www.refreshmh.com
Women's Care Florida 2020-12-07 - Secondary Buyout
Tampa, Florida · www.womenscarefl.com
Liveo Research AG 2019-11-11 - Buyout (LBO, MBO, MBI)
Basel, Switzerland · www.liveoresearch.com
VDM Metals Holding GmbH 2019-11-07 600M EUR Add-on Acquisition
Werdohl, Germany · www.vdm-metals.com
Amentum Services, Inc. 2019-10-14 2.4B USD Divestiture
Germantown, Maryland · www.amentum.com
Creation Technologies LP 2019-07-17 - Secondary Buyout
Burnaby, British Columbia · www.creationtech.com
stayAPT Suites 2019-01-14 - Buyout (LBO, MBO, MBI)
Matthews, North Carolina · www.affordablesuites.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
PACCOR International GmbH 2018-07-31 Miko Pac NV 2021-03-31 1
Niedernhall, Germany · www.paccor.com Oud-Turnhout, Belgium · www.mikopac.com
Pixelle Specialty Solutions LLC 2018-08-21 Rollsource 2021-03-31 3
Spring Grove, Pennsylvania · www.pixelle.com Atlanta, Georgia
Pixelle Specialty Solutions LLC 2018-08-21 Appvion, Inc. - Specialty Papers Business 2021-02-15 2
Spring Grove, Pennsylvania · www.pixelle.com Appleton, Wisconsin
Amentum Services, Inc. 2019-10-14 DynCorp International LLC 2020-09-24 1
Germantown, Maryland · www.amentum.com McLean, Virginia · www.dyn-intl.com
Pixelle Specialty Solutions LLC 2018-08-21 Verso Corp. - Androscoggin & Stevens Point Mills 2019-11-12 1
Spring Grove, Pennsylvania · www.pixelle.com Miamisburg, Ohio

M&A by Sector

Sector Current # Value All-time # Value
Packaging 4 (25%) - 6 (12%) -
Food 1 (6%) - 4 (8%) -
Manufacturing 2 (13%) 500M (15%) 3 (6%) 500M (14%)
Forest Products 2 (13%) 360M (11%) 3 (6%) 360M (10%)
Distribution - - 3 (6%) 283M (8%)
Construction 1 (6%) - 3 (6%) -
Healthcare Services 1 (6%) - 3 (6%) -
Business Services - - 2 (4%) -
Energy Services and Equipment - - 2 (4%) -
Environmental - - 2 (4%) -
Information Technology - - 2 (4%) -
Leisure 1 (6%) - 2 (4%) -
Metals/Mining - - 2 (4%) -
Real Estate 1 (6%) - 2 (4%) -
Engineering 1 (6%) 2.4B (74%) 1 (2%) 2.4B (68%)
Chemicals - - 1 (2%) -
Defense - - 1 (2%) -
Financial Services - - 1 (2%) -
Insurance - - 1 (2%) -
Life Science 1 (6%) - 1 (2%) -
Machinery - - 1 (2%) -
Marketing - - 1 (2%) -
Oil/Gas Exploration - - 1 (2%) -
Transportation 1 (6%) - 1 (2%) -
Total 16 $3.3B 49 $3.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (63%) 3.3B (100%) 36 (73%) 3.5B (100%)
  Texas - - 6 (12%) -
  Florida - - 4 (8%) 283M (8%)
  North Carolina 2 (13%) - 3 (6%) -
  California 1 (6%) - 3 (6%) -
  Maryland 2 (13%) 2.4B (74%) 2 (4%) 2.4B (68%)
  Pennsylvania 1 (6%) 360M (11%) 2 (4%) 360M (10%)
  Illinois 1 (6%) - 2 (4%) -
  Virginia - - 2 (4%) -
  New York - - 2 (4%) -
  Kentucky 1 (6%) 500M (15%) 1 (2%) 500M (14%)
  Georgia 1 (6%) - 1 (2%) -
  Washington 1 (6%) - 1 (2%) -
  Connecticut - - 1 (2%) -
  Utah - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Ohio - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Kansas - - 1 (2%) -
Germany 1 (6%) - 4 (8%) -
Norway 2 (13%) - 3 (6%) -
Canada 1 (6%) - 2 (4%) -
  British Columbia 1 (6%) - 1 (2%) -
  Ontario - - 1 (2%) -
Denmark 1 (6%) - 1 (2%) -
Switzerland 1 (6%) - 1 (2%) -
Austria - - 1 (2%) -
Netherlands - - 1 (2%) -
Domestic 10 (63%) 3.3B (100%) 36 (73%) 3.5B (100%)
Cross-border 6 (38%) - 13 (27%) -
Total 16 $3.3B 49 $3.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (31%) 500M (15%) 21 (43%) 783M (22%)
Secondary Buyout 3 (19%) - 9 (18%) -
Divestiture 4 (25%) 2.8B (85%) 7 (14%) 2.8B (78%)
Growth Capital - - 4 (8%) -
Joint Venture 2 (13%) - 3 (6%) -
Consolidation 1 (6%) - 2 (4%) -
Stake Purchase 1 (6%) - 2 (4%) -
Recapitalization - - 1 (2%) -
Total 16 $3.3B 49 $3.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (40%) 2.2B (20%)
Trade Sale - Public Company 8 (23%) 6.8B (62%)
IPO 6 (17%) -
Trade Sale 4 (11%) 1.5B (14%)
Sold to Management 1 (3%) 455M (4%)
Merger 1 (3%) -
Shut Down 1 (3%) -
Total 35 $10.9B

Top M&A Advisors

Financial Deals
Morgan Stanley
1
J.P. Morgan Securities LLC
1
Legal Deals
Cravath, Swaine & Moore LLP
2
Weil Gotshal & Manges LLP
2

Deal Values

buy # Total
> $1B 1 $2.4B
$100M to $1B 3 $1.1B
TOTAL $3.5B
Largest Amentum Services, Inc.
$2.4B (2019-10-14)
sell # Total
> $1B 5 $6.3B
$100M to $1B 8 $4.6B
TOTAL $10.9B
Largest Bluegrass Materials Company LLC
$1.6B (2017-06-26)

M&A Connections

Deals
Acquired from
Investor(s)
22%
11 (22%)
Strategic(s)
16%
8 (16%)
Exited to
Investor(s)
40%
14 (40%)
Strategic(s)
34%
12 (34%)

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