Hellman & Friedman Capital Partners XI (HFCP XI)（約220億ドル（報道ベース）・2024）
Hellman & Friedman Capital Partners X (HFCP X)（244億ドル・2021）
投資先（ポートフォリオ）
84 件
投資先
国
業種
投資時期
Exit時期
投資期間
状態
案件タイプ
アブラ・オート・ボディ・アンド・グラス
北米
消費財・小売（消費者向けサービス）
2014
非開示
非開示
Exit済
非開示
事業概要（公式）
In 2014, H&F acquired ABRA, a leading multi-state operator (“MSO”) of auto body and glass repair centers. ABRA provided repair solutions that enabled its insurance company partners to improve customer satisfaction and drive policyholder retention while also reducing repair costs in the claims process. In 2019, H&F acquired Caliber Collision and merged it with ABRA.
In 2020, H&F made a minority investment in Action. Established in 1993, Benelux-based Action is a leading non-food discount retailer in Europe. Large-scale procurement, flexible assortment, optimal distribution, and a cost-conscious corporate culture ensure very low prices.
In 2006, H&F acquired Activant Solutions, a leading provider of specialized software, services, and information for distribution businesses and their customers. The Company was comprised of three primary segments: the Hardlines, the Wholesale Distribution segment, and the Autoparts Aftermarket segment. Activant Solutions was sold and combined with Epicor Software Corporation in 2011.
In 1996, H&F invested in Advanstar, a leading provider of integrated business-to-business marketing communications solutions. Advanstar was sold in 2000.
In 2006, H&F led a recapitalization of AlixPartners, a global consulting and business advisory firm with services ranging from performance improvement, turnaround and restructuring, litigation advisory and information management. AlixPartners was sold in 2012.
In 2017, H&F acquired Allfunds, a leading European business-to-business (“B2B”) mutual fund distribution platform. The Company serves as a global marketplace, helping financial institutions gain access to third-party mutual funds and ETFs for their end customers.
In 2014, H&F acquired Applied Systems, a leading provider of insurance software, including Broker Management Software and data exchange between agencies, brokerages, carriers, and their clients. The Company’s software automates property and casualty insurance transactions for customers throughout the P&C insurance distribution channel.
In 2001, H&F co-led a recapitalization of Arch Capital, a publicly traded reinsurance and insurance company based in Bermuda. H&F fully exited its investment in Arch Capital in 2007.
In 2006, H&F invested in Artisan Partners, a global investment management firm providing a broad range of high-value-added investment strategies. Artisan completed its initial public offering in 2013 and H&F fully exited its investment in 2014.
In 2010, H&F acquired Associated Materials, a vertically integrated manufacturer and distributor of exterior residential building products in North America. Associated Materials distributed its products on a wholesale basis through an extensive dual distribution network located throughout the United States and Canada. Associated Materials was fully exited in 2020.
In 2021, H&F acquired At Home, a leading value retailer of home décor products with a broad selection at everyday low prices. At Home’s assortment includes textiles, housewares, garden, wall décor, and furniture, among others, and the majority of its products are unbranded, private label or specifically designed for At Home. The Company’s unique merchandising strategy allows it to rapidly identify trends and engineer products to provide desirable aesthetics at attractive price points. At Home was fully exited in 2025.
In 2022, H&F acquired athenahealth, a leading provider of cloud-based enterprise software solutions for medical groups in the United States. The Company partners with ambulatory care providers to support the delivery of leading clinical and financial outcomes. athenahealth’s solutions, including electronic health records, revenue cycle management, telehealth, payments and patient engagement tools, enable its customers to increase clinical efficiency, optimize financial performance, improve patient care outcomes, and support providers in accelerating their shift toward value-based care.
In 2020, H&F made an investment in AutoScout24, a leading European digital car classifieds business based in Munich, Germany. AutoScout24 connects car dealers and private sellers with consumers looking to buy and finance a used or new car.
In 2003, H&F partnered with the Springer family to acquire an interest in Axel Springer AG, Germany’s largest publisher of newspapers and second largest publisher of magazines. H&F fully exited its investment in Axel Springer in 2010.
In 2024, H&F made an investment in Baker Tilly, a leading US Advisory CPA firm, performing audit, tax and advisory services, and primarily serving middle market clients. Baker Tilly will operate under an alternative practice structure pursuant to which H&F will not have an equity interest in the audit and attest services business of Baker Tilly.
In 2021, H&F made a minority investment in Belron. Founded in South Africa, Belron is a leading global vehicle glass repair & replacement provider. Belron serves customers globally, operating mainly through the Safelite (USA) and Carglass (Central Europe) brands.
In 1999, H&F acquired Blackbaud, a leading provider of software and related services designed specifically for nonprofit organizations, selling mission-critical fundraising, accounting and school administration software and services. Blackbaud completed its initial public offering in 2004 and H&F fully exited its investment in 2006.
Caliber Collision is a leading multi-site operator (“MSO”) of auto body collision repair centers in the United States with a nationwide footprint. Caliber provides repair solutions that enable its insurance company partners to improve customer satisfaction and drive policyholder retention while also reducing repair costs in the claims process. In 2019, H&F acquired Caliber Collision and merged it with ABRA Auto Body & Glass, LP, an investment made in 2014.
In 2013, H&F made an investment in CarProof, a leading provider of vehicle history reports (“VHRs”) in Canada. CarProof was founded in 2000 to increase transparency, trust, and efficiency in the purchase of used cars. CarProof was sold to IHS in 2015.
In 2007, in a take-private transaction, H&F acquired Catalina, a provider of consumer-driven marketing solutions for the world’s leading CPG retailers and brands. H&F sold a majority stake in 2014 and fully exited its investment in 2019.
In 2008, H&F invested in Change Healthcare (previously called Emdeon), a leading provider of revenue and payment cycle management and clinical information exchange solutions. Change Healthcare’s product and service offerings integrated and automated key business and administrative functions for healthcare payers and providers throughout the patient encounter. Change Healthcare was fully exited in 2020.
In 2020, H&F acquired Checkmarx, a market leader in the Application Security Testing market. Founded in 2006 and based in Israel, Checkmarx has a portfolio of products that enable developers and security professionals to identify software vulnerabilities during the development process.
Circana is a leading provider of market research on durable consumer goods (e.g., consumer electronics, apparel, home appliances, toys, books), foodservice, and consumer packaged goods. Circana collects online and brick-and-mortar point of sale data from retailers, using this data to deliver essential insights to many of the world’s leading consumer companies. In 2021, H&F acquired The NPD Group, a leading provider of market research, and in 2022, merged NPD with Information Resources, Inc. (“IRI”), renaming the combined company Circana. The combination brings together complementary data asset
In 2016, H&F acquired MultiPlan, one of the largest third-party providers of cost-containment solutions to U.S. health plans. In February 2025, MultiPlan rebranded to Claritev. Health insurance companies rely on Claritev as the industry-wide solution for processing and generating savings on claims, primarily those that fall outside insurers’ internal provider networks.
In 2021, H&F acquired Cordis, a leading provider of cardiovascular and endovascular medical devices. Founded in 1966, the Company has a long history of innovation in high-quality and minimally-invasive cardiovascular technology. Its products are primarily used in procedures to diagnose and treat the narrowing or blockage of arteries.
In 2022, H&F made a minority investment in Curriculum Associates. Curriculum Associates is a leading adaptive learning platform for U.S. K-12 schools and districts. Their flagship product, i-Ready, closely integrates learning diagnostics with content, enabling educators to deliver highly tailored instruction to address the diverse needs of students in a classroom. With a broad suite of supplemental, core basal, and formative assessment products, Curriculum Associates has become a well-respected K-12 education company in the North America.
In 1999, H&F made an investment in Digitas, a leading global marketing services organization. Digitas completed its initial public offering in 2000 and H&F fully exited its investment in 2004.
In 2005, in a take-private transaction, H&F acquired DoubleClick, a leading provider of technology and data solutions for advertising agencies, web publishers, marketers, and catalogers to help plan, execute and analyze their marketing programs. DoubleClick was sold to Google in 2008.
Edelman Financial Engines is one of the largest independent investment advisors in America, with a nationwide network of advisors. The company provides holistic, personalized financial planning and advice, offering this service through automated technology-enabled solutions and in-person advice via a financial planner. In 2018, H&F took private Financial Engines and merged it with Edelman Financial, an investment made in 2015.
In 1995, H&F partnered with Karl Eller to acquire Eller Media (formerly known as Patrick Media), one of the largest outdoor advertising companies in the U.S. The Company was sold to Clear Channel Communications in 1997.
Ellucian, a leading global provider of software products and services to higher education institutions, was created in 2012 when H&F acquired SunGard’s higher education division and combined it with Datatel, a 2009 investment. Ellucian was sold in 2015.
In 2021, H&F acquired Enverus, a leading provider of U.S. energy data analytics and software. The Company’s products are used by engineers, executives, investors, and accountants to manage a variety of mission critical workflows in the energy world, including asset valuation, asset development, energy production, ESG compliance, strategic sourcing, and back-office automation.
In 2000, H&F invested in Formula One, the holding company responsible for the commercial development and administration of the FIA Formula One Grand Prix Championship as well as annual Grand Prix races. In the same year, the Company was sold to EM.TV & Merchandising AG.
In 1992, H&F invested in Franklin Resources, one of the then largest mutual fund managers globally, to facilitate its acquisition of Templeton, Galbraith & Hansberger, Ltd. H&F completed the sale of its investment in Franklin Resources in 1997.
In 2006, H&F acquired Gartmore, a London-based leading independent, multi-product asset management firm providing traditional and alternative investment products to retail and institutional investors, from Nationwide Mutual Insurance Company. Gartmore completed its initial public offering on the London Stock Exchange in 2009 and was subsequently acquired by the Henderson Group plc in 2011.
In 2008, H&F invested in Gaztransport & Techigaz (“GTT”), a highly-specialized French marine technology company that designed membrane containment systems for the maritime transportation and storage of liquefied natural gas. GTT completed its initial public offering on the Paris Euronext in 2014 and H&F fully exited its investment in 2015.
In 2016, H&F made an investment in Genesys, a leading provider of customer engagement software to large enterprises around the globe. The Company empowers its customers to create effortless omni-channel customer experiences, journeys, and relationships.
In 2005, H&F co-led the acquisition of GeoVera, a specialty property and casualty insurer and reinsurer providing coverage for clients with significant catastrophe exposures, from St. Paul Travelers. H&F completed the sale of its investment in 2012.
In 2008, in a take-private transaction, H&F acquired Getty Images, a leading creator, aggregator and distributor of visual and multimedia content to creative and communication professionals. Getty Images offered one of the world’s largest marketplaces for distributing, searching, licensing, and managing digital imagery and multimedia. The Company was sold in 2012.
In 2024, H&F invested in Global Music Rights, a Performing Rights Organization (“PRO”) serving top-tier songwriters. As a PRO, GMR collects fees on behalf of songwriters, composers, and music publishers when their music is used by licensees. GMR’s licensees include digital streaming providers, streaming and linear TV providers, satellite and terrestrial radio stations, and live music venues, among others. The Company was founded in 2013 and is headquartered in Los Angeles.
In 2008, in a take-private transaction, H&F acquired Goodman Global, a leading domestic unit manufacturer and distributor of heating, ventilation and air conditioning products for residential and light commercial use. Goodman Global was sold to Daikin Industries, Ltd in 2012.
In 2014, H&F acquired Grocery Outlet, a leading extreme-value retailer with locations across the West Coast and Pennsylvania. Grocery Outlet’s highly differentiated sourcing model – purchasing excess inventory from trusted CPG partners – enabled the company to offer its customers significant savings in a fun, treasure hunt shopping environment. Grocery Outlet completed its initial public offering on the Nasdaq in 2019 and H&F fully exited its investment in 2020.
In 2007, H&F invested in Grosvenor, one of the world’s largest and most diversified independent alternative asset management firms. The Company offered comprehensive public and private markets solutions and a broad suite of investment and advisory choices that spanned hedge funds, private equity, and various credit and specialty strategies. Grosvenor GCM was fully exited in 2020.
In 2013, H&F acquired HUB International, a leading global insurance brokerage providing property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada. The Company is structured around regional hubs, which give its brokers and consultants the flexibility to address local market needs while leveraging the economies of scale, technology, and operating efficiencies associated with a multinational brokerage.
In 2006, H&F co-led the acquisition of Intergraph, a leading provider of spatial information management software and services used by security organizations, businesses, and governments to turn vast amounts of complex data into visual representations, allowing for faster, more effective operational decisions. Intergraph was sold to Hexagon AB in 2010.
In 2010, H&F acquired Internet Brands, a vertically focused online solutions company serving the automotive, health, legal, home and travel verticals. The Company’s portfolio of assets included consumer websites as well as end-to-end web presence offerings. Internet Brands was sold in 2014.
In 2007, H&F acquired two of the UK’s leading vertical application software and services companies and combined them to form IRIS, a leading provider of industry-specific software solutions to accountancy practices, law firms and not-for-profit organizations. The Company was sold in 2011.
In 2005, H&F co-led the acquisition of LPL, the then largest independent brokerage firm in the United States. LPL completed its initial public offering in 2010 and H&F fully exited its investment in 2013.
In 2021, H&F acquired Medline, a vertically integrated manufacturer and distributor of medical surgical products to hospitals, post-acute facilities and physician offices. Medline’s global manufacturing, sourcing and distribution network enables it to partner with healthcare providers globally, delivering products and solutions that reduce costs, increase supply chain efficiency and improve overall quality of care.
In 2025, H&F made an investment in Mehiläinen, a leading healthcare and social care provider in Finland with a fast-growing international presence. Mehiläinen operates with a technology-enabled model and an inhouse developed digital platform that drives superior patient experience and employee productivity.
In 2000, H&F acquired Mitchell, a leading provider of data, software, auto casualty and enterprise claims solutions to the automobile insurance and collision repair industries. Mitchell was sold in 2007.
In 2004, H&F invested alongside management to buy control of Mondrian (formerly, Delaware International Advisors Limited), a London-based value-oriented equity and fixed income money manager, primarily for U.S. institutional clients. H&F completed the sale of its investment in Mondrian in 2011.
In 2001, H&F invested in The Nasdaq Stock Market, one of the world’s leading stock markets. In 2005, H&F supported Nasdaq’s acquisition of INET (the electronic communication network of Instinet) through a follow-on investment. H&F completed the sale of its investment in Nasdaq in 2007.
In 2018, H&F led a take-private transaction of Nets, a leading payments processing utility for the Nordics region. Nets connected banks, businesses, public sector organizations, merchants and consumers through an international network facilitating digital payments. In 2021, H&F completed a merger between Nets and Nexi.
In 2021, H&F completed a merger between Nets, an investment made in 2018 and a leading merchant acquirer and issuing processor in the Nordics, DACH and Poland, and Nexi, a leading payments company providing Merchant Acquiring, Issuer Processing and Digital Payments solutions to a wide range of Italian banks, merchants and consumers. Together, the combined company is one of the largest European payments technology providers connecting banks, businesses, public sector organizations, merchants and consumers through an international network facilitating digital payments.
In 2006, H&F was part of an investor group that acquired The Nielsen Company, a leading global information and measurement company providing clients with an understanding of consumers and their behavior. Nielsen completed its initial public offering in 2011 and H&F fully exited its investment in 2015.
In 2026, H&F made an investment in Ode with Anthropic (“Ode”), a newly formed company focused on AI transformation services, purpose-built to accelerate enterprise AI deployment at scale. Ode brings together senior Anthropic Applied AI leadership and world-class forward deployed engineering talent to deliver high-impact AI transformation programs to enterprises.
In 2011, H&F acquired OpenLink, a leading provider of cross-asset trading and risk management software and services, with particular strength in energy and commodity trading and risk management solutions for energy companies and financial institutions. The Company’s products helped clients manage their front-to-back energy, commodity, and financial instrument trading functions. OpenLink was sold in 2019.
In 2006, H&F was the largest shareholder among an investor group that acquired PARIS RE, a global multi-line property & casualty reinsurer, from its parent AXA Group. In 2007, PARIS RE completed its initial public offering on the Paris Euronext and in 2009, was acquired by PartnerRe, a publicly-traded global multi-line reinsurer. H&F fully exited its investment in 2014.
In 2011, H&F co-led a take-private transaction of PPD, a leading global contract research organization providing drug discovery, development, lifecycle management and laboratory services. PPD applied innovative technologies, therapeutic expertise and a commitment to quality to help clients and partners accelerate the delivery of safe and effective therapeutics and maximize the returns on their R&D investments. PPD was sold to Thermo Fisher in 2021.
In 2020, H&F made an investment in PointClickCare, a leading provider of cloud-based software solutions for the long-term and post-acute care industries. The Company’s software-as-a-service platform provides the core clinical and administrative system of record and a comprehensive suite of workflow management tools for Skilled Nursing, Senior Living and Home Health providers.
In 2003, H&F was part of an investor group that acquired control of ProSiebenSat.1, Germany’s then largest television broadcasting company with four German TV channels. H&F’s investment in ProSiebenSat.1 was sold in 2007.
In 2014, H&F acquired Renaissance Learning, a leading provider of cloud-based assessment, teaching, and learning solutions for K-12 schools and districts. The Company’s software offered proprietary reading quizzes, formative student assessments, and math practice materials. Renaissance was sold in 2018.
In 2024, H&F acquired Safe-Guard, a leading provider of auto warranty products in the U.S. and Canada. The company primarily works with automotive original equipment manufacturers (OEMs) and auto dealers to design and administer protection products sold at auto dealerships.
In 2014, H&F acquired Scout24, a leading European internet company, from its parent Deutsche Telekom. Scout24 operated several classifieds websites in Germany and Western Europe, providing contact leads and additional value-added technology and solutions to real estate agents and auto dealers, as well as directly to consumers. Scout24 completed its initial public offering on the Frankfurt Stock Exchange in 2015 and H&F fully exited its investment in 2018.
In 2010, H&F co-led the acquisition of Sedgwick, a leading provider of innovative claims and productivity management solutions delivering cost-effective claims administration, medical management, risk consulting and related services to clients in the U.S. and Canada. H&F completed the sale of its investment in 2014.
In 2007, H&F acquired Sheridan Healthcare, a leading provider of physician services to hospitals, ambulatory surgery centers, and other healthcare facilities, primarily in the areas of anesthesiology, neonatology, emergency medicine and radiology. Sheridan Healthcare was sold to AmSurg Corporation in 2014.
In 2018, H&F acquired SimpliSafe, a leading provider of residential monitored security solutions. The company’s proprietary security systems are sold to consumers on a “DIY” installation basis, offering customers a full range of features including intrusion and fire detection, video and smart home integration.
In 2017, H&F acquired Snap One, a leading eCommerce provider in the connected home sector. The Company sells proprietary-branded audio/video (“AV”), security, networking, and automation products to residential and commercial AV dealers. These dealers sell, install, and integrate Snap One’s products for consumers as part of a custom home solution. SnapOne was acquired by Resideo Technologies in 2024.
In 2022, H&F made a minority investment in Splunk (NASDAQ: SPLK). Splunk is a leading enterprise data platform for cybersecurity and observability solutions. Customers use Splunk to ingest data across increasingly complex and disparate IT environments to monitor and respond to Cybersecurity threats and IT and Developer requirements. Splunk was acquired by Cisco Systems, Inc. in 2024.
公式の業種分類
Technology
Exit方法
戦略的売却（Ciscoによる買収）
売却先
Cisco Systems, Inc.
状況補足
公式表記: Past
補足
H&F公式個別ページに『Splunk was acquired by Cisco Systems, Inc. in 2024』と明記。Cisco公式が2024-03-18に買収完了を発表（exit_dateはこの買収完了月。H&F自身の持分売却日は公式に記載なし）。
In 2020, H&F made an investment in Sprinklr, a leading provider in the Customer Experience Management (“CXM”) category. The Company’s software allows modern enterprises to create and manage digital content, analyze customer sentiment, and offer customer service across a wide array of social and messaging channels.
In 2008, H&F acquired SSP, a leading UK provider of mission critical IT systems and business services to the general insurance industry with a focus on insurance brokers and general insurance carriers. SSP was sold in 2015.
In 2016, H&F acquired TeamSystem, a leading provider of accounting, payroll, and business management software for accountants and small and medium-sized enterprises in Italy. The Company offers a broad range of mission-critical, on-premise and cloud solutions to a diversified base of its customers.
In 2004, H&F was part of an investor group that acquired Texas Genco, one of the then largest power generation companies in the United States, operating a diverse fleet of generating assets in Texas. Texas Genco was sold to NRG Energy in 2006.
UKG (Ultimate Kronos Group) is a leading global provider of HCM, payroll, HR service delivery and workforce management solutions to tens of thousands of organizations across the world. In 2020, H&F merged Ultimate Software, an investment made in 2019, with Kronos Incorporated, an investment made in 2007.
In 2020, H&F invested in Vantage, a newly formed Bermuda-based commercial property & casualty insurance carrier. The company utilizes technology and analytics to efficiently underwrite business in attractive segments of the commercial insurance market.
In 2011, H&F co-led the acquisition of Verisure (Securitas Direct), and, in 2015, became the majority shareholder after acquiring our co-investor’s stake. In 2025, Verisure successfully completed its initial public offering (IPO) on Nasdaq Stockholm, with H&F maintaining its majority share in the business. Verisure is a technology-enabled human services company and a leading provider of professionally monitored alarm systems to residential homes and small businesses in Europe and Latin America. Through its proprietary, industry-leading technology platform, Verisure ensures customer peace of mi
In 2004, H&F acquired Vertafore, a leading provider of specialized software, services and information for the property and casualty insurance industry, including independent agents, brokers, carriers and reinsurers. Vertafore was sold in 2010.
In 2009, H&F acquired Web Reservations (“WRI”), a leading provider of online booking solutions for budget accommodations with a focus on the hostel segment. WRI completed its initial public offering on the London Stock Exchange (with a secondary listing on the Irish Stock Exchange) in 2015 and H&F fully exited its investment in 2016.
In 2012, H&F acquired Wood Mackenzie, a leading global energy and metals industry research and consultancy firm based in Scotland. Wood Mackenzie was sold to Verisk Analytics in 2015.
In 1996, H&F invested as part of a recapitalization in Young & Rubicam (“Y&R”), one of the world’s then largest integrated marketing and communications companies. Y&R completed its initial public offering in 1998 and H&F fully exited its investment in 1999.
In 2022, H&F acquired Zendesk, a leading provider of customer experience software that enables businesses to connect with customers across multiple interaction channels including telephony, chat, email, messaging, social channels, communities, review sites, and help centers. The company’s software serves as a mission-critical system of both record and engagement for customer inquiries, connecting brands with customers worldwide.
In 2021, H&F made an investment in zooplus, a leading online retailer for pet supplies in Europe. Originally founded in Germany, the company operates across Europe and sells products under the shop brands of “zooplus” and “bitiba”. zooplus’ product range includes thousands of food, litter, and accessory items for dogs, cats, and other animals.
