Global private equity firm H&F will acquire a majority stake in IRI and merge IRI with H&F portfolio company NPD as a result of the agreement.

The merger will create a combined global technology, analytics and data provider focused on retail purchasing and consumption trends and predictive analytics.

The agreement, subject to closing conditions, is expected to close in the second half of 2022. Terms of the merger have not been disclosed.

H&F will lead an ownership group consisting of existing long-term IRI investors Vestar Capital Partners and New Mountain Capital (NMC), which will both retain significant investments in the combined company.

All three companies – H&F, Vestar and NMC – will have representation on the combined company’s board, with IRI president Kirk Perry becoming chief executive.

NPD executive chairman Tod Johnson will be chairman of the combined company’s board, and Karyn Schoenbart, chief executive at NPD, and Jeff Ansell, chairman at IRI, will also have places on the new firm’s board.

Johnson and Schoenbart will continue to lead NPD until closing and will remain investors in the combined company.

Perry said: “We look forward to joining forces with the NPD team, which brings expertise in parts of the store that IRI does not cover today.

“As the global retail landscape continues to evolve, IRI and NPD will have innovative technology, analytics, data resources, talent and geographic reach to best support the growth of the world’s leading brands and retailers.”

Schoenbart added: “We are excited about the prospect of combining our companies to give clients the tools and information they need to succeed amid changing consumer behaviour.

“Both NPD and IRI share similar client-focused, innovative and collaborative cultures, making this combination a natural fit.”