Thomas H. Lee Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thomas H. Lee Partners has acquired 5 companies. It has also invested in 1 other.

Thomas H. Lee Partners’ most common sectors for investment are information technology (11%) and financial services (10%). The Firm’s most common investment types include secondary buyout (34%) and buyout (lbo, mbo, mbi) (20%). In total, Thomas H. Lee Partners has invested in 23 US states and 9 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 6 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 Activity106
    • M&A Buy Activity66
    • M&A Sell Activity40
  • Total Sectors Invested 23
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 61
  • M&A Advisors 23

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 (2.8/yr) # 52 3 5 3 2 1 66
vol $100.6B $6.9B $107.5B
Sell (1.4/yr) # 33 1 4 2 - - 40
vol $37.3B $7.7B $1.4B $46.5B
  106

Most Recent M&A

Company Date Value Type
Amerilife Group LLC 2020-01-07 - Recapitalization
Clearwater, Florida · www.amerilife.com
NexTech Systems, Inc. 2019-06-26 - Secondary Buyout
Tampa, Florida · www.nextech.com
AutoStore System 2019-06-19 - Secondary Buyout
Nedre Vats, Norway · www.autostoresystem.com
Agiliti, Inc. 2018-08-13 - Secondary Buyout
Minneapolis, Minnesota · www.uhs.com
Dun & Bradstreet Corp. 2018-08-08 6.9B USD Going Private
Short Hills, New Jersey · www.dnb.com
Curo Health Services, Inc. 2018-04-23 1.4B USD Secondary Buyout
Mooresville, North Carolina · www.curohealthservices.com
Ceridian HCM Holding, Inc. 2018-04-23 - IPO
Minneapolis, Minnesota · www.ceridian.com
Alfresco Software, Inc. 2018-02-08 - Secondary Buyout
Maidenhead, United Kingdom · www.alfresco.com
Guaranteed Rate, Inc. 2017-12-14 - Growth Capital
Chicago, Illinois · www.guaranteedrate.com
HighTower 2017-10-25 - Recapitalization
Chicago, Illinois · www.hightoweradvisors.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Dun & Bradstreet Corp. 2018-08-08 Orb Intelligence, Inc. 2020-01-09 2
Short Hills, New Jersey · www.dnb.com San Jose, California · www.orb-intelligence.com
Alfresco Software, Inc. 2018-02-08 pernexas GmbH 2019-10-21 1
Maidenhead, United Kingdom · www.alfresco.com Bad Aibling, Germany · www.pernexas.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
Dun & Bradstreet Corp. 2018-08-08 Lattice Engines, Inc. 2019-06-13 1
Short Hills, New Jersey · www.dnb.com San Mateo, California · www.lattice-engines.com
HighTower 2017-10-25 LourdMurray 2019-04-29 2
Chicago, Illinois · www.hightoweradvisors.com Beverly Hills, California · www.lourdmurray.com
Univision Communications, Inc. 2007-03-27 Gizmodo Media Group LLC 2019-04-08 1
New York, New York · www.univision.com New York City, New York · www.gizmodo.com
iHeartMedia, Inc. 2006-11-16 Radiojar Information Technology S.A. 2019-02-26 3
New York, New York · www.iheartmedia.com Athens, Greece · www.radiojar.com
iHeartMedia, Inc. 2006-11-16 Jelli, Inc. 2018-11-19 2
New York, New York · www.iheartmedia.com San Mateo, California · www.jelli.com
iHeartMedia, Inc. 2006-11-16 Stuff Media LLC 2018-09-13 1
New York, New York · www.iheartmedia.com Atlanta, Georgia · www.stuffmedia.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (8%) - 7 (11%) 1.7B (2%)
Media 2 (8%) 40.4B (85%) 6 (9%) 43.0B (40%)
Financial Services 3 (13%) - 6 (9%) 5.5B (5%)
Insurance 2 (8%) - 6 (9%) 1.4B (1%)
Software 2 (8%) - 5 (8%) 5.3B (5%)
Consumer Products - - 4 (6%) 4.4B (4%)
Food 3 (13%) - 4 (6%) 1.1B (1%)
Business Services 1 (4%) - 3 (5%) 8.3B (8%)
Communications - - 3 (5%) 3.8B (4%)
Information Services 1 (4%) 6.9B (15%) 2 (3%) 19.6B (18%)
Life Science - - 2 (3%) 4.3B (4%)
Internet Software and Services 1 (4%) - 2 (3%) 3.0B (3%)
Restaurants - - 2 (3%) 2.4B (2%)
Publishing - - 2 (3%) 1.7B (2%)
Healthcare Services 1 (4%) - 2 (3%) -
Retail 2 (8%) - 2 (3%) -
Staffing 2 (8%) - 2 (3%) -
Marketing - - 1 (2%) 2.0B (2%)
Automotive - - 1 (2%) -
E-Commerce - - 1 (2%) -
Machinery 1 (4%) - 1 (2%) -
Medical Products 1 (4%) - 1 (2%) -
Renewable Energy - - 1 (2%) -
Total 24 $47.3B 66 $107.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (83%) 47.3B (100%) 54 (82%) 100.4B (93%)
  Pennsylvania 3 (13%) - 7 (11%) 9.0B (8%)
  Florida 3 (13%) - 6 (9%) 6.8B (6%)
  New York 3 (13%) 40.4B (85%) 5 (8%) 43.0B (40%)
  Massachusetts - - 4 (6%) 5.3B (5%)
  Minnesota 1 (4%) - 3 (5%) 6.4B (6%)
  Georgia 1 (4%) - 3 (5%) 2.4B (2%)
  Texas - - 3 (5%) 1.1B (1%)
  North Carolina - - 3 (5%) -
  Illinois 2 (8%) - 2 (3%) -
  New Jersey 1 (4%) 6.9B (15%) 2 (3%) 9.6B (9%)
  Tennessee 1 (4%) - 2 (3%) 635M (1%)
  Colorado 1 (4%) - 2 (3%) -
  California 1 (4%) - 2 (3%) -
  Michigan 1 (4%) - 1 (2%) -
  Kentucky 1 (4%) - 1 (2%) -
  Idaho 1 (4%) - 1 (2%) -
  Nebraska - - 1 (2%) 3.0B (3%)
  Missouri - - 1 (2%) 620M (1%)
  Wisconsin - - 1 (2%) -
  Utah - - 1 (2%) -
  Ohio - - 1 (2%) -
  Iowa - - 1 (2%) -
Bermuda - - 4 (6%) 1.4B (1%)
Canada 1 (4%) - 2 (3%) -
  Ontario 1 (4%) - 2 (3%) -
United Kingdom 1 (4%) - 1 (2%) -
Norway 1 (4%) - 1 (2%) -
Puerto Rico 1 (4%) - 1 (2%) -
Ireland - - 1 (2%) 3.1B (3%)
Spain - - 1 (2%) 2.5B (2%)
Germany - - 1 (2%) -
Domestic 20 (83%) 47.3B (100%) 54 (82%) 100.4B (93%)
Cross-border 4 (17%) - 12 (18%) 7.0B (7%)
Total 24 $47.3B 66 $107.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 11 (46%) - 22 (33%) 6.0B (6%)
Buyout (LBO, MBO, MBI) 3 (13%) 26.7B (56%) 13 (20%) 48.0B (45%)
Recapitalization 4 (17%) - 8 (12%) 11.2B (10%)
Divestiture - - 5 (8%) 6.7B (6%)
Stake Purchase - - 5 (8%) 378M (< 1%)
Going Private 2 (8%) 20.6B (44%) 4 (6%) 34.2B (32%)
Growth Capital 3 (13%) - 4 (6%) -
PIPE 1 (4%) - 2 (3%) -
Venture - - 2 (3%) -
Joint Venture - - 1 (2%) -
Total 24 $47.3B 66 $106.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 12 (30%) 27.5B (59%)
IPO 11 (28%) -
Secondary Sale 7 (18%) 8.1B (18%)
Bankruptcy 5 (13%) 760M (2%)
Merger 3 (8%) 6.8B (15%)
Trade Sale 2 (5%) 3.3B (7%)
Total 40 $46.5B

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
12
Kirkland & Ellis LLP
9
Simpson Thacher & Bartlett 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 5 $3.2B
< $100M 1 $99M
TOTAL $46.5B
Largest Warner Chilcott PLC
$8.5B (2013-05-20)

M&A Connections

Deals %
Acquired from
PE Firm(s)
85%
29 85%
Strategic(s)
15%
5 15%
Exited to
PE Firm(s)
47%
14 47%
Strategic(s)
53%
16 53%