BDT & MSD Partners is an American

merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage, it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in comm ...

that is co-headquartered in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

and

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. 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 Byron David Trott (born December 2, 1958) is the founder, chairman and co-CEO of BDT & MSD Partners, a merchant bank that provides advice and capital to family and founder-led companies. Formerly, Trott was vice chairman of Investment Banking at ...

that provides advice and capital to family and founder-led companies, and MSD Partners, an investment firm that manages the wealth of

Michael Dell Michael Saul Dell (born February 23, 1965) is an American billionaire businessman and investor. He is the founder, chairman, and CEO of Dell Technologies, one of the world's largest technology infrastructure companies. As of May 2025, accordin ...

and his family. 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.

Dina Powell Dina Powell, also known as Dina Powell McCormick (née Habib, ; born June 12, 1973) is an Egyptian-American financial executive, philanthropist, and political advisor, best known for having been the United States Deputy National Security Advisor ...

left

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

to join the firm in May 2023. BDT & MSD is co-headquartered in

and

with additional offices in

Santa Monica Santa Monica (; Spanish language, Spanish: ''Santa Mónica'') is a city in Los Angeles County, California, Los Angeles County, situated along Santa Monica Bay on California's South Coast (California), South Coast. Santa Monica's 2020 United Sta ...

Dallas Dallas () is a city in the U.S. state of Texas and the most populous city in the Dallas–Fort Worth metroplex, the List of Texas metropolitan areas, most populous metropolitan area in Texas and the Metropolitan statistical area, fourth-most ...

, and elsewhere. In January 2025, it was announced that

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.

Investments and transactions

The bank was a financial advisor for

Metropolis Technologies Metropolis Technologies is an American technology company headquartered in Santa Monica, California. As of 2024, it is the largest parking operator in North America. Founding and key people The company was founded in Venice, Los Angeles in 2017 ...

' $1.5 billion acquisition of SP Plus Corporation in 2023. It has acquired a minority stake in Auberge Hotels. In October 2024, the bank was part of a group of investors that acquired a majority stake in food manufacturer Badia Spices. In December 2024, the bank participated in a $273 million investment into Shell Bay, a luxury condominium development near Miami. The firm has also advised on professional sports team sales, including the Baltimore Orioles, Miami Dolphins and Philadelphia Eagles. In June 2024, BDT & MSD Partners ranked 36th in ''

Private Equity International ''Private Equity International'' (PEI) is a global insight, analysis and data provider for the private equity industry, with a core focus on the relationship between investors and fund managers: the LP- GP nexus. Launched in December 2001, the t ...

''s PEI 300 ranking among the world's largest private equity firms.

Notable holdings

BDT & MSD's official strategy emphasizes "long-term" investments, with some notable holdings including:

Majority positions

Alliance Laundry Systems Alliance Laundry Systems LLC is an American provider of commercial laundry systems. The company designs, manufactures, and markets a line of commercial laundry equipment under various brands in over 100 countries. Among the company’s products ...

* The Boca Raton Resort * Casa Dragones *Coalition *

Culligan Culligan International is a United States based global water treatment company with a network of dealers and direct operations in 90 countries with 1,000 dealers; over 600 in North America alone, and more than 14,000 employees. History Culligan ...

Four Seasons Resort Hualalai Four Seasons Resort Hualalai at Historic Kaūpūlehu is a AAA Five Diamond rated Four Seasons resort in Kaūpūlehu, on the Kona- Kohala Coast of the island of Hawaii. The tsunami from the 2011 Tōhoku earthquake damaged the resort and forced ...

*MJH Life Sciences *Naples Beach Club *Nation Safe Drivers *Ring Container Technologies Inc. *Universal Engineering Sciences * Weber Inc. *

West Monroe Partners West Monroe is a digital services firm headquartered in Chicago, Illinois. West Monroe provides traditional management consulting, creative and product engineering services to businesses across many industries, including consumer and industrial ...

(50%) *

Whataburger Whataburger is an American regional fast food restaurant Chain store, chain, headquartered and based in San Antonio, Texas, that specializes in hamburgers. Founded by Harmon Dobson and Paul Burton, it opened its first restaurant in Corpus Chri ...

Minority positions

Acrisure Acrisure is a financial technology and insurance company headquartered in Grand Rapids, Michigan. The company was initially created to acquire insurance companies in the Midwestern United States and has since expanded nationally. In 2022, ''Busin ...

Auberge Resorts Auberge Resorts Collection is a hospitality group headquartered in Bethesda, Maryland. Auberge is a portfolio of hotels, resorts, residences and private clubs. Organization Notable Hotels * Auberge du Soleil (first location), Rutherford ...

* Badia Spices *

Brunswick Group Brunswick Group is a British public relations company headquartered in London, England. The company was founded in 1987 by Sir Alan Parker. History The company was founded in 1987 by Alan Parker. In 2018, Brunswick Chairman Sir Alan Parker's le ...

(11%) *

Charlotte Tilbury Charlotte Emma Bow Tilbury (born 10 February 1973) is a British beauty entrepreneur and makeup artist. She is the founder, chair and chief creative officer of the makeup and skincare brand Charlotte Tilbury Beauty Ltd. Tilbury is a contribut ...

Cognita Cognita is a global private schools group which owns and operates schools throughout various countries. The group has over 100 schools and employs over 21,000 staff and teaches 95,000 students across 17 countries. Cognita schools teach 13 diffe ...

*East West Manufacturing * Exyte *

Qualtrics Qualtrics is an American experience management company, with co-headquarters in Seattle, Washington, and Provo, Utah, in the United States. The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill. Qualtric ...

Tory Burch LLC Tory Burch LLC is a luxury women's fashion label based in Manhattan, New York City, New York, United States. It was founded by American designer Tory Burch in 2004. , Pierre-Yves Roussel is the CEO of the company. History Tory Burch began her fas ...

Under Armour Under Armour, Inc. is an American sportswear company that manufactures footwear and clothing, apparel headquartered in Baltimore, Maryland, United States. History 20th century Under Armour was founded on September 25, 1996, by Kevin Plank, a ...

(25%)Under Armour Top Institutional Holders
(''

Yahoo Finance Yahoo Finance is a media property that is part of the Yahoo network. It provides financial news, data and commentary including stock quotes, press releases, financial reports, and original content. It also offers online tools for personal fina ...

'', March 24, 2025)

References

{{DEFAULTSORT:BDT and MSD Partners 2023 establishments in Illinois Companies based in Chicago Financial services companies established in 2022 Financial services companies based in New York City Investment banks in the United States Investment management companies of the United States Private equity firms of the United States 2023 establishments in New York City