New Mountain Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, New Mountain Capital has acquired 18 companies. It has also invested in 3 others.

New Mountain Capital’s most common sectors for investment are information technology (19%) and software (10%). The Firm’s most common investment types include secondary buyout (40%) and buyout (lbo, mbo, mbi) (16%). In total, New Mountain Capital has invested in 22 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Alight Solutions for $4.8B.

In the last 3 years, New Mountain Capital has exited 18 companies. The Firm’s most common exit type is trade sale (45%). New Mountain Capital’s largest (disclosed) exit occurred in 2021 when it sold Blue Yonder for $8.5B.

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M&A Summary

  • M&A Total Activity108
    • M&A Buy Activity70
    • M&A Sell Activity38
  • Total Sectors Invested 27
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 47
  • M&A Advisors 20

New Mountain Capital

787 7th Avenue, 49th Floor,
New York, New York 10019
United States
(212) 720-0300
www.newmountaincapital.com

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 2000 and is based in New York City.


Investment Criteria

Sectors of Interest: Business Services, Chemicals, Consumer Products, Defense, Distribution, Education, Energy Services and Equipment, Environmental, Financial Services, Healthcare Services, Information Technology, Insurance, Life Science, Marketing, Media, Medical Products, Oil/Gas Exploration, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 500
Enterprise Value 100 1,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (6.0/yr) # 40 9 5 5 8 3 70
vol $7.0B $560M $4.8B $963M $13.3B
Sell (3.6/yr) # 20 - 6 3 4 5 38
vol $7.8B $1.3B $3.2B $4.0B $8.5B $24.7B
  108

Most Recent M&A

Company Date Value Type
Qualus Power Services Corp. 2021-06-01 - Secondary Buyout
Cincinnati, Ohio · www.qualuspowerservices.com
Pivvot LLC 2021-05-04 - Add-on Acquisition
Kansas City, Missouri · www.pivvot.com
Blue Yonder, Inc. 2021-04-23 8.5B USD Add-on Acquisition
Scottsdale, Arizona · www.blueyonder.com
Accolite, Inc. 2021-02-16 - Growth Capital
Addison, Texas · www.accolite.com
Aegion Corp. 2021-02-16 963M USD Going Private
St. Louis, Missouri · www.aegion.com
Signify Health LLC 2021-02-10 - IPO
Dallas, Texas · www.signifyhealth.com
Legends Hospitality LLC 2021-01-12 - Stake Purchase
New York, New York · www.legendshm.com
Careismatic Brands 2021-01-07 - Secondary Buyout
Chatsworth, California · www.careismatic.com
Sparta Systems, Inc. 2020-12-22 1.3B USD Add-on Acquisition
Hamilton, New Jersey · www.spartasystems.com
Inframark LLC 2020-12-21 - Secondary Buyout
Katy, Texas · www.inframark.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Alight Solutions 2020-02-10 Aon Hewitt Health Market Insurance Solutions, Inc. 2021-06-03 1
Lincolnshire, Illinois · www.alight.com Chicago, Illinois · www.retiree.aon.com
TRC Companies, Inc. 2017-03-31 TRC Companies - TRC SEEsuite Software Business 2021-03-24 1
Windsor, Connecticut · www.trcsolutions.com Windsor, Connecticut
DRB Systems, Inc. 2017-10-09 Washify Services LLC 2021-03-24 2
Akron, Ohio · www.drbsystems.com West Roxbury, Massachusetts · www.washify.com
TRC Companies, Inc. 2017-03-31 Lockheed Martin Corp. -Distributed Energy Solutions Business 2019-10-23 8
Windsor, Connecticut · www.trcsolutions.com Bethesda, Maryland
TRC Companies, Inc. 2017-03-31 EC Source Services LLC (ECS) - Testing and Commissioning Division 2019-07-11 7
Windsor, Connecticut · www.trcsolutions.com Mesa, Arizona
Western Dental Services, Inc. 2011-01-01 The Guardian Life Insurance Company of America - Dental Service Organization Operations 2018-12-05 4
Orange, California · www.westerndental.com New York, New York
Zep, Inc. 2015-04-08 Alex C. Fergusson LLC (AFCO) 2017-07-31 2
Atlanta, Georgia · www.zepinc.com Chambersburg, Pennsylvania · www.afcocare.com
Western Dental Services, Inc. 2011-01-01 Smile Wide Enterprises LLC - 14 Smile Wide Practices 2017-03-13 3
Orange, California · www.westerndental.com Irvine, California
CIOX Health 2014-10-31 IOD, Inc. 2015-07-01 4
Alpharetta, Georgia · www.cioxhealth.com Green Bay, Wisconsin · www.iodincorporated.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (17%) 4.8B (74%) 13 (19%) 5.0B (38%)
Software 2 (7%) - 7 (10%) 200M (2%)
Insurance - - 5 (7%) 3.5B (26%)
Chemicals 2 (7%) 692M (11%) 5 (7%) 1.4B (11%)
Business Services - - 4 (6%) -
Healthcare Services 3 (10%) - 4 (6%) -
Engineering 3 (10%) 963M (15%) 3 (4%) 963M (7%)
Marketing 2 (7%) - 3 (4%) -
Life Science - - 2 (3%) 1.6B (12%)
Environmental - - 2 (3%) 655M (5%)
Consumer Products 2 (7%) - 2 (3%) -
Distribution 2 (7%) - 2 (3%) -
Information Services - - 2 (3%) -
Internet Software and Services 1 (3%) - 2 (3%) -
Medical Products 1 (3%) - 2 (3%) -
Aerospace 1 (3%) - 1 (1%) -
Apparel/Textiles - - 1 (1%) -
Automotive 1 (3%) - 1 (1%) -
Consumer Services 1 (3%) - 1 (1%) -
Defense - - 1 (1%) -
Education - - 1 (1%) -
Energy Services and Equipment 1 (3%) - 1 (1%) -
Financial Services - - 1 (1%) -
Infrastructure 1 (3%) - 1 (1%) -
Safety/Security 1 (3%) - 1 (1%) -
Staffing - - 1 (1%) -
Transportation - - 1 (1%) -
Total 29 $6.5B 70 $13.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 29 (100%) 6.5B (100%) 66 (94%) 11.7B (88%)
  Georgia 4 (14%) 692M (11%) 6 (9%) 1.3B (9%)
  California 4 (14%) - 6 (9%) 735M (6%)
  New York 3 (10%) - 6 (9%) -
  Florida 2 (7%) - 6 (9%) -
  Virginia 1 (3%) - 5 (7%) 200M (2%)
  Illinois 3 (10%) 4.8B (74%) 4 (6%) 4.8B (36%)
  Texas 3 (10%) - 4 (6%) -
  Connecticut 1 (3%) - 3 (4%) 655M (5%)
  New Jersey - - 3 (4%) 1.6B (12%)
  Delaware 2 (7%) - 2 (3%) -
  Ohio 2 (7%) - 2 (3%) -
  Missouri 1 (3%) 963M (15%) 2 (3%) 963M (7%)
  Indiana 1 (3%) - 2 (3%) 225M (2%)
  Tennessee 1 (3%) - 2 (3%) -
  Maryland 1 (3%) - 2 (3%) -
  North Carolina - - 2 (3%) 1.3B (10%)
  Alabama - - 2 (3%) -
  Pennsylvania - - 2 (3%) -
  Massachusetts - - 2 (3%) -
  Kansas - - 1 (1%) -
  Arizona - - 1 (1%) -
  Louisiana - - 1 (1%) -
Bermuda - - 2 (3%) -
Switzerland - - 1 (1%) 1.6B (12%)
United Kingdom - - 1 (1%) -
Domestic 29 (100%) 6.5B (100%) 66 (94%) 11.7B (88%)
Cross-border - - 4 (6%) 1.6B (12%)
Total 29 $6.5B 70 $13.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 16 (55%) - 28 (40%) 1.6B (14%)
Buyout (LBO, MBO, MBI) 1 (3%) - 11 (16%) 1.6B (14%)
Growth Capital 3 (10%) - 10 (14%) -
Recapitalization 1 (3%) - 5 (7%) 1.3B (11%)
Stake Purchase 1 (3%) - 5 (7%) 200M (2%)
Divestiture 2 (7%) 4.8B (74%) 3 (4%) 5.4B (46%)
Going Private 3 (10%) 1.7B (26%) 3 (4%) 1.7B (14%)
PIPE - - 3 (4%) -
Special Situations/Distressed 2 (7%) - 2 (3%) -
Total 29 $6.5B 70 $11.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 14 (37%) 20.8B (84%)
Secondary Sale 9 (24%) 3.9B (16%)
IPO 5 (13%) -
Merger 5 (13%) -
Trade Sale 3 (8%) -
Stake Sale 2 (5%) -
Total 38 $24.7B

Top M&A Advisors

Financial Deals
Jefferies LLC
 4
Credit Suisse Investment Banking
 3
Houlihan Lokey
 2
Legal Deals
Fried Frank Harris Shriver & Jacobson LLP
 6
Ropes & Gray LLP
 6
Kirkland & Ellis LLP
 2

Deal Values

buy # Total
> $1B 4 $9.3B
$100M to $1B 7 $4.0B
TOTAL $13.3B
Largest Alight Solutions
$4.8B (2020-02-10)
sell # Total
> $1B 8 $23.5B
$100M to $1B 4 $1.2B
< $100M 1 $53M
TOTAL $24.7B
Largest Blue Yonder, Inc.
$8.5B (2021-04-23)

M&A Connections

Deals
Acquired from
Investor(s)
41%
29 (41%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
29%
11 (29%)
Strategic(s)
58%
22 (58%)

Investor Summary

Size

Mega

PE Assets

20.0B USD

Established

2000

Specialist/Generalist

Generalist

Leadership

Steven Klinsky

Founder & CEO

Thomas Decarlo

Director

Adam Weinstein

Managing Director

Albert Notini

Managing Director

Andre Moura

Managing Director

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