Epicor Software

active

Software — Clayton Dubilier & Rice (current) / KKR (former) / Apax (former)

Deal Terms

Entry Year2020

Entry EV$4.7B

Entry Multiple11x

Leverage6x

Debt Amount$2.82B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Triple PE flip: Apax → KKR ($3.3B, 2016) → CD&R ($4.7B, 2020). ERP software for manufacturing/distribution. Each flip loads more debt. CD&R exploring partial sale. Enterprise software + serial PE ownership = price hikes for captive customers.

Sponsor

KKR & Co.$638B AUM

Hot Potato History

2011→Apax Partners($2B)

2016→KKR($3.3B)

2020→Clayton Dubilier & Rice($4.7B)

Active — CD&R is the current bag-holder at peak-era price