Lone Star Funds Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Lone Star Funds has acquired 5 companies.

Lone Star Funds’ most common sectors for investment arebuilding materials (21%) and retail (13%) . The Firm’s most common investment types include secondary buyout (50%) and divestiture (25%). In total, Lone Star Funds has invested in 10 US states and 9 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired Home Properties for $7.6B.

In the last 3 years, Lone Star Funds has exited 6 companies. The Firm’s most common exit type is secondary buyout (70%). Lone Star Funds’ largest (disclosed) exit occurred in 2021 when it sold MBCC Group for $5.7B.

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M&A Summary

  • M&A Total Activity37
    • M&A Buy Activity24
    • M&A Sell Activity13
  • Total Sectors Invested 12
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 7
  • M&A Advisors 10

Lone Star Funds

2711 North Haskell Avenue, Suite 1700 (and Suite 2150),
Dallas, Texas 75204
United States
(214) 754-8300
www.lonestarfunds.com

Lone Star Funds is a global private investment firm focused on investing across several strategies. The Firm's primary investment activity surrounds financial services and real estate. Lone Star generally looks to acquire distressed debt and equity assets including corporate, commercial real estate, single family residential and consumer debt products as well as banks and asset rich operating companies. Lone Star was formed in 1995 and is based in Dallas, Texas with additional offices across Western Europe and Asia.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Building Materials, Business Services, Chemicals, Electrical Equipment, Financial Services, Life Science, Manufacturing, Real Estate, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.0/yr) # 19 - 1 - 2 2 24
vol $13.0B $3.6B $3.8B $20.3B
Sell (1.6/yr) # 5 2 - 2 4 - 13
vol $1.8B $5.7B $7.6B
  37

Most Recent M&A

Company Date Value Type
Senqcia Corp. 2022-03-31 - Secondary Buyout
Tokyo, Japan · www.senqcia.com
Manuchar NV 2022-01-14 - Divestiture
Merksem, Belgium · www.manuchar.com
Altadia Group 2021-12-17 - Secondary Buyout
Castellón , Spain · www.altadiagroup.com
SPX FLOW, Inc. 2021-12-13 3.8B USD Going Private
Charlotte, North Carolina · www.spxflow.com
MBCC Group 2021-11-11 5.7B CHF Add-on Acquisition
Mannheim, Germany · www.mbcc-group.com
Arclin, Inc. 2021-08-16 - Secondary Buyout
Roswell, Georgia · www.arclin.com
The Alpha Corp. 2021-07-13 - Secondary Buyout
Collierville, Tennessee · www.aocresins.com
Stark Group A/S 2021-01-08 - Secondary Buyout
Frederiksberg, Denmark · www.starkgroup.dk
American Bath Group 2020-10-08 - Secondary Buyout
Savannah, Tennessee · www.americanbathgroup.com
ISARIA Wohnbau AG 2020-03-25 - Add-on Acquisition
Munich, Germany · www.isaria.ag
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
SPX FLOW, Inc. 2021-12-13 SPX FLOW - Air Treatment Business 2022-10-06 1
Charlotte, North Carolina · www.spxflow.com Charlotte, North Carolina
Xella International Sarl 2016-12-01 Macon Deva SA 2017-12-19 2
Duisburg, Germany · www.xella.com Deva, Romania · www.macon.ro
Xella International Sarl 2016-12-01 Fermacell GmbH 2017-11-07 1
Duisburg, Germany · www.xella.com Duisburg, Germany · www.fermacell.com
Xella International Sarl 2016-12-01 URSA Insulation S.A 2017-08-07 1
Duisburg, Germany · www.xella.com Madrid, Spain · www.ursa.com

M&A by Sector

Sector Current # Value All-time # Value
Building Materials 3 (19%) 1.4B (9%) 5 (21%) 1.4B (7%)
Chemicals 2 (13%) 682M (4%) 3 (13%) 4.3B (22%)
Retail 1 (6%) - 3 (13%) -
Real Estate 2 (13%) 8.3B (55%) 2 (8%) 8.3B (44%)
Leisure 1 (6%) 1.0B (7%) 2 (8%) 1.2B (6%)
Apparel/Textiles 2 (13%) - 2 (8%) -
Financial Services - - 2 (8%) -
Manufacturing 1 (6%) 3.8B (25%) 1 (4%) 3.8B (20%)
Communications 1 (6%) - 1 (4%) -
Construction 1 (6%) - 1 (4%) -
Distribution 1 (6%) - 1 (4%) -
Restaurants 1 (6%) - 1 (4%) -
Total 16 $15.2B 24 $18.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (50%) 12.8B (84%) 11 (46%) 14.2B (70%)
  Tennessee 1 (6%) - 2 (8%) -
  New York 1 (6%) 7.6B (50%) 1 (4%) 7.6B (37%)
  North Carolina 1 (6%) 3.8B (25%) 1 (4%) 3.8B (19%)
  Minnesota 1 (6%) - 1 (4%) -
  Illinois 1 (6%) - 1 (4%) -
  Georgia 1 (6%) - 1 (4%) -
  California 1 (6%) - 1 (4%) -
  Texas - - 1 (4%) 1.4B (7%)
  Alabama - - 1 (4%) -
Japan 2 (13%) - 3 (13%) -
Belgium 2 (13%) - 2 (8%) -
Germany 1 (6%) - 2 (8%) 3.6B (18%)
United Kingdom - - 2 (8%) 148M (1%)
Ireland 1 (6%) 1.0B (7%) 1 (4%) 1.0B (5%)
Netherlands 1 (6%) 720M (5%) 1 (4%) 720M (4%)
Spain 1 (6%) 682M (4%) 1 (4%) 682M (3%)
South Korea - - 1 (4%) -
Domestic 8 (50%) 12.8B (84%) 11 (46%) 14.2B (70%)
Cross-border 8 (50%) 2.4B (16%) 13 (54%) 6.1B (30%)
Total 16 $15.2B 24 $20.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (56%) 682M (4%) 12 (50%) 830M (4%)
Divestiture 3 (19%) 2.1B (14%) 6 (25%) 5.7B (30%)
Going Private 3 (19%) 11.4B (75%) 3 (13%) 11.4B (60%)
Buyout (LBO, MBO, MBI) 1 (6%) 1.0B (7%) 3 (13%) 1.0B (5%)
Total 16 $15.2B 24 $18.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (69%) 1.8B (24%)
Trade Sale - Public Company 1 (8%) 5.7B (76%)
IPO 1 (8%) -
Spin Off 1 (8%) -
Trade Sale 1 (8%) -
Total 13 $7.6B

Top M&A Advisors

Financial Deals
Citigroup Investment Banking
2
Credit Suisse Investment Banking
1
Bank of America Merrill Lynch (BofA Securities)
1
Legal Deals
Gibson, Dunn & Crutcher LLP
4
Sullivan & Cromwell LLP
1
Kirkland & Ellis LLP
1

Deal Values

buy # Total
> $1B 6 $18.8B
$100M to $1B 3 $1.5B
TOTAL $20.3B
Largest Home Properties, Inc.
$7.6B (2015-06-22)
sell # Total
> $1B 2 $7.6B
TOTAL $7.6B
Largest MBCC Group
$5.7B (2021-11-11)

M&A Connections

Deals
Acquired from
Investor(s)
46%
11 (46%)
Strategic(s)
21%
5 (21%)
Exited to
Investor(s)
62%
8 (62%)
Strategic(s)
23%
3 (23%)

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