Thomas H. Lee Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thomas H. Lee Partners has acquired 15 companies. It has also invested in 1 other.

Thomas H. Lee Partners’ most common sectors for investment are information technology (12%) and software (9%). The Firm’s most common investment types include secondary buyout (37%) and buyout (lbo, mbo, mbi) (19%). In total, Thomas H. Lee Partners has invested in 23 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired iHeartMedia for $26.7B.

In the last 3 years, Thomas H. Lee Partners has exited 12 companies. The Firm’s most common exit type is trade sale (33%). Thomas H. Lee Partners’ largest (disclosed) exit occurred in 2013 when it sold Warner Chilcott for $8.5B.

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M&A Summary

  • M&A Total Activity117
    • M&A Buy Activity71
    • M&A Sell Activity46
  • Total Sectors Invested 23
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 64
  • M&A Advisors 26

Thomas H. Lee Partners

100 Federal St., 35th Floor,
Boston, Massachusetts 02110
United States
(617) 227-1050
www.thl.com

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Financial Services, Food, Healthcare Services, Information Services, Information Technology, Insurance, Life Science, Machinery, Marketing, Media, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue - 3,000
Target EBITDA - -
Investment Size 100 400
Enterprise Value 250 2,500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.8/yr) # 52 3 6 4 2 4 71
vol $100.6B $6.9B $107.5B
Sell (2.6/yr) # 33 1 4 2 - 6 46
vol $37.3B $7.7B $1.4B $190M $46.7B
  117

Most Recent M&A

Company Date Value Type
Adare Pharmaceuticals, Inc. 2020-09-22 - Secondary Buyout
Lawrenceville, New Jersey · www.adarepharma.com
Insurance Technologies LLC 2020-09-14 - Secondary Buyout
Colorado Springs, Colorado · www.insurancetechnologies.com
Alfresco Software, Inc. 2020-09-09 - Add-on Acquisition
Wellesley, Massachusetts · www.alfresco.com
Juvare LLC 2020-07-28 - Secondary Buyout
Atlanta, Georgia · www.juvare.com
Seniorlink, Inc. 2020-07-16 - Secondary Buyout
Boston, Massachusetts · www.seniorlink.com
Dun & Bradstreet Holdings, Inc. 2020-06-24 - IPO
Short Hills, New Jersey · www.dnb.com
Ten-X, Inc. 2020-05-13 190M USD Add-on Acquisition
Irvine, California · www.ten-x.com
Univision Communications, Inc. 2020-02-25 - Secondary Buyout
New York, New York · www.univision.com
Bargain Holdings LLC 2020-02-11 - Recapitalization
LaVergne, Tennessee · www.bargainhunt.com
Amerilife Group LLC 2020-01-07 - Recapitalization
Clearwater, Florida · www.amerilife.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Amerilife Group LLC 2020-01-07 The Equita Group 2020-10-15 5
Clearwater, Florida · www.amerilife.com Richardson, Texas · www.theequitagroup.com
Amerilife Group LLC 2020-01-07 Secure Administrative Solutions LLC 2020-10-06 4
Clearwater, Florida · www.amerilife.com Salt Lake City, Utah · www.sas-llc-online.com
Amerilife Group LLC 2020-01-07 The Achievement Group (TAG) 2020-09-23 3
Clearwater, Florida · www.amerilife.com Des Moines, Iowa · www.tagpartners.org
HighTower 2017-10-25 Private Vista LLC 2020-07-30 3
Chicago, Illinois · www.hightoweradvisors.com Chicago, Illinois · www.myprivatevista.com
Amerilife Group LLC 2020-01-07 Jack Schroeder & Associates LLC 2020-04-01 2
Clearwater, Florida · www.amerilife.com Green Bay, Wisconsin · www.jsaonline.com
Agiliti, Inc. 2018-08-13 Mobile Instrument Service & Repair, Inc. 2020-02-19 2
Minneapolis, Minnesota · www.uhs.com Bellefontaine, Ohio · www.mobileinstrument.com
Amerilife Group LLC 2020-01-07 J.D. Mellberg Financial 2020-02-12 1
Clearwater, Florida · www.amerilife.com Tucson, Arizona · www.jdmellberg.com
Material Handling Systems, Inc. 2017-04-14 eMotion Controls Co. 2020-01-23 5
Louisville, Kentucky · www.mhsinc.net Lowell, Michigan · www.e-motioncontrols.com
System One Services, Inc. 2016-09-19 The Rowland Group LLC 2019-07-09 4
Pittsburgh, Pennsylvania · www.systemoneservices.com Tulsa, Oklahoma · www.rowland-group.com
Agiliti, Inc. 2018-08-13 Zetta Medical Technologies LLC 2019-07-08 1
Minneapolis, Minnesota · www.uhs.com Lake Zurich, Illinois · www.zettamed.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (9%) - 8 (11%) 1.7B (2%)
Media 1 (4%) 26.7B (100%) 6 (8%) 43.0B (40%)
Financial Services 3 (13%) - 6 (8%) 5.5B (5%)
Software 2 (9%) - 6 (8%) 5.3B (5%)
Insurance 2 (9%) - 6 (8%) 1.4B (1%)
Consumer Products - - 4 (6%) 4.4B (4%)
Food 3 (13%) - 4 (6%) 1.1B (1%)
Business Services 1 (4%) - 3 (4%) 8.3B (8%)
Life Science 1 (4%) - 3 (4%) 4.3B (4%)
Communications - - 3 (4%) 3.8B (4%)
Internet Software and Services 1 (4%) - 3 (4%) 3.0B (3%)
Healthcare Services 2 (9%) - 3 (4%) -
Information Services - - 2 (3%) 19.6B (18%)
Restaurants - - 2 (3%) 2.4B (2%)
Publishing - - 2 (3%) 1.7B (2%)
Retail 1 (4%) - 2 (3%) -
Staffing 2 (9%) - 2 (3%) -
Marketing - - 1 (1%) 2.0B (2%)
Automotive - - 1 (1%) -
E-Commerce - - 1 (1%) -
Machinery 1 (4%) - 1 (1%) -
Medical Products 1 (4%) - 1 (1%) -
Renewable Energy - - 1 (1%) -
Total 23 $26.7B 71 $107.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (87%) 26.7B (100%) 60 (85%) 100.4B (93%)
  Pennsylvania 3 (13%) - 7 (10%) 9.0B (8%)
  Florida 3 (13%) - 6 (8%) 6.8B (6%)
  Massachusetts 1 (4%) - 6 (8%) 5.3B (5%)
  New York 2 (9%) 26.7B (100%) 5 (7%) 43.0B (40%)
  Georgia 1 (4%) - 4 (6%) 2.4B (2%)
  Colorado 2 (9%) - 3 (4%) -
  New Jersey 1 (4%) - 3 (4%) 9.6B (9%)
  Minnesota 1 (4%) - 3 (4%) 6.4B (6%)
  California 1 (4%) - 3 (4%) -
  Texas - - 3 (4%) 1.1B (1%)
  North Carolina - - 3 (4%) -
  Illinois 2 (9%) - 2 (3%) -
  Tennessee - - 2 (3%) 635M (1%)
  Kentucky 1 (4%) - 1 (1%) -
  Idaho 1 (4%) - 1 (1%) -
  Michigan 1 (4%) - 1 (1%) -
  Nebraska - - 1 (1%) 3.0B (3%)
  Missouri - - 1 (1%) 620M (1%)
  Iowa - - 1 (1%) -
  Wisconsin - - 1 (1%) -
  Utah - - 1 (1%) -
  Ohio - - 1 (1%) -
Bermuda - - 4 (6%) 1.4B (1%)
Canada 1 (4%) - 2 (3%) -
  Ontario 1 (4%) - 2 (3%) -
Norway 1 (4%) - 1 (1%) -
Puerto Rico 1 (4%) - 1 (1%) -
Ireland - - 1 (1%) 3.1B (3%)
Spain - - 1 (1%) 2.5B (2%)
Germany - - 1 (1%) -
Domestic 20 (87%) 26.7B (100%) 60 (85%) 100.4B (93%)
Cross-border 3 (13%) - 11 (15%) 7.0B (7%)
Total 23 $26.7B 71 $107.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 13 (57%) - 26 (37%) 6.0B (6%)
Buyout (LBO, MBO, MBI) 3 (13%) 26.7B (100%) 13 (18%) 48.0B (45%)
Recapitalization 4 (17%) - 8 (11%) 11.2B (10%)
Divestiture - - 6 (8%) 6.7B (6%)
Stake Purchase - - 5 (7%) 378M (< 1%)
Going Private - - 4 (6%) 34.2B (32%)
Growth Capital 2 (9%) - 4 (6%) -
PIPE 1 (4%) - 2 (3%) -
Venture - - 2 (3%) -
Joint Venture - - 1 (1%) -
Total 23 $26.7B 71 $106.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (28%) 27.7B (59%)
IPO 12 (26%) -
Secondary Sale 9 (20%) 8.1B (17%)
Bankruptcy 5 (11%) 760M (2%)
Merger 3 (7%) 6.8B (15%)
Trade Sale 3 (7%) 3.3B (7%)
Recapitalization 1 (2%) -
Total 46 $46.7B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 5
Credit Suisse Investment Banking
 4
Bank of America Merrill Lynch
 4
Legal Deals
Weil Gotshal & Manges LLP
 13
Kirkland & Ellis LLP
 11
Ropes & Gray LLP
 2

Deal Values

buy # Total
> $1B 21 $105.1B
$100M to $1B 4 $2.4B
TOTAL $107.5B
Largest iHeartMedia, Inc.
$26.7B (2006-11-16)
sell # Total
> $1B 14 $43.2B
$100M to $1B 6 $3.4B
< $100M 1 $99M
TOTAL $46.7B
Largest Warner Chilcott PLC
$8.5B (2013-05-20)

M&A Connections

Deals %
Acquired from
PE Firm(s)
85%
34 85%
Strategic(s)
15%
6 15%
Exited to
PE Firm(s)
49%
17 49%
Strategic(s)
51%
18 51%

Investor Summary

Size

Mega

PE Assets

22.0B USD

Established

1974

Specialist/Generalist

Generalist

Leadership

Anthony DiNovi

Co-President

Scott Sperling

Co-President

Todd Abbrecht

Head of Private Equity

Beverly Berman

Managing Director

Daniel Jones

Managing Director

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