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KKR & Co. Inc.

12 posts
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KKR targets A1 Garage Door in $2bn transaction as residential-services consolidation accelerates

KKR has reportedly agreed to acquire A1 Garage Door Service for about $2 billion, extending private equity’s push into fragmented residential trades. Founder Tommy Mello built A1 from $25 million of revenue in 2017 to more than $200 million, while the company has completed a long series of local acquisitions. The valuation suggests KKR is betting that garage-door repair can follow HVAC and plumbing into a much larger institutional consolidation cycle.
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Wella’s IPO looks like a beauty growth story until the $2.29bn balance-sheet number enters the picture

Wella Company has filed for a New York Stock Exchange IPO after returning to profit and lifting adjusted EBITDA above $520 million. The owner of Wella Professionals, OPI, Clairol and ghd has delivered 22 consecutive quarters of constant-currency growth, but $2.29 billion of debt means the eventual valuation will depend as much on deleveraging as brand strength.
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USI nearly tripled revenue under KKR, but Aon is paying 14.5 times synergised EBITDA for the next stage

Aon is paying $17 billion for privately held USI Insurance Services only two years after its $13 billion NFP acquisition. The transaction gives KKR a sixfold return on its original 2017 equity, but Aon’s 9.5% share-price fall shows investors are focusing just as closely on leverage, a 14.5-times synergised EBITDA multiple and the cost of integrating another major insurance brokerage.