M&A Deal Summary

Leonard Green & Partners and Ares Private Equity Group Acquire Press Ganey

On June 11, 2019, private equity firms Leonard Green & Partners and Ares Private Equity Group acquired information services company Press Ganey from EQT

Acquisition Highlights
  • This is Leonard Green & Partners’ 3rd and Ares Private Equity Group’s 1st transaction in the Information Services sector.
  • This is Leonard Green & Partners’ 74th and Ares Private Equity Group’s 65th transaction in the United States.
  • This is Leonard Green & Partners’ 2nd and Ares Private Equity Group’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2019-06-11
Target Press Ganey
Sector Information Services
Buyer(s) Leonard Green & Partners
Ares Private Equity Group
Sellers(s) EQT
Deal Type Secondary Buyout
Advisor(s) Barclays Investment Bank
Goldman Sachs (Financial)

Target

Press Ganey

Wakefield, Massachusetts, United States
Press Ganey is a provider of healthcare performance solutions for hospitals, healthcare and home care providers. Press Ganey utilizes patient and employee surveys to collect vast amounts of proprietary data on behalf of clients to power its industry-leading benchmarking and analytics tools and advisory services. Press Ganey was founded in 1985 and is based in Wakefield, Massachusetts.

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Buyer(S) 2

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 79 of 102
Sector (Information Services) 3 of 4
Type (Secondary Buyout) 32 of 47
State (Massachusetts) 2 of 3
Country (United States) 74 of 94
Year (2019) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 TopShop/TopMan

Tel Aviv, Israel

Topshop is a fast-fashion branded apparel retailer based in England with a growing presence in the United States and other international markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-14 WCG

Princeton, New Jersey, United States

WCG is a provider of regulatory and ethical review services for human research. The pioneer of independent ethical review, WCG continues to drive ingenuity in the clinical research space. WCG delivers transformational solutions that stimulate growth, foster compliance and maximize efficiency for those who perform clinical trials. WCG was founded in 2012 and is based in Princeton, New Jersey.

Buy -
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 75 of 98
Sector (Information Services) 1 of 1
Type (Secondary Buyout) 31 of 39
State (Massachusetts) 1 of 2
Country (United States) 65 of 82
Year (2019) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-16 Smart & Final

Commerce, California, United States

Smart & Final is an operator of the smaller stores, warehouse-style, no membership fee, multi-format retailer serving both households and smaller businesses with a strong value proposition. Smart & Final operates 257 stores under its Smart & Final banner, which offer quality products in a variety of sizes, saving customers time and money without a membership fee. Its larger format stores, Smart & Final Extra! stores, combine the warehouse store with traditional grocery offerings like farm-fresh produce and natural and organic options, to provide a one-stop-shop for all. Smart & Final was founded in 1871 and is based in Commerce, California.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-17 National Veterinary Associates

Agoura Hills, California, United States

National Veterinary Associates, Inc. is one of the largest veterinary and pet care services organizations in the world. NVA partners with over 700 general practice hospitals, specialty + ER hospitals, equine hospitals, and pet resorts in the U.S., Canada, Australia, and New Zealand. NVA’s 14,000 team members and 2,600 veterinarians are united by a common purpose – a love for animals and the people who love them – and a common mission – to improve the comfort and well-being of animals by providing progressive and compassionate care. NVA’s veterinarians and animal care professionals provide a full range of medical and surgical services. T

Sell -

Seller(S) 1

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 118 of 187
Sector (Information Services) 3 of 3
Type (Secondary Buyout) 33 of 57
State (Massachusetts) 1 of 1
Country (United States) 9 of 27
Year (2019) 6 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-23 Melita

Mriehel By-Pass, Malta

Melita is a provider of high-speed broadband and mobile services as well as a premium TV to households and businesses connected to its state-of-the-art telecom network in Malta. It owns and operates a fully invested, over 1,600km long HFC network as well as a 5G-ready mobile network with its own tower and small cell footprint. Melita was founded in 1991 and is based in Mriehel By-Pass, Malta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-19 AutoStore

Nedre Vats, Norway

AutoStore is an automated robotic storage and retrieval system equipment and software manufacturer for the warehouse & distribution end-market. The Company has developed proprietary software and robotics technology for collection of warehouse-stored goods, providing significant improvements in warehouse capacity and packing / picking performance. AutoStore was founded in 1996 and is based in Nedre Vats , Norway.

Sell -