Vestar Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Vestar Capital Partners has acquired 4 companies. It has also invested in 3 others.

Vestar Capital Partners’ most common sectors for investment arefood (13%) and insurance (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (17%). In total, Vestar Capital Partners has invested in 27 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired Big Heart Pet Brands for $5.3B.

In the last 3 years, Vestar Capital Partners has exited 4 companies. The Firm’s most common exit type is trade sale (42%). Vestar Capital Partners’ largest (disclosed) exit occurred in 2015 when it sold Big Heart Pet Brands for $5.8B.

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M&A Summary

M&A Total Activity143
- M&A Buy Activity81
- M&A Sell Activity62
Total Sectors Invested 32
Total Countries Invested 8
M&A Buy/Sell Connections 67
M&A Advisors 19

Vestar Capital Partners

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	50	150
Enterprise Value	100	1,000
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

150

Enterprise Value

100

1,000

values in millions of USD

Year	≤ '16	'17	'18	'19	'20	'21	T
Buy (2.0/yr)	#	71	3	1	1	-	5	81
vol	$16.6B					$100M	$16.7B
Sell (1.0/yr)	#	57	1	1	1	1	1	62
vol	$21.5B	$720M		$1.1B			$23.3B
	143

Year

≤ '16

'17

'18

'19

'20

'21

Buy (2.0/yr)

vol

$16.6B

$100M

$16.7B

Sell (1.0/yr)

vol

$21.5B

$720M

$1.1B

$23.3B

143

Company	Date	Value	Type
Healthgrades Operating Company, Inc.	2021-08-04	-	Add-on Acquisition
Denver, Colorado · www.healthgrades.com
PetHonesty LLC	2021-07-14	-	Growth Capital
Austin, Texas · www.pethonesty.com
Stratus Unlimited	2021-07-07	-	Secondary Buyout
Mentor, Ohio · www.stratusunlimited.com
LERETA LLC	2021-07-06	-	Secondary Buyout
Covina, California · www.lereta.com
Friday Health Plans, Inc.	2021-04-01	100M USD	Secondary Buyout
Alamosa, Colorado · www.fridayhealthplans.com
Dr. Praeger’s Sensible Foods, Inc.	2021-01-21	-	Growth Capital
Elmwood Park, New Jersey · www.drpraegers.com
Woodstream Corp.	2020-10-19	-	Secondary Buyout
Lancaster, Pennsylvania · www.woodstream.com
Radiation Therapy Services, Inc.	2019-12-13	1.1B USD	Add-on Acquisition
Fort Myers, Florida · www.21co.com
Simple Mills, Inc.	2019-10-07	-	Stake Purchase
Chicago, Illinois · www.simplemills.com
Information Resources, Inc.	2018-11-15	-	Secondary Buyout
Chicago, Illinois · www.iriworldwide.com
View All >>

Company

Date

Value

Type

Healthgrades Operating Company, Inc.

2021-08-04

Add-on Acquisition

Denver, Colorado · www.healthgrades.com

PetHonesty LLC

2021-07-14

Growth Capital

Austin, Texas · www.pethonesty.com

Stratus Unlimited

2021-07-07

Secondary Buyout

Mentor, Ohio · www.stratusunlimited.com

LERETA LLC

2021-07-06

Secondary Buyout

Covina, California · www.lereta.com

Friday Health Plans, Inc.

2021-04-01

100M USD

Secondary Buyout

Alamosa, Colorado · www.fridayhealthplans.com

Dr. Praeger’s Sensible Foods, Inc.

2021-01-21

Growth Capital

Elmwood Park, New Jersey · www.drpraegers.com

Woodstream Corp.

2020-10-19

Secondary Buyout

Lancaster, Pennsylvania · www.woodstream.com

Radiation Therapy Services, Inc.

2019-12-13

1.1B USD

Add-on Acquisition

Fort Myers, Florida · www.21co.com

Simple Mills, Inc.

2019-10-07

Stake Purchase

Chicago, Illinois · www.simplemills.com

Information Resources, Inc.

2018-11-15

Secondary Buyout

Chicago, Illinois · www.iriworldwide.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Information Resources, Inc.	2018-11-15	Intelligent Shopper Solutions	2021-03-18	2
Chicago, Illinois · www.iriworldwide.com	Toronto, Ontario
Information Resources, Inc.	2018-11-15	Retail Solutions, Inc.	2020-10-08	1
Chicago, Illinois · www.iriworldwide.com	San Jose, California · www.retailsolutions.com

Company

Acquired

Add-On/Sale

Date

Information Resources, Inc.

2018-11-15

Intelligent Shopper Solutions

2021-03-18

Chicago, Illinois · www.iriworldwide.com

Toronto, Ontario

Information Resources, Inc.

2018-11-15

Retail Solutions, Inc.

2020-10-08

Chicago, Illinois · www.iriworldwide.com

San Jose, California · www.retailsolutions.com

Sector	Current #	Value	All-time #	Value
Food	5 (33%)	-	10 (12%)	5.9B (35%)
Insurance	1 (7%)	100M (7%)	7 (9%)	1.7B (10%)
Healthcare Services	1 (7%)	-	6 (7%)	1.3B (8%)
Manufacturing	-	-	5 (6%)	423M (3%)
Consumer Products	-	-	5 (6%)	-
Chemicals	-	-	4 (5%)	1.1B (7%)
Apparel/Textiles	-	-	4 (5%)	520M (3%)
Machinery	1 (7%)	332M (23%)	4 (5%)	332M (2%)
Financial Services	-	-	3 (4%)	364M (2%)
Aerospace	-	-	3 (4%)	-
Business Services	3 (20%)	-	3 (4%)	-
Environmental	-	-	2 (2%)	3.5B (21%)
Information Services	1 (7%)	-	2 (2%)	294M (2%)
Communications	-	-	2 (2%)	-
Information Technology	-	-	2 (2%)	-
Medical Products	-	-	2 (2%)	-
Software	1 (7%)	-	2 (2%)	-
Transportation	1 (7%)	1.0B (70%)	1 (1%)	1.0B (6%)
Consumer Services	-	-	1 (1%)	338M (2%)
Beverages	-	-	1 (1%)	-
Building Materials	-	-	1 (1%)	-
Distribution	1 (7%)	-	1 (1%)	-
Education	-	-	1 (1%)	-
Energy Services and Equipment	-	-	1 (1%)	-
Internet Software and Services	-	-	1 (1%)	-
Marketing	-	-	1 (1%)	-
Media	-	-	1 (1%)	-
Packaging	-	-	1 (1%)	-
Publishing	-	-	1 (1%)	-
Retail	-	-	1 (1%)	-
Safety/Security	-	-	1 (1%)	-
Technology Hardware	-	-	1 (1%)	-
Total	15	$1.4B	81	$16.7B

Sector

Current #

Value

All-time #

Value

Food

5 (33%)

10 (12%)

5.9B (35%)

Insurance

1 (7%)

100M (7%)

7 (9%)

1.7B (10%)

Healthcare Services

1 (7%)

6 (7%)

1.3B (8%)

Manufacturing

5 (6%)

423M (3%)

Consumer Products

5 (6%)

Chemicals

4 (5%)

1.1B (7%)

Apparel/Textiles

4 (5%)

520M (3%)

Machinery

1 (7%)

332M (23%)

4 (5%)

332M (2%)

Financial Services

3 (4%)

364M (2%)

Aerospace

3 (4%)

Business Services

3 (20%)

3 (4%)

Environmental

2 (2%)

3.5B (21%)

Information Services

1 (7%)

2 (2%)

294M (2%)

Communications

2 (2%)

Information Technology

2 (2%)

Medical Products

2 (2%)

Software

1 (7%)

2 (2%)

Transportation

1 (7%)

1.0B (70%)

1 (1%)

1.0B (6%)

Consumer Services

1 (1%)

338M (2%)

Beverages

1 (1%)

Building Materials

1 (1%)

Distribution

1 (7%)

1 (1%)

Education

1 (1%)

Energy Services and Equipment

1 (1%)

Internet Software and Services

1 (1%)

Marketing

1 (1%)

Media

1 (1%)

Packaging

1 (1%)

Publishing

1 (1%)

Retail

1 (1%)

Safety/Security

1 (1%)

Technology Hardware

1 (1%)

Total

$1.4B

$16.7B

State/Country	Current #	Value	All-time #	Value
United States	13 (87%)	332M (23%)	65 (80%)	8.7B (52%)
	Illinois	4 (27%)	-	8 (10%)	-
	New York	2 (13%)	332M (23%)	7 (9%)	332M (2%)
	California	1 (7%)	-	5 (6%)	5.8B (35%)
	Pennsylvania	-	-	5 (6%)	-
	Ohio	1 (7%)	-	4 (5%)	-
	Texas	1 (7%)	-	3 (4%)	-
	North Carolina	1 (7%)	-	3 (4%)	-
	Florida	-	-	3 (4%)	1.3B (8%)
	Colorado	-	-	3 (4%)	294M (2%)
	Connecticut	-	-	3 (4%)	-
	Washington	-	-	3 (4%)	-
	New Jersey	1 (7%)	-	2 (2%)	-
	Georgia	-	-	2 (2%)	-
	Wisconsin	1 (7%)	-	1 (1%)	-
	Oklahoma	1 (7%)	-	1 (1%)	-
	Minnesota	-	-	1 (1%)	600M (4%)
	Maryland	-	-	1 (1%)	364M (2%)
	Virginia	-	-	1 (1%)	-
	Tennessee	-	-	1 (1%)	-
	South Carolina	-	-	1 (1%)	-
	Oregon	-	-	1 (1%)	-
	New Hampshire	-	-	1 (1%)	-
	Montana	-	-	1 (1%)	-
	Mississippi	-	-	1 (1%)	-
	Massachusetts	-	-	1 (1%)	-
	Indiana	-	-	1 (1%)	-
Bermuda	1 (7%)	1.0B (70%)	4 (5%)	1.0B (6%)
Italy	-	-	4 (5%)	1.2B (7%)
United Kingdom	1 (7%)	100M (7%)	3 (4%)	100M (1%)
	Colorado	1 (7%)	100M (7%)	1 (1%)	100M (1%)
Switzerland	-	-	2 (2%)	1.6B (10%)
Canada	-	-	1 (1%)	3.5B (21%)
	Alberta	-	-	1 (1%)	3.5B (21%)
France	-	-	1 (1%)	338M (2%)
Luxembourg	-	-	1 (1%)	338M (2%)
Domestic	13 (87%)	332M (23%)	65 (80%)	8.7B (52%)
Cross-border	2 (13%)	1.1B (77%)	16 (20%)	8.1B (48%)
Total	15	$1.4B	81	$16.7B

State/Country

Current #

Value

All-time #

Value

United States

13 (87%)

332M (23%)

65 (80%)

8.7B (52%)

Illinois

4 (27%)

8 (10%)

New York

2 (13%)

332M (23%)

7 (9%)

332M (2%)

California

1 (7%)

5 (6%)

5.8B (35%)

Pennsylvania

5 (6%)

Ohio

1 (7%)

4 (5%)

Texas

1 (7%)

3 (4%)

North Carolina

1 (7%)

3 (4%)

Florida

3 (4%)

1.3B (8%)

Colorado

3 (4%)

294M (2%)

Connecticut

3 (4%)

Washington

3 (4%)

New Jersey

1 (7%)

2 (2%)

Georgia

2 (2%)

Wisconsin

1 (7%)

1 (1%)

Oklahoma

1 (7%)

1 (1%)

Minnesota

1 (1%)

600M (4%)

Maryland

1 (1%)

364M (2%)

Virginia

1 (1%)

Tennessee

1 (1%)

South Carolina

1 (1%)

Oregon

1 (1%)

New Hampshire

1 (1%)

Montana

1 (1%)

Mississippi

1 (1%)

Massachusetts

1 (1%)

Indiana

1 (1%)

Bermuda

1 (7%)

1.0B (70%)

4 (5%)

1.0B (6%)

Italy

4 (5%)

1.2B (7%)

United Kingdom

1 (7%)

100M (7%)

3 (4%)

100M (1%)

Colorado

1 (7%)

100M (7%)

1 (1%)

100M (1%)

Switzerland

2 (2%)

1.6B (10%)

Canada

1 (1%)

3.5B (21%)

Alberta

1 (1%)

3.5B (21%)

France

1 (1%)

338M (2%)

Luxembourg

1 (1%)

338M (2%)

Domestic

13 (87%)

332M (23%)

65 (80%)

8.7B (52%)

Cross-border

2 (13%)

1.1B (77%)

16 (20%)

8.1B (48%)

Total

$1.4B

$16.7B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	4 (27%)	1.0B (70%)	40 (49%)	4.5B (27%)
Secondary Buyout	5 (33%)	100M (7%)	13 (16%)	855M (5%)
Growth Capital	3 (20%)	-	11 (14%)	-
Going Private	1 (7%)	332M (23%)	7 (9%)	10.7B (64%)
Divestiture	-	-	3 (4%)	702M (4%)
Recapitalization	-	-	3 (4%)	-
Stake Purchase	2 (13%)	-	2 (2%)	-
Add-on Acquisition	-	-	1 (1%)	-
PIPE	-	-	1 (1%)	-
Total	15	$1.4B	81	$16.7B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

4 (27%)

1.0B (70%)

40 (49%)

4.5B (27%)

Secondary Buyout

5 (33%)

100M (7%)

13 (16%)

855M (5%)

Growth Capital

3 (20%)

11 (14%)

Going Private

1 (7%)

332M (23%)

7 (9%)

10.7B (64%)

Divestiture

3 (4%)

702M (4%)

Recapitalization

3 (4%)

Stake Purchase

2 (13%)

2 (2%)

Add-on Acquisition

1 (1%)

PIPE

1 (1%)

Total

$1.4B

$16.7B

Type	Total #	Value
Trade Sale	19 (31%)	4.7B (20%)
Secondary Sale	17 (27%)	3.9B (17%)
IPO	13 (21%)	-
Trade Sale - Public Company	9 (15%)	14.7B (63%)
	1 (2%)	-
Recapitalization	1 (2%)	-
Stake Sale	1 (2%)	-
Unknown	1 (2%)	-
Total	62	$23.3B

Type

Total #

Value

Trade Sale

19 (31%)

4.7B (20%)

Secondary Sale

17 (27%)

3.9B (17%)

IPO

13 (21%)

Trade Sale - Public Company

9 (15%)

14.7B (63%)

1 (2%)

Recapitalization

1 (2%)

Stake Sale

1 (2%)

Unknown

1 (2%)

Total

$23.3B

Financial	Deals
Goldman Sachs Investment Banking Division	2
William Blair & Co. LLC	2
Raymond James - Investment Banking	1

Financial

Deals

Goldman Sachs Investment Banking Division

William Blair & Co. LLC

Raymond James - Investment Banking

Legal	Deals
Kirkland & Ellis LLP	16
Latham & Watkins	3
Simpson Thacher & Bartlett LLP	3

Legal

Deals

Kirkland & Ellis LLP

Latham & Watkins

Simpson Thacher & Bartlett LLP

buy	#	Total
> $1B	5	$12.5B
$100M to $1B	10	$4.1B
< $100M	1	$100M
TOTAL	$16.7B
Largest	Big Heart Pet Brands $5.3B (2011-03-08)

buy

Total

> $1B

$12.5B

$100M to $1B

$4.1B

< $100M

$100M

TOTAL

$16.7B

Largest

Big Heart Pet Brands
$5.3B (2011-03-08)

sell	#	Total
> $1B	8	$17.7B
$100M to $1B	11	$5.5B
< $100M	1	$96M
TOTAL	$23.3B
Largest	Big Heart Pet Brands $5.8B (2015-02-03)

sell

Total

> $1B

$17.7B

$100M to $1B

$5.5B

< $100M

$96M

TOTAL

$23.3B

Largest

Big Heart Pet Brands
$5.8B (2015-02-03)

		Deals
Acquired from
Investor(s)	19%	15 (19%)
Strategic(s)	4%	3 (4%)
Exited to
Investor(s)	27%	17 (27%)
Strategic(s)	44%	27 (44%)

Deals

Acquired from

Investor(s)

15 (19%)

Strategic(s)

3 (4%)

Exited to

Investor(s)

17 (27%)

Strategic(s)

27 (44%)

Vestar Capital Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary