M&A Deal Summary

Morningstar Acquires DBRS

On May 29, 2019, Morningstar acquired financial services company DBRS from The Carlyle Group and Warburg Pincus for 669M USD

Acquisition Highlights
  • This is Morningstar’s 1st transaction in the Financial Services sector.
  • This is Morningstar’s largest (disclosed) transaction.
  • This is Morningstar’s 1st transaction in Canada.
  • This is Morningstar’s 1st transaction in Ontario.

M&A Deal Summary

Date 2019-05-29
Target DBRS
Sector Financial Services
Buyer(s) Morningstar
Sellers(s) The Carlyle Group
Warburg Pincus
Deal Type Add-on Acquisition
Deal Value 669M USD
Advisor(s) Lazard Ltd. (Financial)
Wachtell, Lipton, Rosen & Katz LLP (Legal)

Target

DBRS

Toronto, Ontario, Canada
website
DBRS Ltd. is an independent, privately held, globally recognized credit rating agency with offices in Toronto, New York, Stamford, Chicago, London, Frankfurt, and Madrid. DBRS’s four decades of experience and strong track record are the foundation to seek out new opportunities and to make targeted investments aligned with its core ratings operations.

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Buyer(S) 1

Buyer

Morningstar

Chicago, Illinois, United States

website


Category Company
Founded 1984
SectorInformation Services
Employees9,556
Revenue 1.7B USD (2021)
DESCRIPTION
Morningstar's corporate headquarters in downtown Chicago, Illinois.
Morningstar's corporate headquarters in downtown Chicago, Illinois.

Morningstar is a provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar offers products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar was formed in 1984 and is based in Chicago, Illinois.


DEAL STATS #
Overall 14 of 23
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 11 of 16
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2019) 1 of 3
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-02 Morningstar - 15 Board Consulting Services

Chicago, Illinois, United States

Morningstar, Inc.’s 15(c) board consulting services business is a source for independent, verifiable data that mutual fund boards of directors rely on to fulfill their governance responsibilities. Morningstar’s 15(c) data will be integrated into Broadridge’s board reporting system, providing clients the ability to benchmark funds using both Morningstar and Lipper classification systems within their reports and to leverage the expertise of the expanded Broadridge 15(c) team.

Sell $11M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-17 Firstlinks

Australia

Cuffelinks Pty. Ltd. is a publisher of investment commentary. Cuffelinks is based in Australia.

Buy -

Seller(S) 2

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 369 of 430
Sector (Financial Services) 27 of 30
Type (Add-on Acquisition) 161 of 180
State (Ontario) 3 of 3
Country (Canada) 6 of 6
Year (2019) 15 of 23
Size (of disclosed) 47 of 129
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-24 Marelli Motori

Arzignano, Italy

Marelli Motori SpA is a manufacturer of generators and electric motors. With five overseas offices in Germany, UK, Malaysia, USA and South Africa it serves worldwide markets for power generation, marine, oil & gas and industrial manufacturing.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 The City Bin

Galway, Ireland

The City Bin is a waste collection company engaged in providing waste management and recycling services. The City Bin was founded in 1997 and is based in Galway, Ireland.

Buy -
SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 89.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 174 of 208
Sector (Financial Services) 14 of 16
Type (Add-on Acquisition) 66 of 79
State (Ontario) 1 of 1
Country (Canada) 4 of 7
Year (2019) 11 of 18
Size (of disclosed) 22 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-13 Canbriam Energy

Calgary, Alberta, Canada

Canbriam Energy Inc. is a private company focused on unconventional resource exploration and development. Canbriam Energy was founded in 2007 and is based in Calgary, Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-05 Pregis

Deerfield, Illinois, United States

Pregis LLC is a global provider of innovative protective packaging materials and systems. Pregis design, develop and deliver packaging solutions for a wide variety of consumer and industrial market segments. Pregis serves a wide variety of consumer and industrial market segments including food, pharmaceutical, healthcare, medical devices, agricultural, e-commerce, retail, automotive, transportation, furniture, electronics, building, construction, and military/aerospace.

Buy -