Clearlake Capital has agreed to acquire publicly traded Dun & Bradstreet at an enterprise valuation of $7.7 billion and an equity valuation of $4.1 billion. This transaction has been unanimously approved by Dun & Bradstreet’s board of directors.
Dun & Bradstreet is a provider of business data and analytics used to manage risk, improve performance, and identify growth opportunities. The company’s D‑U‑N‑S® Number is used for identity verification and underpins offerings in risk assessment, B2B marketing data, and enterprise data management—for example, helping financial institutions assess creditworthiness or enabling manufacturers to maintain accurate supplier records.
Customers of D&B include financial institutions, government agencies, and corporations that use its products to enhance compliance, credit evaluation, and B2B marketing.
Dun & Bradstreet was founded in 1841 by Lewis Tappan and is today led by CEO Anthony Jabbour. The company is headquartered in Jacksonville, Florida, with additional U.S. operations in Massachusetts, New Jersey, and Pennsylvania, and international offices in the U.K., India, Ireland, and China.
According to D&B, it has undergone a multiyear transformation since 2019, improving revenue by 40%, EBITDA by 60%, and reducing leverage from 9x to 3.6x. For the twelve months ending December 2024, D&B had EBITDA of $780 million. Based on the $7.7 billion enterprise valuation, this results in a valuation multiple of 9.9x.
“We have been on a strategic journey over the last six years, executing a major transformation that has strengthened our business and financial results. We have grown revenue by approximately 40%, EBITDA by 60%, expanded margins by nearly 600 basis points, and leverage has come down from 9 times to 3.6 times, all while extending our lead in data breadth, depth and quality,” said Mr. Jabbour. “We are pleased to be partnering with Clearlake on this new leg of that journey. With their support, our team looks forward to evolving and growing the company with new ways to put our trusted, proprietary and mission-critical data assets to work for our clients.”
The acquisition will be financed through a combination of equity and debt. Ares Credit Funds and HSBC are among the committed lenders, while Morgan Stanley, Goldman Sachs, JP Morgan, Rothschild & Co, Barclays, Citi, Deutsche Bank, Santander, and Wells Fargo are serving as financial advisors to Clearlake. BofA Securities is the financial advisor to Dun & Bradstreet.
Per the agreement, Dun & Bradstreet will conduct a 30-day “go-shop” period during which it may solicit proposals from other potential acquirers.
“As companies become more data-centric in their decisioning in this fast-paced world, we see vast potential for Dun & Bradstreet to deliver AI-powered solutions to their global client base,” said Behdad Eghbali, a co-founder and managing partner, and James Pade, a partner at Clearlake in a released statement. “We are excited to partner with Anthony and his team to support the company in unlocking its full potential.”
Clearlake Capital invests in industrials and energy, software and technology-enabled services, and consumer sectors. The firm was co-founded by José Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California. In May 2022, Clearlake held a hard cap and oversubscribed final close of its seventh private equity fund, Clearlake Capital Partners VII LP, with $14.1 billion in commitments.
© 2025 Private Equity Professional | March 25, 2025
Karman Space & Defense, a portfolio company of Trive Capital, has completed a $500 million initial public offering on the New York Stock Exchange and now trades under the symbol “KRMN.”
“Karman’s successful initial public offering represents the next chapter of Trive’s long-term investment focus in near peer nation state technologies,” said David Stinnett, a partner at Trive and chairman of the board of Karman Space & Defense. “Through concept-to-production capabilities, Karman offers efficiency, agility and technically optimal solutions to both current and emerging primes in a market that has historically lacked a true tier 1 player. We believe Karman’s unique ability to rapidly develop, test and deploy technologies for high priority space and defense programs positions the Company for long-term success. We are thrilled to have contributed to Karman’s evolution and eagerly look forward to its next chapter of success.”
Pike Street Capital has held a final close of Pike Street Capital Reserve LP (PSCR), a single-asset continuation fund for the firm’s Fund I portfolio company, Impel Company. NorthSands Capital and Painswick Capital served as lead investors for PSCR, with NorthSands contributing $100 million to the transaction.
“We are thrilled to complete the fundraise of ‘Pike Street Capital Reserve’ in this single-asset continuation vehicle with Impel and our new limited partners, NorthSands and Painswick,” said Dave Dandel, a partner at Pike Street. “The transaction offered our Fund I investors the opportunity to generate liquidity at an attractive return or participate in the next phase of growth and acquisitions with Impel. In just a few years, Impel has established itself as a comprehensive provider of technical products and services for municipal and industrial fluid management needs, and we see tremendous opportunity for continued growth. The additional capital and longer investment period will enable the outstanding management team to fully execute its growth strategy.”
Main Post Partners has made a minority investment in Rebel Athletic, a designer and manufacturer of custom couture cheerleading, dance, and athletic apparel.
“Today marks the beginning of a new era for Rebel Athletic,” said Ms. Noseff Aldridge. “Our partnership with Main Post Partners is the ideal fit. Their deep understanding of our brand, the industry, and best-in-class consumer products made them the clear choice as our strategic partner. This new chapter will unlock unprecedented opportunities for Rebel – enhanced resources, real-time data intelligence, and deep industry expertise – allowing us to scale faster and smarter than ever before. Most importantly, this partnership strengthens our ability to serve our customers in ways never seen before: superior design, exceptional value, faster service, and AI-powered technology platforms that will revolutionize the industry.”
“We are thrilled to partner with Karen and the Rebel Athletic team,” said Josh McDowell, a partner at Main Post. “Rebel has distinguished itself through its relentless innovation, premium quality, and dedication to the cheer and dance communities. We look forward to supporting the company as it continues to lead the industry and deliver unparalleled experiences to athletes and consumers worldwide.”