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Leonard Green & Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Leonard Green & Partners has acquired 9 companies. It has also invested in 2 others.

Leonard Green & Partners’ most common sectors for investment areretail (19%) and healthcare services (11%) . The Firm’s most common investment types include secondary buyout (46%) and going private (14%). In total, Leonard Green & Partners has invested in 29 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired IMS Health Holdings for $5.2B.

In the last 3 years, Leonard Green & Partners has exited 2 companies. The Firm’s most common exit type is secondary buyout (34%). Leonard Green & Partners’ largest (disclosed) exit occurred in 2024 when it sold SRS Distribution for $18.3B.

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M&A Summary

  • M&A Total Activity155
    • M&A Buy Activity104
    • M&A Sell Activity51
  • Total Sectors Invested 37
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 48
  • M&A Advisors 24

Leonard Green & Partners

Leonard Green & Partners, L.P.

11111 Santa Monica Blvd., Suite 2000,
Los Angeles, California 90025
United States
(310) 954-0444
www.leonardgreen.com

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Engineering, Financial Services, Healthcare Services, Leisure, Life Science, Manufacturing, Media, Publishing, Restaurants, Retail, Semiconductors

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 500 5,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (3.6/yr) # 86 7 3 4 3 1 104
vol $44.0B $4.8B $48.8B
Sell (2.2/yr) # 43 9 - - 2 - 54
vol $27.3B $18.3B $45.6B
  158

Most Recent M&A

Company Date Value Type
Crunch Holdings LLC 2025-04-15 - Secondary Buyout
New York, New York · www.crunch.com
Eyemart Express LLC 2024-10-09 - Trade Sale
Farmers Branch, Texas · www.eyemartexpress.com
GeoStabilization International LLC 2024-09-26 - Secondary Buyout
Commerce City, Colorado · www.geostabilization.com
DuraServ Corp. 2024-08-02 - Buyout (LBO, MBO, MBI)
Carrollton, Texas · www.duraservcorp.com
MedVet LLC 2024-06-28 - Stake Purchase
Worthington, Ohio · www.medvet.com
SRS Distribution, Inc. 2024-03-28 18.3B USD Trade Sale
McKinney, Texas · www.srsdistribution.com
IRIS Software Group Ltd. 2023-12-23 4.8B GBP Secondary Buyout
Slough, United Kingdom · www.iris.co.uk
TenCate Grass Holding B.V. 2023-12-22 - Secondary Buyout
Nijverdal, Netherlands · www.tencategrass.com
Parts Town LLC 2023-11-03 - Recapitalization
Addison, Illinois · www.partstown.com
I.M.A. Industria Macchine Automatiche S.p.A 2023-07-31 - Stake Purchase
Ozzano dell'Emilia, Italy · www.ima.it
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
TenCate Grass Holding B.V. 2023-12-22 Sport & Leisure Group NV 2025-06-05 3
Nijverdal, Netherlands · www.tencategrass.com Sint-Niklaas, Belgium · www.slgroup.be
eCommerce Industries, Inc. 2020-11-19 Davisware, Inc. 2025-04-15 9
Fort Worth, Texas · www.ecisolutions.com Woodstock, Illinois · www.davisware.com
WIRB-Copernicus Group, Inc. 2019-11-14 WIRB-Copernicus Group - eCOA Business 2025-03-10 1
Princeton, New Jersey · www.wcgclinical.com Princeton, New Jersey
IRIS Software Group Ltd. 2023-12-23 Dext Software Ltd. 2024-12-03 2
Slough, United Kingdom · www.iris.co.uk London, United Kingdom · www.dext.com
WellSky Corp. 2016-12-20 Bonafide Medical Group LLC 2024-10-25 14
Overland Park, Kansas · www.wellsky.com Thousand Oaks, California · www.bonafide.com
WIRB-Copernicus Group, Inc. 2019-11-14 Educational Measures LLC 2024-08-05 5
Princeton, New Jersey · www.wcgclinical.com Greenwood Village, Colorado · www.arraylive.com
IRIS Software Group Ltd. 2023-12-23 SwipeClock LLC 2024-05-15 1
Slough, United Kingdom · www.iris.co.uk South Jordan, Utah · www.swipeclock.com
Pace Analytical Services LLC 2022-01-11 Whitehouse Analytical Laboratories 2024-03-14 1
Minneapolis, Minnesota · www.pacelabs.com Lebanon, New Jersey · www.whitehouselabs.com
WellSky Corp. 2016-12-20 The Corridor Group, Inc. 2023-10-12 13
Overland Park, Kansas · www.wellsky.com Overland Park, Kansas · www.corridorgroup.com
Service Logic LLC 2020-11-02 Indoor Environmental Services 2023-01-11 2
Charlotte, North Carolina · www.servicelogic.com Sacramento, California · www.ies-hvac.com

M&A by Sector

Sector Current # Value All-time # Value
Retail 2 (4%) - 19 (18%) 13.5B (28%)
Healthcare Services 6 (13%) - 11 (11%) 911M (2%)
Business Services 6 (13%) - 9 (9%) 1.8B (4%)
Consumer Services 4 (9%) 924M (13%) 7 (7%) 4.9B (10%)
Information Technology 1 (2%) - 5 (5%) 5.2B (11%)
Information Services 2 (4%) - 4 (4%) 2.2B (5%)
Software 2 (4%) 4.8B (67%) 3 (3%) 5.4B (11%)
Distribution 1 (2%) - 3 (3%) 3.2B (7%)
Consumer Products 2 (4%) - 3 (3%) 131M (< 1%)
Automotive 2 (4%) - 3 (3%) -
Restaurants 2 (4%) - 3 (3%) -
Apparel/Textiles - - 2 (2%) 3.2B (7%)
Packaging 1 (2%) - 2 (2%) 830M (2%)
Aerospace - - 2 (2%) -
Construction 2 (4%) - 2 (2%) -
Leisure 1 (2%) - 2 (2%) -
Manufacturing 1 (2%) - 2 (2%) -
Safety/Security 1 (2%) - 2 (2%) -
Staffing 2 (4%) - 2 (2%) -
Education - - 1 (1%) 3.5B (7%)
Plastics 1 (2%) 1.5B (21%) 1 (1%) 1.5B (3%)
E-Commerce - - 1 (1%) 420M (1%)
Medical Products - - 1 (1%) 251M (1%)
Financial Services - - 1 (1%) 177M (< 1%)
Electrical Equipment 1 (2%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering 1 (2%) - 1 (1%) -
Environmental 1 (2%) - 1 (1%) -
Franchising 1 (2%) - 1 (1%) -
Gaming - - 1 (1%) -
Internet Software and Services 1 (2%) - 1 (1%) -
Machinery 1 (2%) - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Semiconductors - - 1 (1%) -
Test/Measurement Equipment 1 (2%) - 1 (1%) -
Utilities - - 1 (1%) -
Total 46 $7.3B 104 $47.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 41 (89%) 1.5B (21%) 96 (92%) 43.0B (88%)
  Texas 8 (17%) - 17 (16%) 8.5B (17%)
  California 2 (4%) - 11 (11%) 2.4B (5%)
  New York 5 (11%) - 8 (8%) -
  Illinois 4 (9%) - 8 (8%) 1.5B (3%)
  Georgia 2 (4%) - 5 (5%) 2.4B (5%)
  Arizona 2 (4%) - 4 (4%) -
  Pennsylvania 1 (2%) - 4 (4%) 1.6B (3%)
  Virginia - - 4 (4%) 6.5B (13%)
  Colorado 2 (4%) - 3 (3%) 1.4B (3%)
  Florida 1 (2%) - 3 (3%) -
  Tennessee 2 (4%) - 2 (2%) -
  Kansas 2 (4%) - 2 (2%) -
  Connecticut 1 (2%) - 2 (2%) 5.2B (11%)
  Minnesota 1 (2%) - 2 (2%) 4.0B (8%)
  Massachusetts 1 (2%) - 2 (2%) 2.8B (6%)
  Ohio 1 (2%) - 2 (2%) 1.6B (3%)
  Nebraska 1 (2%) - 2 (2%) 830M (2%)
  Iowa - - 2 (2%) 1.0B (2%)
  Missouri - - 2 (2%) -
  Indiana - - 2 (2%) -
  Wisconsin 1 (2%) 1.5B (21%) 1 (1%) 1.5B (3%)
  Utah 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  New Jersey 1 (2%) - 1 (1%) -
  Kentucky 1 (2%) - 1 (1%) -
  Washington - - 1 (1%) 1.6B (3%)
  Oregon - - 1 (1%) 177M (< 1%)
  Nevada - - 1 (1%) -
  Louisiana - - 1 (1%) -
United Kingdom 2 (4%) 5.8B (79%) 2 (2%) 5.8B (12%)
Italy 1 (2%) - 1 (1%) -
Bermuda 1 (2%) - 1 (1%) -
Netherlands 1 (2%) - 1 (1%) -
India - - 1 (1%) -
Channel Islands - - 1 (1%) -
Israel - - 1 (1%) -
Domestic 41 (89%) 1.5B (21%) 96 (92%) 43.0B (88%)
Cross-border 5 (11%) 5.8B (79%) 8 (8%) 5.8B (12%)
Total 46 $7.3B 104 $48.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 30 (65%) 7.3B (100%) 47 (45%) 17.1B (35%)
Going Private - - 14 (13%) 27.7B (57%)
Buyout (LBO, MBO, MBI) 3 (7%) - 12 (12%) 371M (1%)
Stake Purchase 5 (11%) - 9 (9%) -
Recapitalization 4 (9%) - 8 (8%) 2.4B (5%)
Growth Capital 3 (7%) - 5 (5%) -
Divestiture 1 (2%) - 4 (4%) 975M (2%)
PIPE - - 3 (3%) 177M (< 1%)
Add-on Acquisition - - 1 (1%) -
Joint Venture - - 1 (1%) -
Total 46 $7.3B 104 $48.8B

Exits by Deal Type

Type Total # Value
Secondary Sale 18 (33%) 13.6B (30%)
IPO 12 (22%) 10.5B (23%)
Trade Sale - Public Company 5 (9%) 20.7B (45%)
Trade Sale 5 (9%) 509M (1%)
Sold to Existing Investors 3 (6%) -
SPAC 3 (6%) -
Recapitalization 2 (4%) 300M (1%)
Bankruptcy 2 (4%) -
Stake Sale 2 (4%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Total 54 $45.6B

Top M&A Advisors

Financial Deals
BofA Securities
 7
Barclays Investment Bank
 4
Deutsche Bank Corporate & Investment Banking
 4
Legal Deals
Latham & Watkins
 28
Squire Sanders
 1
Kirkland & Ellis
 1

Deal Values

buy # Total
> $1B 15 $42.5B
$100M to $1B 13 $6.3B
TOTAL $48.8B
Largest IMS Health Holdings, Inc.
$5.2B (2009-11-05)
sell # Total
> $1B 7 $43.1B
$100M to $1B 6 $2.5B
TOTAL $45.6B
Largest SRS Distribution, Inc.
$18.3B (2024-03-28)

M&A Connections

Deals
Acquired from
Investor(s)
54%
56 (54%)
Strategic(s)
3%
3 (3%)
Exited to
Investor(s)
37%
20 (37%)
Strategic(s)
24%
13 (24%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

75.0B USD

Established

1989

Specialist/Generalist

Generalist

Leadership

John Danhakl

Managing Partner

Jonathan Sokoloff

Managing Partner

John Baumer

Senior Partner

Lance Schumacher

Head of Tax

Alyse Wagner

Partner

FAQ

When was Leonard Green & Partners founded?

Leonard Green & Partners was founded in 1989.

What type of investor is Leonard Green & Partners?

Leonard Green & Partners is a private equity firm.

Where is Leonard Green & Partners headquartered?

Leonard Green & Partners is headquartered in Los Angeles, California.

How much capital does Leonard Green & Partners have under management?

Leonard Green & Partners has 75.0B USD under management.

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