Hellman & Friedman

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Hellman & Friedman LLC
Company type Private
Industry Private equity
Founded1984;41 years ago (1984)
Founder Warren Hellman
Tully Friedman
Headquarters Salesforce Tower
San Francisco, California, United States
Products
AUM US$107.5 billion (March 2025) [1]
Total assets US$25 billion
Number of employees
200+ (2025)
Website www.hf.com

Hellman & Friedman LLC (H&F) is an American private equity firm, founded in 1984 by Warren Hellman [2] [3] and Tully Friedman, that makes investments primarily through leveraged buyouts as well as growth capital investments. H&F has focused its efforts on several core target industries including media, financial services, professional services and information services. The firm tends to avoid asset intensive or other industrial businesses (e.g., manufacturing, chemicals, transportation). H&F is based in San Francisco, with offices in New York and London.

Contents

In June 2024, Hellman & Friedman ranked 13th in Private Equity International's PEI 300 ranking among the world's largest private equity firms. [4]

History

Founding

Hellman & Friedman was founded in 1984 by Warren Hellman and Tully Friedman. Before H&F, Hellman was a founding partner of Hellman, Ferri Investment Associates, which would later be renamed Matrix Management Company. Today, Matrix is among the most prominent venture capital firms in the U.S. Before that, Hellman worked in investment banking at Lehman Brothers, where he served as president as well as head of the Investment Banking Division and Chairman of Lehman Corporation. [5] [6] Tully Friedman was formerly a managing director at Salomon Brothers. In 1997, Friedman left the firm to found Friedman Fleischer & Lowe, a private equity firm also based in San Francisco. [7] [8]

Recent

In August 2013, the firm acquired Canada's largest insurance broker, Hub International, for around $4.4 billion. [9] In March 2014, the firm acquired Renaissance Learning, a firm providing assessment methods such as electronic tests that adapt questions in real time depending on how successfully the student is answering, for $1.1 billion in cash. [10]

In February 2015, it was announced that Hellman & Friedman were putting together a takeover bid for used car company Auto Trader, which could amount to an offer of £2 billion. [11] On May 18, 2017, Hellman & Friedman made a A$2.9 billion bid for Fairfax Media in Australia, starting a bidding war with TPG Group for the company. [12]

In May 2016, H&F agreed to a deal to acquire the healthcare cost management company MultiPlan Inc. for about $7.5 billion. [13]

In June 2018, it was announced that Hellman & Friedman were taking a controlling interest in the security monitoring company, SimpliSafe. [14]

In February 2019, it was announced that Hellman & Friedman purchased Ultimate Software for $11 billion, an all-cash transaction. [15] Ultimate Software has since been combined with Kronos Incorporated, and rolled into the brand Ultimate Kronos Group. [16] In December 2019, Hellman & Friedman acquired AutoScout24, a European automotive digital marketplace, for 2.9 billion euros ($3.2 billion) from Scout24. [17]

In 2020, Hellman & Friedman joined Diligent Corporation's Modern Leadership Initiative and pledged to create five new board roles among its portfolio companies for racially diverse candidates. [18] [19]

In July 2021, it was announced that Hellman & Friedman purchased At Home. [20]

In November 2021, H&F and Bain Capital agreed to buy Athenahealth for $17 Billion. [21]

In March 2022, Hellman & Friedman acquired a 7.5% stake in software solutions company Splunk. The stake was valued at $1.4 billion, making it the largest shareholder. [22]

On April 1, 2025, Hellman & Friedman supported the merger of accounting and consulting firms Baker Tilly and Moss Adams , in a transaction that created one of the largest multidisciplinary professional services firms in the United States. [23] As part of the deal, Hellman & Friedman made an additional strategic investment in Baker Tilly to support the combined entity's long-term growth. [24]

Also in April 2025, Hellman & Friedman joined CVC Capital Partners in a strategic investment in Mehiläinen , a Finnish private provider of healthcare and social care services. As part of the transaction, Mehiläinen also announced agreements to acquire Romanian healthcare provider Regina Maria and Serbian network MediGroup, expanding its presence in Central and Eastern Europe. [25] [26]

Notable holdings

A core element in H&F's strategy is investing in "growth" opportunities whether in an industry sector or a specific company. H&F invests in a variety of structures, frequently making minority investments with only limited controls. Additionally, H&F has taken a number of unconventional steps to finance and close transactions, including arranging and syndicating the financing for several investments including Getty Images and Goodman Global. [27]

Since closing its sixth private equity fund in 2007, H&F has been active in making new investments:

Investment funds

H&F invests through a series of private equity funds (structured as limited partnerships) and its investors include a variety of pension funds, endowments and other institutional investors:

Source: Preqin [44] [45]

See also

References

  1. ↑ "Hellman & Friedman LLC | AUM 13F".
  2. ↑ "Bloomberg Business". Bloomberg.com. Archived from the original on May 23, 2011. Retrieved January 19, 2016.
  3. ↑ A Casual Approach to Success: Warren Hellman (Harvard Business School Bulletin)
  4. ↑ "2024 PEI 300 by Private Equity International - Infogram". infogram.com. Retrieved January 16, 2025.
  5. ↑ "The CJM | Hardly Strictly Warren Hellman". www.thecjm.org. Retrieved November 3, 2025.
  6. ↑ "Warren Hellman, Haas Board Member and San Francisco Financier, Passes Away". Haas News | Berkeley Haas. December 18, 2011. Retrieved November 3, 2025.
  7. ↑ "Tully Friedman P'17,'17 | St. Paul's School". www.sps.edu. Retrieved November 3, 2025.
  8. ↑ Meikle, Brad (February 5, 2007). "1997: Friedman Leaves Hellman". Buyouts. Retrieved November 3, 2025.
  9. ↑ Greg Roumeliotis and Tanya Agrawal (August 5, 2013). "Hellman & Friedman agrees to acquire Hub in $4.4 billion deal". Reuters.
  10. ↑ "Hellman & Friedman pays $1.1 billion for Renaissance Learning". Reuters. March 13, 2014. Retrieved January 19, 2016.
  11. ↑ "Private equity firm Hellman in Auto Trader bid". City A.M. February 2015. Retrieved February 2, 2015.
  12. ↑ Smith, Jamie (May 18, 2017). "Private equity bidding war erupts over Fairfax". Financial Times . United Kingdom. Retrieved May 18, 2017.
  13. ↑ "Private equity closes in on $7.5bn deal for MultiPlan". Financial Times. Retrieved July 21, 2017.
  14. ↑ "Hellman & Friedman deal values SimpliSafe at $1B – TechCrunch". techcrunch.com. Retrieved June 29, 2018.
  15. ↑ "Ultimate Software - Ultimate Software Announces Agreement to be Acquired by an Investor Group Led by Hellman & Friedman to Operate as a Privately Held Company" . Retrieved September 28, 2020.
  16. ↑ "Kronos and Ultimate Software Unveil Plans to Rebrand as "UKG"". August 28, 2020. Retrieved September 28, 2020.
  17. ↑ "Scout24 sells AutoScout24 to Hellman & Friedman," Reuters, December 17, 2019.
  18. ↑ Gara, Antoine. "Inside The Massive New Effort To Get Minorities On Corporate Boards". Forbes. Retrieved November 23, 2020.
  19. ↑ "Modern Governance Requires Modern Leadership". diligent.com. Archived from the original on August 17, 2021. Retrieved November 23, 2020.
  20. ↑ "Hellman & Friedman Completes Acquisition of At Home". Businesswire . July 23, 2021.
  21. ↑ "H&F, Bain Capital tap into health tech boom with $17 bln Athenahealth deal". Reuters . November 22, 2021.
  22. ↑ "스플렁크, 약세장 속 강보합 선전…사모펀드가 지분 7.5% 인수". 연합인포맥스 (in Korean). March 5, 2022. Retrieved January 16, 2025.
  23. ↑ "Baker Tilly and Moss Adams to merge in deal valued at $7-billion". www.consulting.us. April 28, 2025. Retrieved November 10, 2025.
  24. ↑ Canning, Sarah (April 22, 2025). "Baker Tilly and Moss Adams to Combine in a Strategic Merger | IPA". Inside Public Accounting. Retrieved November 10, 2025.
  25. 1 2 "CVC-backed Mehiläinen secures EUR 2bn in equity funding and welcomes Hellman & Friedman as a new shareholder". www.mainsights.io. Retrieved November 9, 2025.
  26. 1 2 "Regina Maria exit sees MidEuropa hand reins to Mehiläinen and attract Hellman & Friedman as new backer". Private Equity Insights. Retrieved November 9, 2025.
  27. ↑ Financing without banks (WSJ.com, February 25, 2008)
  28. ↑ DoubleClick Agrees To Be Acquired By Hellman & Friedman ( New York Times , 2005)
  29. ↑ Closing Letter to Counsel for Hellman & Friedman Capital Partners (Federal Trade Commission)
  30. ↑ Maker of Heating Systems Is Bought for $1.8 Billion ( New York Times , October 23, 2007)
  31. ↑ World Business Briefing | Europe: Britain: Hedge Fund Manager Acquired ( New York Times , 2006)
  32. ↑ The Deal That Even Awed Them in Houston ( New York Times , November 23, 2005)
  33. ↑ Hellman to Take Stake in Grosvenor ( New York Times , 2007)
  34. ↑ Buyout Bid For Parent Of Nielsen ( New York Times , 2006)
  35. ↑ Firm Pays $240 Million For 9.8% Stake in Nasdaq ( New York Times , 2001)
  36. ↑ "Internet Brands announcement" . Retrieved January 19, 2016.
  37. ↑ "Pharmaceutical Product Development - PPD to be Acquired by the Carlyle Group and Hellman & Friedman". Archived from the original on May 27, 2013. Retrieved February 6, 2016.
  38. ↑ Meikle, Brad (October 3, 2013). "Hellman & Friedman's $4.4 bln buy of Canadian-born Hub completed". PE Hub. Retrieved November 10, 2025.
  39. ↑ Hellman & Friedman closes $8.4 bln equity fund (Reuters, 2007)
  40. ↑ Hellman Friedman announces final close of 88 billion private equity fund - firm implements management transition plan, PR Newswire, 2009, archived from the original on July 16, 2016, retrieved July 22, 2017
  41. ↑ Chassany, Anne-Sylvain (November 9, 2014). "Hellman & Friedman amasses $11bn for new fund". Financial Times . United Kingdom. Retrieved July 22, 2017.
  42. ↑ 조선비즈 (July 22, 2021). ""한국계 대표가 이끄는 美 칼라일그룹, 사모펀드 사상 최대규모 펀드 조성 추진"". 조선비즈 (in Korean). Retrieved January 15, 2025.
  43. ↑ Witkowsky, Chris (April 9, 2024). "Hellman & Friedman holds final close on flagship on more than $22bn". Buyouts. Retrieved November 9, 2025.
  44. ↑ Preqin
  45. ↑ "About - Hellman & Friedman". Hellman & Friedman. Archived from the original on April 30, 2015. Retrieved January 19, 2016.

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