View source for Cerberus Capital Management

{{short description|U.S. investment management company}}
{{Use mdy dates|date=October 2020}}
{{Infobox company
| name = Cerberus Capital Management, L.P.
| logo = Cerberus Capital Management logo.svg
| image = [[File:52nd St 3rd Av td 06 - 875 Third Avenue.jpg|250px]]
| image_caption = Headquarters at 875 Third Avenue
| type = [[Privately held company|Private]]
| founder = {{Unbulleted list|[[Steve Feinberg]]|William L. Richter}}
| area_served = 11 offices in 9 countries
| key_people = {{Unbulleted list|[[Steve Feinberg]] (co-[[CEO]])|Frank W. Bruno (co-CEO)|[[Dan Quayle]] ([[chairman]] of Global Investments)|[[John W. Snow]] (chairman of Capital Management)}}
| industry = [[Private equity]]
| products = [[Distressed securities]] and assets, [[Leveraged buyout]]s, [[Growth capital]], [[Real estate investing]], Commercial lending
| aum = {{increase}} $60 billion<ref>{{Cite web |title=Home |url=https://www.cerberus.com/ |website=Cerberus Capital Management}}</ref>
| foundation = {{start date and age|1992}}
| location = New York City, U.S.
| subsid = Cerberus Operations and Advisory Company LLC
| homepage = {{url|https://www.cerberus.com|cerberus.com}}
}}

'''Cerberus Capital Management, L.P.''' is an American global alternative [[investment firm]] with assets across [[credit]], [[private equity]], and real estate strategies.<ref>The Economic Times.[https://economictimes.indiatimes.com/industry/services/property-/-cstruction/hdfc-capital-cerberus-set-to-pair-up-for-1-billion-real-estate-investment-fund/articleshow/81866233.cms?from=mdr "HDFC Capital, Cerberus set to pair up for $1 billion real estate investment fund"]</ref><ref name="leadersmag.com">Leaders Magazine. [http://www.leadersmag.com/issues/2011.2_Apr/Facing%20Americas%20Challenges/LEADERS-Dan-Quayle-Cerberus-Global-Investments.html "Providing Economic Opportunity: An Interview with The Honorable Dan Quayle, Chairman, Cerberus Global Investments, LLC"] {{webarchive |url=https://web.archive.org/web/20120503090050/http://www.leadersmag.com/issues/2011.2_Apr/Facing%20Americas%20Challenges/LEADERS-Dan-Quayle-Cerberus-Global-Investments.html |date=May 3, 2012 }}.</ref> The firm is based in New York City, and run by [[Steve Feinberg]], who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.<ref>BusinessWeek. [http://www.businessweek.com/magazine/content/05_40/b3953110.htm "What's Bigger Than Cisco, Coke, Or McDonald's?"] {{webarchive |url=https://web.archive.org/web/20060314175947/http://www.businessweek.com/magazine/content/05_40/b3953110.htm |date=March 14, 2006 }}.</ref>

Cerberus has around US$60 billion under management in funds and accounts.  The company is a [[U.S. Securities and Exchange Commission]] Registered Investment Adviser.<ref>SEC Website. {{Cite web |title=IAPD - Investment Adviser Search |url=https://www.adviserinfo.sec.gov/(S(o2pcmftyypcyovzewa4sorut))/IAPD/Content/Search/iapd_Search.aspx |url-status=live |archive-url=https://web.archive.org/web/20160129072024/http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_Search.aspx |archive-date=January 29, 2016 |access-date=January 13, 2012}}.</ref>  Investors include government and private sector [[pension fund|pension]] and [[retirement fund]]s, [[charitable foundation]]s, university endowments, [[insurance companies]], family savings and sovereign wealth funds.<ref name="leadersmag.com" />

== History ==
Cerberus is named after the [[Cerberus|mythological three-headed dog]] that guarded the gates of Tartarus.<ref>{{Cite news |last=Mark Reutter |date=January 18, 2012 |title=New York hedge fund takes investment stake in Sparrows Point owner |publisher=Baltimore Brew |url=https://www.baltimorebrew.com/2012/01/18/new-york-hedge-fund-takes-stake-in-embattled-rg-steel/}}</ref> Feinberg has stated that while the Cerberus name seemed like a good idea at the time, he later regretted naming the company after the mythological dog.<ref>{{Cite news |date=May 21, 2007 |title=Cerberus now controls 80 percent of Chrysler |work=Chicago Sun-Times |url=https://www.pressreader.com/usa/chicago-sun-times/20070521/282797826945523 |access-date=March 27, 2017}}</ref>

[[Dan Quayle]], former [[Vice President of the United States]] 1989–1993, who served under President [[George H. W. Bush]], joined Cerberus in 1999 and is chairman of the company's Global Investments Division.<ref>[https://www.cerberus.com/our-firm/leadership/ "Leadership,"] Cerberus Capital Management. Retrieved November 16, 2017.</ref>

Cerberus has grown to include 11 offices in nine countries.<ref name="Cerberus Global Footprint">{{Cite web |title=Cerberus Global Footprint |url=http://www.cerberuscapital.com/the-firm/global-footprint/ |access-date=December 18, 2016 |publisher=Cerberus}}</ref> Cerberus's largest locations include [[New York City]], [[Chicago metropolitan area|Chicago]], and [[Boise]], [[Idaho]].

== Areas of focus ==
The company has been an acquirer of businesses over the past several years and now has  investments in financial services, healthcare, consumer & retail, government services, manufacturing & distribution, technology & telecommunications, building products, energy & natural resources, apparel, paper, packaging & printing, transportation, commercial services, industrial & automotive, real estate, travel & leisure, and weaponry.<ref name="cerberuscapital.com">{{Cite web |title=Cerberus Capital Management |url=http://www.cerberuscapital.com/investment_strategies/control_and_non-control_private_equity_investments |url-status=dead |archive-url=https://web.archive.org/web/20121101153626/http://www.cerberuscapital.com/investment_strategies/control_and_non-control_private_equity_investments |archive-date=November 1, 2012 |access-date=October 22, 2012 |publisher=Cerberuscapital.com}}</ref>

The firm is active in private equity investment, lending, specialty finance, real estate investment, and securities trading.<ref name="leadersmag.com" /> The firm's current investment portfolio includes more than 40 companies around the world with an average hold time of more than five years.<ref>{{Cite news |last=Casey Ross |date=March 25, 2010 |title=Cerberus's success hurt by a pair of gambles |publisher=[[The Boston Globe]] |url=https://www.boston.com/business/healthcare/articles/2010/03/25/cerberuss_success_hurt_by_a_pair_of_gambles/}}</ref>

Cerberus maintains the Cerberus Operations & Advisory Company LLC (COAC), which consists of senior operating executives supporting the firm's due diligence and assisting its portfolio companies.<ref name="online.barrons.com">[https://web.archive.org/web/20100920215653/http://online.barrons.com/article/SB50001424052970204914704575489910130579520.html Barron's]</ref>

== Cerberus Operations and Advisory Company LLC (COAC) ==
Cerberus utilizes an operations team of over 100 professionals to help source, analyze and monitor portfolio investments. Activities performed by members of COAC in the area of control private equity investments, include due diligence, acquisition planning, board membership, special project staffing and, where appropriate, occupying interim or full-time open positions.<ref name="online.barrons.com" />

== Transactions and initiatives ==
{{Update section|date=February 2023}}
* On March 10, 2010, Cerberus entered into a financing deal with [[GeoEye]] in which the firm would provide the satellite imagery company funds of up to $215 million.<ref>Reuters. [https://www.reuters.com/article/geoeye-idUSSGE62A0IP20100311 "GeoEye in financing deal with Cerberus; shares rise"] {{webarchive|url=https://web.archive.org/web/20130326193319/https://www.reuters.com/article/2010/03/11/geoeye-idUSSGE62A0IP20100311|date=March 26, 2013}}.</ref><ref>Seeking Alpha. [http://seekingalpha.com/article/230525-geoeye-insiders-prep-for-mega-growth "GeoEye: Insiders Prep for Mega-Growth"] {{webarchive|url=https://web.archive.org/web/20160303213422/http://seekingalpha.com/article/230525-geoeye-insiders-prep-for-mega-growth|date=March 3, 2016}}.</ref>
* In March 2010, Cerberus was the lead investor that gained an ownership stake in [[Panavision]] as part of a [[debt restructuring]] agreement with shareholder [[MacAndrews & Forbes|MacAndrews]] & [[MacAndrews & Forbes|Forbes]], the holding company of billionaire [[Ronald Perelman]].<ref>Los Angeles Times. [https://www.latimes.com/archives/la-xpm-2010-mar-02-la-fi-ct-panavision2-2010mar02-story.html "Creditors set to gain Panavision"] .</ref>
* In March 2010, Cerberus agreed to buy New England's largest community-based healthcare system, the not-for-profit [[Caritas Christi Health Care]], for $246 million, then withdrew its non-profit registration and changed its name to [[Steward Health Care]] that November.<ref name=GLOBE_STEWARD>{{cite news |url=https://www.bostonglobe.com/2024/04/02/business/cerberus-capital-management-steward-health-care/ |title=Cerberus says its investment in Steward hospitals yielded an $800 million profit |date=April 2, 2024 |last=Weisman |first=Robert |work=The Boston Globe |access-date=April 9, 2024 |archive-url=https://web.archive.org/web/20240403170821/https://www.bostonglobe.com/2024/04/02/business/cerberus-capital-management-steward-health-care/ |archive-date=April 3, 2024}}</ref>
* On April 12, 2010, Cerberus acquired private government services contractor [[DynCorp International]] for approximately $1 billion and the assumption of $500 million of debt.<ref>Wall Street Journal. [https://www.wsj.com/articles/SB10001424052702303828304575179652893406326 "Cerberus to Acquire DynCorp for About $1 Billion"] {{webarchive|url=https://web.archive.org/web/20120524202551/http://online.wsj.com/article/SB10001424052702303828304575179652893406326.html|date=May 24, 2012}}.</ref>
* In June 2010, Cerberus agreed to sell Talecris to Spain's [[Grifols]] S.A. The transaction closed on June 1, 2011 at a value of $4.2 billion.<ref>Wall Street Journal. [https://www.wsj.com/articles/SB10001424052748703628204575618693866512512 "Pit Bulls: Cerberus Makes a Killing Again"] {{webarchive|url=https://web.archive.org/web/20120524202549/http://online.wsj.com/article/SB10001424052748703628204575618693866512512.html|date=May 24, 2012}}.</ref>
* On November 19, 2010, Cerberus and Drago Capital acquired a real estate portfolio of 97 bank branches from Spain's fourth largest financial group, [[Caja Madrid]], in a 25-year leaseback transaction.<ref>Private Equity Wire. [http://www.privateequitywire.co.uk/2010/11/22/68385/drago-and-cerberus-acquire-97-bank-branches-caja-madrid "Drago and Cerberus acquire 97 bank branches from Caja Madrid"] {{webarchive|url=https://web.archive.org/web/20160401131704/http://www.privateequitywire.co.uk/2010/11/22/68385/drago-and-cerberus-acquire-97-bank-branches-caja-madrid|date=April 1, 2016}}.</ref>
* On March 17, 2011, Cerberus acquired the senior bank debt and completed a debt restructuring of Maxim Office Park, a one million square foot office and logistics complex located between [[Glasgow]] and [[Edinburgh]], Scotland.<ref>PropertyWeek.com. [http://www.propertyweek.com/news/cerberus-completes-maxim-deal/5015096.article "Cerberus completes Maxim deal"] {{webarchive|url=https://web.archive.org/web/20160303221953/http://www.propertyweek.com/news/cerberus-completes-maxim-deal/5015096.article|date=March 3, 2016}}.</ref>
* On March 31, 2011, Cerberus acquired a real estate portfolio consisting of 45 Metro Cash & Carry properties in Germany from the three major shareholders of [[Metro AG]].<ref>PropertyEU. [http://www.propertyeu.info/index-newsletter/cerberus-acquires-45-properties-from-metro-shareholders-in-germany/ "Cerberus bags EUR 1b portfolio from Metro shareholders"] {{webarchive|url=https://web.archive.org/web/20110503195534/http://www.propertyeu.info/index-newsletter/cerberus-acquires-45-properties-from-metro-shareholders-in-germany/|date=May 3, 2011}}.</ref>
* On May 16, 2011, Cerberus completed the acquisition of [[Silverleaf Resorts]], for $2.50 in cash per share.<ref>BusinessWeek. ''[https://archive.today/20120730215116/http://www.businessweek.com/ap/financialnews/D9N8QTSO0.htm]''.</ref>
* On May 16, 2011, an affiliate of Cerberus agreed to acquire the U.S.-based global billing and payments unit of [[3i Infotech|3i]] [[3i Infotech|Infotech]] Ltd. for $137 million.<ref>{{Cite web |date=2011-05-16 |title=Cerberus Capital Management to acquire Regulus Group and J&B Software from 3i Infotech Financial Software |url=https://www.tmcnet.com/usubmit/2011/05/16/5513842.htm |access-date=2021-11-16 |website=www.tmcnet.com}}</ref><ref>Wall Street Journal. ''[https://archive.today/20120713150214/http://professional.wsj.com/article/SB10001424052748703421204576326331086578832.html?mg=reno-secaucus-wsj]''.</ref>
* On October 4, 2011, Cerberus and Garanti Securities announced the formation of a joint initiative to pursue investments in Turkey with an initial commitment of $400 million.<ref>WSJ Deal Journal. [https://blogs.wsj.com/privateequity/2011/10/05/the-morning-leverage-cerberus-wants-a-bite-of-turkey "Cerberus Wants A Bite Of Turkey"] {{webarchive|url=https://web.archive.org/web/20160115033516/https://blogs.wsj.com/privateequity/2011/10/05/the-morning-leverage-cerberus-wants-a-bite-of-turkey|date=January 15, 2016}}.</ref>
* On October 19, 2011, [[JPMorgan Chase|J.P. Morgan Worldwide Securities Services]] announced that it was selected by Cerberus to provide fund administration and related securities services for Cerberus's investment funds.<ref>J.P. Morgan Press Release. [http://www.jpmorgan.com/tss/General/Cerberus_Appoints_J_P_Morgan_as_Administrator_for_its_Investment_/1318543481226 "Cerberus Appoints J.P. Morgan as Administrator for its Investment Fund"] {{webarchive|url=https://web.archive.org/web/20160305203528/http://www.jpmorgan.com/tss/General/Cerberus_Appoints_J_P_Morgan_as_Administrator_for_its_Investment_/1318543481226|date=March 5, 2016}}.</ref>
* On October 27, 2011, Cerberus and Chatham Lodging Trust closed their purchase of Innkeepers USA Trust for $1.02 billion. Innkeepers operates hotels, including the Marriott, Hyatt, Hilton, and other brands.<ref>WSJ Deal Journal. [https://blogs.wsj.com/deals/2011/10/27/court-fight-behind-them-cerberus-clinches-its-innkeepers-deal/ "Court Fight Behind Them, Cerberus Clinches Its Innkeepers Deal"] {{webarchive|url=https://web.archive.org/web/20160304204416/https://blogs.wsj.com/deals/2011/10/27/court-fight-behind-them-cerberus-clinches-its-innkeepers-deal/|date=March 4, 2016}}.</ref>
* On December 22, 2011, Covis Pharma, a specialty pharmaceutical company owned by affiliates of Cerberus, announced that it had agreed to acquire full commercial rights for [[Fortaz]] (ceftazidime), [[Zinacef]] (cefuroxime), [[Lanoxin]] (digoxin), [[Parnate]] (tranylcypromine sulfate), and [[Ranitidine|Zantac]] injection (ranitidine hydrochloride) in the United States and Puerto Rico from [[GlaxoSmithKline]].<ref>PR Newswire. [http://www.prnewswire.com/news-releases/covis-pharma-to-acquire-us-rights-from-glaxosmithkline-for-fortaz-zinacef-lanoxin-parnate-and-zantac-injection-136058673.html "Covis Pharma to Acquire U.S. Rights from GlaxoSmithKline for Fortaz®, Zinacef®, Lanoxin®, Parnate®, and Zantac® Injection"] {{webarchive|url=https://web.archive.org/web/20160423235916/http://www.prnewswire.com/news-releases/covis-pharma-to-acquire-us-rights-from-glaxosmithkline-for-fortaz-zinacef-lanoxin-parnate-and-zantac-injection-136058673.html|date=April 23, 2016}}.</ref>
* On January 18, 2012, RG Steel, LLC announced that affiliates of Cerberus committed new capital to the company.<ref>RG Steel Press Release. "http://www.rg-steel.com/news/pressreleases/RG%20Steel%20Strengthens%20Liquidity%20with%20New%20Capital%20from%20Cerberus%20Capital%20Management%20and%20The%20Renco%20Group%201-18-12.pdf" {{webarchive|url=https://web.archive.org/web/20160311062144/http://www.rg-steel.com/news/pressreleases/RG%20Steel%20Strengthens%20Liquidity%20with%20New%20Capital%20from%20Cerberus%20Capital%20Management%20and%20The%20Renco%20Group%201-18-12.pdf|date=March 11, 2016}}.</ref>
* On March 8, 2012, an affiliate of Cerberus closed its acquisition of a controlling interest in [[AT&T|AT]]&[[AT&T|T]] Advertising Solutions and AT&T Interactive, which were combined into a new entity [[YP Holdings|YP Holdings LLC]]. AT&T received approximately $750 million in cash, a $200 million note and a 47-percent equity interest in YP Holdings LLC. David Krantz, former CEO and president of AT&T Interactive, was named CEO of YP.<ref>YP Press Release. [http://www.multivu.com/mnr/56141-att-advertising-solutions-interactive-form-standalone-venture-named-yp "YP LAUNCHES TODAY AS NORTH AMERICA’S LEADING LOCAL SEARCH, MEDIA AND ADVERTISING COMPANY"] {{webarchive|url=https://web.archive.org/web/20160304030659/http://www.multivu.com/mnr/56141-att-advertising-solutions-interactive-form-standalone-venture-named-yp|date=March 4, 2016}}.</ref><ref>AT&T Press Release. [https://archive.today/20120718033740/http://www.att.com/gen/press-room?pid=22829&cdvn=news&newsarticleid=34423&mapcode=financial advertise-publish "AT&T Completes Sale of Advertising Solutions and Interactive Business Units to Cerberus"].</ref><ref>Bloomberg TV. [https://www.bloomberg.com/video/90078527/ "AT&T to Sell Most of Yellow Pages to Cerberus"] {{webarchive|url=https://web.archive.org/web/20120413141254/http://www.bloomberg.com/video/90078527/|date=April 13, 2012}}.</ref><ref>AT&T Press Release. [https://archive.today/20120721210155/http://www.att.com/gen/press-room?pid=22665&cdvn=news&newsarticleid=34198&mapcode=corporate financial "AT&T To Sell Advertising Solutions and Interactive Business Units to Cerberus"].</ref>
* On May 31, 2012, Cerberus completed the sale of textile company [[Guilford Mills]] to [[Lear Corporation]].<ref>MarketWatch.com. [http://www.marketwatch.com/story/cerberus-completes-sale-of-guilford-mills-2012-05-31 "Cerberus Completes Sale of Guilford Mills"]{{dead link|date=December 2016|bot=InternetArchiveBot|fix-attempted=yes}}</ref>
* On December 18, 2012, the company announced that it would divest its assets in [[Remington Outdoor Company]], formerly Freedom Group.<ref name="dealbook.nytimes.com">{{Cite news |last=Lattman |first=Peter |date=December 18, 2012 |title=In Unusual Move, Cerberus to Sell Gun Company |work=The New York Times |url=https://dealbook.nytimes.com/2012/12/18/cerberus-to-sell-gunmaker-freedom-group/}}</ref> However, as of September 24, 2013, it had not sold any of the Remington Outdoor Company.<ref>{{Cite news |last=Berman |first=Jillian |date=September 24, 2013 |title=Wall Street Firm Hasn't Sold Off AR-15 Maker Despite Newtown Promise |work=Huffington Post |url=https://www.huffingtonpost.com/2013/09/24/cerberus-gunmaker-divestment_n_3983104.html}}</ref>
* In January 2013, it announced a deal to acquire 877 stores in the [[Albertsons (SuperValu)|Albertsons]], [[Acme Markets|Acme]], [[Jewel (supermarket)|Jewel-Osco]], [[Shaw's and Star Market|Shaw's]], and [[Shaw's and Star Market|Star Market]] chains from [[SuperValu (United States)|SuperValu]] for $100 million and assumption of $3.2 billion of SuperValu debt.<ref name="post">{{Cite news |date=January 10, 2013 |title=Supervalu to sell 5 grocery chains, including Albertson's, Jewel-Osco, to Cerebus-led group |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/supervalu-to-sell-5-grocery-chains-including-albertsons-jewel-osco-to-cerebus-led-group/2013/01/10/94b54e7e-5b31-11e2-b8b2-0d18a64c8dfa_story.html |url-status=dead |access-date=January 10, 2013 |archive-url=https://web.archive.org/web/20190117013412/https://www.washingtonpost.com/business/supervalu-to-sell-5-grocery-chains-including-albertsons-jewel-osco-to-cerebus-led-group/2013/01/10/94b54e7e-5b31-11e2-b8b2-0d18a64c8dfa_story.html |archive-date=January 17, 2019}}</ref>
* September 16, 2013, Cerberus closed Accurate Metal Solutions (AMS). Over 400 employees were laid off.<ref>{{Cite web |last=Carol Lawrence |title=Company plans to lay off 100 in Oxnard when it closes |url=http://www.vcstar.com/news/2013/sep/25/oxnard-company-plans-to-lay-off-100-workers-when/ |access-date=January 30, 2015 |website=VCS}}</ref>
* On March 6, 2014, Cerberus announced a definitive merger agreement with already owned Albertsons and Safeway.<ref>{{Cite web |title=Home |url=https://www.cerberus.com/ |archive-url=https://web.archive.org/web/20140307080509/http://www.cerberuscapital.com/news/safeway_and_albertsons_announce_definitive_merger_agreement |archive-date=March 7, 2014 |website=Cerberus Capital Management}}</ref>
*On November 13, 2015, Cerberus agreed a deal to buy £13 billion ($16.5 billion) of subprime mortgages from [[UK Asset Resolution]] (UKAR).<ref>{{Cite web |title=Government agrees record-breaking £13 billion sale of former Northern Rock mortgages |url=https://www.gov.uk/government/news/government-agrees-record-breaking-13-billion-sale-of-former-northern-rock-mortgages |access-date=May 16, 2019 |website=GOV.UK |language=en}}</ref>
* On December 17, 2015, Cerberus announced a $605 million strategic partnership with [[Avon Products|Avon Products, Inc.]] According to terms of the agreement, Cerberus will buy 80% of Avon North America. In addition, the investment will result in a nearly 17% stake in Avon Products, Inc.<ref>Wall Street Journal. [http://online.wsj.com/articles/cerberus-strikes-deal-to-buy-into-avon-1450359684 "Cerberus Strikes Deal to Buy Into Avon"] {{webarchive|url=https://web.archive.org/web/20161214073038/http://www.wsj.com/articles/cerberus-strikes-deal-to-buy-into-avon-1450359684|date=December 14, 2016}}.</ref>
* On January 26, 2016, Keane, a well completion services company owned by Cerberus, agreed to acquire the majority of Canada-based Trican Well Services Ltd.'s U.S. assets for $247 million.<ref name="Financial Post">{{Cite web |last=Morgan |first=Geoffrey |title=Trican Well Service Ltd's sale of U.S. unit prompts stock upgrade by analysts |url=http://business.financialpost.com/investing/trading-desk/trican-well-service-ltds-sale-of-u-s-unit-prompts-stock-upgrade-by-analysts?__lsa=4bd0-1e2a |access-date=September 28, 2016 |publisher=Financial Post}}</ref>
* On May 27, 2016, Cerberus sold its 57% stake in Blue Bird Corporation, an independent designer and manufacturer of [[school bus]]es, to an affiliate of American Securities.<ref name="Barchart Blue Bird">{{Cite web |title=American Securities Completes Acquisition of 57% of Blue Bird Corporation |url=http://www.barchart.com/headlines/story/2379337/american-securities-completes-acquisition-of-57-of-blue-bird-corporation |url-status=dead |archive-url=https://web.archive.org/web/20161002060426/http://www.barchart.com/headlines/story/2379337/american-securities-completes-acquisition-of-57-of-blue-bird-corporation |archive-date=October 2, 2016 |access-date=September 28, 2016 |publisher=Barchart}}</ref>
* On June 23, 2016, [[General Electric]] announced a sale of its consumer finance business, [[GE Money Bank]], to an affiliate of Cerberus.<ref name="Bloomberg sale">{{Cite news |last=Pruner |first=Dagney |title=GE Agrees to Sell $4.6 Billion French Banking Unit to Cerberus |url=https://www.bloomberg.com/news/articles/2016-06-23/ge-agrees-to-sell-4-6-billion-french-banking-unit-to-cerberus |access-date=September 28, 2016 |newspaper=Bloomberg|date=June 23, 2016 }}</ref>
* On July 1, 2016, Cerberus acquired auto parts supplier ABC Group.<ref name="Plastics News">{{Cite web |last=Lauzon |first=Michael |title=Cerberus buys auto supplier ABC Group |date=July 2016 |url=http://www.plasticsnews.com/article/20160701/NEWS/160709982/cerberus-buys-auto-supplier-abc-group |access-date=September 28, 2016 |publisher=Plastics News}}</ref>
* On December 7, 2016, Staples, Inc. and Cerberus announced they had entered into an agreement in relation to the sale of a controlling interest in Staples' European operations to a Cerberus affiliate.<ref name="Reuters Staples News">{{Cite news |title=Staples to sell controlling stake in European unit to Cerberus |date=December 7, 2016 |url=https://www.reuters.com/article/us-staples-m-a-cereberus-idUSKBN13W168 |access-date=December 18, 2016 |work=Reuters}}</ref>
* In February 2018, Cerberus acquired [[HSH Nordbank]].<ref>{{Cite news |last=Storbeck |first=Olaf |date=2018-02-23 |title=JC Flowers and Cerberus close in on HSH Nordbank |work=Financial Times |url=https://www.ft.com/content/79df1446-18c2-11e8-9376-4a6390addb44 |archive-url=https://ghostarchive.org/archive/20221211191216/https://www.ft.com/content/79df1446-18c2-11e8-9376-4a6390addb44 |archive-date=December 11, 2022 |url-access=subscription |url-status=live |access-date=2021-11-16 }}</ref>{{citation needed|date=December 2019}}
* In October 2019, Cerberus acquired [[Stratolaunch Systems]], an aerospace company formed by Microsoft co-founder [[Paul G. Allen]] in 2011 that has built the world's largest airplane (by wingspan): the ''[[Stratolaunch carrier aircraft|Stratolaunch]]''<ref name="gw20191211">[Exclusive: Buyer of Paul Allen's Stratolaunch space venture is secretive Trump ally], [[Geekwire]], December 11, 2019, accessed December 12, 2019.</ref> After the acquisition, Stratolaunch is now focusing on offering high-speed [[flight test]] services.<ref name="floyd20191210">{{Cite tweet |number=1204552846143713280 |user=WJeanFloyd |title=Stratolaunch grew from 13 to 87 employees over the past 2 months. |date=December 10, 2019 |access-date=December 11, 2019}}</ref>''
* In March 2020, Cerberus faced backlash after threatening to close the unprofitable Easton Hospital in [[Lehigh Valley|Lehigh Valley, Pennsylvania]], amid the [[COVID-19 pandemic|coronavirus pandemic]].<ref>{{Cite web |last=Primack |first=Dan |title=Last-minute deal saves Pennsylvania hospital from closing |url=https://www.axios.com/easton-hospital-pennsylvania-4c540358-5cdf-45d3-913f-2b04741a8aa5.html |access-date=March 31, 2020 |website=Axios |date=March 31, 2020 |language=en}}</ref><ref>{{Cite web |title=$40 million to keep Easton Hospital open? 'Extortion during a crisis' and other reactions |url=https://www.mcall.com/opinion/readers-react/mc-opi-let-easton-hospital-closing-comments-20200324-azuizkfkeffrtcadd62hnajz2q-story.html |access-date=March 31, 2020 |website=mcall.com|date=March 24, 2020 }}</ref>
* In October 2021, Cerberus sold the securitization fund manager Haya Titulización to [[Beka Finance]].<ref>{{Cite web |title=Beka Finance Acquires Haya's Debt Issuer From Cerberus - Brainsre news España |date=October 29, 2021 |url=https://brainsre.news/en/beka-finance-acquires-hayas-debt-issuer/ |access-date=2023-05-09 |language=en-US}}</ref>
* In November 2022, Cerberus acquired the [[Agila Subic Shipyard]] ahead of an impending return of more frequent visits by U.S. Navy vessels to the area of [[Central Luzon]] in the [[Philippines]], amid rising tensions with China.<ref name="Subic">{{cite news |last=|first=|date=November 24, 2022|title=U.S. military poised to return to Subic Bay, counter China's presence|url=https://english.kyodonews.net/news/2022/11/34dad3ba3fae-us-military-poised-to-return-to-subic-bay-counter-chinas-presence.html|access-date=14 February 2023|newspaper=Kyodo News}}</ref>

== Additional involvements by sector ==
===Pharmaceuticals===
In December 2004, the company announced the acquisition of [[Bayer]]'s [[Blood plasma|plasma]] products business and renamed it Talecris Biotherapeutics. It purchased Talecris for $83m, and sold the bulk of its shares in October 2009, for a net gain of $1.8bn.<ref>''[[Alternet]]'', January 8, 2010, [http://www.alternet.org/workplace/145044/cerberus_capital:_literally_blood-sucking_the_poor_to_make_their_billions Cerberus Capital: Literally Blood-Sucking the Poor to Make Their Billions]  {{webarchive|url=https://web.archive.org/web/20100122061551/http://www.alternet.org/workplace/145044/cerberus_capital%3A_literally_blood-sucking_the_poor_to_make_their_billions |date=January 22, 2010 }}</ref>

===Paper products===
The company acquired MeadWestvaco's paper business for $2.3B in 2005 and renamed it [[NewPage]]. Cerberus also purchased, from [[Georgia Pacific Corporation]], its Distribution Division/Building Products and all of its associated real estate. It renamed this new company [[BlueLinx Holdings]], based in [[Atlanta, Georgia|Atlanta]].

===Aviation===
The Portuguese company TAP Portugal was bought by a consortium that included David Neeleman (Founder of Azul Linhas Aéreas Brasileiras, JetBlue Airways and WestJet) and Humberto Pedrosa.

===Government services (military, energy, and food & drug)===
Cerberus owns IAP Worldwide Services, which bought Johnson Controls' World Services division in February 2005.  Previously owned Multimax (purchased predecessor company in 2000 and Multimax in 2006; sold entire holding in 2007 to Harris Corporation). Cerberus owns [[Tier 1 Group]], a private company that provides military training.<ref>{{Cite news |last=Mazzetti |first=Mark |date=22 June 2021 |title=Saudi Operatives Who Killed Khashoggi Received Paramilitary Training in U.S. |work=[[New York Times]] |url=https://www.nytimes.com/2021/06/22/us/politics/khashoggi-saudi-kill-team-us-training.html |access-date=9 July 2021}}</ref>

===Real estate===
Through investment affiliate Cerberus Real Estate, the company has been making direct equity, mezzanine, first mortgage, distressed and special situation investments in all asset types.  Cerberus also has a minority stake in [[Miami Beach]]-based LNR Property, a large real estate development and investment firm through subsidiary Riley Property. In October 2015 Cerberus completed an acquisition from Building and Land Technology of a portfolio of single family rental homes to be managed by its affiliated company, FirstKey Homes, LLC; there are currently more than 6,000 homes in the portfolio.

===Retail===
Cerberus purchased 655 of the 2,500 [[New Albertsons, Inc.|Albertson's, Inc.]], grocery stores, forming [[Albertsons LLC]] of [[Boise, Idaho]], in June 2006. It also had an ownership stake in the now-bankrupt [[Mervyn's]] department stores, which was acquired from [[Target Corp]]. In May 2012, Cerberus sold its holdings in Torex Retail Holdings, Ltd., a Dunstable, England-based provider of information technology systems for the retail, fuel and convenience stores and pub markets in the United Kingdom and Continental Europe that was acquired in June 2007, to MICROS Systems, Inc.<ref>[[MICROS]] Systems, Inc. Press Release. [http://www.micros.com/NewsAndEvents/PressReleases/2012/torex.htm "MICROS Announces Agreement To Acquire Torex Retail Holdings, Ltd."] {{webarchive |url=https://web.archive.org/web/20160115033516/http://www.micros.com/NewsAndEvents/PressReleases/2012/torex.htm |date=January 15, 2016 }}.</ref> In January 2013, it announced a deal to acquire 877 stores in the Albertson's, Acme, Shaw's and Star Market chains from [[SuperValu (United States)|SuperValu]] for $100 million and acquisition of $3.2 billion on SuperValu debt.<ref name="post" /> In February 2014, it was reported that [[Safeway Inc]] was in advanced talks with private equity firm Cerberus Capital Management LP over a leveraged buyout deal.<ref>{{Cite news |title=Cerberus in advanced talks to buy Safeway - sources |url=https://www.reuters.com/article/safeway-cerberus-idUSL2N0LP2UJ20140221 |url-status=live |archive-url=https://web.archive.org/web/20140228163125/http://www.reuters.com/article/2014/02/21/safeway-cerberus-idUSL2N0LP2UJ20140221 |archive-date=February 28, 2014 |access-date=June 30, 2017 |website=[[Reuters]]|date=February 21, 2014 }}</ref> After integrating the Safeway purchase, on October 14, 2022 [[Kroger]] announced it would be acquiring Albertsons for $25 billion, combining the largest and second-largest supermarket chains in North America.<ref>{{Cite news|url=https://www.reuters.com/markets/deals/kroger-acquire-rival-albertsons-near-25-billion-deal-2022-10-14/|title=U.S. grocer Kroger carts away Albertsons for $25 billion but faces antitrust test|first1=Aishwarya|last1=Venugopal|first2=Diane|last2=Bartz|first3=Abigail|last3=Summerville|first4=Diane|last4=Bartz|first5=Abigail|last5=Summerville|newspaper=Reuters |date=October 14, 2022|via=www.reuters.com|access-date=April 23, 2023|archive-date=December 9, 2022|archive-url=https://web.archive.org/web/20221209010636/https://www.reuters.com/markets/deals/kroger-acquire-rival-albertsons-near-25-billion-deal-2022-10-14/|url-status=live}}</ref>

===Transportation===
Acquired bankrupt ANC Rental, then owner of the [[National Car Rental|National]] and [[Alamo Rent A Car|Alamo]] car rental chains, for $230 million in October 2003, and subsequently sold to Enterprise Rent-a-Car in 2007.<ref>Financial Times. [http://www.ft.com/cms/s/0/c4b0ef1e-df15-11db-b5c9-000b5df10621.html#axzz1cfzhEPUH "Enterprise Rent-A-Car to Buy Vanguard"] {{webarchive |url=https://web.archive.org/web/20100504081418/http://www.ft.com/cms/s/0/c4b0ef1e-df15-11db-b5c9-000b5df10621.html#axzz1cfzhEPUH |date=May 4, 2010 }}.</ref>  Purchased [[DaimlerChrysler]]'s 45% share of debis AirFinance, an aircraft leasing business, in May 2005.  Acquisition of debis AirFinance (later renamed AerCap) was completed in July 2005.  AerCap completed its IPO in 2006.<ref>Reuters. [http://uk.reuters.com/article/airlines-aercap-ipo-idUKN2047170520061120 "Dutch AerCap's US IPO raises $600.3 million"] {{webarchive |url=https://web.archive.org/web/20131224115259/http://uk.reuters.com/article/2006/11/20/airlines-aercap-ipo-idUKN2047170520061120 |date=December 24, 2013 }}.</ref>  Cerberus also acquired [[North American Bus Industries]], [[Optima Bus Corporation]], and [[Blue Bird Corp.]] in the [[bus]] manufacturing sector. (Cerberus sold its commercial bus manufacturing assets to [[New Flyer Industries]] in 2013 but retained the Blue Bird school bus production line.)

===Automotive===
[[Peguform]] (acquired by Cerberus in 2004 and sold it to Polytec four years later), GDX Automotive (owned by Cerberus until 2011), and [[Chrysler]].

In 2007, Cerberus and about 100 other investors purchased an 80% stake in Chrysler for $7.4 billion<ref>New York Times. [https://www.nytimes.com/2008/12/06/business/06chrysler.html?_r=1 "Chrysler's Friends in High Places"] {{webarchive |url=https://web.archive.org/web/20161119135904/http://www.nytimes.com/2008/12/06/business/06chrysler.html?_r=1 |date=November 19, 2016 }}.</ref> seeking to bolster the auto maker's performance by operating as an independent company. In 2008, the plan collapsed due to an unprecedented slowdown in the U.S. auto industry and a lack of capital.<ref name="Chrysler">Forbes. [https://www.forbes.com/2008/12/09/chrysler-cerberus-bailout-oped-cx_dg_1210gerstein.html "Chrysler's Hidden Coffers"] {{webarchive |url=https://web.archive.org/web/20160305032327/http://www.forbes.com/2008/12/09/chrysler-cerberus-bailout-oped-cx_dg_1210gerstein.html |date=March 5, 2016 }}.</ref>

In response to questioning at a hearing before the House committee on December 5, 2008 by Rep. Ginny Brown-Waite, Chrysler President and CEO Robert Nardelli said that Cerberus' fiduciary obligations to its other investors and investments prohibited it from injecting capital.<ref name="Chrysler" />  "In order to achieve that goal Cerberus has advised the U.S. Treasury that it would contribute its equity in Chrysler automotive to labor and creditors as currency to facilitate the accommodations necessary to affect the restructuring."<ref>Wall Street Journal Blog. [https://blogs.wsj.com/autoshow/2008/12/19/statement-by-cerberus-capital-management/ "Statement by Cerberus Capital Management"] {{webarchive |url=https://web.archive.org/web/20160305034706/https://blogs.wsj.com/autoshow/2008/12/19/statement-by-cerberus-capital-management/ |date=March 5, 2016 }}.</ref>

On April 30, 2009, Chrysler declared bankruptcy protection and announced that GMAC would become the financing source for new wholesale and retail Chrysler cars.{{citation needed|date=October 2020}}

On March 30, 2009, Cerberus Capital Management announced that it would voluntarily give up its equity stake in the Chrysler as a condition of the US Treasury Department's bailout deal, but would retain its stake in Chrysler's financing arm, Chrysler Financial. Cerberus agreed to provide $2 billion to backstop a $4 billion December 2008 US Treasury Department loan given to Chrysler. In exchange for obtaining that loan, it promised many concessions including surrendering equity, foregoing profits, and giving up board seats. US Treasury and the Obama administration recognized the "sacrifices by key stakeholders" in an effort to give Chrysler the "opportunity to thrive as a long-term viable 21st century company".<ref>The White House, Office of the Press Secretary. [https://obamawhitehouse.archives.gov/the-press-office/obama-administration-auto-restructuring-initiative "Obama Administration Auto Restructuring Initiative"] {{webarchive |url=https://web.archive.org/web/20170216174925/https://obamawhitehouse.archives.gov/the-press-office/obama-administration-auto-restructuring-initiative |date=February 16, 2017 }}.</ref>

Chrysler Financial, once the exclusive lending arm of the automaker, remained owned by Cerberus until April 2011.<ref>Toronto Dominion News Release. [https://archive.today/20120728213654/http://td.mediaroom.com/index.php?s=43&item=1210 "TD completes Chrysler Financial acquisition"].</ref>

Chrysler Financial initially refused to take $750 million in [[Troubled Asset Relief Program]] (TARP) government bailout aid because executives didn't want to abide by executive-pay limits, and because the firm doesn't necessarily need the money.<ref>Wall Street Journal. [https://www.wsj.com/articles/SB124027034282936893 "Treasury Pressures Chrysler, Fiat in Meetings"] {{webarchive |url=https://web.archive.org/web/20121109044625/http://online.wsj.com/article/SB124027034282936893.html?mod=googlenews_wsj |date=November 9, 2012 }}.</ref>  In January 2009, Chrysler Financial was the recipient of $1.5 billion from the Troubled Asset Relief Program. The company said that it used the money to fund 85,000 loans to purchase Chrysler automobiles. Chrysler Financial repaid all of the TARP loan in July 2009 by raising funds from an asset-backed securitization through the Term Asset-Backed Securities Loan Facility program.<ref>The New York Times DealBook. [https://dealbook.nytimes.com/2009/07/14/chrysler-financial-pays-back-its-tarp-loan/ "Chrysler Financial Pays Back Its TARP Loan"] {{webarchive |url=https://web.archive.org/web/20130105012942/http://dealbook.nytimes.com/2009/07/14/chrysler-financial-pays-back-its-tarp-loan/ |date=January 5, 2013 }}.</ref>

In December 2010, Cerberus agreed to sell certain assets of Chrysler Financial to TD Bank Group for $6.3 billion in cash, retaining approximately $1 billion in Chrysler Financial assets.<ref>Wall Street Journal. [https://www.wsj.com/articles/SB10001424052748703886904576031990280307266 "Toronto-Dominion Bank Close to Deal for Chrysler Financial"] {{webarchive |url=https://web.archive.org/web/20130921054309/http://online.wsj.com/article/SB10001424052748703886904576031990280307266.html |date=September 21, 2013 }}.</ref>  This transaction, which closed in April 2011, allowed Cerberus to recover virtually all of its investment in Chrysler.<ref>The New York Times DealBook. [https://dealbook.nytimes.com/2010/12/21/cerberus-recouping-costs-will-sell-chrysler-financial "Cerberus, Recouping Costs, Will Sell Chrysler Financial"] {{webarchive |url=https://web.archive.org/web/20121210163205/http://dealbook.nytimes.com/2010/12/21/cerberus-recouping-costs-will-sell-chrysler-financial |date=December 10, 2012 }}.</ref><ref>Bloomberg. [https://www.bloomberg.com/news/2010-12-22/cerberus-is-said-to-recoup-90-of-chrysler-investment-after-loan-unit-sale.html "Cerberus Is Said to Recoup 90% of Chrysler Investment After Loan Unit Sale"] {{webarchive |url=https://web.archive.org/web/20130921055300/http://www.bloomberg.com/news/2010-12-22/cerberus-is-said-to-recoup-90-of-chrysler-investment-after-loan-unit-sale.html |date=September 21, 2013 }}.</ref>

===Staffing services===
Advantage Hire Thinking (formerly known as Radia International).

===Financial services===
Cerberus acquired 51% of GMAC, [[General Motors]]' finance arm, in 2006 for $7.4 billion.  It appointed Ezra Merkin as nonexecutive Chairman.<ref name="privateequityonline.com">PrivateEquity Online. [http://www.privateequityonline.com/Article.aspx?article=33204&hashID=92AA6C1AA4DD29B3A20AEC6CE854A4023AA19648 "Cerberus indirectly linked to Madoff scandal"] {{webarchive |url=https://web.archive.org/web/20130921053522/http://www.privateequityonline.com/Article.aspx?article=33204&hashID=92AA6C1AA4DD29B3A20AEC6CE854A4023AA19648 |date=September 21, 2013 }}.</ref><ref>The New York Times. [https://www.nytimes.com/2009/01/16/business/16madoff.html?ref=business "Inquiry Started of Financier Who Invested With Madoff"] {{webarchive |url=https://web.archive.org/web/20150610090212/http://www.nytimes.com/2009/01/16/business/16madoff.html?ref=business |date=June 10, 2015 }}.</ref>

On December 10, 2008, GMAC said, "GMAC LLC, the auto and home lender seeking federal aid, hasn't obtained enough capital to become a bank holding company and may abandon the effort, casting new doubt on the firm's ability to survive. A $38 billion debt exchange by GMAC and its Residential Capital LLC mortgage unit to reduce the company's outstanding debt and raise capital hasn't attracted enough participation.” GMAC's exposure to the gap in residual values was around $3.5 billion.<ref>The Truth About Cars.com. [http://www.thetruthaboutcars.com/2008/07/gmac-leasing-debacle-bankruptcy-fears-loom-large/ "GMAC Leasing Debacle: Bankruptcy Fears Loom Large"] {{webarchive |url=https://web.archive.org/web/20160303231336/http://www.thetruthaboutcars.com/2008/07/gmac-leasing-debacle-bankruptcy-fears-loom-large/ |date=March 3, 2016 }}.</ref>

In December 2008, Cerberus subsequently informed GMAC's bondholders that the financial services company may have to file for bankruptcy if a bond-exchange plan is not approved. The company had previously said it may fail in its quest to become a bank holding company because it lacks adequate capital.<ref name="privateequityonline.com" />  In January 2009, Merkin resigned from his chairmanship as a condition by the U.S. government.<ref>New York Magazine. [https://nymag.com/news/businessfinance/54703/index7.html "The Monster Mensch"] {{webarchive |url=https://web.archive.org/web/20160913031403/http://nymag.com/news/businessfinance/54703/index7.html |date=September 13, 2016 }}.</ref>  Five days earlier, the Federal Reserve granted GMAC bank holding company status, so it could get access to the bailout money.<ref>The New York Times DealBook. [https://dealbook.nytimes.com/2009/01/07/ny-judge-restrains-merkin-funds-in-madoff-lawsuit/ "Judge Restrains Merkin Funds In Madoff Suit"] {{webarchive |url=https://web.archive.org/web/20131214211554/http://dealbook.nytimes.com/2009/01/07/ny-judge-restrains-merkin-funds-in-madoff-lawsuit/ |date=December 14, 2013 }}.</ref>  On December 29, 2008, the U.S. Treasury gave GMAC $5 billion from its $700 billion Troubled Asset Relief Program (TARP). (On May 21, 2009, the US Treasury department announced it would invest an additional $7.5 billion in GMAC, and on December 30, 2009, the US Treasury department said that they would invest another $3.8 billion in GMAC because the company had been unable to raise additional funds in the private sector. This raised the total government investment in GMAC to $16.3 billion.)

Cerberus's investments in Chrysler and GMAC totaled about 7% of its assets under management.<ref>The New York Times. [https://archive.today/20120909000557/http://www.nytimes.com/2008/12/06/business/06chrysler.html?_r=1&pagewanted=2 "Chrysler's Friends in High Places"].</ref>  At the end of May 2009, Cerberus scaled back their ownership of GMAC as a condition of the lender becoming a bank-holding company, when the bulk of GM's existing ownership stake in GMAC was placed into a trust, overseen by a trustee appointed by the Treasury, to be gradually dispersed. Cerberus distributed the majority of its stake in GMAC to its investors.<ref>Wall Street Journal. [https://www.wsj.com/articles/SB124171875223096951 "GMAC Gap Looks to Be Filled by Big Stake From Government"] {{webarchive |url=https://web.archive.org/web/20121109071535/http://online.wsj.com/article/SB124171875223096951.html |date=November 9, 2012 }}.</ref>  The Federal Deposit Insurance Corporation (FDIC) gave GMAC access to the [[Temporary Liquidity Guarantee Program]] that allows companies to borrow money at lower interest rates. The initiative was created in October 2008 to help banks borrow money by promising to repay investors if the banks defaulted. The U.S. Government also waived a rule that would restrict the amount of loans that GMAC could make to Chrysler's customers and dealers because both firms are owned in part by Cerberus Capital Management.<ref>Washington Post. [https://web.archive.org/web/20121108044030/http://www.washingtonpost.com/wp-dyn/content/article/2009/05/21/AR2009052101742.html?wprss=rss_business "As GMAC Gets More Aid, Bailout Becomes One of Nation's Biggest"].</ref>

In December 2006, Cerberus acquired the Austrian bank [[BAWAG P.S.K.]] for a reported EUR3.2 billion. In August 2007, Cerberus announced that it was closing one of their mortgage companies, Aegis Mortgage. It owned half of a 9.9% share (5%) with the Gabriel Group in Bank Leumi, purchased in 2005,<ref>Haaretz.com. [http://www.haaretz.com/print-edition/business/tshuva-taking-aim-at-bank-leumi-1.270213 "Tshuva taking aim at Bank Leumi"] {{webarchive |url=https://web.archive.org/web/20160304235919/http://www.haaretz.com/print-edition/business/tshuva-taking-aim-at-bank-leumi-1.270213 |date=March 4, 2016 }}.</ref> but as of April 19, 2009, it was decided to sell in order to boost capital.<ref>Reuters. [https://www.reuters.com/article/us-leumi-cerberus-idUSTRE53I0FE20090419 "Cerberus, Gabriel to sell stake in Bank Leumi: source"] {{webarchive |url=https://web.archive.org/web/20130326193153/https://www.reuters.com/article/2009/04/19/us-leumi-cerberus-idUSTRE53I0FE20090419 |date=March 26, 2013 }}.</ref>  Cerberus also has a controlling interest in Japanese bank Aozora.<ref>Bloomberg BusinessWeek. [https://archive.today/20120722225215/http://www.businessweek.com/news/2011-10-31/aozora-bank-gains-on-profit-outlook-resona-net-rises.html "Aozora Bank Gains on Profit Outlook; Resona Net Rises"].</ref>

In Australia, Cerberus purchased Bluestone Mortgages (specialist mortgage lending and servicing) in 2018, Angle Finance (equipment finance) in 2019 and Westpac Group's Strategic Alliances (Vendor Finance) in 2020.<ref>{{Cite web |date=August 21, 2020 |title=Cerberus Announces Acquisition of Westpac's Strategic Alliances (Vendor Finance) Business |url=https://www.cerberus.com/media/cerberus-announces-acquisition-of-westpacs-strategic-alliances-vendor-finance-business/}}</ref>

===Firearms===
Cerberus acquired [[Bushmaster Firearms International]], from [[Windham, Maine]] native Dick Dyke for an undisclosed sum in April 2006, and purchased [[Remington Arms]] in April 2007.  Under Cerberus's direction, Bushmaster Firearms acquired Cobb Manufacturing, a manufacturer of large-caliber tactical rifles, in August 2007.  Cerberus also acquired [[DPMS Panther Arms]] on December 14, 2007.<ref name="AccurateShooter2007">{{Cite web |date=December 15, 2007 |title=DPMS Acquired By Cerberus. Joins Bushmaster and Remington. |url=http://accurateshooter.wordpress.com/2007/12/15/cerberus-acquires-dpms/ |access-date=October 12, 2008 |website=AccurateShooter.com Bulletin}}</ref><ref>{{Cite news |date=December 14, 2007 |title=DPMS Acquired By Cerberus Capital Management Affiliate |work=Shooting Wire |url=http://www.shootingwire.com/shooting_wire_release.html?releaseID=124422 |url-status=dead |access-date=October 12, 2008 |archive-url=https://web.archive.org/web/20081207060959/http://www.shootingwire.com/shooting_wire_release.html?releaseID=124422 |archive-date=December 7, 2008 |df=mdy-all}}</ref> Remington Arms acquired Marlin Firearms in January 2008.<ref>{{Cite press release |title=Remington to Acquire Marlin Firearms; Deal positions Marlin and its various brands for growth |date=December 26, 2007 |publisher=Marlin Firearms |url=http://www.marlinfirearms.com/news/press.aspx#remington |archive-url=https://web.archive.org/web/20071231021314/http://www.marlinfirearms.com/news/press.aspx |archive-date=December 31, 2007}}</ref><ref>{{Cite web |date=January 28, 2008 |title=Form 8-K: Remington Arms Company, Inc. |url=http://www.secinfo.com/d13Wqv.tar.htm |access-date=October 12, 2008 |publisher=[[Security and Exchange Commission]] |quote=On January 28, 2008 (the “Marlin Closing Date”), Remington completed its acquisition....}}</ref> In October 2009, Remington Military products acquired silencer manufacturer Advanced Armament Corporation.<ref>{{Cite web |title=Advanced Armament Corp. » BREAKING NEWS – Remington and AAC |url=http://www.aacblog.com/?p%3D5041 |url-status=live |archive-url=https://web.archive.org/web/20091012194340/http://www.aacblog.com/?p=5041 |archive-date=October 12, 2009 |access-date=July 11, 2009}} AAC official blog with press release October 5, 2009 entry</ref> These companies were combined into the [[Remington Outdoor Company]]. Cerberus made plans to sell its share in the Remington Outdoor Company on December 18, 2012, after the Bushmaster [[AR-15]] was used in the [[Sandy Hook Elementary School shooting]].<ref name="dealbook.nytimes.com" /> This decision was made due to a threat by the board of the [[CalSTRS|California state teachers' pension plan]], which owns a stake in the company, to dispose of stakes it holds in any firearms manufacturer that makes weapons banned by California state law.  In March 2014, Cerberus rejected a $1 billion buyout offer for Remington Outdoor Company <ref>{{Cite news |last=Barrett |first=Paul |title=From Out of the Blue, a $1 Billion Bid for America's Biggest Gun Company |url=https://www.bloomberg.com/bw/articles/2014-03-12/cerberus-gets-a-1-billion-bid-for-americas-biggest-gun-company |access-date=June 17, 2015 |newspaper=Bloomberg |date=March 12, 2014 }}</ref> and thereafter was unable to find a satisfactory buyer.<ref name="Kary">{{Cite news |last1=Kary |first1=Tiffany |last2=Ronalds-Hannon |first2=Eliza |date=March 25, 2018 |title=Cerberus's Remington Gunmaker Seeks Bankruptcy Protection |publisher=Bloomberg News |url=https://www.bloomberg.com/news/articles/2018-03-26/cerberus-s-remington-gunmaker-seeks-bankruptcy-shield-from-debts |url-status=live |archive-url=https://web.archive.org/web/20180326051105/https://www.bloomberg.com/news/articles/2018-03-26/cerberus-s-remington-gunmaker-seeks-bankruptcy-shield-from-debts |archive-date=March 26, 2018}}</ref> Cerberus continued to have ownership in Remington Outdoor Company, and CalSTRS announced its divestment from Cerberus' gun holdings in June 2015.<ref>{{Cite web |last=Kasler |first=Dale |date=June 8, 2015 |title=CalSTRS cashes out of firearms investment |url=http://www.sacbee.com/news/business/article23501845.html |url-status=live |archive-url=https://web.archive.org/web/20150611112936/http://www.sacbee.com/news/business/article23501845.html |archive-date=June 11, 2015 |access-date=June 15, 2016 |newspaper=[[The Sacramento Bee]]}}</ref> In March 2018, Freedom Group, now known as [[Remington Outdoor Company]], sought [[Chapter 11, Title 11, United States Code|chapter 11 bankruptcy]] protection.<ref name="Kary" /><ref name="Hart">''In re Remington Outdoor Company Inc.'', 18-10684, U.S. Bankruptcy Court, District of Delaware (Delaware){{Cite news |last=Hart |first=Benjamin |date=March 26, 2018 |title=Gun Giant Remington Declares Bankruptcy |work=Daily Intelligencer (New York Media) |url=https://nymag.com/daily/intelligencer/2018/03/gun-giant-remington-declares-bankruptcy.html |url-status=live |archive-url=https://web.archive.org/web/20180326173601/http://nymag.com/daily/intelligencer/2018/03/gun-giant-remington-declares-bankruptcy.html |archive-date=March 26, 2018}}</ref>

===Entertainment===
Acquired a group of seven television stations using a holding company known as [[Four Points Media Group]], from  [[CBS Corporation]] in 2007.<ref name="CBS2007">{{Cite news |date=February 7, 2007 |title=CBS sells Austin's KEYE to private equity firm |work=[[Austin American-Statesman]] |url=http://www.statesman.com/blogs/content/shared-gen/blogs/austin/theticker/entries/2007/02/07/ |url-status=dead |access-date=October 12, 2008 |archive-url=https://web.archive.org/web/20081207034635/http://www.statesman.com/blogs/content/shared-gen/blogs/austin/theticker/entries/2007/02/07/ |archive-date=December 7, 2008 |quote=CBS Corporation (NYSE: CBS, CBS.A) announced today it has entered into a definitive agreement to sell seven of its owned television stations to Cerberus Capital Management, L.P. for $185 million. |df=mdy-all}}</ref><ref name="SEC_CBS">{{Cite web |title=CBS CORP, Form 8-K, Current Report, Filing Date Apr 29, 2008 |url=http://edgar.secdatabase.com/29/110465908027604/filing-main.htm |access-date=May 15, 2018 |publisher=secdatabase.com |quote=On January 10, 2008, the Company completed the sale of seven of its owned television stations in Austin, Salt Lake City, Providence and West Palm Beach to Cerberus Capital Management, L.P. for approximately $185 million.}}</ref> On September 8, 2011, Cerberus announced the sale of these same seven stations to the [[Sinclair Broadcast Group]] for $200 million; this sale was completed on January 1, 2012.<ref>{{Cite web |title=Cerberus Capital Management |url=http://www.cerberuscapital.com/investment_strategies/control_and_non-control_private_equity_investments/companies |url-status=dead |archive-url=https://web.archive.org/web/20121105075813/http://www.cerberuscapital.com/investment_strategies/control_and_non-control_private_equity_investments/companies |archive-date=November 5, 2012 |access-date=October 22, 2012 |publisher=Cerberuscapital.com}}</ref>
* [[Spyglass Entertainment]], an American film and production company, is also owned by Cerberus.
* In 2007, Cerberus bought Corvest a promotional products company based in Largo, Florida with branches in Simi Valley, California & Thorofare, New Jersey.

===Other sectors===
In 2007, Cerberus sold a holding in [[Formica (plastic)|Formica, Inc.]]

== Broken deal for United Rentals ==

In the summer of 2007, Cerberus agreed to buy [[United Rentals]], the world's largest equipment rental company that was traded on the NYSE. After the credit markets began to tighten in August, Cerberus decided not to make the acquisition, agreeing to pay United Rentals a $100 million "reverse termination fee" that the parties had negotiated and included in their agreement.  United Rentals sued in the Delaware Court of Chancery for specific performance (i.e., a court mandate that Cerberus complete the deal). Cerberus cited the clear language contained in the deal agreement that capped its liability for not completing the transaction at $100 million. After a two-day trial, Delaware Chancellor William B. Chandler, III, ruled in favor of Cerberus, writing in his ruling that "URI knew or should have known what Cerberus' understanding of the merger agreement was."<ref>''Wall Street Journal'' LawBlog. [https://blogs.wsj.com/law/2007/12/21/chancellor-chandler-hands-cerberus-a-big-win/ "Chancellor Chandler Hands Cerberus a Big Win"] {{webarchive |url=https://web.archive.org/web/20160402030257/https://blogs.wsj.com/law/2007/12/21/chancellor-chandler-hands-cerberus-a-big-win/ |date=April 2, 2016 }}.</ref>  In a statement, Cerberus said it was "gratified" by the court's ruling and was "pleased that the court chose to decide the case on the merits and confirm that Cerberus acted in accordance with its rights and obligations."<ref>''The New York Times'' DealBook. [https://dealbook.nytimes.com/2007/12/21/judge-rules-against-united-rentals-in-deal-lawsuit/ "Judge Rules Against United Rentals in Deal Lawsuit"] {{webarchive |url=https://web.archive.org/web/20150403014735/http://dealbook.nytimes.com/2007/12/21/judge-rules-against-united-rentals-in-deal-lawsuit/ |date=April 3, 2015 }}.</ref>

== See also ==
* [[Top 100 US Federal Contractors]]

== Notes and references ==
;Notes
{{reflist}}
;References
{{Refbegin}}
* Kelley, Matt. "[https://www.usatoday.com/news/washington/2006-01-19-cerberus-cover_x.htm The Congressman and the hedge fund]." ''USA Today''. January 19, 2006.
* Thornton, Emily. "[https://web.archive.org/web/20060314175947/http://www.businessweek.com/magazine/content/05_40/b3953110.htm What's Bigger Than Cisco, Coke, Or McDonald's?]" ''Business Week'' October 2005.
* Stringer, Kortney. "Car Rental Companies are sold." ''Wall Street Journal''. October 16, 2003.
* "Acquisition of LNR Property Corporation Completed" Business Wire. February 3, 2005.
* "Hirsch, Jerry. "Albertsons To Be Sold, Divided Into 3." ''Los Angeles Times''. January 24, 2006.
* [https://web.archive.org/web/20070404041048/http://www.bushmaster.com/documents/news/bushmaster_continues_to_grow_.asp Bushmaster Continues to Grow with New Owner]
* "[https://web.archive.org/web/20061121001530/http://www.aercap.com/press/debis%20Acquisition%20Completion.htm Acquisition of debis AirFinance Completed]," press release from AerCap, July 4, 2005.
* "[http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-14-2007/0004587120&EDATE= Cerberus Takes Over Majority Interest in Chrysler Group for $7.4B]," press release from DaimlerChrysler AG.

{{Refend}}

== External links ==
* [http://www.cerberuscapital.com/ Cerberus Capital Management home page]

{{Cerberus Capital Management|state=collapsed}}
{{Private equity and venture capital}}
{{Authority control}}

[[Category:Cerberus Capital Management| ]]
[[Category:1992 establishments in New York City]]
[[Category:Drexel Burnham Lambert]]
[[Category:Financial services companies based in New York City]]
[[Category:Financial services companies established in 1992]]
[[Category:Hedge fund firms in New York City]]
[[Category:Private equity firms of the United States]]