M&A Deal Summary

Hellman & Friedman and KKR Acquire Cordis

On March 12, 2021, private equity firms Hellman & Friedman and KKR acquired medical products company Cordis from Cardinal Health for 1.0B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 1st and KKR’s 8th transaction in the Medical Products sector.
  • This is Hellman & Friedman’s 31st and KKR’s 74th largest (disclosed) transaction.
  • This is Hellman & Friedman’s 52nd and KKR’s 160th transaction in the United States.
  • This is Hellman & Friedman’s 4th and KKR’s 6th transaction in Florida.

M&A Deal Summary
Date 2021-03-12
Target Cordis
Sector Medical Products
Buyer(s) Hellman & Friedman
KKR
Sellers(s) Cardinal Health
Deal Type Divestiture
Deal Value 1.0B USD

Target

Cordis

Miami Lakes, Florida, United States
Cordis is a provider of cardiovascular and endovascular medical devices. Founded in 1966, the Company has a long history of innovation in high-quality and minimally-invasive cardiovascular technology. Its products are primarily used in procedures to diagnose and treat the narrowing or blockage of arteries. Cordis was founded in 1966 and is based in Miami Lakes, Florida.

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Buyer(S) 2

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 77 of 88
Sector (Medical Products) 1 of 2
Type (Divestiture) 6 of 6
State (Florida) 4 of 4
Country (United States) 52 of 61
Year (2021) 1 of 9
Size (of disclosed) 31 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-12 FFG Finanzcheck Finanzportale

Hamburg, Germany

Based in Hamburg, Finanzcheck is an independent and technology-driven financing platform that brings consumers into contact with providers of financial products. Consumers benefit from considerable savings in interest costs and greater opportunities for financing, while product providers benefit from significantly lower customer acquisition costs. Finanzcheck's end-to-end platform includes world-class technology and customer service to cover the entire lifecycle from customer acquisition to loan approval and beyond.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-13 Enverus

Austin, Texas, United States

Enverus is a data, software, and insights company focused on the energy industry. Through its SaaS platform, Enverus provides innovative technologies and predictive/prescriptive analytics, empowering customers to navigate the future. Enverus’ solutions deliver value across upstream, midstream and downstream sectors, enabling the industry to be more collaborative, efficient and competitive. Enverus was founded in 1999 and is based in Austin, Texas.

Buy -
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 378 of 483
Sector (Medical Products) 8 of 9
Type (Divestiture) 42 of 53
State (Florida) 6 of 7
Country (United States) 160 of 210
Year (2021) 9 of 52
Size (of disclosed) 74 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-04 ISC

Harrison, New York, United States

ISC is a multi-line insurance distributor that builds end-to-end insurance products utilizing advanced artificial intelligence (AI) engineering and data analytics. ISC has built an end-to-end insurance platform by connecting a broad network of insurance markets and distribution channels with proprietary data analytics capabilities. ISC uses sophisticated systems and analytics to revolutionize how complex programs are underwritten and operated. ISC was founded in 2017 and is based in Harrison, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-23 Calabrio

Minneapolis, Minnesota, United States

Calabrio is a customer experience intelligence company that empowers organizations to enrich human interactions. The scalability of its cloud platform allows for quick deployment of remote work models and it gives customers precise control over both operating costs and customer satisfaction levels. The company's AI-driven analytics tools make it easy for contact centers to uncover customer sentiment and share compelling insights with other parts of the organization. Calabrio was founded in 2007 and is based in Minneapolis, Minnesota.

Sell -

Seller(S) 1

SELLER

Cardinal Health

Dublin, Ohio, United States
Category Company
Founded 1979
Sector Distribution
Employees47,040
Revenue 205.0B USD (2023)
DESCRIPTION
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.

Cardinal Health is a distributor of healthcare products. Cardinal Health manufactures medical and surgical products and distributes pharmaceuticals and medical supplies worldwide. Cardinal Health was founded in 1979 and is based in Dublin, Ohio.

DEAL STATS #
Overall 9 of 10
Sector (Medical Products) 3 of 3
Type (Divestiture) 7 of 7
State (Florida) 1 of 1
Country (United States) 7 of 8
Year (2021) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-13 NaviHealth

Brentwood, Tennessee, United States

NaviHealth, Inc. is the largest manager of post-acute benefits for health plans and a leading value-based care partner to health systems and providers. naviHealth currently serves more than two million insured members and manages care transitions for approximately 800 acute hospitals and 11,000 post-acute care facilities nationwide.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-10 OutcomesMTM

West Des Moines, Iowa, United States

OutcomesMTM is a privately owned company that contracts with more than 40 U.S. health plans throughout the United States to deliver personalized Medication Therapy Management (MTM) services to more than 5.5 million patients through a network of more than 50,000 local chain and independent retail pharmacies, nationwide. OutcomesMTM is based in West Des Moines, Iowa.

Sell -
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