M&A Deal Summary

The Carlyle Group and Ardian Acquire Sedgwick

On September 12, 2018, private equity firms The Carlyle Group and Ardian acquired insurance company Sedgwick from KKR for 6.7B USD

Acquisition Highlights
  • This is The Carlyle Group’s 11th and Ardian’s 7th transaction in the Insurance sector.
  • This is The Carlyle Group’s 10th and Ardian’s 9th largest (disclosed) transaction.
  • This is The Carlyle Group’s 303rd and Ardian’s 45th transaction in the United States.
  • This is The Carlyle Group’s 2nd and Ardian’s 2nd transaction in Tennessee.

M&A Deal Summary
Date 2018-09-12
Target Sedgwick
Sector Insurance
Buyer(s) The Carlyle Group
Ardian
Sellers(s) KKR
Deal Type Secondary Buyout
Deal Value 6.7B USD
Advisor(s) BofA Securities (Financial)
Simpson Thacher & Bartlett (Legal)

Target

Sedgwick

Memphis, Tennessee, United States
Sedgwick is a global provider of technology-enabled risk, benefits and integrated business solutions. The Company provides technology-enabled claims management solutions for workers’ compensation, disability, liability, and property claims. Sedgwick was founded in 1969 and is based in Memphis, Tennessee.

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Buyer(S) 2

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 626 of 744
Sector (Insurance) 11 of 15
Type (Secondary Buyout) 95 of 130
State (Tennessee) 2 of 3
Country (United States) 303 of 349
Year (2018) 17 of 25
Size (of disclosed) 10 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-12 Flos B&B Italia Group

Milan, Italy

Flos B&B Italia Group owns and operates complementary brands such as Flos, Louis Poulsen, B&B Italia, Maxalto, Azucena and Arclinea. Flos B&B Italia Group was founded in 2018 and is based in Milan, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-13 Abacus Pharmaceuticals

Lugogo Kampala, Uganda

Abacus Pharmaceuticals is a distributor of pharmaceutical products in East Africa and the largest manufacturer of parenterals (IV fluids, ear, eye and nose drops) in Uganda. The company has a differentiated product offering, ranging from mission critical parenterals to branded generics for chronic therapeutic areas such as oncology, diabetes and cardiovascular. Abacus Pharmaceuticals was founded in 1995 and is based in Lugogo Kampala, Uganda.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 321 of 418
Sector (Insurance) 7 of 11
Type (Secondary Buyout) 103 of 137
State (Tennessee) 2 of 2
Country (United States) 45 of 59
Year (2018) 15 of 22
Size (of disclosed) 9 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-06 Guala Closures

Alessandria, Italy

Guala Closures is a manufacturer of spirits and wine closures through operating in 5 continents with 27 production sites and has a commercial presence in over 100 countries; about 90% of the group's turnover is generated outside of Italy. Guala Closures was founded in 1954 and is based in Alessandria, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 IWD

Paris, France

IWD offers 2D, 3D, and virtual reality software through its various businesses and supports luxury brands in their retail and merchandising strategies as well as in their training programs. IWD is one of the leading merchandising software publishers that collaborates with more than three hundred leading brands such as L'Oreal, LVMH, VF Corp, Chanel, Nespresso and Shiseido. IWD was founded in 2000 and is based in Paris, France.

Buy -

Seller(S) 1

SELLER

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 119 of 207
Sector (Insurance) 3 of 5
Type (Secondary Buyout) 20 of 36
State (Tennessee) 3 of 5
Country (United States) 56 of 89
Year (2018) 16 of 18
Size (of disclosed) 4 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-10 Clarify Health

San Francisco, California, United States

Clarify Health develops software to provide insights to providers, payers, and life sciences companies. Clarify’s healthcare analytics platform allows identifying business opportunities that are hidden from plain sight with on-the-fly exploration of the most comprehensive collection of real-world patient journeys. Clarify Health was founded in 2015 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 MMI Holdings

Singapore, Singapore

MMI Holdings is a manufacturer of precision machining and assembly components for customers in various industries, such as data storage, photonics, communications, semiconductor equipment, automotive and industrial automation. MMI Holdings was founded in 1989 and is based in Singapore.

Sell -
Mergr

Product

Company

Legal