{{Short description|American merchant bank}} {{Infobox company | name = BDT & MSD Partners | logo = BDT & MSD.svg | image = | image_caption = | image_size = | type = Private | industry = Financial services | predecessor = BDT & Company<br>MSD Partners | foundation = {{Start date and age|2023|01|}} | founders = | location = Equitable Building, Chicago, U.S.<br> 550 Madison Ave, New York City, U.S. | key_people = Byron Trott (chairman and co-CEO)<br>Gregg Lemkau (co-CEO) | aum = US$50 billion (2023) | products = Investment banking<br>Private equity | num_employees = | owners = | homepage = {{URL|https://bdtmsd.com/}} | footnotes = <ref>{{cite web |title=BDT & MSD PARTNERS, LLC |url=https://brokercheck.finra.org/firm/summary/150459 |website=brokercheck.finra.org}}</ref> }} '''BDT & MSD Partners''' is an American merchant bank that is co-headquartered in Chicago and New York City. The firm has both an advisory platform and an investment platform.
== History == In January 2023, BDT & MSD was formed from the merger of BDT & Company, a merchant bank founded by Byron Trott that provides advice and capital to family and founder-led companies, and MSD Partners, an investment firm that manages the wealth of Michael Dell and his family.<ref name=":0">{{cite news |last1=Gottfried |first1=Miriam |date=20 October 2022 |title=BDT to Merge With MSD Partners, Form New Investment and Advisory Firm |work=Wall Street Journal |url=https://www.wsj.com/articles/bdt-to-merge-with-msd-partners-form-new-investment-and-advisory-firm-11666265401 |access-date=7 June 2023}}</ref><ref name="ft merger">{{cite news |last1=Fontanella-Khan |first1=James |last2=Gara |first2=Antoine |last3=Indap |first3=Sujeet |date=20 October 2022 |title=Michael Dell-backed investment group merges with Warren Buffett's favoured advisory firm |work=Financial Times |url=https://www.ft.com/content/b12cffa6-c657-41f7-b8a6-b780d9757ae5 |access-date=7 June 2023}}</ref><ref name="pe_hub_merger">{{cite news |last1=Dorbian |first1=Iris |date=17 January 2023 |title=BDT and MSD Partners completes merger |work=PE Hub |url=https://www.pehub.com/bdt-and-msd-partners-completes-merger/ |access-date=7 June 2023}}</ref>
Trott is currently the Chairman and co-CEO of the firm while Gregg Lemkau who was previously CEO of MSD Partners is the other co-CEO.<ref name=":0" /><ref name="ft merger" /><ref name="pe_hub_merger" />
Dina Powell left Goldman Sachs to join the firm in May 2023.<ref name="wsj_dina">{{cite news |last1=Gottfried |first1=Miriam |last2=Andriotis |first2=AnnaMaria |title=Goldman Sachs Executive Dina Powell McCormick to Depart for Merchant Bank |url=https://www.wsj.com/articles/goldman-sachs-executive-dina-powell-mccormick-to-depart-for-merchant-bank-ee8cd10a |access-date=7 June 2023 |work=Wall Street Journal |date=30 May 2023}}</ref> She departed the firm in January 2026 to become president and vice chair of Meta, while remaining a member of the BDT & MSD advisory board.<ref>{{cite news |last1=Fischer |first1=Sara |title=Meta taps Dina Powell McCormick as president and vice chairman |url=https://www.axios.com/2026/01/12/meta-dina-powell-mccormick-president-vice-chairman |access-date=31 March 2026 |work=Axios |date=12 January 2026 |language=en}}</ref>
BDT & MSD is co-headquartered in Chicago and New York City.<ref>{{Cite web |title=BDT & MSD {{!}} Home |url=https://bdtmsd.com/ |access-date=2023-10-30 |website=BDT & MSD |language=en}}</ref>
In January 2025, it was announced that Goldman Sachs Group veteran Greg Olafson would join BDT & MSD as president, co-head of global credit and co-chief investment officer. Olafson joined Goldman in 2001 as an employee of its investment banking division and saw several achievements, including being selected as a partner in 2012.<ref>{{Cite news |date=2025-01-16 |title=Goldman Veteran Olafson Joins BDT & MSD as President and Co-CIO |url=https://www.livemint.com/companies/news/goldman-veteran-olafson-joins-bdt-msd-as-president-and-cocio-11736979088958.html |archive-url=https://web.archive.org/web/20250212224829/https://www.livemint.com/companies/news/goldman-veteran-olafson-joins-bdt-msd-as-president-and-cocio-11736979088958.html |archive-date=2025-02-12 |access-date=2025-02-17 |work=mint |language=en |url-status=live }}</ref>
===Investments and transactions=== The bank was a financial advisor for Metropolis Technologies' $1.5 billion acquisition of SP Plus Corporation in 2023.<ref>{{Cite news |title=Parking platform Metropolis agrees to buy SP Plus for $1.5 billion |url=https://www.reuters.com/markets/deals/logistics-technology-firm-sp-plus-go-private-about-15-bln-deal-2023-10-05/ |archive-url=https://web.archive.org/web/20231008165853/https://www.reuters.com/markets/deals/logistics-technology-firm-sp-plus-go-private-about-15-bln-deal-2023-10-05/ |archive-date=2023-10-08 |access-date=2024-12-13 |work=Reuters |language=en-US |url-status=live }}</ref> It has acquired a minority stake in Auberge Hotels.<ref>{{Cite web |last=Staff |first=T. R. D. |date=2024-02-06 |title=Michael Dell affiliated investment firm buys minority stake in Auberge Resorts |url=https://therealdeal.com/texas/dallas/2024/02/06/michael-dell-bdt-msd-partners-buys-stake-in-auberge-resorts/ |access-date=2024-12-13 |website=The Real Deal |language=en}}</ref> In October 2024, the bank was part of a group of investors that acquired a majority stake in food manufacturer Badia Spices.<ref>{{Cite web |title=Badia Spices to sell majority stake to investors |url=https://www.reuters.com/markets/deals/badia-spices-sell-majority-stake-investors-2024-10-02/ |website=Reuters}}</ref> In December 2024, the bank participated in a $273 million investment into Shell Bay, a luxury condominium development near Miami.<ref>{{Cite news |date=2024-11-20 |title=JPMorgan, BDT & MSD Lend $273 Million for Luxury Florida Condos |url=https://www.bloomberg.com/news/articles/2024-11-20/jpmorgan-bdt-msd-lend-273-million-for-luxury-florida-condos |access-date=2024-12-13 |work=Bloomberg.com |language=en}}</ref>
In June 2024, BDT & MSD Partners ranked 36th in ''Private Equity International''{{'}}s PEI 300 ranking among the world's largest private equity firms.<ref>{{Cite web |title=2024 PEI 300 by Private Equity International - Infogram |url=https://infogram.com/2024-pei-300-1h7v4pddjjm8j4k |access-date=2025-02-17 |website=infogram.com |language=en}}</ref>
==Notable holdings== BDT & MSD's official strategy emphasizes "long-term" investments, with some notable holdings including: === Majority positions === *Alliance Laundry Systems<ref>[https://alliancelaundry.com/bdt-capital-partners-llc-agrees-to-acquire-a-majority-stake-in-alliance-laundry-systems-from-ontario-teachers BDT Capital Partners, LLC Agrees to Acquire a Majority Stake in Alliance Laundry Systems from Ontario Teachers] (''Alliance Laundry Systems'', August 6, 2015)</ref> *The Boca Raton Resort<ref>[http://www.thebocavoice.com/boca-resort-announced-sale "Boca Resort sale announced today"], ''Boca Voice'', 2019-04-22. Retrieved on 2019-07-09.</ref> *Casa Dragones<ref>{{cite news|title=BDT Capital Backs Tequila Maker Casa Dragones|url=https://www.wsj.com/articles/bdt-capital-backs-tequila-maker-casa-dragones-1523296217|date=April 9, 2018|work=Wall Street Journal}}</ref> *Coalition<ref>{{cite news|last=Willard|first=Jack|title=Coalition and BDT Capital Partners Announce the Formation of Ferian Re|url=https://www.reinsurancene.ws/coalition-and-bdt-capital-partners-announce-the-formation-of-ferian-re/|date=October 13, 2022|work=Reinsurance News}}</ref> *Culligan<ref>{{cite news|url=https://www.bloomberg.com/press-releases/2021-08-02/bdt-capital-partners-completes-acquisition-of-culligan-international |title=BDT Capital Partners Completes Acquisition of Culligan International|website=Bloomberg News |date=2 August 2021 }}</ref> *Four Seasons Resort Hualalai<ref name=Athens>{{cite news|title=Athens Group, MSD Partners Acquire Naples Beach Hotel & Golf Club in Florida, Plan Mixed-Use Redevelopment |url=https://rebusinessonline.com/athens-group-msd-partners-acquire-naples-beach-hotel-golf-club-in-florida-plan-mixed-use-redevelopment/|date=November 9, 2021|work=Rebusiness Online}}</ref> *MJH Life Sciences<ref>[https://www.davispolk.com/experience/bdt-capital-partners-acquires-majority-interest-mjh-life-sciences BDT Capital Partners acquires a majority interest in MJH Life Sciences] (''Davis Polk'', November 16, 2021)</ref> *Naples Beach Club<ref name=Athens/> *Ring Container Technologies Inc.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2017-09-14/michael-dell-s-msd-partners-to-buy-ring-container-technologies?embedded-checkout=true |title=Michael Dell's MSD Partners to Buy Ring Container Technologies|date=June 14, 2017 |publisher= Bloomberg}}</ref> *Universal Engineering Sciences<ref>{{cite news|last1=Lynch|first1=Ryan|last2=Lundine|first2=Susan|title=BDT Capital Partners to Become Majority Shareholder in Universal Engineering Sciences|url=https://www.bizjournals.com/chicago/news/2021/08/24/bdt-invests-engineering-firm.html|date=August 24, 2021|work=Biz Journals}}</ref> *Weber Inc.<ref>{{cite news |url=https://www.theglobeandmail.com/business/international-business/article-grill-maker-weber-to-go-private-with-bdt-capital-in-37-billion-deal/ |title=Grill maker Weber to go private with BDT Capital in $3.7-billion deal |date=December 12, 2022 |publisher= The Globe and Mail}}</ref> *West Monroe Partners (50%)<ref>[https://www.westmonroe.com/press-releases/west-monroe-completes-investment-from-msd-partners West Monroe completes investment from MSD Partners, begins Employee Ownership 3.0] (''West Monroe Partners'', November 10, 2021)</ref> *Whataburger<ref>[https://www.qsrmagazine.com/growth/finance/whataburger-sells-majority-interest-bdt-capital-partners/ Whataburger Sells Majority Interest to BDT Capital Partners] (''QSR Magazine'', June 14, 2019)</ref>
=== Minority positions === *Acrisure<ref>{{cite news|title=Insurance Broker Acrisure Raises $3.45 Billion| url=https://www.insurancejournal.com/news/national/2021/03/24/606746.htm |date=March 24, 2021|work=Insurance Journal}}</ref> *Auberge Resorts<ref>{{Cite web |last=Staff |first=T. R. D. |date=2024-02-06 |title=Michael Dell affiliated investment firm buys minority stake in Auberge Resorts |url=https://therealdeal.com/texas/dallas/2024/02/06/michael-dell-bdt-msd-partners-buys-stake-in-auberge-resorts/ |access-date=2024-12-13 |website=The Real Deal |language=en}}</ref> *Badia Spices<ref>{{Cite web |title=Badia Spices to sell majority stake to investors |url=https://www.reuters.com/markets/deals/badia-spices-sell-majority-stake-investors-2024-10-02/ |website=Reuters}}</ref> *Brunswick Group (11%)<ref>{{cite news|title=Britain's Brunswick Group to Sell Nearly 11% Stake to U.S. Fund|url=https://www.reuters.com/article/business/britains-brunswick-group-to-sell-nearly-11-stake-to-us-fund-memo-idUSKCN2DZ2JT/|date=June 23, 2021|work=Reuters}}</ref> *Charlotte Tilbury Beauty<ref>{{cite news|last=Culliney|first=Kacey|title=Puig-Charlotte Tilbury Acquisition: 'It's an Interesting Choice' but 'Totally Makes Sense'|url=https://www.cosmeticsdesign-europe.com/Article/2020/06/08/Puig-to-acquire-majority-stake-in-Charlotte-Tilbury/|date=June 8, 2020|work=Cosmetics Design}}</ref> *Cognita<ref>{{cite news|last=Espinoza|first=Javier|title=Byron Trott's Fund Takes Stake in Elite Education Network|url=https://www.ft.com/content/d5937c40-2579-11e9-b329-c7e6ceb5ffdf|date=January 31, 2019|work=Financial Times}}</ref> *East West Manufacturing<ref>[https://www.rwbaird.com/transactions/investment-banking/dealcard/5990/ East West Is Acquired by MSD] (''RW Baird'', February 2022)</ref> *Exyte<ref>[https://www.reuters.com/markets/deals/bdt-capital-partners-takes-minority-stake-german-chip-plant-builder-exyte-2022-11-16/ BDT Capital Partners takes minority stake in German chip plant builder Exyte(''Reuters'', November 16, 2022)</ref> *Qualtrics<ref>{{cite news|last=Gara|first=Antoine|title=Silver Lake's Egon Durban Says Firm Focused on 'All-in Bets'|url= https://www.ft.com/content/5c19de5d-6ff4-40fb-87b7-16c65bfde320|work=Financial Times}}</ref> *Tory Burch LLC<ref>[https://www.voguebusiness.com/companies/what-would-an-ipo-mean-for-tory-burch What would an IPO mean for Tory Burch?] (''Vogue'', October 31, 2023)</ref> *Under Armour (25%)<ref>[https://bdtmsd.com/news/bdt-msd-partners-invest-in-under-armour/ BDT & MSD Partners Invest in Under Armour] (''BDT & MSD'', May 31, 2023)</ref><ref>[https://finance.yahoo.com/quote/UA/holders/ Under Armour Top Institutional Holders] (''Yahoo Finance'', March 24, 2025)</ref>
==References== {{reflist}}
{{Investment banks}} {{Private equity and venture capital}} {{authority control}}
{{DEFAULTSORT:BDT and MSD Partners}} Category:2023 establishments in Illinois Category:Companies based in Chicago Category:Financial services companies established in 2022 Category:Financial services companies based in New York City Category:Investment banks in the United States Category:Investment management companies of the United States Category:Private equity firms of the United States Category:2023 establishments in New York City