Thomas H. Lee Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thomas H. Lee Partners has acquired 14 companies. It has also invested in 2 others.

Thomas H. Lee Partners’ most common sectors for investment aresoftware (11%) and information technology (11%) . 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 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 10 companies. The Firm’s most common exit type is trade sale (36%). 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 Activity133
    • M&A Buy Activity82
    • M&A Sell Activity51
  • Total Sectors Invested 25
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 69
  • M&A Advisors 30

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (4.0/yr) # 62 4 4 4 4 4 82
vol $100.6B $6.9B $3.0B $110.5B
Sell (2.8/yr) # 37 4 1 7 1 1 51
vol $44.2B $1.4B $190M $45.8B
  133

Most Recent M&A

Company Date Value Type
Inriver AB 2022-05-19 - Secondary Buyout
Malmo, Sweden · www.inriver.com
Material Handling Systems, Inc. 2022-04-18 - Add-on Acquisition
Mount Washington, Kentucky · www.mhsglobal.com
Carpe Data 2022-04-11 - Secondary Buyout
Santa Barbara, California · www.carpe.io
Intelligent Medical Objects, Inc. 2022-03-31 - Secondary Buyout
Northbrook, Illinois · www.e-imo.com
Smile Doctors LLC 2022-01-05 - Recapitalization
Georgetown, Texas · www.smiledoctors.com
Brooks Automation, Inc. - Semiconductor Solutions Group 2021-09-20 3.0B USD Divestiture
Chelmsford, Massachusetts
House of Design LLC 2021-09-13 - Buyout (LBO, MBO, MBI)
Nampa, Idaho · www.thehouseofdesign.com
Agiliti Health, Inc. 2021-04-22 - IPO
Minneapolis, Minnesota · www.uhs.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Amerilife Group LLC 2020-01-07 Saybrus Partners LLC 2021-07-27 11
Clearwater, Florida · www.amerilife.com Hartford, Connecticut · www.saybruspartners.com
System One Services, Inc. 2016-09-19 Quadel Consulting & Training LLC 2021-06-08 6
Pittsburgh, Pennsylvania · www.systemoneservices.com Indianapolis, Indiana · www.quadel.com
Adare Pharmaceuticals, Inc. 2020-09-22 Activ Nutritional LLC 2021-05-18 1
Lawrenceville, New Jersey · www.adarepharma.com Greenwich, Connecticut · www.viactiv.com
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
Hightower Securities LLC 2017-10-25 Bel Air Investment Advisors LLC 2021-01-04 5
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
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 5
Pittsburgh, Pennsylvania · www.systemoneservices.com Reston, Virginia · www.gapsi.com

M&A by Sector

Sector Current # Value All-time # Value
Software 5 (21%) - 9 (11%) 5.3B (5%)
Information Technology 3 (13%) - 9 (11%) 1.1B (1%)
Insurance 1 (4%) - 7 (9%) 2.0B (2%)
Financial Services 2 (8%) - 6 (7%) 5.5B (5%)
Media - - 5 (6%) 43.0B (39%)
Healthcare Services 4 (17%) - 5 (6%) -
Consumer Products - - 4 (5%) 4.4B (4%)
Life Science 1 (4%) - 4 (5%) 4.3B (4%)
Internet Software and Services 2 (8%) - 4 (5%) 3.0B (3%)
Business Services 1 (4%) - 3 (4%) 8.3B (8%)
Communications - - 3 (4%) 3.8B (3%)
Food - - 3 (4%) 1.1B (1%)
Retail 1 (4%) - 3 (4%) -
Information Services - - 2 (2%) 19.6B (18%)
Restaurants - - 2 (2%) 2.4B (2%)
Machinery 1 (4%) - 2 (2%) -
Publishing - - 2 (2%) -
Staffing 2 (8%) - 2 (2%) -
Semiconductors 1 (4%) 3.0B (100%) 1 (1%) 3.0B (3%)
Marketing - - 1 (1%) 2.0B (2%)
Education - - 1 (1%) 1.7B (2%)
Automotive - - 1 (1%) -
Distribution - - 1 (1%) -
Medical Products - - 1 (1%) -
Renewable Energy - - 1 (1%) -
Total 24 $3.0B 82 $110.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 21 (88%) 3.0B (100%) 70 (85%) 103.4B (94%)
  Massachusetts 2 (8%) 3.0B (100%) 7 (9%) 8.3B (8%)
  Pennsylvania 1 (4%) - 7 (9%) 9.0B (8%)
  Florida 2 (8%) - 6 (7%) 6.8B (6%)
  New York 1 (4%) - 6 (7%) 55.7B (50%)
  California 3 (13%) - 5 (6%) -
  Georgia 1 (4%) - 5 (6%) 2.4B (2%)
  Illinois 4 (17%) - 4 (5%) -
  Colorado 2 (8%) - 3 (4%) -
  New Jersey 1 (4%) - 3 (4%) 9.6B (9%)
  Texas 1 (4%) - 3 (4%) -
  Minnesota - - 3 (4%) 6.4B (6%)
  North Carolina - - 3 (4%) -
  Michigan 2 (8%) - 2 (2%) -
  Idaho 1 (4%) - 2 (2%) -
  Tennessee - - 2 (2%) 635M (1%)
  Ohio - - 2 (2%) -
  Nebraska - - 1 (1%) 3.0B (3%)
  South Carolina - - 1 (1%) 1.1B (1%)
  Missouri - - 1 (1%) 620M (1%)
  Iowa - - 1 (1%) -
  Wisconsin - - 1 (1%) -
  Utah - - 1 (1%) -
  Kentucky - - 1 (1%) -
Bermuda - - 4 (5%) 1.4B (1%)
Canada - - 2 (2%) -
  Ontario - - 2 (2%) -
Norway 1 (4%) - 1 (1%) -
Puerto Rico 1 (4%) - 1 (1%) -
Sweden 1 (4%) - 1 (1%) -
Ireland - - 1 (1%) 3.1B (3%)
Spain - - 1 (1%) 2.5B (2%)
Germany - - 1 (1%) -
Domestic 21 (88%) 3.0B (100%) 70 (85%) 103.4B (94%)
Cross-border 3 (13%) - 12 (15%) 7.0B (6%)
Total 24 $3.0B 82 $110.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 12 (50%) - 30 (37%) 6.0B (5%)
Buyout (LBO, MBO, MBI) 2 (8%) - 14 (17%) 48.0B (44%)
Recapitalization 5 (21%) - 11 (13%) 11.2B (10%)
Divestiture 1 (4%) 3.0B (100%) 7 (9%) 9.7B (9%)
Growth Capital 3 (13%) - 6 (7%) -
Stake Purchase - - 5 (6%) 378M (< 1%)
Going Private - - 4 (5%) 34.2B (31%)
PIPE 1 (4%) - 2 (2%) -
Venture - - 2 (2%) -
Joint Venture - - 1 (1%) -
Total 24 $3.0B 82 $109.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (25%) 27.7B (60%)
IPO 13 (25%) -
Secondary Sale 9 (18%) 8.1B (18%)
Trade Sale 6 (12%) 3.3B (7%)
Bankruptcy 6 (12%) 760M (2%)
Merger 2 (4%) 5.9B (13%)
Recapitalization 2 (4%) -
Total 51 $45.8B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 5
Credit Suisse Investment Banking
 4
PwC Corporate Finance LLC
 4
Legal Deals
Kirkland & Ellis LLP
 17
Weil Gotshal & Manges LLP
 13
Ropes & Gray LLP
 3

Deal Values

buy # Total
> $1B 22 $108.1B
$100M to $1B 4 $2.4B
TOTAL $110.5B
Largest iHeartMedia, Inc.
$26.7B (2006-11-16)
sell # Total
> $1B 14 $43.2B
$100M to $1B 5 $2.5B
< $100M 1 $99M
TOTAL $45.8B
Largest Warner Chilcott PLC
$8.5B (2013-05-20)

M&A Connections

Deals
Acquired from
Investor(s)
41%
34 (41%)
Strategic(s)
9%
7 (9%)
Exited to
Investor(s)
24%
12 (24%)
Strategic(s)
41%
21 (41%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

25.0B USD

Established

1974

Specialist/Generalist

Generalist

Leadership

Scott Sperling

Co-CEO

Todd Abbrecht

Co-CEO

Kent Weldon

Advisory Partner

Soren Oberg

Advisory Partner

Anthony DiNovi

Chairman

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