M&A Deal Summary

Parthenon Capital Acquires KBRA

On December 13, 2021, private equity firm Parthenon Capital acquired information services company KBRA for 900M USD

Acquisition Highlights
  • This is Parthenon Capital’s 2nd transaction in the Information Services sector.
  • This is Parthenon Capital’s largest (disclosed) transaction.
  • This is Parthenon Capital’s 58th transaction in the United States.
  • This is Parthenon Capital’s 4th transaction in New York.

M&A Deal Summary
Date 2021-12-13
Target KBRA
Sector Information Services
Buyer(s) Parthenon Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 900M USD
Advisor(s) Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
Shearman & Sterling (Legal)

Target

KBRA

New York, New York, United States
KBRA provides credit ratings across a variety of CFG sectors and Structured Finance. The former includes Corporates, Financial Institutions, Funds, Insurance, Project and Infrastructure, Public Finance, and Sovereigns. Structured Finance offerings include all major sectors, including ABS, CMBS, RMBS, and Structured Credit. In addition to ratings, the firm provides insightful credit information and data through its KBRA Analytics Service. KBRA was founded in 2010 and is based in New York City.

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Buyer(S) 1

Buyer

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.

DEAL STATS #
Overall 58 of 61
Sector (Information Services) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 12 of 12
State (New York) 4 of 4
Country (United States) 58 of 60
Year (2021) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-30 Trinity

Waltham, Massachusetts, United States

Trinity is a trusted life sciences strategy consulting firm that takes a personalized approach to work with pharmaceutical, biotech, medical device, and diagnostic clients worldwide to create evidence-based solutions that drive business strategy and impact bottom lines. Trinity was founded in 1996 and is based in Waltham, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-05 Choreo

Indianapolis, Indiana, United States

Choreo is a change management consulting firm that transforms workplaces into spaces that foster increased productivity, cost containment and improved effectiveness. Choreo was founded in 2008 and is based in Indianapolis, Indiana.

Buy -
Mergr

Product

Company

Legal