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BDT & MSD Partners

BDT & MSD Partners is an American merchant bank co-headquartered in and , specializing in strategic advisory and long-term investment solutions tailored to business owners, family offices, and institutional investors.
Formed on January 17, 2023, through the combination of BDT & Company—founded in 2009 by —and MSD Partners, also established in 2009 and originally backed by , the firm leverages decades of experience at the intersection of founders, families, and businesses.
Led by Co-CEOs and Gregg Lemkau, with serving as Chairman of the Advisory Board (as of 2025), BDT & MSD Partners has deployed over $50 billion in capital since 2010 across its platforms.
The firm's advisory services encompass , ownership transitions, , management, and advisory, drawing on a global network spanning 12 offices including , , , Palm Beach, , , and .
Its investment platform focuses on direct investments in family- and founder-led businesses, for recession-resilient companies, in high-quality assets, and growth equity opportunities.
BDT & MSD Partners emphasizes long-term partnerships and customized strategies to support client growth and legacy preservation, with a senior leadership team that includes multiple presidents and a .

Overview

Formation and headquarters

BDT & MSD Partners was formed in January 2023 through the business combination of BDT & Company and MSD Partners, with the merger announced on October 20, 2022. The transaction, which united the advisory and investment capabilities of the two firms, was completed on January 17, 2023, creating a focused on serving family-owned and entrepreneurial businesses. The firm maintains dual headquarters in and to support its operations across . In , its co-headquarters are located in the Equitable Building at 401 N. Michigan Avenue, Suite 3100, reflecting the legacy of BDT & Company's origins in the city. The New York co-headquarters are situated at , 20th Floor, providing proximity to major financial institutions and clients on the East Coast. Upon formation in 2023, BDT & MSD Partners had deployed more than $50 billion in capital across its affiliated funds since 2010. As of September 2023, the firm had approximately $62.8 billion in . This scale positioned the firm as a significant player in the landscape from its inception.

Business focus and assets under management

BDT & MSD Partners operates as a , providing strategic advisory and investment services tailored to family- and founder-led businesses, strategic long-term investors, and high-net-worth individuals. The firm emphasizes platforms that support closely held companies through , capital raising, and the deployment of long-term capital to foster sustainable growth. The merger of BDT & Company and MSD Partners in 2023 served as a catalyst for expanded scale, combining their complementary strengths to enhance service offerings for these client groups. Prior to the merger, the combined entities had deployed over $50 billion in capital by 2023. As of January 2024, the firm managed over $60 billion in . Since 2010, the pre-merger platform alone has deployed more than $30 billion in capital across 43 companies through its funds and co-investments, demonstrating a focus on targeted, value-creating opportunities. Collectively, and have deployed over $50 billion in total capital across their investment strategies during this period, underscoring the firm's capacity for significant long-term commitments.

History

Origins of BDT & Company

BDT & Company was founded in 2009 by , a former investment banker, as a specializing in advisory services for closely held and family-owned businesses. The firm emerged during the aftermath of the global , positioning itself to provide strategic guidance to entrepreneurs and family enterprises seeking long-term value creation rather than short-term transactions. Trott's vision emphasized patient capital and advisory partnerships tailored to the unique needs of non-public companies, differentiating BDT from traditional investment banks. From its inception, & Company placed a strong initial emphasis on building long-term relationships with entrepreneurs, informed by Trott's extensive experience at where he advised high-profile clients such as on major investments. This approach drew on Trott's track record of fostering trust-based advisory roles, including facilitating Buffett's $5 billion investment in during the 2008 crisis. The firm's model prioritized ongoing strategic counsel over one-off deals, aiming to support family-led businesses through generations by addressing complexities like and capital allocation. BDT & Company's early growth was driven by advisory engagements in key sectors including consumer goods, industrials, and healthcare, which helped establish a robust network of clients. By focusing on high-impact advisory roles, the firm cultivated relationships with prominent s, laying the foundation for its expansion into a leading for the closely held market.

Origins of MSD Partners

MSD Capital was established in 1998 by , the founder of , as a private investment firm dedicated to managing his personal wealth and that of his family. Initially operating as a single-family office, it began with approximately $400 million in , focusing on diversified investments to preserve and grow the Dell family's fortune. In 2009, the firm evolved by launching MSD Partners, L.P., a that expanded beyond the to serve institutional investors and high-net-worth individuals. This transition marked a shift toward a multi-strategy platform, encompassing , , , and investments, with an emphasis on generating attractive risk-adjusted returns across various asset classes. As of 2022, MSD Partners managed over $23 billion in assets, leveraging the expertise developed in the to pursue opportunities in direct investments and structured financing. A significant restructuring occurred at the end of 2022, when the family office segment of Capital was rebranded and refocused as , LLC, to concentrate exclusively on the family's capital with a heightened emphasis on growth and direct s in private companies. This separation allowed Partners to continue its independent operations as a multi-strategy manager for external clients, maintaining its core strategies in private , , and while building on its established track record. Michael 's strategic vision has notably influenced Partners' approach to high-impact s in and sectors.

Merger and post-merger developments

On October 20, 2022, BDT & Company and MSD Partners announced their combination to form BDT & MSD Partners, a integrating advisory services with investment capabilities focused on family- and founder-led businesses and long-term investors. The merger became effective in January 2023, with the combined entity operating under the new name and co-headquartered in and . Following the merger, BDT & MSD Partners strengthened its leadership through key hires. In May 2023, Dina Powell McCormick joined as Vice Chairman, President of Global Client Services, and Partner, bringing expertise in sovereign and institutional client relations. In January 2025, Greg Olafson was appointed President, Co-Head of Global Credit, and Co-Chief Investment Officer, enhancing the firm's credit and investment strategies with his background from Goldman Sachs. Post-merger, the firm achieved notable milestones, including a 36th in Private Equity International's PEI 300 list of the world's largest firms by fundraising in June 2024. It also expanded its global footprint, establishing offices in key international markets such as and to support broader client engagement and opportunities. In 2025, BDT & MSD Partners continued its growth through strategic s, including a stake acquisition in fire protection and life safety services provider Summit Companies (announced August 2025, expected to close in Q4 2025), an AU$1.6 billion in healthcare platform DBG (August 2025), and a strategic in nutritional supplements company Designs for (October 2025). On November 19, 2025, Co-CEOs and Gregg Lemkau participated in an exclusive interview discussing the firm's advisory and strategies.

Leadership and organization

Key executives

Byron Trott serves as Chairman and Co-CEO of BDT & MSD Partners. He founded BDT & Company in 2009 after a 27-year career at , where he rose to Vice Chairman of the Division. Trott is renowned for advising high-profile clients, including , on major transactions such as Berkshire Hathaway's investments in companies like . Following the 2023 merger of BDT & Company with MSD Partners, Trott assumed his current leadership role at the combined firm. Gregg Lemkau is Co-CEO of BDT & MSD Partners. He previously served as CEO of MSD Partners starting in 2021, overseeing investments for and other clients after joining from , where he spent 28 years in roles, culminating as Co-Head of the Investment Banking Division. Lemkau co-leads the firm since its 2023 formation through the merger. Dan Jester serves as President and Co-Chief Investment Officer. He previously held senior roles at BDT & Company, focusing on private capital investments. San Orr serves as President, with prior experience as Chief Operating Officer and Partner at BDT Capital Partners. Brendan Rogers serves as Chief Operating Officer, overseeing operational functions across the firm. Michael Dell serves as Chairman of the Advisory Board, providing strategic guidance. Among other key executives, Dina Powell McCormick holds the position of Vice Chairman, President, and Head of Global Client Services, having joined in 2023 from , where she was a Partner and focused on global client relations. Greg Olafson was appointed President, Co-Head of Global Credit, and Co-Chief Investment Officer in January 2025, bringing expertise in from his prior role as Global Head of Private Credit at Asset Management.

Office locations and structure

BDT & MSD Partners maintains co-headquarters in Chicago, Illinois, and , New York, serving as the primary hubs for its operations across . Additional offices in the United States are located in , ; Denver, Colorado; ; ; and , supporting regional client engagement and investment activities. The firm extends its global footprint internationally with offices in , ; , ; , ; , ; and , facilitating cross-border advisory and investment services in key markets. The firm employs approximately 434 professionals across its divisions, overseen by co-CEOs and Gregg Lemkau.

Services

Advisory services

BDT & MSD Partners provides a range of strategic advisory services tailored to the needs of business owners and families, focusing on non-investment consultative to navigate complex financial and operational challenges. These services include (M&A) advisory, where the firm assists clients in evaluating, structuring, and executing transactions to achieve strategic growth objectives. Additionally, the firm offers expertise in optimization, helping clients refine their and arrangements to enhance financial flexibility and long-term stability. The advisory platform also encompasses ownership and governance transitions, providing guidance on and frameworks to ensure smooth intergenerational transfers in family- or founder-led enterprises. Complementary services include trust and , family office support for comprehensive , and philanthropy strategies to align giving with personal and business legacies. These offerings are designed for clients seeking independent, long-term-oriented advice free from the short-term pressures typical of traditional firms. Target clients primarily consist of family- and founder-led businesses, as well as family offices, trusts, and foundations that prioritize sustainable growth and legacy preservation over transactional volume. For instance, in 2023, BDT & MSD Partners served as a financial advisor to Technologies in its $1.5 billion acquisition of , demonstrating the firm's role in facilitating large-scale M&A deals for technology-driven enterprises. In 2025, the firm served as lead financial advisor to Hotels Corporation in its acquisition of Hotels & Resorts N.V. This advisory work integrates selectively with the firm's broader platform to provide holistic support without overlapping into direct capital deployment activities.

Investment strategies

BDT & MSD Partners adopts a multi-strategy approach designed to deliver long-term, patient capital with aligned interests, targeting high-quality opportunities for family offices, trusts, foundations, and select strategic investors. The firm's platforms emphasize direct investing in family- and founder-led businesses that demonstrate recession resilience, leveraging and equity to support initiatives, acquisitions, events, or going-private transactions. This approach fosters enduring partnerships, often including co-investments alongside the firm's employee owners and affiliates. In private credit, BDT & MSD Partners provides tailored financing solutions to resilient companies across diverse sectors and geographies, focusing on creative structures that address complex needs. Complementing this, the firm's investments, managed through affiliated funds, target large-scale, high-quality assets with a long-duration mindset to capitalize on institutional-grade opportunities. Since , funds affiliated with BDT & MSD Partners have deployed more than $50 billion across these strategies, underscoring the scale and impact of their multi-asset class platform.

Notable investments

Current holdings

BDT & MSD Partners' current holdings emphasize long-term investments in consumer, industrials, and healthcare sectors, targeting family- and founder-led companies to drive sustainable value creation through strategic capital and operational support. Among its majority or significant stakes, stands out as a preeminent provider of commercial laundry equipment, with BDT Capital Partners retaining approximately 76% ownership following the company's in October 2025, which valued the business at around $4.3 billion. This holding underscores BDT & MSD's focus on industrial leaders with strong market positions and growth potential in . Similarly, , the iconic Texas-based fast-food chain known for its burgers and regional expansion, has been majority-owned by BDT Capital Partners since 2019, enabling investments in and menu innovation to enhance its competitive edge in the quick-service restaurant industry. , a global leader in products, was taken private by BDT Capital Partners in a $3.7 billion transaction completed in 2023, allowing the firm to pursue long-term strategies for product development and international without public market pressures. In minority positions, BDT & MSD Partners has taken a strategic stake in , the performance apparel brand, by acquiring approximately 16 million Class C shares from founder and Executive Chair in 2023, providing capital for brand revitalization and initiatives. The firm also holds a minority in Resorts Collection, a portfolio of luxury hotels and resorts, secured through a 2024 with The Friedkin Group to fuel expansion into high-profile urban and experiential destinations worldwide. These holdings reflect BDT & MSD's strategies of partnering with established brands to foster organic growth and operational efficiencies, as detailed in their broader approach to principal investing.

Recent transactions and exits

In 2023, BDT & MSD Partners provided financing support for the $1.5 billion acquisition of by Technologies, with affiliated credit funds committing to the debt portion of the deal alongside other investors. This transaction positioned BDT & MSD as a key financier in expanding North America's largest . Early 2024 marked BDT & MSD Partners' strategic minority investment in Auberge Resorts Collection, partnering with The Friedkin Group to fuel global expansion in luxury hospitality, including asset acquisitions and development in the Americas and Europe. Later that year, the firm co-led the acquisition of a majority stake in Badia Spices, a leading U.S. Hispanic food company, alongside Bia Foods, valuing the transaction at approximately $1.2 billion and enabling further growth in the consumer products sector. In November 2024, BDT & MSD extended a $273 million construction loan, in partnership with JPMorgan Chase, for Shell Bay, a 150-acre luxury residential and hotel development in Hallandale Beach, Florida. BDT & MSD Partners' activity accelerated in 2025 with several high-profile deals. In June, the firm made a strategic growth in , a global education and technology platform, to support international expansion and innovation in school operations. August brought two major transactions: a AU$1.6 billion minority in DBG , Australia's largest pharmacy wholesaler, to accelerate its global scaling and operational enhancements, and the acquisition of Summit Companies, a leading provider of fire, life , and solutions, expected to close in Q4 2025. In October, BDT & MSD facilitated the $826 million of Holdings, selling 13.2 million shares as the company's principal shareholder and raising additional proceeds through 24.4 million primary shares issued at $22 each. This IPO represented a partial exit, transitioning to public markets while retaining BDT & MSD's ongoing involvement. On October 21, 2025, BDT & MSD Partners announced a strategic in Designs for , a leading provider of nutritional supplements, to support continued growth, product innovation, and expansion in the healthcare sector. Among notable exits, BDT & MSD Partners completed a partial divestiture of its stake in in 2021 through an equity distribution of approximately 46 million shares, representing about 3.2% of the company's outstanding at the time, though the firm retained a significant holding. No full exit from was recorded in 2023; instead, BDT & MSD made a $250 million co-investment alongside Silver Lake in the $12.5 billion take-private acquisition of the experience management software firm from .

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