M&A Deal Summary

Zimmer Biomet Holdings Acquires Biomet

On April 24, 2014, Zimmer Biomet Holdings acquired medical products company Biomet from KKR, The Blackstone Group, Pamlico Capital, TPG and Goldman Sachs Merchant Banking for 13.4B USD

Acquisition Highlights
  • This is Zimmer Biomet Holdings’ 10th transaction in the Medical Products sector.
  • This is Zimmer Biomet Holdings’ largest (disclosed) transaction.
  • This is Zimmer Biomet Holdings’ 8th transaction in the United States.
  • This is Zimmer Biomet Holdings’ 1st transaction in Indiana.

M&A Deal Summary

Date 2014-04-24
Target Biomet
Sector Medical Products
Buyer(s) Zimmer Biomet Holdings
Sellers(s) KKR
The Blackstone Group
Pamlico Capital
TPG
Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Deal Value 13.4B USD
Advisor(s) BofA Securities
Goldman Sachs (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

Biomet

Warsaw, Indiana, United States
website
Biomet, Inc. is a designs and manufactures orthopedic medical devices and other products used primarily by surgeons and medical specialists, with distribution in over 70 countries and a product portfolio that encompasses orthopedic joint replacement products, dental reconstructive implants, fixation devices, spinal products and other applications.

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Buyer(S) 1

Buyer

Zimmer Biomet Holdings

Warsaw, Indiana, United States

website


Category Company
Founded 1927
Sector Medical Products
Employees20,000
Revenue 7.0B USD (2020)
DESCRIPTION

Zimmer Biomet Holdings is a designer, developer, manufacturer of orthopaedic reconstructive, spinal and trauma devices, dental implants, and related orthopaedic surgical products. Zimmer Biomet Holdings was founded in 1927 and is based in Warsaw, Indiana.


DEAL STATS #
Overall 14 of 24
Sector (Medical Products) 10 of 16
Type (Add-on Acquisition) 12 of 21
State (Indiana) 1 of 1
Country (United States) 8 of 16
Year (2014) 1 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-01 Lanx

Broomfield, Colorado, United States

Lanx is a medical device company that develops and markets innovative surgical implants and biological products for use in spinal surgery. Lanx was founded in 2003 and is based in Broomfield, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 ETEX Holdings

Cambridge, Massachusetts, United States

ETEX Holdings, Inc. is a provider of bioresorbable bone substitute materials. ETEX develops, manufactures and commercializes calcium phosphate-based biomaterials for improved orthopedic clinical outcomes.

Buy -

Seller(S) 5

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B 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 53 of 173
Sector (Medical Products) 1 of 4
Type (Add-on Acquisition) 17 of 61
State (Indiana) 2 of 2
Country (United States) 26 of 81
Year (2014) 7 of 17
Size (of disclosed) 1 of 38
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-21 Sunrise Senior Living

McLean, Virginia, United States

Sunrise Senior Living, Inc. offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-29 Energy Future Holdings

Dallas, Texas, United States

Energy Future Holdings Corp., formerly TXU Corp., is a Dallas-based, privately held energy company with a portfolio of competitive and regulated energy companies. These businesses serve the high-growth Texas electricity market, which is one of world's largest and among the nation's most successful competitive markets.

Sell -
SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 84 of 170
Sector (Medical Products) 2 of 3
Type (Add-on Acquisition) 31 of 66
State (Indiana) 2 of 3
Country (United States) 57 of 102
Year (2014) 1 of 7
Size (of disclosed) 3 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-27 Global Water Development Partners

New York, New York, United States

Global Water Development Partners is a water-investment and development platform owned by Blackstone on behalf of its investors. Global Water Development Partners is based in New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-02 Cloud Theory

New York, New York, United States

Cloud Theory is a technology firm specializing in cloud-based client-facing solutions, with significant expertise in financial services. Cloud Theory provides enterprise level consulting and delivery services in the following areas: develop strategic roadmaps, optimize business processes, engineer custom Salesforce-based solutions and provide ongoing managed services to support the full lifecycle of a firm’s interaction with their clients.

Buy -
SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 31 of 61
Sector (Medical Products) 3 of 3
Type (Add-on Acquisition) 14 of 32
State (Indiana) 1 of 2
Country (United States) 30 of 59
Year (2014) 3 of 5
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-17 Grupo Corporativo ONO S.A.

Madrid, Spain

Grupo Corporativo ONO S.A. is a broadband service provider. It offers direct access telephony, pay television and internet access services to the residential market where, ONO offers advanced voice, data and value-added services across its own high capacity local access and national backbone networks.

Sell €7.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-22 DayNine Consulting

Pleasanton, California, United States

DayNine Consulting, Inc. is a workday consulting and implementation partner, assisting enterprise clients with the deployment and optimization of the Workday human capital management, payroll, financial management, and recruiting SaaS solutions. DayNine serves clients across a wide range of industries including consumer goods, healthcare providers, pharmaceuticals, financial services, and communications, media and technology.

Buy -
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 124 of 245
Sector (Medical Products) 7 of 10
Type (Add-on Acquisition) 50 of 89
State (Indiana) 3 of 3
Country (United States) 91 of 182
Year (2014) 9 of 20
Size (of disclosed) 2 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Sabre

Southlake, Texas, United States

Sabre is a technology software provider to the travel and tourism industry. Sabre's software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management. Sabre was formed in 2006 and is based in Southlake, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-29 Energy Future Holdings

Dallas, Texas, United States

Energy Future Holdings Corp., formerly TXU Corp., is a Dallas-based, privately held energy company with a portfolio of competitive and regulated energy companies. These businesses serve the high-growth Texas electricity market, which is one of world's largest and among the nation's most successful competitive markets.

Sell -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 49 of 109
Sector (Medical Products) 3 of 3
Type (Add-on Acquisition) 12 of 37
State (Indiana) 2 of 2
Country (United States) 36 of 77
Year (2014) 4 of 10
Size (of disclosed) 2 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Michael Foods

Minnetonka, Minnesota, United States

Michael Foods is a producer of value-added food products and service solutions to customers across the foodservice, retail and food ingredient channels. It holds market positions in attractive categories including value-added egg products, refrigerated potato products and cheese and other dairy case products.

Sell $2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-29 Energy Future Holdings

Dallas, Texas, United States

Energy Future Holdings Corp., formerly TXU Corp., is a Dallas-based, privately held energy company with a portfolio of competitive and regulated energy companies. These businesses serve the high-growth Texas electricity market, which is one of world's largest and among the nation's most successful competitive markets.

Sell -