M&A Deal Summary

KKR and Ardian Acquire Fleet Farm

On January 5, 2016, private equity firms KKR and Ardian acquired retailer Fleet Farm

Acquisition Highlights
  • This is KKR’s 12th and Ardian’s 13th transaction in the Retail sector.
  • This is KKR’s 78th and Ardian’s 32nd transaction in the United States.
  • This is KKR’s 3rd and Ardian’s 1st transaction in Minnesota.

M&A Deal Summary

Date 2016-01-05
Target Fleet Farm
Sector Retail
Buyer(s) KKR
Ardian
Deal Type Buyout (LBO, MBO, MBI)

Target

Fleet Farm

Brainerd, Minnesota, United States
Mills Fleet Farm store in Duluth, Minnesota.
Mills Fleet Farm store in Duluth, Minnesota.
Fleet Farm is a value-based retailer of lifestyle merchandise serving suburban and farm consumers. The retailer has a diversified offering of merchandise across seven broad product categories, and also offers a number of services such as convenience stores, gas stations, car wash, and auto service. Fleet Farm was founded in 1955 and is based in Brainerd, Minnesota.

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Buyer(S) 2

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B 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 197 of 483
Sector (Retail) 12 of 17
Type (Buyout (LBO, MBO, MBI)) 34 of 66
State (Minnesota) 3 of 6
Country (United States) 78 of 210
Year (2016) 3 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Starry

Boston, Massachusetts, United States

Starry is a manufacturer of Wi-Fi routers and offers wireless Internet service delivered via high-frequency millimeter wave technology. Starry is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-10 Chill Sleep

Mooresville, North Carolina, United States

Chill Sleep is a direct-to-consumer wellness company optimizing sleep through innovative hardware and software technologies. Chill Sleep is based in Mooresville, North Carolina.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 253 of 418
Sector (Retail) 13 of 15
Type (Buyout (LBO, MBO, MBI)) 85 of 108
State (Minnesota) 1 of 2
Country (United States) 32 of 59
Year (2016) 1 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-24 Bite Group

Amsterdam, Netherlands

Bite Group is a provider of mobile telecommunication and mobile Internet services to residential and business customers primarily in Lithuania and Latvia. Bite Group is based in Amsterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-08 Sogetrel

Issy-les-Moulineaux, France

Sogetrel is a provider of communication network services, with turnkey solutions for the deployment, connection and commissioning of customers telecommunication networks. Sogetrel was founded in 1985 and is based in Issy-les-Moulineaux, France.

Sell -