MSD Capital Mergers and Acquisitions Summary

Family Office Profile

In the last 3 years, MSD Capital has invested in 1 company.

MSD Capital’s most common sectors for investment aremedia (13%) and business services (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (32%) and secondary buyout (19%). In total, MSD Capital has invested in 12 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Transaction Network Services for $862M.

The Firm’s most common exit type is trade sale (40%). MSD Capital’s largest (disclosed) exit occurred in 2015 when it sold OneWest Bank for $3.4B.

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M&A Summary

  • M&A Total Activity26
    • M&A Buy Activity16
    • M&A Sell Activity10
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 15
  • M&A Advisors 3

MSD Capital LP

1 Vanderbilt Avenue 26th Floor,
New York, New York 10017
United States
(212) 303-1650
www.msdcapital.com
investments@msdcapital.com

MSD Capital is the private investment vehicle for Michael Dell, founder of Dell Computers. The Firm targets investment opportunities across the US and internationally and is split into several groups. These include Public Equity, Special Opportunities, Private Equity, Real Estate, and Partnerships. The Private Equity group targets transactions that include leveraged and management buyouts, take privates, mezzanine debt and other structured investments, PIPEs and growth equity financings, platform acquisitions and roll-ups, and partnerships with other financial sponsors. MSD looks to commit $100 to $250 million per transaction and prefers investments in non-technology companies. MSD Capital was formed in 1998 and maintains offices in New York City; Santa Monica, California; and London.


Investment Criteria

Sectors of Interest: Business Services, Distribution, Financial Services, Forest Products, Healthcare Services

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

Geographic Preferences: East US, Midwest US, South US, West US, Western Europe, Eastern Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 250
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.8/yr) # 12 3 - 1 - - 16
vol $862M $862M
Sell (0.6/yr) # 7 3 - - - - 10
vol $3.4B $3.4B
  26

Most Recent M&A

Company Date Value Type
National Amusements, Inc. 2023-05-25 - Growth Capital
Norwood, Massachusetts · www.nationalamusements.com
Formagrid, Inc. 2021-12-13 - Venture
San Francisco, California · www.airtable.com
West Monroe Partners LLC 2021-11-10 - Stake Purchase
Chicago, Illinois · www.westmonroe.com
Transaction Network Services, Inc. 2021-06-01 - Add-on Acquisition
Reston, Virginia · www.tnsi.com
Endeavor Group Holdings, Inc. 2021-04-29 - IPO
Beverly Hills, California · www.endeavorco.com
Woolpert, Inc. 2021-04-09 - Secondary Buyout
Dayton, Ohio · www.woolpert.com
Hayward Industries, Inc. 2021-03-11 - IPO
Charlotte, North Carolina · www.hayward-pool.com
WIRB-Copernicus Group, Inc. 2019-11-14 - Recapitalization
Princeton, New Jersey · www.wcgclinical.com
DentalOne Partners 2019-10-21 - Add-on Acquisition
Plano, Texas · www.dentalonepartners.com
Endries International, Inc. 2018-12-11 - Secondary Buyout
Brillion, Wisconsin · www.endries.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (17%) - 2 (13%) -
Distribution 1 (17%) - 2 (13%) -
Media 1 (17%) - 2 (13%) -
Communications - - 1 (6%) 862M (100%)
Aerospace - - 1 (6%) -
Engineering 1 (17%) - 1 (6%) -
Financial Services - - 1 (6%) -
Forest Products - - 1 (6%) -
Healthcare Services - - 1 (6%) -
Information Services - - 1 (6%) -
Information Technology 1 (17%) - 1 (6%) -
Machinery - - 1 (6%) -
Plastics 1 (17%) - 1 (6%) -
Total 6 - 16 $862M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (100%) - 15 (94%) 862M (100%)
  California 1 (17%) - 4 (25%) -
  Wisconsin 1 (17%) - 1 (6%) -
  Tennessee 1 (17%) - 1 (6%) -
  Ohio 1 (17%) - 1 (6%) -
  Massachusetts 1 (17%) - 1 (6%) -
  Illinois 1 (17%) - 1 (6%) -
  Virginia - - 1 (6%) 862M (100%)
  Texas - - 1 (6%) -
  North Carolina - - 1 (6%) -
  New York - - 1 (6%) -
  New Jersey - - 1 (6%) -
  Connecticut - - 1 (6%) -
Ireland - - 1 (6%) -
Domestic 6 (100%) - 15 (94%) 862M (100%)
Cross-border - - 1 (6%) -
Total 6 - 16 $862M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 1 (17%) - 5 (31%) -
Secondary Buyout 2 (33%) - 3 (19%) -
Growth Capital 1 (17%) - 2 (13%) -
Stake Purchase 1 (17%) - 2 (13%) -
Going Private - - 1 (6%) 862M (100%)
Joint Venture - - 1 (6%) -
Recapitalization - - 1 (6%) -
Venture 1 (17%) - 1 (6%) -
Total 6 - 16 $862M

Exits by Deal Type

Type Total # Value
Trade Sale 4 (40%) -
IPO 2 (20%) -
Trade Sale - Public Company 1 (10%) 3.4B (100%)
Bankruptcy 1 (10%) -
Merger 1 (10%) -
Recapitalization 1 (10%) -
Total 10 $3.4B

Top M&A Advisors

Financial Deals
Houlihan Lokey
 1
Bank of America Merrill Lynch (BofA Securities)
 1
Legal Deals
Dechert LLP
 2

Deal Values

buy # Total
$100M to $1B 1 $862M
TOTAL $862M
Largest Transaction Network Services, Inc.
$862M (2012-12-11)
sell # Total
> $1B 1 $3.4B
TOTAL $3.4B
Largest OneWest Bank
$3.4B (2015-08-03)

M&A Connections

Deals
Acquired from
Investor(s)
13%
2 (13%)
Exited to
Investor(s)
10%
1 (10%)
Strategic(s)
50%
5 (50%)

Investor Summary

Investor Type

Family Office

Size

Mega

PE Assets

16.0B USD

Established

1998

Specialist/Generalist

Generalist

Leadership

Gregg Lemkau

CEO

John Phelan

Co-Founder & Chairman Emeritus

Coburn Packard

Partner

Marcello Liguori

Partner

Robert Platek

Partner

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