M&A Deal Summary

Leonard Green & Partners Acquires TenCate Grass

On December 22, 2023, private equity firm Leonard Green & Partners acquired manufacturer TenCate Grass from Crestview Partners

Acquisition Highlights
  • This is Leonard Green & Partners’ 2nd transaction in the Manufacturing sector.
  • This is Leonard Green & Partners’ 1st transaction in the Netherlands.

M&A Deal Summary
Date 2023-12-22
Target TenCate Grass
Sector Manufacturing
Buyer(s) Leonard Green & Partners
Sellers(s) Crestview Partners
Deal Type Secondary Buyout
Advisor(s) BofA Securities
Robert W. Baird & Co., Inc. (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

TenCate Grass

Nijverdal, Netherlands
TenCate Grass is a vertically integrated manufacturer, distributor, and installer of artificial turfsolutions. TenCate Grass provides artificial turf solutions for both sports and landscaping applications with a portfolio of diversified brands. TenCate Grass is based in Nijverdal, Netherlands.

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Buyer(S) 1

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 99 of 101
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 45 of 46
Country (Netherlands) 1 of 1
Year (2023) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-03 Parts Town

Addison, Illinois, United States

Parts Town is a distributor of genuine OEM restaurant equipment parts for the foodservice industry. Focused on delivering a unique customer service experience and website, Parts Town customizes solutions for both chain restaurants and food equipment service companies. Parts Town partners closely with the leading manufacturers of commercial cooking, refrigeration, ice, and beverage equipment to improve their parts supply chain, delight their customers, and grow genuine parts sales. Parts Town was founded in 1987 and is based in Addison, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-23 IRIS

Slough, United Kingdom

IRIS is a private software house supplying business management solutions to over 60,000 customers, from start-ups to large organisations. IRIS was founded in 1978 and is based in Slough, United Kingdom.

Buy £3.2B

Seller(S) 1

SELLER

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.

DEAL STATS #
Overall 26 of 27
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 3 of 4
Country (Netherlands) 1 of 1
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-29 Fidelis Insurance

Pembroke, Bermuda

Fidelis Insurance is a provider of insurance underwriting and reinsurance services. The Company underwrites specialty lines of insurance focused on energy, marine, property, aviation, and political risk out of Bermuda and London, with a balance between insurance and reinsurance. Fidelis Insurance was founded in 2014 and is based in Pembroke, Bermuda.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-21 Hornblower Group

San Francisco, California, United States

 Hornblower Group provides experiences and transportation services under two premier experience divisions: City Experiences, its land- and water-based experiences as well as ferry and transportation services; and Journey Beyond, Australia's leading experiential travel group. The group's portfolio of international offerings includes water-based experiences (dining and sightseeing cruises), land-based experiences (walking tours, food tours, and excursions), overnight experiences (cruises and railways), and ferry and transportation services. Hornblower Group was founded in 1980 and is based in San Francisco, California.

Sell -
Mergr

Product

Company

Legal