BDT & MSD Partners

BDT & MSD Partners
Company type	Private
Industry	Merchant banking, Investment management
Founded	January 2023; 3 years ago
Founder	Byron Trott, Michael Dell (via MSD Partners)
Headquarters	Chicago and New York City, United States
Key people	Byron Trott (Chairman and co-CEO), Gregg Lemkau (co-CEO), Dina Powell, Greg Olafson (President, co-head of global credit, co-CIO)
Products	Advisory services, Investment operations

BDT & MSD Partners is a U.S.-based merchant bank with dual headquarters located in Chicago and New York City. The company manages both advisory services and investment operations.

History

BDT & MSD came into existence in January 2023 through the combination of BDT & Company—a merchant bank established by Byron Trott that specializes in family-owned and founder-led enterprises—and MSD Partners, an investment firm overseeing the assets of Michael Dell and his family.

Byron Trott holds the roles of Chairman and co-CEO, working alongside Gregg Lemkau, the former CEO of MSD Partners. In May 2023, Dina Powell joined the leadership team after departing from Goldman Sachs, enhancing the firm’s executive capabilities.

The company maintains offices in multiple cities, including Chicago, New York City, Santa Monica, Dallas, among others.

In January 2025, Greg Olafson, a seasoned professional from Goldman Sachs, was appointed president, co-head of global credit, and co-chief investment officer. Olafson’s tenure at Goldman began in 2001, with a promotion to partner achieved in 2012.

Investments and transactions

In 2023, the firm provided advisory services to Metropolis Technologies during its $1.5 billion purchase of SP Plus Corporation. BDT & MSD acquired a minority interest in Auberge Hotels and later, in October 2024, collaborated with other investors to secure a controlling stake in food producer Badia Spices. Additionally, in December 2024, it participated in a $273 million funding round for Shell Bay, a luxury condominium project near Miami.

By June 2024, BDT & MSD Partners was ranked 36th on Private Equity International’s PEI 300 list, which ranks the largest private equity firms globally.

Notable holdings

Focusing on enduring investments, BDT & MSD hold significant majority stakes in several companies:

Majority positions

Alliance Laundry Systems
The Boca Raton Resort
Casa Dragones
Coalition
Culligan
Four Seasons Resort Hualalai
MJH Life Sciences
Naples Beach Club
Ring Container Technologies Inc.
Universal Engineering Sciences
Weber Inc.
West Monroe Partners (50%)
Whataburger

Minority positions