Since the start of 2015, no investor has been more prolific than KKR when it comes to private equity deals. The firm has completed 280 transactions over that span, according to the PitchBook Platform, outpacing Blackstone, The Carlyle Group and every other one of its rivals.
As KKR's latest spate of deals reveals, that level of activity is sure to lead to a diverse portfolio.
First, KKR portfolio company SMCP, a Parisian retailer of apparel and accessories that owns the Sandro, Maje and Claudie Pierlot fashion brands, has announced plans to conduct an IPO in Paris that could reportedly value the business at €2.2 billion. KKR would exit its full 10% stake in SMCP in the deal; the firm acquired SMCP in 2013 and sold a majority stake in the business to Shandong Ruyi Technology last year.
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Separately, KKR has closed its previously announced takeover of Covenant Surgical Partners, an owner and operator of surgery centers focused on endoscopy and ophthalmology. The company was previously owned by DFW Capital Partners since 2013.
And in yet another deal, Accel-KKR has completed a management buyout of Reapit, a provider of real estate software operating mainly in the UK and Australia. While Accel-KKR now operates independently from both its former parent firms, the deal is still indicative of the broad scope of sectors in which KKR and its offshoots are active.
In fact, KKR's dealmaking is more diverse than that of the PE industry as a whole. First, here's a sector-by-sector breakdown of the buyout giant's transactions dating back to the beginning of 2015:
And to compare, here's a sector-by-sector look at all global PE activity over the same span:
As you can see, globally speaking, the B2B space has accounted for the vast plurality of deals in the past three years, with three sectors staking claim to more than 12% of transactions each. At KKR, the share of B2B deals is substantially lower, with five different sectors claiming a share of at least 12%.
PitchBook subscribers can take a closer look at KKR's recent deals.
Article by Kevin Dowd, PitchBook