M&A Deal Summary

Warburg Pincus, Centerbridge Partners and Dundon Capital Partners Acquires Hertz Global Holdings

On April 3, 2021, private equity firm Warburg Pincus, asset manager Centerbridge Partners and private equity firm Dundon Capital Partners LLC acquired consumer services company Hertz Global Holdings, Inc.

Acquisition Highlights
  • This is Warburg Pincus’ 4th, Centerbridge Partners’ 1st and Dundon Capital Partners’ 1st transaction in the Consumer Services sector.
  • This is Warburg Pincus’ 204th, Centerbridge Partners’ 34th and Dundon Capital Partners’ 3rd transaction in the United States.
  • This is Warburg Pincus’ 8th, Centerbridge Partners’ 2nd and Dundon Capital Partners’ 1st transaction in Florida.

M&A Deal Summary

Date 2021-04-03
Target Hertz Global Holdings, Inc.
Sector Consumer Services
Buyer(s) Warburg Pincus
Centerbridge Partners
Dundon Capital Partners LLC
Deal Type Special Situations/Distressed
Advisor(s) Moelis & Co.
FTI Capital Advisors (Financial)
White & Case LLP (Legal)

Target

Hertz Global Holdings, Inc.

Estero, Florida, United States
website
Hertz's corporate headquarters in Estero, Florida.
Hertz's corporate headquarters in Estero, Florida.
Hertz operates car rental businesses through the Hertz, Dollar, Thrifty and Firefly brands. Hertz Global operates through corporate and franchisee locations and services the North American, European, Latin and South American, Asian, Australian, African, and Middle Eastern markets. In addition to its car rental business, Hertz provides fleet leasing and management services through its Donlen subsidiary. Hertz was originally established in 1918 and is based in Estero, Florida.

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Buyer(S) 3

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 89.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 410 of 429
Sector (Consumer Services) 4 of 5
Type (Special Situations/Distressed) 3 of 3
State (Florida) 8 of 9
Country (United States) 204 of 217
Year (2021) 4 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-25 Alignment Healthcare USA LLC

Orange, California, United States

Alignment Healthcare provides healthcare management services to providers, health plans, and hospitals. The company offers an end-to-end continuous care program, including clinical care coordination, risk management capabilities, and IT enablement. Alignment Healthcare was incorporated in 2013 and is headquartered in Orange, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Premier Technical Services Group Ltd.

Castleford, United Kingdom

Formed in 2007, Premier Technical Services Group is a provider of specialist services to the FM and construction sectors, offering a range of industry-leading services across its four divisions: PTSG Access & Safety Ltd, PTSG Electrical Services Ltd, PTSG Building Access Specialists Ltd, and PTSG Fire Solutions Ltd. The company's highly-trained teams offer full UK coverage to clients in all industries. Headquartered in Castleford, West Yorkshire, and with 29 operational bases around the UK, we have over 1,300 dedicated employees servicing many thousands of customers and buildings nationally.

Buy -
Buyer

Centerbridge Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 2005
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Centerbridge Partners is a mega-sized private equity firm focused primarily on distressed/special situations. In addition to making control investments, Centerbridge also maintains a fund for non-control credit investments. Centerbridge was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 42 of 44
Sector (Consumer Services) 1 of 1
Type (Special Situations/Distressed) 4 of 4
State (Florida) 2 of 2
Country (United States) 34 of 36
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-15 Community Psychiatry Management LLC

Sacramento, California, United States

Community Psychiatry Management LLC is a behavioral health practice management company supporting over 40 affiliated psychiatrists practicing in California’s Sacramento, San Joaquin, and Bay Areas. Community Psychiatry Management was founded in 1995 and is based in Sacramento, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-11 IPS Corp.

Compton, California, United States

IPS is a manufacturer of a wide range of adhesive cement, structural adhesives, and niche plumbing products primarily for residential, commercial, industrial, and international markets. IPS' products are sold under a number of highly regarded brand names, including Weld-On, Watertite, Studor, Truebro, and Guy Gray. IPS was founded in 1954 and is based in Compton, California.

Buy -
Buyer

Dundon Capital Partners LLC

website


Category Private Equity Firm
Founded 2015
SizeSmall
Type Sector Agnostic
DESCRIPTION

Dundon Capital Partners LLC is a private investment firm focused on private equity and credit investments across a range of industries. Dundon focuses on control venture and private equity transactions with cash-flow oriented companies, as well as other debt, equity, and structured investments with attractive risk-adjusted returns. Dundon Capital was formed in 2015 and is based in Dallas, Texas.


DEAL STATS #
Overall 3 of 3
Sector (Consumer Services) 1 of 1
Type (Special Situations/Distressed) 1 of 1
State (Florida) 1 of 1
Country (United States) 3 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-28 Employer Direct Healthcare

Dallas, Texas, United States

Employer Direct Healthcare is a provider of a surgical benefit solution for large self-funded employers and their members through its core product, SurgeryPlus. Employer Direct Healthcare was founded in 2011 and is based in Dallas, Texas.

Sell -