Investment Summary

KKR, General Atlantic, QIA, Silver Lake and TPG Invest In Reliance Retail

On September 22, 2020, private equity firm KKR, growth capital firm General Atlantic, sovereign wealth fund QIA, private equity firm Silver Lake and private equity firm TPG invested in retailer Reliance Retail

Investment Highlights
  • This is KKR’s 15th, General Atlantic’s 10th, QIA’s 1st, Silver Lake’s 1st and TPG’s 13th transaction in the Retail sector.
  • This is KKR’s 20th, General Atlantic’s 22nd, QIA’s 1st, Silver Lake’s 3rd and TPG’s 26th transaction in India.

Investment Summary

Date 2020-09-22
Target Reliance Retail
Sector Retail
Investor(s) KKR
General Atlantic
QIA
Silver Lake
TPG
Deal Type Stake Purchase
Advisor(s) Morgan Stanley (Financial)
Cyril Amarchand Mangaldas
Davis Polk & Wardwell (Legal)

Target

Reliance Retail

Mumbai, India
Reliance Retail operates an online and offline retail business in three core segments across India: food & grocery, fashion & lifestyle, and consumer electronics. Reliance Retail was founded in 2006 and is based in Mumbai, India.

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Investor(S) 5

Investor

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 362 of 483
Sector (Retail) 15 of 17
Type (Stake Purchase) 51 of 67
Country (India) 20 of 26
Year (2020) 34 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-16 THG

Altrincham, United Kingdom

THG is an online beauty and wellbeing businesses that operates 166 websites, retailing to customers in 160 countries. THG was founded in 2004 and is based in Altrincham, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-23 1-800 Contacts

Draper, Utah, United States

1-800 Contacts is a direct-to-consumer independent retailer of contact lenses. The Company also provides contact lens sourcing and fulfillment services to leading brick-and-mortar retailers. 1-800 Contacts was formed in 1995 and is based in Draper, Utah.

Buy -
Investor

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 255 of 343
Sector (Retail) 10 of 11
Type (Stake Purchase) 34 of 38
Country (India) 22 of 24
Year (2020) 21 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-15 dLocal

Montevideo, Uruguay

dLocal is a cross-border payment platform founded upon the mission of closing the payments innovation gap that exists between developed countries and emerging economies. Its 360°, single-API platform is designed to handle and facilitate mass online payments across Latin America, APAC, the Middle East, and Africa. By operating as a merchant’s local payments processor in each country, dLocal empowers global merchants to reach billions of customers, accept payments, send payouts, and settle funds globally. dLocal was founded in 2016 and is based in Montevideo, Uruguay.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-13 Opendoor

San Francisco, California, United States

Opendoor is an online real estate marketplace that radically simplifies home buying and selling. The company currently operates in ten cities, including Atlanta, Charlotte, Dallas-Fort Worth, Las Vegas, Nashville, Orlando, Phoenix, Raleigh-Durham, Tampa and San Antonio. Opendoor was founded in 2014 and is based in San Francisco, California.

Sell -
Investor
DESCRIPTION

Qatar Investment Authority (QIA) is the sovereign wealth fund of Qatar. QIA pursues a variety of investment strategies including real estate, equities, infrastructure, and direct investments. Qatar Investment Authority was established in 2005 and is headquartered in Doha.


DEAL STATS #
Overall 6 of 10
Sector (Retail) 1 of 1
Type (Stake Purchase) 1 of 2
Country (India) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 Oryx Midstream Services

Midland, Texas, United States

Oryx Midstream Services is a midstream crude operator in the Permian Basin. Oryx Midstream Services owns and operates a crude oil gathering and transportation system underpinned by nearly one million acres under long-term dedications from more than 20 customers. The system's 2.1 million barrels of storage and approximately 1,200 miles of in-service and under-construction pipeline span eight counties in Texas and two in New Mexico. Oryx Midstream Services was founded in 2013 and is based in Midland, Texas.

Buy $3.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-20 Rolls-Royce SMR

Derby, United Kingdom

Rolls-Royce SMR is building a new technology solution to deliver affordable, low carbon, nuclear power. A single power station will occupy around one tenth of the size of a conventional nuclear generation site and power approxim​ately one million homes. Rolls-Royce SMR is based in Derby, United Kingdom.

Buy -
Investor

Silver Lake

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 104.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 111 of 135
Sector (Retail) 1 of 1
Type (Stake Purchase) 11 of 17
Country (India) 3 of 3
Year (2020) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-05 Ancestry

Provo, Utah, United States

Ancestry.com is a provider of family history and consumer genomics information, and helps people gain a new level of understanding about their lives. The Company's suite of history products include Archives, Fold3, Newspapers.com, AncestryDNA, and AncestryHealth. Ancestry.com was formed in 1990 and is based in Provo, Utah.

Sell $4.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-23 GoodRx

Santa Monica, California, United States

GoodRx is a source for prescription and healthcare savings. More than 10 million consumers use GoodRx each month to find current prices and discounts on their medications. GoodRx’s real-time market-intelligence platform gathers retail prices and coupons for virtually every pharmacy in America, providing savings of up to 80%. GoodRx was founded in 2011 and is based in Santa Monica, California.

Sell -
Investor

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 373 of 421
Sector (Retail) 13 of 13
Type (Stake Purchase) 35 of 37
Country (India) 26 of 27
Year (2020) 12 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-22 Adare Pharma Solutions

Lawrenceville, New Jersey, United States

Adare Pharma Solutions provides enhanced medicines, creating new possibilities for improved patient health. Adare Pharma Solutions has solved complex formulation, manufacturing, and commercialization challenges, resulting in transformational medicines that deliver value to all its stakeholders. The company has a global presence with R&D, manufacturing, and commercial operations in the Unites States, Europe, and Canada. Adare Pharma Solutions was founded in 2015 and is based in Lawrenceville, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-21 McAfee

San Jose, California, United States

McAfee delivers proactive and proven security solutions and services that help secure systems and networks around the world, McAfee protects consumers and businesses of all sizes from the latest malware and emerging online threats. McAfee's solutions are designed to work together, integrating anti-malware, antispyware, and antivirus software with security management features that deliver unsurpassed real-time visibility and analytics, reduce risk, ensure compliance, improve Internet security, and help businesses achieve operational efficiencies. McAfee was formed in 1987 and is based in San Jose, California.

Sell -