M&A Deal Summary

CD&R and TPG Acquire Covetrus

On May 25, 2022, private equity firms CD&R and TPG acquired consumer services company Covetrus for 4.0B USD

Acquisition Highlights
  • This is CD&R’s 6th and TPG’s 7th transaction in the Consumer Services sector.
  • This is CD&R’s 12th and TPG’s 23rd largest (disclosed) transaction.
  • This is CD&R’s 59th and TPG’s 261st transaction in the United States.
  • This is CD&R’s 2nd and TPG’s 1st transaction in Maine.

M&A Deal Summary

Date 2022-05-25
Target Covetrus
Sector Consumer Services
Buyer(s) CD&R
TPG
Deal Type Going Private
Deal Value 4.0B USD
Advisor(s) Goldman Sachs
Lincoln International (Financial)
Weil Gotshal & Manges (Legal)

Target

Covetrus

Portland, Maine, United States
Covetrus is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. The company partners with veterinarians to create insight into gaps in patient care and offer professionalized pro-active prescription management to drive client engagement and improve compliance. Covetrus was formed in 2010 and is based in Portland, Maine.

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Buyer(S) 2

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.


DEAL STATS #
Overall 82 of 92
Sector (Consumer Services) 6 of 6
Type (Going Private) 9 of 12
State (Maine) 2 of 2
Country (United States) 59 of 67
Year (2022) 4 of 6
Size (of disclosed) 12 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-21 Gentiva Health Services

Louisville, Kentucky, United States

Gentiva Health Services include patient-centered services for Hospice, Palliative, Community and Personal Care.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-28 OCS Group

London, United Kingdom

OCS Group offers cleaning, multi-tech, and security services to organizations around the world. From offices and hospitals to stadiums and retail parks, to manufacturing plants, airports and courtrooms, OCS protects assets and people, delivering services to customers across multiple sectors in communities every day. OCS Group was founded in 1900 and is based in London, United Kingdom.

Buy -
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 397 of 419
Sector (Consumer Services) 7 of 8
Type (Going Private) 34 of 36
State (Maine) 1 of 1
Country (United States) 261 of 276
Year (2022) 7 of 12
Size (of disclosed) 23 of 105
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Campus Activewear

New Delhi, India

Campus Activewear is organized sports & casual footwear sector in India. The flagship brand “Campus”, in recent years, has emerged as the largest domestic sports and casual footwear brand in India. The company’s products are available via an expansive pan-India network of over 15,000 multi-brand retail stores, company-owned exclusive outlets, and e-commerce portals. Campus Activewear was founded in 2005 and is based in New Delhi, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-21 Convey

Fort Lauderdale, Florida, United States

Convey is a specialized healthcare technology and business process outsourcing firm that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. Convey was founded in 2003 and is based in Fort Lauderdale, Florida.

Buy $1.1B