Thomas H. Lee Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thomas H. Lee Partners has acquired 11 companies. It has also invested in 1 other.

Thomas H. Lee Partners’ most common sectors for investment are information technology (13%) and financial services (9%). The Firm’s most common investment types include secondary buyout (37%) and buyout (lbo, mbo, mbi) (18%). 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 9 companies. The Firm’s most common exit type is trade sale (35%). 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 Activity120
    • M&A Buy Activity73
    • M&A Sell Activity47
  • Total Sectors Invested 23
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 65
  • M&A Advisors 28

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.6/yr) # 55 6 4 2 4 2 73
vol $100.6B $6.9B $107.5B
Sell (2.6/yr) # 34 4 2 1 6 - 47
vol $37.3B $7.7B $1.4B $190M $46.7B
  120

Most Recent M&A

Company Date Value Type
AbacusNext 2021-03-10 - Secondary Buyout
San Diego, California · www.abacusnext.com
Ashling Partners LLC 2021-02-08 - Growth Capital
Chicago, Illinois · www.ashlingpartners.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Healthcare Staffing Services LLC 2015-09-23 U.S. Nursing Corp. 2021-02-24 2
Greenwood Village, Colorado · www.healthcarestaffingservicesllc.com Greenwood Village, Colorado · www.usnursing.com
Healthcare Staffing Services LLC 2015-09-23 Fastaff Travel Nursing, LLC 2021-02-24 1
Greenwood Village, Colorado · www.healthcarestaffingservicesllc.com Greenwood Village, Colorado · www.fastaff.com
iHeartMedia, Inc. 2006-11-16 Triton Digital LLC 2021-02-17 5
San Antonio, New York · www.iheartmedia.com Sherman Oaks, California · www.tritondigital.com
Hightower Securities LLC 2017-10-25 Bel Air Investment Advisors LLC 2021-01-04 4
Chicago, Illinois · www.hightoweradvisors.com Los Angeles, California · www.belair-llc.com
Amerilife Group LLC 2020-01-07 Secure Administrative Solutions LLC 2020-10-06 10
Clearwater, Florida · www.amerilife.com Salt Lake City, Utah · www.sas-llc-online.com
Material Handling Systems, Inc. 2017-04-14 VanRiet Material Handling Systems BV 2018-05-22 5
Mount Washington, Kentucky · www.mhsglobal.com Houten, Netherlands · www.vanrietgroup.com
Professional Physical Therapy (ProPT) 2016-12-19 Fyzical Therapy & Balance Centers 2018-01-17 1
Whitestone, New York · www.professionalpt.com Sarasota, Florida · www.fyzical.com
System One Services, Inc. 2016-09-19 GAP Solutions. Inc. 2017-12-06 4
Pittsburgh, Pennsylvania · www.systemoneservices.com Reston, Virginia · www.gapsi.com
Intermedix Corp. 2010-07-30 Marina Medical Billing Service, Inc. 2014-06-10 9
Fort Lauderdale, Florida · www.intermedix.com Cerritos, California · www.marinabilling.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (14%) - 9 (12%) 1.7B (2%)
Media 1 (5%) 26.7B (100%) 6 (8%) 43.0B (40%)
Financial Services 2 (10%) - 6 (8%) 5.5B (5%)
Software 2 (10%) - 6 (8%) 5.3B (5%)
Insurance 1 (5%) - 6 (8%) 1.4B (1%)
Consumer Products - - 4 (5%) 4.4B (4%)
Internet Software and Services 2 (10%) - 4 (5%) 3.0B (3%)
Food 1 (5%) - 4 (5%) 1.1B (1%)
Business Services 1 (5%) - 3 (4%) 8.3B (8%)
Life Science 1 (5%) - 3 (4%) 4.3B (4%)
Communications - - 3 (4%) 3.8B (4%)
Healthcare Services 2 (10%) - 3 (4%) -
Information Services - - 2 (3%) 19.6B (18%)
Restaurants - - 2 (3%) 2.4B (2%)
Publishing - - 2 (3%) 1.7B (2%)
Retail 1 (5%) - 2 (3%) -
Staffing 2 (10%) - 2 (3%) -
Marketing - - 1 (1%) 2.0B (2%)
Automotive - - 1 (1%) -
E-Commerce - - 1 (1%) -
Machinery 1 (5%) - 1 (1%) -
Medical Products 1 (5%) - 1 (1%) -
Renewable Energy - - 1 (1%) -
Total 21 $26.7B 73 $107.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (90%) 26.7B (100%) 62 (85%) 100.4B (93%)
  Pennsylvania 2 (10%) - 7 (10%) 9.0B (8%)
  Florida 3 (14%) - 6 (8%) 6.8B (6%)
  Massachusetts 1 (5%) - 6 (8%) 5.3B (5%)
  New York 2 (10%) 26.7B (100%) 5 (7%) 43.0B (40%)
  California 2 (10%) - 4 (5%) -
  Georgia - - 4 (5%) 2.4B (2%)
  Illinois 3 (14%) - 3 (4%) -
  Colorado 2 (10%) - 3 (4%) -
  New Jersey 1 (5%) - 3 (4%) 9.6B (9%)
  Minnesota 1 (5%) - 3 (4%) 6.4B (6%)
  Texas - - 3 (4%) 1.1B (1%)
  North Carolina - - 3 (4%) -
  Tennessee - - 2 (3%) 635M (1%)
  Michigan 1 (5%) - 1 (1%) -
  Kentucky 1 (5%) - 1 (1%) -
  Nebraska - - 1 (1%) 3.0B (3%)
  Missouri - - 1 (1%) 620M (1%)
  Wisconsin - - 1 (1%) -
  Utah - - 1 (1%) -
  Ohio - - 1 (1%) -
  Iowa - - 1 (1%) -
  Idaho - - 1 (1%) -
Bermuda - - 4 (5%) 1.4B (1%)
Canada - - 2 (3%) -
  Ontario - - 2 (3%) -
Norway 1 (5%) - 1 (1%) -
Puerto Rico 1 (5%) - 1 (1%) -
Ireland - - 1 (1%) 3.1B (3%)
Spain - - 1 (1%) 2.5B (2%)
Germany - - 1 (1%) -
Domestic 19 (90%) 26.7B (100%) 62 (85%) 100.4B (93%)
Cross-border 2 (10%) - 11 (15%) 7.0B (7%)
Total 21 $26.7B 73 $107.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 12 (57%) - 27 (37%) 6.0B (6%)
Buyout (LBO, MBO, MBI) 2 (10%) 26.7B (100%) 13 (18%) 48.0B (45%)
Recapitalization 4 (19%) - 8 (11%) 11.2B (10%)
Divestiture - - 6 (8%) 6.7B (6%)
Stake Purchase - - 5 (7%) 378M (< 1%)
Growth Capital 2 (10%) - 5 (7%) -
Going Private - - 4 (5%) 34.2B (32%)
PIPE 1 (5%) - 2 (3%) -
Venture - - 2 (3%) -
Joint Venture - - 1 (1%) -
Total 21 $26.7B 73 $106.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (28%) 27.7B (59%)
IPO 12 (26%) -
Secondary Sale 9 (19%) 8.1B (17%)
Bankruptcy 5 (11%) 760M (2%)
Trade Sale 4 (9%) 3.3B (7%)
Merger 3 (6%) 6.8B (15%)
Recapitalization 1 (2%) -
Total 47 $46.7B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 4
Goldman Sachs Investment Banking Division
 4
Bank of America Merrill Lynch (BofA Securities)
 4
Legal Deals
Kirkland & Ellis LLP
 12
Weil Gotshal & Manges LLP
 12
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
Investor(s)
38%
28 (38%)
Strategic(s)
8%
6 (8%)
Exited to
Investor(s)
23%
11 (23%)
Strategic(s)
40%
19 (40%)

Investor Summary

Size

Mega

PE Assets

25.0B USD

Established

1974

Specialist/Generalist

Generalist

Leadership

Scott Sperling

Co-President

Anthony DiNovi

Co-President

Douglas Haber

Managing Director

Gaurav Mittal

Managing Director

Henry Boye

Managing Director

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