M&A Deal Summary

L Catterton Partners and KKR Acquire PHCHD

On September 27, 2013, growth capital firm L Catterton Partners and private equity firm KKR acquired medical products company PHCHD from Panasonic for 1.7B USD

Acquisition Highlights
  • This is L Catterton Partners’ 1st and KKR’s 4th transaction in the Medical Products sector.
  • This is L Catterton Partners’ 2nd and KKR’s 52nd largest (disclosed) transaction.
  • This is L Catterton Partners’ 1st and KKR’s 2nd transaction in Japan.

M&A Deal Summary

Date 2013-09-27
Target PHCHD
Sector Medical Products
Buyer(s) L Catterton Partners
KKR
Sellers(s) Panasonic
Deal Type Divestiture
Deal Value 1.7B USD

Target

PHCHD

Tokyo, Japan
PHCHD is a healthcare company, that develops, manufactures sells, and services medical equipment and solutions across diabetes care, diagnostics, life sciences, and healthcare IT. PHCHD was founded in 2014 and is based in Tokyo, Japan.

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Buyer(S) 2

Buyer

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 81 of 221
Sector (Medical Products) 1 of 1
Type (Divestiture) 2 of 5
Country (Japan) 1 of 5
Year (2013) 10 of 12
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-27 PIADA Italian Street Food

Columbus, Ohio, United States

PIADA Italian Street Food is an authentic fast-casual restaurant chain in Ohio. The Company serves made to order Piadas (thin crust dough, baked on a stone grill, then hand rolled with fresh authentic ingredients), Pasta Bowls and Chopped Salads. PIADA Italian Street Food was founded in 2010 and is based in Columbus, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-01 Bruxie

Orange, California, United States

Bruxie is an operator of gourmet waffle sandwich restaurants in Southern California. Bruxie was formed in 2010 and is based in Orange, California.

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 130 of 483
Sector (Medical Products) 4 of 9
Type (Divestiture) 18 of 53
Country (Japan) 2 of 12
Year (2013) 12 of 21
Size (of disclosed) 52 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-05 Mitchell

San Diego, California, United States

Mitchell is a provider of information, workflow, and performance management solutions to the automotive insurance claims and collision repair industries. Mitchell was founded in 1946 and is based in San Diego, California.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-30 Haier

Qingdao, China

Haier is a manufacturer and distributor of home appliances. Haier provides refrigerators, freezers, washing machines, dryers, household, and commercial air-conditioners, purifiers, fresh air systems, electric water heaters, gas water heaters, solar water heaters, heat pump water heaters, vacuum cleaners. Haier was founded in 1984 and is based in Qingdao, China.

Buy -

Seller(S) 1

SELLER

Panasonic

Kadoma, Japan

Category Company
Founded 1918
Sector Electronics
Employees229,183
Revenue 8.50T JPY (2024)
DESCRIPTION

Panasonic is a manufacturer of electronics. Panasonic manufactures and markets a wide range of products under the Panasonic brand to enhance and enrich lifestyles all around the globe. Panasonic was founded in 1918 and is based in Kadoma, Japan.


DEAL STATS #
Overall 1 of 8
Sector (Medical Products) 1 of 1
Type (Divestiture) 1 of 8
Country (Japan) 1 of 2
Year (2013) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-21 SANYO Electric

Osaka, Japan

SANYO is an electronic device company whose products and services are divided among four business segments: consumer, commercial, components, and other. Sanyo makes a variety of electrical devices and appliances, including industrial and commercial equipment (refrigerated supermarket cases), audio and video equipment (DVD players, TVs, digital cameras), semiconductors, communications equipment (cellular phones, computers), batteries, and home appliances (microwave ovens, air conditioners).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-02 Panasonic - Three Semiconductor Plants

Singapore

Panasonic - Three Semiconductor Plants facilities in Singapore, Indonesia and Malaysia

Sell $117M