Lindsay Goldberg Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Lindsay Goldberg has acquired 9 companies.

Lindsay Goldberg’s most common sectors for investment are packaging (9%) and distribution (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (58%) and secondary buyout (20%). 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 (43%). 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 Activity72
    • M&A Buy Activity44
    • M&A Sell Activity28
  • Total Sectors Invested 24
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 19
  • 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 & Co. LLC 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, Western Europe, Eastern Europe

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 33 2 3 2 4 - 44
vol $283M $500M $360M $2.4B $3.5B
Sell (1.6/yr) # 20 2 3 1 2 - 28
vol $6.6B $1.0B $2.4B $775M $600M $11.4B
  72

Most Recent M&A

Company Date Value Type
Schur Flexibles Group 2019-12-12 - Secondary Buyout
Baden, Australia · www.schurflexibles.com
Bilcare Research AG 2019-11-11 - Buyout (LBO, MBO, MBI)
Basel, Switzerland
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
Affordable Suites of America, Inc. 2019-01-14 - Buyout (LBO, MBO, MBI)
Jacksonville, North Carolina · www.affordablesuites.com
Pixelle Specialty Solutions LLC 2018-08-21 360M USD Divestiture
Spring Grove, Pennsylvania · www.pixelle.com
PT Solutions 2018-06-06 - Secondary Buyout
Atlanta, Georgia · www.ptsolutions.com
ECS Federal, Inc. 2018-01-31 775M USD Add-on Acquisition
Fairfax, Virginia · www.ecs-federal.com
Big Ass Solutions 2017-12-22 500M USD Buyout (LBO, MBO, MBI)
Lexington, Kentucky · www.bigassfans.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Amentum Services, Inc. 2019-10-14 DynCorp International LLC 2020-09-24 1
Germantown, Maryland · www.amentum.com McLean, Virginia · www.dyn-intl.com
Creation Technologies LP 2019-07-17 Applied Technical Services 2020-05-05 1
Burnaby, British Columbia · www.creationtech.com Everett, Washington · www.atscorp.net
Dealer Tire LLC 2014-11-25 Dent Wizard International Corp. 2020-01-06 1
Cleveland, Ohio · www.dealertire.com Bridgeton, Missouri · www.dentwizard.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
Women's Care Florida 2017-10-06 Women's Health & Wellness LLC 2018-12-05 1
Tampa, Florida · www.womenscarefl.com Covington, Louisiana · www.whwdoctors.com
Golden West Packaging Group LLC 2017-01-01 Fleetwood-Fibre Packaging & Graphics, Inc. 2018-03-07 5
, United States City of Industry, California · www.fleetwood-fibre.com
Golden West Packaging Group LLC 2017-01-01 PackageOne, Inc. 2017-06-21 4
, United States Sacramento, California
Golden West Packaging Group LLC 2017-01-01 Packaging Innovators Corp. 2017-06-21 3
, United States Livermore, California · www.packaginginnovators.com
Golden West Packaging Group LLC 2017-01-01 Capital Corrugated & Carton, Inc. 2017-06-21 2
, United States Sacramento, California · www.capitalcorrugated.com
Golden West Packaging Group LLC 2017-01-01 Heritage Solutions Co. 2017-06-21 1
, United States Livermore, California · www.heritagesolutions.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution 2 (11%) - 4 (9%) 283M (8%)
Packaging 4 (21%) - 4 (9%) -
Manufacturing 2 (11%) 500M (15%) 3 (7%) 500M (14%)
Financial Services 2 (11%) - 3 (7%) -
Food - - 3 (7%) -
Healthcare Services 2 (11%) - 3 (7%) -
Engineering 2 (11%) 2.4B (74%) 2 (4%) 2.4B (68%)
Forest Products 1 (5%) 360M (11%) 2 (4%) 360M (10%)
Business Services - - 2 (4%) -
Construction - - 2 (4%) -
Environmental - - 2 (4%) -
Information Technology - - 2 (4%) -
Restaurants 2 (11%) - 2 (4%) -
Chemicals - - 1 (2%) -
Defense - - 1 (2%) -
Energy Services and Equipment 1 (5%) - 1 (2%) -
Insurance - - 1 (2%) -
Life Science - - 1 (2%) -
Machinery - - 1 (2%) -
Marketing - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Plastics - - 1 (2%) -
Real Estate - - 1 (2%) -
Transportation 1 (5%) - 1 (2%) -
Total 19 $3.3B 45 $3.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (68%) 3.3B (100%) 33 (73%) 3.5B (100%)
  Texas 1 (5%) - 7 (16%) -
  Florida 1 (5%) - 4 (9%) 283M (8%)
  Pennsylvania 1 (5%) 360M (11%) 2 (4%) 360M (10%)
  North Carolina 1 (5%) - 2 (4%) -
  Virginia - - 2 (4%) -
  California - - 2 (4%) -
  Maryland 1 (5%) 2.4B (74%) 1 (2%) 2.4B (68%)
  Kentucky 1 (5%) 500M (15%) 1 (2%) 500M (14%)
  Ohio 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  Kansas 1 (5%) - 1 (2%) -
  Georgia 1 (5%) - 1 (2%) -
  Connecticut 1 (5%) - 1 (2%) -
  Utah - - 1 (2%) -
  Tennessee - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
  Illinois - - 1 (2%) -
Norway 1 (5%) - 3 (7%) -
Germany - - 3 (7%) -
Australia 1 (5%) - 2 (4%) -
Canada 1 (5%) - 1 (2%) -
  British Columbia 1 (5%) - 1 (2%) -
Denmark 1 (5%) - 1 (2%) -
Netherlands 1 (5%) - 1 (2%) -
Switzerland 1 (5%) - 1 (2%) -
Domestic 13 (68%) 3.3B (100%) 33 (73%) 3.5B (100%)
Cross-border 6 (32%) - 12 (27%) -
Total 19 $3.3B 45 $3.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 9 (47%) 500M (15%) 26 (58%) 783M (22%)
Secondary Buyout 6 (32%) - 9 (20%) -
Divestiture 3 (16%) 2.8B (85%) 5 (11%) 2.8B (78%)
Growth Capital 1 (5%) - 4 (9%) -
Stake Purchase - - 1 (2%) -
Total 19 $3.3B 45 $3.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (43%) 2.2B (19%)
Trade Sale - Public Company 8 (29%) 6.8B (60%)
IPO 5 (18%) 690M (6%)
Trade Sale 2 (7%) 1.3B (11%)
Sold to Management 1 (4%) 455M (4%)
Total 28 $11.4B

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
1

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 $5.1B
TOTAL $11.4B
Largest Bluegrass Materials Company LLC
$1.6B (2017-06-26)

M&A Connections

Deals %
Acquired from
PE Firm(s)
60%
9 60%
Strategic(s)
40%
6 40%
Exited to
PE Firm(s)
59%
13 59%
Strategic(s)
41%
9 41%

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